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Twin River Worldwide Holdings, Inc. Announces 2018 Fourth Quarter And Full Year Results
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Q4 REVENUE INCREASED 11.9% YEAR-OVER-YEAR
Twin River Worldwide Holdings, Inc. reported financial results for the fourth quarter and full year ended December 31, 2018.
Fourth Quarter and Full Year 2018 Highlights
- Net revenues for the fourth quarter and full year 2018 were $111.4 million and $437.5 million, respectively.
- Gross gaming revenues for the fourth quarter and full year 2018 were $183.5 million and $716.9 million, respectively. See reconciliation of this and other non-GAAP metics in the tables below.
- Fourth quarter and full year 2018 net income was $22.1 million and $71.4 million, respectively.
- Adjusted EBITDA for the fourth quarter and full year 2018 were $37.0 million and $165.7 million, respectively.
- Tiverton Casino Hotel (“Tiverton“) and the new hotel at Twin River Casino Hotel (“Twin River”) opened.
- The merger with Dover Downs Gaming & Entertainment, Inc. (“Dover Downs”) is expected to close in March 2019.
“We are pleased with the progress we made on our strategic initiatives in 2018. This past year was transformational for us, with the successful launch of our newest property, Tiverton, the successful opening and ramp of our new hotel at Twin River, the introduction of sports betting across our casino properties and the Dover Downs merger and related launch of TRWH as an NYSE-listed company. I am proud of our team’s focus and dedication to these initiatives without losing sight of our customers,” said George Papanier, President and Chief Executive Officer. “We are on track to close the Dover transaction this month, and our teams are hard at work planning for the integration to capture the synergies and strategic benefits of this combination for our combined shareholders.”
Summary of Fourth Quarter and Full Year Financial Results
|
Quarter Ended December 31, |
Year Ended December 31, |
||||||||||||||||
|
Amounts in $000’s |
2018 |
2017 |
Change |
2018 |
2017 |
Change |
|||||||||||
|
Net revenue |
$ |
111,422 |
$ |
99,554 |
11.9% |
$ |
437,537 |
$ |
421,053 |
3.9% |
|||||||
|
Income from operations |
34,697 |
27,990 |
24.0% |
120,649 |
123,723 |
-2.5% |
|||||||||||
|
Income from operations margin |
31.14% |
28.12% |
27.57% |
29.38% |
|||||||||||||
|
Net income |
22,130 |
19,154 |
15.5% |
71,438 |
62,247 |
14.8% |
|||||||||||
|
Net income margin |
19.86% |
19.24% |
16.33% |
14.78% |
|||||||||||||
|
Adjusted EBITDA |
36,980 |
38,535 |
-4.0% |
165,697 |
166,772 |
-0.6% |
|||||||||||
|
Adjusted EBITDA Margin |
33.19% |
38.71% |
37.87% |
39.61% |
|||||||||||||
2018 Fourth Quarter Results
Net revenues for the fourth quarter increased 11.9% to $111.4 million from $99.6 million in the fourth quarter of 2017. Net revenue increases were the result of the opening of Tiverton and the hotel at Twin River in September and October, respectively. Gaming revenues increased $8.5 million, or 11.3%, hotel revenues increased $1.6 million, or 38.2%, and food & beverage revenues increased $1.5 million, or 14.0%, each compared to the same period in the prior year.
Income from operations in the fourth quarter increased $6.7 million, or 24.0%, year-over-year to $34.7 million. This improvement can be attributed to operating income generated by the increased revenue and a $3.7 million decrease in advertising, general and administrative expenses (“AG&A”). The decrease in AG&A was primarily driven by a $12.8 million decrease reflecting reductions in share-based compensation expense, partially offset by merger and going public expenses and normal volume-related increases.
Net income for the fourth quarter increased by $3.0 million, or 15.5%, to $22.1 million due primarily to increased income from operations, partially offset by $1.8 million of increased interest expense and an increase in the effective tax rate from 17.2% to 20.9%.
Adjusted EBITDA for the fourth quarter of 2018 was $37.0 million, a decrease of $1.6 million, or (4.0%), from $38.5 million in the fourth quarter last year driven by increased corporate administrative expenses.
2018 Full Year Results
Net revenue for the year ended December 31, 2018 increased 3.9% to $437.5 million, from $421.1 million in the same period in 2017. This increase was primarily attributable to increases in gaming and racing revenue and non-gaming revenue attributable to the opening of Tiverton on September 1, 2018, partially offset by a decrease of $5.3 million from closing Newport Grand on August 28, 2018. The increase in non-gaming revenue can also be attributed opening the Twin River hotel and, to a lesser extent, due to increases in merchandise, cash services and entertainment revenue.
Total operating costs and expenses for the full year 2018 increased $19.6 million to $316.9 million from $297.3 million for 2017. This increase resulted in income from operations of $120.6 million, which represented a decrease of 2.5% compared to 2017. The year-over-year increase in costs and expenses can be attributed to $6.6 million of costs related to the Dover Downs merger and public company costs, a disposal loss of $6.5 million in connection with the sale of the Newport Grand land and building, a $3.7 million charge incurred associated with a pension plan withdrawal liability, an increase of $2.5 million in expansion and pre-opening costs primarily associated with Tiverton and increased marketing expense to support the opening of Tiverton and the Twin River hotel, partially offset by a $19.3 million reduction in the amount of share-based compensation expense.
