Twin River Worldwide Holdings, Inc., the company that owns Dover Downs has announced a multi-faceted plan in response to the COVID-19 outbreak which has led to the temporary closure of all the Company’s facilities.
Twin River recently funded fully its $250 million revolving credit facility and currently holds in excess of $360 million on its balance sheet. The company has no debt maturities prior to 2024. The company is proactively and carefully managing expenses to ensure that it has sufficient liquidity to last through these uncertain times. The company is implementing a phased approach to operations until it has better future visibility. Phase 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. Phase 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. In either case, the Company is confident that it will have sufficient liquidity in excess of 12 months to meet all of its obligations including debt service, required capital expenditures, and acquisitions.
Twin River has also taken a series of employee-and community-focused actions. Among other things, the company is currently continuing health coverage for facility-level employees during the shutdown period. All salaried and hourly employees that have been furloughed will be guaranteed their jobs as the facilities reopen. Twin River is also establishing a fund to provide financial assistance to employees who experience severe hardship during the shutdown period and is working diligently to bring employees back to work as soon as possible when permitted. In the meantime, the company is collaborating with community and employee leaders, health officials and regulatory authorities.
The company is actively engaged in a comprehensive sanitization of all properties with an emphasis on the public spaces and ‘touchpoints’ such as handrails, VLTs, countertops and elevator buttons. The Company is also initiating a chip sanitizing program and is implementing social distance practices. Additionally, the Company is soliciting third-party proposals for specific cleaning techniques and is exploring other options, such as wellness screening of employees and patrons, to better prepare the properties for re-opening.
Twin River’s Board of Directors and management are actively monitoring the rapidly changing COVID-19 events and intend to take actions available to the Company in the interests of its employees, communities, and investors.
Twin River Worldwide Holdings, Inc. owns and manages seven casinos, two in Rhode Island, one in Mississippi, one in Delaware, and three casinos as well as a horse racetrack that has 13 authorized OTB licenses in Colorado. Properties include Twin River Casino Hotel (Lincoln, RI), Tiverton Casino Hotel (Tiverton, RI), Hard Rock Hotel & Casino (Biloxi, MS), Dover Downs Hotel & Casino (Dover, DE), Golden Gates Casino (Black Hawk, CO), Golden Gulch Casino (Black Hawk, CO), Mardi Gras Casino (Black Hawk, CO), and Arapahoe Park racetrack (Aurora, CO). Its casinos range in size from 695 slots and 17 table games combined for its Colorado facilities to properties with over 4,100 slots, approximately 125 table games, and 48 stadium gaming positions, along with hotel and resort amenities.
SOURCE Twin River Worldwide Holdings, Inc.