{"id":130689,"date":"2020-03-20T11:12:31","date_gmt":"2020-03-20T18:12:31","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=130689"},"modified":"2020-03-20T11:34:21","modified_gmt":"2020-03-20T18:34:21","slug":"twin-river-is-strengthening-its-balance-sheet-amid-property-closures","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/twin-river-is-strengthening-its-balance-sheet-amid-property-closures\/","title":{"rendered":"Twin River Bolsters Balance Sheet, Prepares for Potentially Long Winter of Casino Closures"},"content":{"rendered":"

Twin River Worldwide Holdings (NYSE:TRWH) is joining rival casino companies in accessing cash, preparing for what could be longer-than-expected gaming property closures.<\/p>\n

\"\"
Twin River is accessing cash in preparation for longer-than-expected casino closures. (Image: Boston Globe)<\/figcaption><\/figure>\n

The operator of Rhode Island’s two casinos said in a statement out Friday that it fully funded a $250 million credit facility, following companies from other industries, as well as gaming counterparts<\/a> Caesars Entertainment Corp. (NASDAQ:CZR), MGM Resorts International (NYSE:MGM), and Wynn Resorts (NASDAQ:WYNN) in tapping bank credit lines. That as the domestic commercial gaming industry grapples with a period of near-zero revenue.<\/p>\n

Twin River recently funded fully its $250 million revolving credit facility and currently holds in excess of $360 million on its balance sheet,\u201d according to the statement.<\/p><\/blockquote>\n

TRWH said it has no debt coming due until 2024. It’s eponymous gaming property and the Tiverton Casino in Rhode Island are currently closed because of the coronavirus outbreak. Likewise, Mississippi and Missouri \u2013 where the company has three casinos \u2013 ordered temporary shutdowns of commercial gaming venues.<\/p>\n

Earlier this week, Colorado Gov. Jared Polis ordered closures of bars, casinos, and restaurants, a directive affecting TRWH because the company owns four gaming properties in the Centennial State.<\/strong><\/p>\n

Preparing for the Worst<\/h2>\n

Amid closures throughout the US, including the 30-day suspension in Nevada, analysts and investors are growing concerned about the cash positions and viability of some operators. They are noting that some feasted on debt when the market was hot and didn’t conserve enough cash for rainy days.<\/a><\/p>\n

\n

Down almost 71 percent just this month, shares of TRWH are being treated on par with some other battered regional operators. But the company says that even under two difficult scenarios is preparing for, it has the liquidity to handle debt, capital expenditures, and acquisitions for at least 12 months.<\/p>\n<\/div>\n

TRWH is using a two-phase approach until the operating environment offers more clarity.<\/p>\n

\u201cPhase 1 contemplates the period of temporary closure of facilities lasting up to three months, retaining some level of preparedness to quickly reopen partially or completely within that period if the Company is allowed,\u201d said the firm.<\/p>\n

The second phase examines the possibility of gaming property closures extending beyond 90 days.<\/p>\n

\u201cPhase 2 contemplates sustained closures beyond three months and is designed to protect the Company for a longer term impact while maintaining the ability to open in an efficient manner,\u201d according to TRWH.<\/strong><\/p>\n

Other Spending Plans<\/h2>\n

Last month, TRWH added $100 million<\/a> to a $250 million share buyback plan announced in June 2019. However, the company hasn’t commented on plans to alter that program or cut or suspend its newly minted quarterly dividend.<\/p>\n

The company did say \u201call salaried and hourly employees that have been furloughed will be guaranteed their jobs as the facilities reopen,\u201d and that healthcare benefits are continuing for \u201cfacility-level\u201d employees.<\/strong><\/p>\n

TRWH is also putting together a fund to help workers facing financial hardship in the wake of the property shutdowns.<\/p>\n","protected":false},"excerpt":{"rendered":"