Net income for 2018 was $71.4 million, an increase of 14.8% from $62.2 million in 2017. Contributing to the net income increase year-over-year was a reduction in the effective tax rate from 38.4% to 27.0% as a result of federal tax reform.
Adjusted EBITDA for the full year of $165.7 million was essentially the same as 2017.
Balance Sheet and Liquidity
TRWH had $77.6 million in cash and cash equivalents, excluding restricted cash, at December 31, 2018. Outstanding indebtedness at December 31, 2018 totaled $394.2 million including $55.0 million outstanding on the Company’s revolving credit facility. The Company’s leverage remained relatively consistent at approximately 2.4x compared to the prior year. Capital expenditures for Tiverton and Twin River hotel in 2018 totaled approximately $117 million.
Following the Dover Downs merger, the Company plans to consider a potential tender for a portion of its outstanding common stock or another transaction to provide a return of capital to shareholders. The amount, timing and terms of any such transaction, if any, will be determined at that time and be based upon prevailing market conditions, the Company’s financial condition and prospects and other factors, including conditions in the bank, credit and debt capital markets.
Reconciliation of GAAP Measures to Non-GAAP measures
To supplement the financial information presented on a generally accepted accounting principles (“GAAP”) basis, the Company has included in this earnings release non-GAAP financial measures for Adjusted EBITDA, Adjusted EBITDA margin, gross gaming revenue and leverage. The non-GAAP measure Adjusted EBITDA excludes depreciation, amortization, interest expense and income, net, income taxes, merger and going public expenses, loss associated with Newport Grand land and building disposal, acquisition-related costs associated with announced planned acquisitions in Colorado, pension withdrawal expense, pension audit payment, shared-based compensation expense, non-recurring litigation expenses, legal and financial expenses for strategic review, non-recurring expansion and pre-opening expenses, storm-related repairs, and credit agreement amendment expenses. Adjusted EBITDA margin is Adjusted EBITDA divided by net revenue. Gross gaming revenue is is net gaming revenue inclusive of the State of Rhode Island’s share of net terminal income, tables games revenue and other gaming revenue. Leverage is calculated as outstanding debt divided by Adjusted EBITDA as defined above.
The reconciliation of these non-GAAP financial measures to their comparable GAAP financial measures are presented in the tables appearing below. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. The Company believes that presenting non-GAAP financial measures aids in making period-to-period comparisons and is a meaningful indication of its actual and estimated operating performance. The Company’s management utilizes and plans to utilize this non-GAAP financial information to compare the Company’s operating performance to comparable periods and to internally prepared projections. The Company’s non-GAAP financial measures may not be the same as or comparable to similar non-GAAP measures presented by other companies.
Fourth Quarter and Full Year Conference Call
The Company’s fourth quarter and full year 2018 earnings conference call and audio webcast will be held today, Tuesday March 19, 2019 at 5:00 PM EDT. To access the conference call, please dial (877) 791-0146 (U.S. toll-free) and reference conference ID number 1562667. The webcast of the call will be available to the public, on a listen-only basis, via the Internet at the Investors section of the Company’s website at www.twinriverwwholdings.com. An online archive of the webcast will be available on the Company’s website for 120 days.
About Twin River Worldwide Holdings, Inc.
Twin River Worldwide Holdings, Inc., owns and manages two casinos in Rhode Island and one in Mississippi, as well as a Colorado horse race track that possesses 13 OTB licenses. Properties include Twin River Casino Hotel (Lincoln, RI), Hard Rock Hotel & Casino (Biloxi, MS), Tiverton Casino Hotel (Tiverton, RI) and Arapahoe Park (Aurora, CO). TRWH’s expertise spans various casino markets, including regional, destination & resort environments. Its casinos range in size from 1,000 slots and 32 table games facilities to properties with 4,200 slots and 123 table games, along with hotel and resort amenities.
Additional Information and Where to Find It
In connection with the proposed Dover Downs transaction, Twin River filed a registration statement on Form S-4 (File No. 333-228973) with the SEC that includes a combined proxy statement/prospectus. The registration statement was declared effective by the SEC on February 8, 2019, and a definitive proxy statement/prospectus was sent to each Dover Downs stockholder entitled to vote at the special meeting in connection with the proposed transaction beginning on February 13, 2019. This communication is not a substitute for any proxy statement, registration statement, prospectus or other documents Dover Downs and/or Twin River may file with the SEC in connection with the proposed Dover Downs transaction. INVESTORS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE DOCUMENTS, ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS AND OTHER DOCUMENTS FILED BY DOVER DOWNS OR TWIN RIVER WITH THE SEC IN CONNECTION WITH THE PROPOSED DOVER DOWNS TRANSACTION BECAUSE THESE DOCUMENTS CONTAIN IMPORTANT INFORMATION. Investors are able to obtain free copies of these materials and other documents filed with the SEC by Dover Downs and/or Twin River through the website maintained by the SEC at www.sec.gov. Investors are also able to obtain free copies of the documents filed by Dover Downs and/or Twin River with the SEC from the respective companies by directing a written request to Dover Downs at Dover Downs Gaming & Entertainment, Inc., 1131 North DuPont Highway, Dover, Delaware 19901 or by calling (302) 857-3292, or contact Twin River at Twin River Worldwide Holdings, Inc., 100 Twin River Road, Lincoln, RI 02865 or by calling (401)-475-8474.
