Casino operator Twin River Worldwide Holdings said fourth-quarter revenue increased 17% to $130.4 million while net income rose declined 39.7% to $13.4 million.
The Rhode Island-based company announced earnings Tuesday after it pre-announced quarterly estimates on Feb. 12 due to its pending acquisitions of properties in Missouri and Mississippi.
Twin River said its company-wide cash flow increased 8.7% to $40.2 million for the quarter than ended Dec. 31.
In a statement, Twin River said the revenue and cash flow increases were driven by the Dover Downs property in Delaware that the company acquired last year. The opening the Encore Boston Harbor, however, took away revenue from the company’s two Rhode Island casinos. Twin River noted the “impacts have moderated, and revenue has showed signs of stabilization.”
Twin River said overall performance at Hard Rock Hotel & Casino Biloxi in Mississippi “remained strong.”
Twin River is buying Isle of Capri Casino in Kansas City, Missouri, and the Lady Luck in Vicksburg, Mississippi from Eldorado Resorts for $230 million. The deal is expected to close in this year’s second quarter.
In January, Twin River bought three Black Hawk, Colorado hotel-casinos, Mardi Gras, Golden Gates, and Golden Gulch, for $51 million from Affinity Gaming.
