Thu, Aug 27, 11:18am by Charlotte Lee
Twin River Worldwide Holdings laid off more than 1300 workers at its casinos in early August.
Herald News reports the casinos in Lincoln and Tiverton were the venues to lose staff, with 1043 in Lincoln and 296 in Tiverton.
The departures were filed with the Rhode Island Department of Labour and Training and came into effect on August 11, the same day the company reported a $24 million second quarter loss that resulted from being closed in April and part of May, due to the COVID-19 pandemic.
In an August 11 call with analysts, Twin River chief executive George Pananier said the company has tried to bring back as many workers as possible who were furloughed.
“While we have been able to welcome back a large percentage of those affected, there are still a large number of employees affected on furlough while we await the ability to increase capacity and amenities,” he said.
Although Twin River executives didn’t discuss permanent job losses directly in their quarterly earnings call, they mentioned “meaningful efficiencies in marketing and decreases” in operating expenses.
“While we continue to be willing to spend money to capture market share and drive revenue, we don’t expect to simply return to the same old way of doing business,” Papanier said about gambling post COVID.
“We believe many of the efficiencies we have realised are sustainable over the long-term and will result in improved profitability for our properties even while increased sanitation and cleaning costs become the norm.”
Twin River employed 4900 people as of June 2019, according to a Securities and Exchange Commission filing.
Business at Twin River’s casinos in the south and west have come back faster than the Rhode Island flagship, as states such as Mississippi and Colorado were faster to ease COVID restrictions on gatherings.
And the recent quarantine orders placed on travellers from Rhode Island by Massachusetts, New York and Connecticut also hurt.
“In Rhode Island, they are a little more stringent on their philosophy on allowing gatherings. When they let up the demand is there,” Mr Papanier said.
— CalvinAyre.com (@CalvinAyreNews) August 25, 2020
American casino operator Twin River Worldwide Holdings has announced that its estate now encompasses nine venues following the acquisition of a brace of riverboat properties from compatriot Eldorado Resorts.
World Casino Directory reported in July that the New York-listed firm used an official Thursday press release to detail that it has completed the deals to purchase the Lady Luck Casino and Hotel Vicksburg with its 25,000 square foot gaming floor as well as the even larger Isle of Capri Casino Kansas City and has subsequently changed the pair’s names to Casino Vicksburg and Casino KC respectively.
Twin River Holdings Incorporated is moreover responsible for the Twin River Casino Hotel and Tiverton Casino Hotel in its home state of Rhode Island.
This is in addition to a trio of casinos in the Colorado community of Black Hawk.
The Providence-headquartered firm explained that the purchase of the Mississippi and Missouri properties was initially agreed just over a year ago for an aggregate price of around $230 million.
President and chief executive for Twin River Holdings George Papanier used the press release to release the news.
“We are very pleased to close on this transaction, the latest in our ongoing efforts to diversify our portfolio,” he said.
“Equally exciting are our three additional casinos under contract in Shreveport, Louisiana, Lake Tahoe, Nevada and Atlantic City, New Jersey.
“We see significant opportunities to create cross-marketing connections for customers at multiple locations nationwide.”
Twin River has proclaimed that Casino KC is readily accessible to suburban traffic due to being located at a premier location on the riverfront near downtown and features a 40,000 square foot gaming floor, offering a selection of 939 slots alongside 13 gaming tables.
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