No Offer or Solicitation
This communication is for informational purposes only and not intended to and does not constitute an offer to subscribe for, buy or sell, the solicitation of an offer to subscribe for, buy or sell or an invitation to subscribe for, buy or sell any securities or the solicitation of any vote or approval in any jurisdiction pursuant to, or in connection with, the proposed transaction or otherwise, nor will there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”), and otherwise in accordance with applicable law.
Participants in the Solicitation
This communication is not a solicitation of a proxy from any investor. Dover Downs, its directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from stockholders of Dover Downs in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, are set forth in the relevant materials filed with the SEC. Information regarding the directors and executive officers of Dover Downs is contained in Dover Downs’ definitive proxy statement in respect of the Dover Downs transaction, its proxy statement for its 2018 annual meeting of stockholders, filed with the SEC on March 29, 2018, its annual report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on March 1, 2018, its quarterly report on Form 10-Q for the quarter ended September 30, 2018, which was filed with the SEC on November 8, 2018 and certain of its current reports filed on Form 8-K. These documents can be obtained free of charge from the sources indicated above.
Forward-Looking Statements
This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, including future financial and operating results, the tax consequences of the transaction and the Company’s plans, objectives, expectations and intentions, legal, economic and regulatory conditions and any assumptions underlying any of the foregoing, are forward-looking statements.
Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “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) the risk that the proposed Dover Downs transaction may not be completed on the terms, in the time frame expected or at all; (2) unexpected costs, charges or expenses resulting from the Dover Downs and proposed Colorado transactions; (3) uncertainty of the expected financial performance of TRWH, including the failure to realize the anticipated benefits of transactions; (4) TRWH’s ability to implement its business strategy; (5) the inability to retain and hire key personnel; (6) the risk that stockholder litigation, result in significant costs of defense, indemnification and/or liability; (7) evolving legal, regulatory and tax regimes; (8) changes in general economic and/or industry specific conditions; (9) actions by third parties, including government agencies;(10) the risk that TRWH will be unable to complete any proposed capital return transaction on the terms, in the time frame expected or at all; and (11) other risk factors as detailed in the combined proxy statement/prospectus that was filed in a Registration Statement on Form S-4 with the SEC in connection with the Dover Downs transaction. The foregoing list of important factors is not exclusive.
Any forward-looking statements speak only as of the date of this communication. TRWH 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.
|
TWIN RIVER WORLDWIDE HOLDINGS, INC. |
||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
||||||||||||
|
(in thousands, except per share data) |
||||||||||||
|
Quarter Ended December 31, |
Year Ended December 31, |
|||||||||||
|
2018 |
2017 |
2018 |
2017 |
|||||||||
|
Revenue: |
||||||||||||
|
Gaming |
$ |
83,825 |
$ |
75,288 |
$ |
327,740 |
$ |
314,794 |
||||
|
Racing |
2,718 |
3,152 |
13,158 |
14,034 |
||||||||
|
Hotel |
5,687 |
4,115 |
21,339 |
19,431 |
||||||||
|
Food and beverage |
12,465 |
10,935 |
48,380 |
47,004 |
||||||||
|
Other |
6,727 |
6,064 |
26,920 |
25,790 |
||||||||
|
Net revenue |
111,422 |
99,554 |
437,537 |
421,053 |
||||||||
|
Operating costs and expenses: |
||||||||||||
|
Gaming |
20,138 |
16,441 |
71,798 |
65,558 |
||||||||
|
Racing |
1,990 |
1,966 |
9,031 |
9,534 |
||||||||
|
Hotel |
2,352 |
1,713 |
8,266 |
7,173 |
||||||||
|
Food and beverage |
11,922 |
8,818 |
40,246 |
37,371 |
||||||||
|
Advertising, general and administrative |
33,507 |
37,229 |
156,023 |
155,336 |
||||||||
|
Expansion and pre-opening |
54 |
59 |
2,678 |
154 |
||||||||
|
Newport Grand disposal loss |
(27) |
– |
6,514 |
– |
||||||||
|
Depreciation and amortization |
6,789 |
5,338 |
22,332 |
22,204 |
||||||||
|
Total operating costs and expenses |
76,725 |
71,564 |
316,888 |
297,330 |
||||||||
|
Income from operations |
34,697 |
27,990 |
120,649 |
123,723 |
||||||||
|
Other income (expense): |
||||||||||||
|
Interest income |
53 |
52 |
173 |
194 |
||||||||
|
Interest expense, net of amounts capitalized |
(6,774) |
(4,910) |
(23,025) |
(22,809) |
||||||||
|
Total other expense |
(6,721) |
(4,858) |
(22,852) |