Twin River Worldwide Holdings (NYSE:TRWH) is joining rival casino companies in accessing cash, preparing for what could be longer-than-expected gaming property closures. The operator of Rhode Island’s two casinos said in a statement out Friday that it fully funded a $250 million credit facility, following companies from other industries, as well as gaming counterparts Caesars […]<\/p>\n","protected":false},"author":46,"featured_media":130692,"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 Strengthening its Balance Sheet Amid Property Closures<\/title>\n<meta name=\"description\" content=\"Twin River is joining rival gaming companies in bringing cash onto its balance sheet as it grapples with temporary property closures across the US.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Twin River Is Strengthening its Balance Sheet Amid Property Closures\" \/>\n<meta property=\"og:description\" content=\"Twin River is joining rival gaming companies in bringing cash onto its balance sheet as it grapples with temporary property closures across the US.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/twin-river-is-strengthening-its-balance-sheet-amid-property-closures\/\" \/>\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=\"2020-03-20T18:12:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-20T18:34:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/03\/trwh-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1440\" \/>\n\t<meta property=\"og:image:height\" content=\"954\" \/>\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-strengthening-its-balance-sheet-amid-property-closures\/\",\"url\":\"https:\/\/www.casino.org\/news\/twin-river-is-strengthening-its-balance-sheet-amid-property-closures\/\",\"name\":\"Twin River Is Strengthening its Balance Sheet Amid Property Closures\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-is-strengthening-its-balance-sheet-amid-property-closures\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-is-strengthening-its-balance-sheet-amid-property-closures\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/03\/trwh-1.jpg\",\"datePublished\":\"2020-03-20T18:12:31+00:00\",\"dateModified\":\"2020-03-20T18:34:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Twin River is joining rival gaming companies in bringing cash onto its balance sheet as it grapples with temporary property closures across the US.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-is-strengthening-its-balance-sheet-amid-property-closures\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/twin-river-is-strengthening-its-balance-sheet-amid-property-closures\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-is-strengthening-its-balance-sheet-amid-property-closures\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/03\/trwh-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/03\/trwh-1.jpg\",\"width\":1440,\"height\":954,\"caption\":\"Twin River is accessing cash in preparation for longer-than-expected casino closures. (Image: Boston Globe)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/twin-river-is-strengthening-its-balance-sheet-amid-property-closures\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Twin River Bolsters Balance Sheet, Prepares for Potentially Long Winter of Casino Closures\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Twin River Is Strengthening its Balance Sheet Amid Property Closures","description":"Twin River is joining rival gaming companies in bringing cash onto its balance sheet as it grapples with temporary property closures across the US.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Twin River Is Strengthening its Balance Sheet Amid Property Closures","og_description":"Twin River is joining rival gaming companies in bringing cash onto its balance sheet as it grapples with temporary property closures across the US.","og_url":"https:\/\/www.casino.org\/news\/twin-river-is-strengthening-its-balance-sheet-amid-property-closures\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2020-03-20T18:12:31+00:00","article_modified_time":"2020-03-20T18:34:21+00:00","og_image":[{"width":1440,"height":954,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/03\/trwh-1.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/twin-river-is-strengthening-its-balance-sheet-amid-property-closures\/","url":"https:\/\/www.casino.org\/news\/twin-river-is-strengthening-its-balance-sheet-amid-property-closures\/","name":"Twin River Is Strengthening its Balance Sheet Amid Property Closures","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/twin-river-is-strengthening-its-balance-sheet-amid-property-closures\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/twin-river-is-strengthening-its-balance-sheet-amid-property-closures\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/03\/trwh-1.jpg","datePublished":"2020-03-20T18:12:31+00:00","dateModified":"2020-03-20T18:34:21+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Twin River is joining rival gaming companies in bringing cash onto its balance sheet as it grapples with temporary property closures across the US.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/twin-river-is-strengthening-its-balance-sheet-amid-property-closures\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/twin-river-is-strengthening-its-balance-sheet-amid-property-closures\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/twin-river-is-strengthening-its-balance-sheet-amid-property-closures\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/03\/trwh-1.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/03\/trwh-1.jpg","width":1440,"height":954,"caption":"Twin River is accessing cash in preparation for longer-than-expected casino closures. (Image: Boston Globe)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/twin-river-is-strengthening-its-balance-sheet-amid-property-closures\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Twin River Bolsters Balance Sheet, Prepares for Potentially Long Winter of Casino Closures"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/130689"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=130689"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/130689\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/130692"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=130689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=130689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=130689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}