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Mar 31, 2020
Bally's Q1 2020 Earnings Report
Reported a decrease in revenue and a net loss due to property shutdowns in mid-March.
Key Takeaways
Twin River Worldwide Holdings reported a decrease in revenue of 9.5% and a net loss of $8.9 million for the first quarter of 2020, primarily due to the mandated shutdown of property operations in mid-March. The company focused on reducing expenses, enhancing liquidity, and executing strategic growth initiatives.
Full quarter results were impacted by mandated shut-down of property operations in mid-March.
Company started the year strong, reporting year-over-year revenue growth of over 23% in the first two months of the quarter.
Actions were taken to reduce expenses and enhance liquidity.
Continued execution on diversification strategy with recently announced acquisitions.
Bally's
Bally's
Forward Guidance
Due to the uncertain impact of the COVID-19 pandemic, the Company withdrew its 2020 full year guidance provided on March 3, 2020.
Challenges Ahead
- COVID-19 pandemic will continue to negatively impact its results until its properties are allowed to re-open in full to the public and its guests return to pre-pandemic activities
- Severity of the pandemic
- Duration of the mandatory shut down period
- Customer responses when its properties re-open
- Challenges and uncertainty concerning the global economy