(22,615) |
||||||||
|
Income before provision for income taxes |
27,976 |
23,132 |
97,797 |
101,108 |
||||||||
|
Provision for income taxes |
(5,846) |
(3,978) |
(26,359) |
(38,861) |
||||||||
|
Net income |
22,130 |
19,154 |
71,438 |
62,247 |
||||||||
|
Deemed dividends related to changes in fair value of |
2,214 |
(668) |
640 |
(2,344) |
||||||||
|
Net income applicable to common stockholders |
$ |
24,344 |
$ |
18,486 |
$ |
72,078 |
$ |
59,903 |
||||
|
Net income per share, basic |
$ |
0.66 |
$ |
0.51 |
$ |
1.95 |
$ |
1.64 |
||||
|
Weighted average common shares outstanding, basic |
37,080,705 |
36,486,318 |
36,938,943 |
36,478,759 |
||||||||
|
Net income per share, diluted |
$ |
0.63 |
$ |
0.48 |
$ |
1.87 |
$ |
1.56 |
||||
|
Weighted average common shares outstanding, diluted |
38,503,938 |
38,485,001 |
38,551,708 |
38,442,944 |
||||||||
|
TWIN RIVER WORLDWIDE HOLDINGS, INC. |
||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||
|
(in thousands) |
||||
|
December 31, |
||||
|
2018 |
2017 |
|||
|
Assets |
||||
|
Current assets: |
||||
|
Cash and cash equivalents |
$ 77,580 |
$ 85,814 |
||
|
Restricted cash |
3,851 |
7,402 |
||
|
Accounts receivable, net |
22,966 |
18,311 |
||
|
Other current assets |
18,065 |
22,525 |
||
|
Total current assets |
122,462 |
134,052 |
||
|
Property and equipment, net |
416,148 |
335,548 |
||
|
Goodwill |
132,035 |
132,035 |
||
|
Intangible assets, net |
110,104 |
115,367 |
||
|
Other non-current assets |
1,603 |
1,132 |
||
|
Total assets |
$ 782,352 |
$ 718,134 |
||
|
Liabilities, Temporary Equity and Shareholders’ Equity |
||||
|
Current liabilities: |
||||
|
Current portion of term loan |
$ 3,595 |
$ 33,325 |
||
|
Accounts payable |
14,215 |
25,062 |
||
|
Accrued liabilities |
57,778 |
57,849 |
||
|
Total current liabilities |
75,588 |
116,236 |
||
|
Stock options |
– |
46,521 |
||
|
Deferred tax liability |
17,526 |
11,646 |
||
|
Revolver borrowings |
55,000 |
20,000 |
||
|
Term loan, net of current portion, discount and deferred financing fees |
335,578 |
337,875 |
||
|
Total liabilities |
483,692 |
532,278 |
||
|
Commitments and contingencies |
||||
|
Common stock subject to possible redemption |
– |
9,053 |
||
|
Shareholders’ equity: |
||||
|
Common stock |
380 |
362 |
||
|
Additional paid in capital |
125,629 |
67,910 |
||
|
Treasury Stock, at cost |
(30,233) |
(22,275) |
||
|
Retained earnings |
202,884 |
130,806 |
||
|
Total shareholders’ equity |
298,660 |
176,803 |
||
|
Total liabilities, temporary equity and shareholders’ equity |
$ 782,352 |
$ 718,134 |
||
|
TWIN RIVER WORLDWIDE HOLDINGS, INC. |
||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
||||
|
(in thousands) |
||||
|
Years Ended December 31, |
||||
|
2018 |
2017 |
|||
|
Cash flows from operating activities: |
||||
|
Net income |
$ 71,438 |
$ 62,247 |
||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
||||
|
Depreciation and amortization |
22,332 |
22,204 |
||
|
Share-based compensation |
(1,474) |
17,791 |
||
|
Amortization of deferred financing fees |
2,400 |
2,205 |
||
|
Amortization of original issue discount |
867 |
1,082 |
||
|
Bad debt expense |
202 |
29 |
||
|
Deferred income taxes |
5,880 |
(5,126) |
||
|
Newport Grand disposal loss |
6,514 |
– |
||
|
Loss on disposal of property and equipment |
11 |
24 |
||
|
Changes in operating assets and liabilities |
1,074 |
7,376 |
||
|
Net cash provided by operating activities |
109,244 |
107,832 |
||
|
Cash flows from investing activities: |
||||
|
Repayment of loans from officers and directors |
5,360 |
362 |
||
|
Proceeds from sale of land and building for Newport Grand disposal |
7,108 |
– |
||
|
Capital expenditures, excluding Tiverton Casino Hotel and new hotel at Twin |
(11,874) |
(8,574) |
||
|
Capital expenditures – Tiverton Casino Hotel |
(94,581) |
(34,355) |
||
|
Capital expenditures – new hotel at Twin River Casino |
(22,435) |
(4,924) |
||
|
Other investing cash flows |
(1,178) |
6 |
||
|
Net cash used in investing activities |
(117,600) |
(47,485) |
||
|
Cash flows from financing activities: |
||||
|
Revolver borrowing |
41,000 |
10,000 |
||
|
Revolver repayments |
(6,000) |
(25,000) |
||
|
Term loan repayments |
(34,527) |
(11,564) |
||
|
Stock repurchases |
(7,958) |
(2,275) |
||
|
Other financing cash flows |
4,056 |
(94) |
||
|
Net cash used in financing activities |
(3,429) |
(28,933) |
||
|
Net change in cash and cash equivalents and restricted cash |
(11,785) |
31,414 |
||
|
Cash and equivalents and restricted cash, beginning of period |
93,216 |
61,802 |
||
|
Cash and equivalents and restricted cash, end of period |
$ 81,431 |
$ 93,216 |
||
|
TWIN RIVER WORLDWIDE HOLDINGS, INC. |
||||||||
|
Reconciliation of Net Income and Net Income Margin to |
||||||||
|
Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited) |
||||||||
|
(in thousands) |
||||||||
|
Quarter Ended December 31, |
Year Ended December 31, |
|||||||
|
2018 |
2017 |
2018 |
2017 |
