Bally's Q2 2020 Earnings Report
Key Takeaways
Twin River Worldwide Holdings, Inc. reported a 79.8% decrease in revenue to $28.9 million for the second quarter of 2020, compared to $143.2 million in the second quarter of 2019. The company experienced a net loss of $23.6 million, a decrease of $40.7 million, or 237.1%, from net income of $17.2 million in the same period last year. Adjusted EBITDA was negative $10.7 million, a decrease of $58.2 million, or 122.6%, from positive Adjusted EBITDA of $47.5 million in the second quarter 2019, primarily due to mandated shut-downs.
All properties resumed operations by mid-June after COVID-19 related closures.
June Adjusted EBITDA was positive in all segments, except Rhode Island due to pre-opening period.
Strong demand and margin improvement at properties operating with closer-to-normal capacity.
The company acquired Casino KC and Casino Vicksburg, expanding its geographic footprint.
Bally's
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Bally's Revenue by Geographic Location
Forward Guidance
While the Company continued to operate at reduced capacity at all its properties in July, the two new facilities acquired on July 1st are contributing positively and though preliminary results, on a combined basis, reflect an overall decrease in revenues year over year for the month in the range of approximately 7% to 10%, year-over-year Adjusted EBITDA is up for the month.