{"id":135776,"date":"2020-05-14T10:08:48","date_gmt":"2020-05-14T17:08:48","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=135776"},"modified":"2020-05-14T11:20:21","modified_gmt":"2020-05-14T18:20:21","slug":"twin-river-is-close-to-reopening-some-casinos-analysts-like-the-news","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/twin-river-is-close-to-reopening-some-casinos-analysts-like-the-news\/","title":{"rendered":"Twin River Making Progress as Vital Properties Near Reopening, Says Analyst"},"content":{"rendered":"

Shares of Twin River Worldwide Holdings (NYSE:TRWH) are trading modestly higher Thursday even after the operator of Rhode Island’s two casinos reported first-quarter results that badly missed analyst estimates.<\/p>\n

\"Twin
Twin River gets a positive nod from Wall Street as it nears reopening of some of its important casinos. (Image: Boston Globe)<\/figcaption><\/figure>\n

On Wednesday, Twin River said it lost 28 cents a share in the first three months of this year on revenue of $109.15 million. That’s well below Wall Street forecasts calling for earnings of 24 cents on turnover north of $130 million.<\/p>\n

With losses permeating the domestic gaming industry<\/a> due to temporary venue closures that started in mid-March and linger to this day, analysts are at peace with TRWH’s results and are looking ahead, not back.<\/p>\n

TRWH has plenty of liquidity, a moderate burn rate, an M&A growth pipeline that is already funded, and is on the cusp of reopening its key assets. The company still owns all of its real estate and will likely continue to be a consolidator of gaming assets in the near to medium term,\u201d said Union Gaming analyst John DeCree in a note to clients today.<\/p><\/blockquote>\n

The analyst reiterated a \u201cbuy\u201d rating on the owner of the Twin River and Tiverton casinos.<\/p>\n

Inching Toward Reopening<\/h2>\n

Like other regional gaming companies<\/a>, TRWH operates venues in multiple states and is contending with several reopening plans in the wake of the coronavirus.<\/p>\n

\n

Not accounting for a pair of deals that are expected to soon be completed that will expand the company’s geographic reach, TRWH’s current roster consists of the two aforementioned Rhode Island venues, four in Colorado, and one apiece in Delaware and Mississippi.<\/p>\n<\/div>\n

DeCree, the Union Gaming analyst, believes the company’s Hard Rock Casino in Biloxi, Miss. is close to reopening, and that the two Ocean State properties should follow suit over the next month.<\/p>\n

Last year, TRWH paid $230 million to purchase two casinos from Eldorado Resorts \u2013 one in Mississippi and one in Missouri \u2013 and CEO George Papnier said on a Wednesday conference call that those transactions are on pace to close in the current quarter.<\/p>\n

Preparing for the Worst<\/h2>\n

Through the terms \u201creopen\u201d and \u201creopening\u201d were mentioned dozens of times on the TRWH call, executives declined to give specific dates. But President Mark Crisafulli acknowledged that Hard Rock Biloxi is the closest of the company’s properties to restarting, while noting that Rhode Island’s stay-at- home order expired last Friday.<\/p>\n

When closure orders hit the gaming industry in March, TRWH was among the first companies<\/a> to raise cash and tap credit revolvers in preparation for a potentially lengthy zero-revenue climate.<\/p>\n

As of March 31, the operator has $361 million in cash on its balance sheet and no debt coming due prior to 2024. CFO Steven Capp said on the call that if shutdowns extend into June or July, TRWH can pull back on capital spending and trim its burn rate $3 million, giving it the ability to survive another 18 months.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Twin River Worldwide Holdings (NYSE:TRWH) are trading modestly higher Thursday even after the operator of Rhode Island’s two casinos reported first-quarter results that badly missed analyst estimates. On Wednesday, Twin River said it lost 28 cents a share in the first three months of this year on revenue of $109.15 million. That’s well […]<\/p>\n","protected":false},"author":46,"featured_media":135779,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nTwin River Is Close to Reopening Some Casinos, Analysts Like the News<\/title>\n<meta name=\"description\" content=\"Twin River Worldwide Holdings is nearing reopening of some of its critical casinos and analysts see that as a positive for the stock.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/twin-river-is-close-to-reopening-some-casinos-analysts-like-the-news\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Twin River Is Close to Reopening Some Casinos, Analysts Like the News\" \/>\n<meta property=\"og:description\" content=\"Twin River Worldwide Holdings is nearing reopening of some of its critical casinos and analysts see that as a positive for the stock.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/twin-river-is-close-to-reopening-some-casinos-analysts-like-the-news\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-14T17:08:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-14T18:20:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/trwh.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1440\" \/>\n\t<meta property=\"og:image:height\" content=\"956\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-is-close-to-reopening-some-casinos-analysts-like-the-news\/\",\"url\":\"https:\/\/www.casino.org\/news\/twin-river-is-close-to-reopening-some-casinos-analysts-like-the-news\/\",\"name\":\"Twin River Is Close to Reopening Some Casinos, Analysts Like the News\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-is-close-to-reopening-some-casinos-analysts-like-the-news\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-is-close-to-reopening-some-casinos-analysts-like-the-news\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/trwh.jpg\",\"datePublished\":\"2020-05-14T17:08:48+00:00\",\"dateModified\":\"2020-05-14T18:20:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Twin River Worldwide Holdings is nearing reopening of some of its critical casinos and analysts see that as a positive for the stock.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-is-close-to-reopening-some-casinos-analysts-like-the-news\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/twin-river-is-close-to-reopening-some-casinos-analysts-like-the-news\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-is-close-to-reopening-some-casinos-analysts-like-the-news\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/trwh.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/trwh.jpg\",\"width\":1440,\"height\":956,\"caption\":\"Twin River gets a positive nod from Wall Street as it nears reopening of some of its important casinos. 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