|||||
|
Net revenue |
$ 111,422 |
$ 99,554 |
$ 437,537 |
$ 421,053 |
||||
|
Net income |
$ 22,130 |
$ 19,154 |
$ 71,438 |
$ 62,247 |
||||
|
Depreciation and amortization |
6,789 |
5,338 |
22,332 |
22,204 |
||||
|
Provision for income taxes |
5,846 |
3,978 |
26,359 |
38,861 |
||||
|
Interest expense, net of interest income |
6,721 |
4,858 |
22,852 |
22,615 |
||||
|
Merger and going public expenses (1) |
2,292 |
– |
6,636 |
– |
||||
|
Newport grand disposal loss (2) |
(27) |
– |
6,514 |
– |
||||
|
Pension withdrawl expense (3) |
– |
– |
3,698 |
– |
||||
|
Expansion and pre-opening expenses (4) |
54 |
59 |
2,678 |
154 |
||||
|
Non-recurring litigation expenses (5) |
626 |
678 |
1,861 |
1,722 |
||||
|
Pension audit payment (6) |
1,400 |
– |
1,400 |
– |
||||
|
Share-based compensation |
(8,825) |
3,994 |
(1,474) |
17,791 |
||||
|
Legal & financial expenses for strategic review (7) |
4 |
226 |
676 |
822 |
||||
|
Credit agreement amendment expenses (8) |
83 |
– |
493 |
106 |
||||
|
Acquistion costs (9) |
208 |
– |
208 |
– |
||||
|
Storm related repair expense (10) |
(321) |
250 |
26 |
250 |
||||
|
Adjusted EBITDA |
$ 36,980 |
$ 38,535 |
$ 165,697 |
$ 166,772 |
||||
|
Net income margin |
19.86% |
19.24% |
16.33% |
14.78% |
||||
|
Adjusted EBITDA margin |
33.19% |
38.71% |
37.87% |
39.61% |
||||
|
(1) |
Merger and going public expenses primarily include legal and financial advisory costs related to the merger with Dover Downs and one-time costs of becoming a public company. |
|
(2) |
Newport Grand disposal loss represents the loss on the sale of the land and building, write-down of building improvements and write-off of equipment. |
|
(3) |
The pension withdrawal expense represents the accrual for the New England Teamsters Multi- employer pension plan withdrawal liability. |
|
(4) |
Expansion and pre-opening expenses represent costs incurred for Tiverton Casino Hotel prior to its opening on September 1, 2018. |
|
(5) |
Non-recurring litigation expense represents legal expenses incurred by TRWH in connection with certain litigation matters (net of insurance reimbursements). |
|
(6) |
Pension audit payments represents a charge for out-of-period unpaid contributions, inclusive of estimated interest and penalties, to one of the Company’s multi-employer pension plans. |
|
(7) |
Legal and financial expenses for the strategic review include expenses associated with TRWH’s review of strategic alternatives that began in April 2017. |
|
(8) |
Credit Agreement amendment expenses include costs associated with amendments made to TRWH’s Credit Agreement. |
|
(9) |
Acquisition costs represent costs incurred during the year associated with the Company’s announced acquisition of three casinos in Black Hawk, Colorado from Affinity Gaming. |
|
(10) |
Storm-related repair expenses include costs, net of insurance recoveries, associated with damage from Hurricane Nate at Hard Rock Biloxi. |
|
TWIN RIVER WORLDWIDE HOLDINGS, INC. |
||||||||||||
|
Calculation of Gross Gaming Revenue (Unaudited) |
||||||||||||
|
(In thousands) |
||||||||||||
|
Quarter Ended December 31, |
Year Ended December 31, |
|||||||||||
|
2018 |
2017 |
Change |
2018 |
2017 |
Change |
|||||||
|
Net gaming revenue |
$ 83,825 |
$ 75,288 |
11.3% |
$ 327,740 |
$ 314,794 |
4.1% |
||||||
|
Adjustment for the State of RI’s share of net |
99,710 |
86,774 |
389,203 |
370,604 |
||||||||
|
Gross gaming revenue |
$ 183,535 |
$ 162,062 |
13.3% |
$ 716,943 |
$ 685,398 |
4.6% |
||||||
|
(1) |
Adjustment made to show gaming revenue on a gross basis consistent with gross gaming win data provided throughout the gaming industry. |
|
Calculation of Leverage (Unaudited) |
||||
|
(In thousands, except times levered) |
||||
|
Year Ended December 31, |
||||
|
2018 |
2017 |
|||
|
Face Value of Debt (1) |
$ 397,439 |
$ 396,966 |
||
|
Adjusted EBITDA (2) |
165,697 |
166,772 |
||
|
Leverage |
2.4x |
2.4x |
||
|
(1) |
Outstanding debt before unamortized original issue discount and unamortized term loan deferred financing costs of $3.3 million and $5.8 million in 2018 and 2017, respectively. |
|
(2) |
See reconciliation of GAAP net income to Adjusted EBITDA above. |
Source: Twin River Worldwide Holdings, Inc.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Twin River Worldwide Holdings, Inc. Announces 2018 Fourth Quarter And Full Year Results
At EvenBet Gaming, we see firsthand how the marketing landscape is changing. Insights from our iGaming Future 2026 report show that in 2025, success comes from connection, not noise.
As regulations tighten, acquisition costs rise, and audiences scatter across platforms, the brands that win are those that blend precision with personality. Today’s players and partners expect authenticity over aggression and storytelling over sales pitches. Campaigns are no longer about mass impressions but about micro-moments – tailored, data-driven interactions that feel personal, even at scale.
