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Key Insights and Expert Analysis

Twin River Worldwide Holdings, Inc. (NYSE:TRWH), the operator of Rhode Island’s two casinos, reports third-quarter financial results Thursday after the close of US markets. With the company already having warned about the competitive impact of Wynn Resortdownstream casino bars’ (NASDAQ:WYNN) Encore Boston Harbor, there’s a chance TRWH’s numbers could disappoint. Twin River’s Q3 results were likely pinched by Encore Boston, prompting an analyst to cut estimates. luckyland slots promo (Image: YouTube)At least one analyst is preparing for a letdown. In a note obtained by Casino. jamul casino tier match org, Stifel analyst Brad Boyer lowered current and “out year” Rhode Island earnings before interest, taxes, depreciation and amortization (EBITDA) and revenue forecasts on Twin River to more accurately reflect the effects of Encore Boston Harbor. used casino poker table

Boyer said Ocean State-issued data indicate third-quarter gross gaming revenue (GGR) declined nine percent at the Twin River and Tiverton casinos. The July through September period was the first full quarter of operation for Encore Boston Harbor. Furthermore, based on WYNN’s reported results and comments from others operating in the market, we sense WYNN’s promotional spend, particularly with respect to its slot business, has remained elevated, an outcome that will likely have negative ramifications for TRWH’s margin performance over the next several quarters,” said the analyst. clearwater casino 4th of july Boyer now expects TRWH’s home state third and fourth-quarter revenue to decline by 15 percent, compared with prior forecasts calling for drops of seven percent and five percent, respectively. my choice casino credits For 2020 and 2021, the analyst expects Twin River to post Rhode Island revenue and EBITDA of 8 million and 0 million and 2 million and 5 million. online blackjack dealer school downstream casino barHe previously projected 2020 and 2021 Ocean State turnover of 7 million and 1 million. Encore Boston Has Its Own IssuesWhile Wynn’s lone New England casino has become the region’s dominant gaming venue since opening in late June, the 5 million in third-quarter revenue generated there implies the property will miss its first-year GGR forecast of 0 million.

When the company reported results for the September quarter last week, it said adjusted property EBITDA in Massachusetts was . 7 million, well below the million Wall Street was expecting. online casino 40 super hot hollywood casino vaccine Still, it has become clear that Encore Boston Harbor is a serious problem for other New England casinos. TRWH’s August table game revenue at its namesake property in Lincoln, R. Harrah S Casino Dreb Code Dwgm I. plunged 40 percent, while slot turnover dipped 16 percent. online slots real cash That was after July declines of 34 percent and 17 percent.

“In addition to modeling steeper y/y top-line declines, we have added conservatism to our Rhode Island margin forecast,” said Boyer. Bright SpotsWhile its home state has been problematic