Twin River Q2 revenue down 80% year-on-year
Twin River saw revenue of $28.9m for the second quarter of 2020, a drop of 80% year-on-year.
The casino operator saw an operating loss of $23.5m for the period, a significant drop from profit of $17.2m generated in 2019.
Adjusted EBTIDA also saw a loss of $10.7m, compared to positive $47.5m last year.
For the month of June, adjusted EBITDA was positive in all segments except Rhode Island, totalling $4m, still down 70% from 2019.
The casino operator has suffered from property closures as a result of the COVID-19 pandemic since mid-March. Now, the operator has been permitted to reopen all nine of its US properties.
According to Twin River, June saw strong demand and significantly improved margins in comparison with 2019. The operator attributes this to the relaxing of COVID measures and the ability to operate at closer to normal capacity.
Commenting on the results, George Papanier, Twin River CEO, said: “We were thrilled to have welcomed back our valued team members and loyal customers at all of our properties to safe and secure environments that meet or exceed CDC safety guidelines.
“Since reopening, where we have been permitted to operate under fewer capacity restrictions with more amenities, we are seeing strong demand.”
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