The winners listen first, analyze second, and act third – turning insight into engagement. In this landscape, connection is the foundation of sustainable growth.
The Split Game: B2B vs. B2C
In B2B, the battleground is trust. CEOs and decision-makers are drowning in noise – from events to endless newsletters. What cuts through? Case studies that show ROI, product demos that feel real, and personal networks built at ICE or SiGMA. Social media remains the undisputed king here: 49% of iGaming executives use it as their primary info source, followed by in-person networking and industry events. Long-form content still works – when it’s insightful, not promotional. To stand out in B2B marketing, brands should focus on:
- Building thought leadership through expert commentary and research-backed insights that prove credibility;
- Nurturing long-term relationships via community-led webinars, roundtables, and co-marketing projects that drive collaboration;
- Leveraging data storytelling – turning complex metrics into simple, visual narratives that help decision-makers act fast.
B2C, by contrast, is all about emotion and immediacy – but with a sharper distinction between markets and business models. The latest EvenBet Gaming Social Media Report shows that while short-form and community-driven content remains key, the dominance of platforms differs markedly. In Europe – LinkedIn leads the way as a professional and networking hub, reflecting a B2B-oriented focus on authority building, lead generation, and industry-specific engagement. In Asia – Facebook and Instagram dominate, highlighting a strategy centered on community connection, targeted advertising, and broad audience engagement, with Telegram also playing a significant role. For B2C operators – visual storytelling and entertainment-led platforms such as Instagram, Facebook, and TikTok continue to drive emotional engagement, while for B2B providers – LinkedIn holds an undisputed lead, supported by Instagram and Telegram as complementary channels. The formula, therefore, is not simply to be social-first, but to be strategically social – prioritizing community and visual impact in B2C, and credibility and professional engagement in B2B.
AI and Automation – The New Marketers
According to EvenBet’s iGaming Future 2026 report, AI has moved from buzzword to backbone – redefining how brands attract, convert, and retain players. Predictive analytics now segment audiences before login, while machine learning powers adaptive CRM systems that personalize offers and retention bonuses in real time. In marketing operations, AI delivers measurable impact through:
- Dynamic pricing and bonus optimization – adjusting rewards by player value and engagement;
- Content intelligence – automating localization and campaign creation, cutting production time by up to 60%;
- Ad fraud prevention – identifying fake traffic before it drains budgets;
- Predictive churn analysis – triggering personalized retention actions;
- Voice and visual recognition – tracking live reactions and sentiment to optimize creative on the fly.
In B2B, AI turns marketing from broadcast to conversation – analyzing partner behavior, flagging high-value leads, and automating follow-ups. The brands that master real-time data interpretation lead the race. In iGaming, AI doesn’t just predict behavior – it shapes it.
Social Channels – The Real Arena
Social platforms have evolved far beyond advertising spaces. They’ve become the central nervous system of iGaming marketing. In 2025, social media is a living ecosystem where customer acquisition, brand positioning, community building, and market research all merge. Every platform has its rhythm and audience psychology; successful brands know how to play them like instruments in the same orchestra.
Whether a B2B partnership or a B2C retention campaign, the rule is simple: go where your audience lives, speak their language, and deliver value before the pitch. How each key platform shapes the iGaming marketing mix? Read here.
LinkedIn – the B2B Heartbeat
This is where credibility is built and deals are born. For iGaming providers, affiliates, and tech companies, LinkedIn serves as the top channel for partnerships, thought leadership, and lead generation. Sharing industry insights, case studies, and event takeaways reinforces authority and keeps brands visible among decision-makers. Paid targeting tools also allow for pinpoint precision, ensuring that every ad or article reaches the right vertical – from operators to regulators.
YouTube & Twitch – Where Entertainment Meets Education
As highlighted in EvenBet’s iGaming Future 2026 report, streaming has become a key growth channel for iGaming brands. YouTube anchors long-form storytelling – developer insights, product demos, and CEO interviews that build credibility. According to the EvenBet Gaming Social Media Report, YouTube accounts for 14% in Europe and 15% in Asia, showing near-equal relevance across regions and reinforcing its universal value for both markets.
Twitch, mentioned in iGaming Future 2026 alongside YouTube Live and Kick, plays a pivotal role in real-time engagement – driving live gameplay, poker tournaments, and influencer collaborations that enhance transparency and community connection. While no percentage data is provided for Twitch, the report emphasizes streaming as a natural fit for gambling content and audience interaction.
Together, these platforms turn audiences into participants – transforming content from promotion into experience.
TikTok & Instagram – Short, Raw, and Honest
Authenticity wins here. These platforms thrive on short-form, story-driven content that prioritizes emotion over polish. According to the EvenBet Gaming Social Media Report (p. 58), Instagram ranks second in both regions – 22% in Europe and 20% in Asia – while TikTok shows stronger traction in Asia (9%) than in Europe (5%), underscoring its growing influence among younger, mobile-first audiences.
Behind-the-scenes clips, quick tips, and relatable humor consistently outperform corporate messaging. Interactive ad formats like reels and hashtag challenges help iGaming brands spark viral loops, amplify influencer reach, and turn curiosity into action.
In a mobile-first world, these platforms don’t just advertise – they convert. The brands that master them know one truth: social is the marketplace, the focus group, and the loyalty engine all at once.
