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US – Twin River encouraged by strong restart at Hard Rock Biloxi

By - 3 June 2020

Twin River Worldwide Holdings has been encouraged by the strong initial results of its operations at Hard Rock Biloxi, which it reopened on May 21 points, citing strong pent-up demand in regional markets. Through the first ten days of operations, this property experienced slot and table win results that were up approximately 30 per cent and 150 per cent compared to the same period in the prior year, respectively.

The company reopened its Dover Downs Hotel and Casino in Dover on June 1. The company also announced that it plans to reopen its two casinos in Rhode Island, including its flagship Twin River Casino Hote, on June 8, at which time over 90 per cent of the company’s current portfolio will have resumed operations.

As part of Twin River’s overall COVID-19 reopening plan, the Company has committed to meeting or exceeding all guidelines established by the CDC. As such, the Company has implemented property-specific comprehensive health and safety protocols, developed in close consultation with applicable state regulators and public health officials in local jurisdictions.

At Dover Downs, the company reopened with 30 per cent of capacity which will allow for approximately 950 VLT machines to be in operation. Table games and the hotel will not be opened in the first phase of reopening. In Rhode Island, the Company will initially open to invited guests with 1,570 VLTs available at Twin River Casino, and approximately 375 VLTs at Tiverton Casino Hotel. Table games and the hotels will not be open in the initial re-opening phase; however, stadium gaming positions, with appropriate social distancing, will be open to provide customers with a live dealer experience.

“We are very excited to continue to progress on our reopening plan and with the prospect of having our full portfolio opened by the beginning of July,” said George Papanier, President and Chief Executive Officer. “As evidenced by our successful reopening at Hard Rock Biloxi, there is strong market demand for which we are well-positioned as a regional gaming company focused on local and regional visitation. I am thankful and excited to welcome back our valued team members and loyal customers to safe and secure environments that meet or exceed CDC guidance.”

The Company also announced today that it believes its previously announced acquisition of Isle of Capri Kansas City in Missouri and Lady Luck Vicksburg in Mississippi, both of which have resumed operations, will close in early July, pending Missouri regulatory approval.

Mr. Papanier continued, “As we continue to reopen our properties, we are also looking forward to closing our previously announced acquisitions to expand our geographic footprint in attractive markets. Along with our recently closed acquisition in Black Hawk, Colorado, the five new properties we now have under contract are expected to drive sustained growth and enhance our already strong free cash flow profile.”

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