PROVIDENCE, R.I., May 22,
2020 /PRNewswire/ -- Twin River Worldwide Holdings, Inc. (NYSE:
TRWH) (the "Company" or "Twin River") today announced the reopening
of its Hard Rock Hotel and Casino Biloxi in Biloxi, MS ("Hard Rock Biloxi") effective
Thursday May 21st. Hard
Rock Biloxi is the Company's second largest casino operation, and
represents approximately 20% of the Company's current
portfolio.
Twin River has implemented property-specific comprehensive
health and safety protocols, developed in close consultation with
state regulators and public health officials in Mississippi. More details on these health and
safety protocols can be found on the property specific website at
www.hardrockbiloxi.com. These protocols are part of the Company's
overall COVID-19 reopening plan, the components of which are
designed to meet or exceed all guidelines established by the
CDC.
"Our ability to reopen Hard Rock Biloxi is a testament to the
hard work of our team during this pandemic and we were encouraged
by the first day results which, even with reduced hours and
significant safety protocols in place, generated slot revenue
volumes approximately double those of the same day last year," said
George Papanier, President and Chief
Executive Officer. "While it is only one day of performance, we are
excited and thankful to welcome back our valued team members and
loyal customers to an environment that meets or exceeds CDC
guidance. We appreciate the collaborative nature of our regulatory
relationships in Mississippi, and
we will continue to work closely with regulators and public health
officials in other states to ensure the timely reopening of our
other properties as soon as it is deemed safe to do so."
With respect to Twin River's six casinos in Rhode Island, Delaware and Colorado, the Company is actively preparing
for the resumption of gaming operations. The Company is working
closely with the respective state regulators and public health
officials to finalize the comprehensive reopening plans for its
other properties. Among other things, these plans include potential
screening of team members and guests upon entrance of the
properties; thermal imaging cameras; enforcement of social
distancing guidelines; including spacing between VLTs and limited
or no table games to start; frequent cleaning and sanitizing
protocols for all areas; mask protection requirements; and public
awareness signage. The Company will provide updated
information on the reopening of these additional
properties upon receiving all necessary approvals.
Mr. Papanier continued, "As we reopen our properties, we believe
we will benefit from our status as a regional gaming company that
is largely focused on local and regional visitation rather than air
travel, destination or convention business. As such, we believe we
are well-positioned to resume our growth trajectory and drive
results upon resuming full operations."
About Twin River Worldwide Holdings, Inc.
Twin River Worldwide Holdings, Inc. owns and manages seven
casinos, two in Rhode Island, one
in Mississippi, one in
Delaware, and three casinos as
well as a horse racetrack that has 13 authorized OTB licenses in
Colorado. Properties include Twin
River Casino Hotel (Lincoln, RI),
Tiverton Casino Hotel (Tiverton,
RI), Hard Rock Hotel & Casino (Biloxi, MS), Dover Downs Hotel & Casino
(Dover, DE), Golden Gates Casino (Black Hawk, CO), Golden Gulch Casino
(Black Hawk, CO), Mardi Gras Casino (Black Hawk, CO), and Arapahoe Park racetrack
(Aurora, CO). Its casinos range in
size from 695 slots and 17 table games combined for its
Colorado facilities to properties
with over 4,100 slots, approximately 125 table games, and 48
stadium gaming positions, along with hotel and resort amenities.
Its shares are traded on the New York Stock Exchange under the
ticker symbol "TRWH."
Investor
Contact
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|
Media
Contact
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Steve Capp
|
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Liz Cohen
|
Executive Vice
President and Chief Financial Officer
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Kekst CNC
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401-475-8564
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212-521-4845
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InvestorRelations@twinriver.com
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Liz.Cohen@kekstcnc.com
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Forward-Looking Statements
This communication contains "forward-looking" statements as
that term is defined in Section 27A of the Securities Act of 1933,
as amended, Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than historical facts, including
future financial and operating results and the Company's plans,
objectives, expectations and intentions, legal, economic and
regulatory conditions are forward-looking statements.
Forward-looking statements are sometimes identified by words
like "may," "will," "should," "potential," "intend," "expect,"
"endeavor," "seek," "anticipate," "estimate," "overestimate,"
"underestimate," "believe," "could," "project," "predict,"
"continue," "target" or other similar words or expressions.
Forward-looking statements are based upon current plans, estimates
and expectations that are subject to risks, uncertainties and
assumptions. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated or
anticipated by such forward-looking statements. The inclusion of
such statements should not be regarded as a representation that
such plans, estimates or expectations will be achieved. Important
factors that could cause actual results to differ materially from
such plans, estimates or expectations include, among others, (1)
uncertainty surrounding the ongoing COVID-19 pandemic, including
uncertainty regarding its extent, duration and impact, the
resulting closure and length of closure of Twin Rivers' properties
(all but one of which are currently closed); (2) the duration of
time Twin River's facilities are required to be closed and the time
it will take Twin River to re-open its facilities once it is
permitted to do so and the restrictions that will be applicable to
its facilities when they are re-opened; (3) the costs to comply
with any mandated health requirements associated with the virus;
(4) customer responses when Twin River's facilities are re-opened
including the time it takes customers to return to the facilities
and the frequency with which they visit Twin River's facilities;
(5) the economic uncertainty and challenges in the economy
resulting from the ongoing COVID-19 pandemic, including the
resulting reduced levels of discretionary consumer spending; (6)
challenges Twin River may face in bringing employees back to work
once its facilities are re-opened; (7) unexpected costs, charges or
expenses resulting from the recently completed acquisitions; (8)
uncertainty of the expected financial performance of Twin River,
including the failure to realize the anticipated benefits of its
acquisitions; (9) Twin River's ability to implement its business
strategy; (10) evolving legal, regulatory and tax regimes;
(11) the effects of competition that exists in the gaming
industry; (12) the actions taken to reduce costs and losses as a
result of the COVID-19 pandemic, which could negatively impact
guest loyalty and our ability to attract and retain employees; (13)
risks associated with increased leverage from Twin River's proposed
acquisitions; (14) the inability or unwillingness of the lenders
under our revolving credit facility to fund requests that we may
make to borrow amounts under the facility; (15) increased borrowing
costs associated with higher levels of borrowing and (16) other
risk factors as detailed under Part I. Item 1A. "Risk Factors" of
the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2019 as filed with the
Securities and Exchange Commission on March
13, 2020 and the Company's Quarterly Report on Form 10-Q for
the fiscal quarter ended March 31,
2020 as filed with the Securities and Exchange Commission on
May 14, 2020. The foregoing list of
important factors is not exclusive.
Any forward-looking statements speak only as of the date of
this communication. Twin River does not undertake any obligation to
update any forward-looking statements, whether as a result of new
information or development, future events or otherwise, except as
required by law. Readers are cautioned not to place undue reliance
on any of these forward-looking statements.
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SOURCE Twin River Worldwide Holdings, Inc.