Customer Access and Personalization
Today’s players expect the brand to recognize them before signing in. The data backs it up: operators using personalized onboarding see up to 37% higher retention. Hybrid campaigns – connecting online and live play – are rising fast. A push notification might lead to an app bonus, unlocking a live event seat. That seamless loop is where loyalty lives. For iGaming operators, personalization now stretches far beyond “Hello, [Name]”:
- Behavioral segmentation uses AI to analyze time-of-day habits, game preferences, and betting velocity – letting brands tailor every interaction, from welcome bonuses to tournament invites;
- Cross-channel identity mapping ensures players get a consistent experience across web, app, email, and live venues – no duplicate offers, no irrelevant messages;
- Progressive profiling builds player personas gradually through engagement, balancing data collection with trust. This creates a 360° view without overwhelming the user with long forms;
- Experience-based incentives are replacing static bonuses. For example, completing a “10-hand challenge” online could unlock real-world prizes or exclusive event tickets.
What Next?
As highlighted in EvenBet’s iGaming Future 2026 report, the next phase of iGaming marketing – especially in B2B – is built on access, insight, and shared growth. Partners no longer want to be sold to; they want to collaborate, learn, and co-create. Loyalty now comes from ecosystems of mutual value, not discounts or outreach volume. Next-gen B2B engagement revolves around:
- Micro-communities on Slack, Discord, or LinkedIn – invite-only spaces where suppliers, affiliates, and operators exchange insights and form strategic alliances;
- Account-based marketing (ABM) powered by AI – integrating CRM and social data to tailor outreach, improving conversion rates by up to 50%;
- Virtual demos and co-branded webinars – frictionless entry points for collaboration that combine live interaction with analytics-driven follow-up;
- Shared data dashboards – transparency as the new trust currency, providing partners with real-time access to KPIs and campaign metrics.
In both B2C and B2B, the rule holds: the closer you get to your audience or partner, the harder it is for them to leave.
Innovation: Beyond Buzzwords
Gamification has become the universal language of engagement – missions, badges, leaderboards, loyalty loops. AI adds the adaptive layer; players evolve in real time. This same logic applies in marketing: adaptive storytelling that shifts with user behavior. The future? Predictive personalization. The line between “targeting” and “understanding” is getting thinner, and the best marketers are crossing it first. The new generation of gamified marketing goes beyond points and badges – it builds ecosystems of continuous engagement:
| Category | Tool / Mechanism | Description & Benefits |
| B2C (Players) | Dynamic Missions | AI-driven missions that adapt to player behavior in real time – e.g., switching from “daily spins” to “multi-table hands” based on user habits. Keeps engagement personal and relevant. |
| Reward Tiers & Progression Paths | Data-driven systems that reward consistency, not just spend. Players advance through experience-based milestones, improving long-term retention. | |
| Social Competition | Leaderboards, team missions, and community milestones create peer motivation. Increases engagement by up to 40% vs. solo play. | |
| Narrative Gamification | Marketing campaigns unfold as storylines – every message or promo feels like a new chapter in the player’s journey. Builds emotional attachment. | |
| AR & VR Integration | Combines real-world activity (QR scans, event participation) with digital rewards, creating immersive cross-channel brand experiences. | |
| Predictive Personalization | AI anticipates player mood and intent, adapting visuals, tone, and offers before behavior shifts. Moves from reactive to proactive marketing. | |
| B2B (Partners) | Partner Scoreboards | Tracks campaign performance – traffic, conversion, retention. Encourages friendly competition and higher partner productivity. |
| Gamified Learning Platforms | Turns product training and onboarding into missions, quizzes, and leaderboards. Boosts learning retention and team motivation. | |
| Incentive Ecosystems | Partners earn tiered rewards – access to beta tools, co-marketing funds, or exclusive insights – based on measurable performance metrics. | |
| Community Challenges | Affiliates or resellers compete in group KPIs (e.g., “Top Q3 Converters”). Builds engagement and shared achievement culture. | |
| AI Engagement Analytics | AI monitors partner engagement levels, offering personalized feedback, goal suggestions, and reward triggers automatically. |
Ultimately, gamification in iGaming marketing has shifted from “adding fun” to engineering motivation. It’s about designing systems where engagement becomes the most natural move. When rewards, progress, and storytelling align seamlessly with user behavior, participation stops feeling like marketing and starts feeling like entertainment. The brands that master this balance turn every interaction into a self-sustaining loop of curiosity, reward, and loyalty – where players don’t just play the game, they live inside it.
Final Hand
In 2025, iGaming marketing is a blend of human intuition and machine precision. The era of mass messaging is over – success now means balancing data with emotion and automation with authenticity. In B2B, growth comes from trust, transparency, and measurable ROI rather than lead volume. In B2C, players expect instant personalization, dynamic engagement, and brands that speak their language – making AI-driven personalization and social-first storytelling essentials, not extras.
The strongest brands will merge both worlds, using AI to amplify empathy and data to sharpen creativity. In a market flooded with content, relevance is survival – and trust is the true currency of differentiation.
Reading Time: < 1 minute
This Halloween season, GR8 Tech dares the iGaming world to face its darkest fears. The company has launched an interactive campaign titled “What Scares Operators Most?”, inviting operators to explore the challenges that haunt their daily operations—and to discover how the right solution can turn those fears into fuel for growth.
The mysterious, immersive journey highlights iGaming’s most chilling pain points, and each revealed fear leads to actionable insights and practical solutions, guiding operators toward the tools and strategies that keep their businesses bulletproof, no matter what monsters lurk in the data.
