Twin River reports $32.4m first half net loss
Twin River Worldwide Holdings saw revenue for the first half of 2020 fall 47.7% year-on-year, becoming the latest listed US operator to outline the disruption caused by novel coronavirus (Covid-19) on its business.
Revenue for the six months to June 30 amounted to $138.1m, down from $263.8m in the prior year. The majority of this came from gaming, which contributed $99.6m of the total, down 47.9%, while racing operations revenue fell 53.4%.
Revenue from Twin River’s hotels declined to $9.8m, and food and beverage revenue was almost halved to $9.8m. The operator reported $8.6m in other revenue, down 46.4%.
The operator’s properties were closed from mid-March, with only two reopening in May, though all properties had resumed operations in some form by 17 June. This shut-down did result in outgoings declining year-on-year, but as with other operators that have reported figures for the six month period, the fall in costs was far outstripped by the drop in revenue.
For Twin River, total operating costs and expenses declined 18.8% to $162.2m, resulting in an operating loss of $24.1m for H1. The operator recorded $26.5m in interest expenses, which after a $18.2m income tax benefit, resulted in a net loss of $32.4m, compared to a profit of $34.8m in H1 2019.