“Fear is a powerful teacher,” said Yevhen Krazhan, CSO at GR8 Tech. “Every operator faces moments that test their systems and their strategy. Our Halloween campaign acknowledges those fears and shows that with the right partner, they’re entirely conquerable.”
On the GR8 Tech website, visitors can flip cards, uncover their personalized iGaming “fear,” access GR8 Tech’s expert take on how to overcome it, and view materials that discuss the problem in more detail. They can also share their results or book a meeting to discuss real-world solutions.
Operators brave enough to fight their fears are encouraged to continue the conversation in person at SiGMA Central Europe 2025, Booth 5028. Because in the world of iGaming, even the scariest nightmares can turn into winning stories.
The post GR8 Tech Challenges Operators to Face Their Fears This Halloween appeared first on European Gaming Industry News.
Reading Time: 5 minutes
Here are this weeks latest slots releases compiled by European Gaming
Relax Gaming is opening the hatch to Frank’s Diner, an apocalyptic slot where Split Symbols, reel multipliers, and Gold Wild re-spins deliver the potential for sizzling wins. Split Symbols take centre stage, with two or three identical single symbols landing on the same reel, forming double or triple stacks that immediately multiply the number of ways to win.
BC.GAME has released Tim & Larry, a new in-house developed slot combining traditional video slot mechanics with a cartoon-inspired theme centered around a kitchen standoff between a cat and a mouse. The game features high volatility, a theoretical RTP of 96.91%, and a capped maximum payout of 15,000× the base bet.
Inspired Entertainment, Inc., is excited to announce the launch of Werewolf It Up! featuring Cash Bank and Zeus Legends of Olympus featuring Triple Hit Combo across the UK and Malta iGaming markets. Packed with captivating visuals and engaging gameplay, this online and mobile slot duo is designed to deliver strong results for operators and offers the best in iGaming entertainment for players.
TaDa Gaming invites players to spin for royal rewards in Crown of Fortune, a vibrant 5×3 slot featuring expanding Wilds, locking respins and dazzling payout potential of up to 1000x the bet. Blending nostalgic fruit slot charm with polished, modern mechanics, Crown of Fortune captures the timeless allure of classic gameplay—enhanced by Wild-driven action.
SlotMatrix has launched its latest exclusive title, Aphrodite’s Fortune, an enchanting slot that invites players into the goddess’s golden garden of love and wealth. Set among the clouds of Mount Olympus, Aphrodite’s Fortune celebrates beauty, fortune, and celestial power in a stunning 10,000-ways-to-win format.
Have you got what it takes to take on the Prize Ladder and come out on top? That’s the question players must answer before taking on the latest classic slot title from in-demand content house, Northern Lights Gaming. Bright lights and big wins are the order of the day in Prize Ladder, a game-show style blockbuster that promises twists and turns from the very first game round to the last.
Gaming Corps is preparing to enchant players this October with the launch of its latest slot, 3 Pots of Potions. Arriving just ahead of Halloween, the high-volatility release combines imaginative design with feature-rich gameplay and the potential to conjure wins of up to 10,000x the stake.
Get ready for a spine-tingling splash with Fish Tales: Halloween from Booming Games! This spooky twist on the beloved Fish Tales: Monster Bass takes you to a haunted underwater world where ghoulish fish and creepy cash prizes await. The beloved spook-tacular mechanics remain intact, but with an eerie makeover—fog-drenched waters, zombified fish, and a fang-tastic new design.
Evoplay has released Young Buffalo Coins, the second instalment in its popular Young Buffalo series. Following the success of the original title, the new game takes players back to the wild prairies for another action-packed adventure, combining fast-paced gameplay, sticky coins, and big jackpot opportunities.
Online casino operators can give their players the fright of their lives with Midnight Queen, the latest slot launch from in-demand iGaming content provider, ICONIC21. Midnight Queen is a Vampire-themed slot that’s perfect for entertaining players during the Halloween season and beyond.
TaDa Gaming has returned to the savannah with intriguing new release Golden Explorer. A rich trove of multiplier gemstones sparkling with additional random multiplier bonuses can burst on to the screen, enhancing the win potential and delivering vivid and exciting gameplay for 96.99% and a max win of 30,000x.
To celebrate the launch of Reactoonz 100, Play’n GO’s iconic slot character Garga reached a max altitude of 37,753 metres (117,300 ft) in a two-hour flight to set a world record and become the first slot character ever in space. Play’n GO, the world’s leading casino entertainment provider, has today announced that one of the most iconic characters in slots, Garga, has set a world record by becoming the first slot character in space.
Tom Horn Gaming is expanding its portfolio with the release of 243 Zeus Fruits, a slot that combines two proven player favourites – fruit slots and Greek mythology. The game delivers short feature cycles, multipliers, and higher stakes through the supplier’s QuickX mechanic.
Amusnet invites players into a realm of mystery and midnight thrills with Vampire Dice, its latest Online Casino portfolio addition. This captivating dice-themed game combines gothic elegance, thrilling features and an immersive atmosphere where every roll reveals secrets of the night.
SlotMatrix has embraced the Halloween spirit with its latest exclusive release, Ghost Pigger. Combining high energy rhythm and rewarding gameplay in a disco-fuelled haunted house, Ghost Pigger makes for a truly unique slot experience. The 96.09% RTP, medium volatility, and maximum win potential of up to 13,712x keep the players engaged.
The post Week 43/2025 slot games releases appeared first on European Gaming Industry News.
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