Twin River Worldwide Holdings, Inc (NYSE:TRWH) Q3 2019 Earnings Conference Call - Final Transcript
Nov 14, 2019 • 05:00 pm ET
in the market, particularly, in Massachusetts was extremely aggressive during the quarter, which we feel fueled to prolonged trial period. Despite our competitions' $2.6 billion investment, we have seen little in the way of market expansion which was significantly less than most observer's expectations. Overall, the market only grew approximately 9% in the third quarter. We believe that our competition spend for market share during the quarter is unsustainable. When you think about it, our market right-sized $130 million Tiverton Casino project generated as much profit in its first quarter of operations as the $2.6 billion competition did.
After taking some time to fully understand the impact of new competition was going to have on the market, we began our competitive response with a targeted marketing spend as well as operational efficiency. We feel we've dealt with initial market competition spend during the period of trial and I'm optimistic there will be a more rational market spend going forward. We're yet to see a marked moderation in promotional environment, we did note that the overall revenue impact of the competition appeared to moderate and bottom out in August, reflecting what we feel our initial signs of recovery post Labor Day in line with my expectations. For September, revenue at Lincoln was down 17% year-over-year compared to decreases of 22% and 24% in July and August, respectively.
The break down to September numbers at Lincoln have been more slot, volumes showed signs of recovery but were down less than 13% in September year-over-year compared to decreases of approximately 17% and 16% in July and August, respectively. Table games continued to see more of an impact with volumes down 30% in September compared to the same period in 2018, but we saw a moderation compared to the 34% and 38% decrease as we experienced in July and August. Also, taking into consideration the fact that September 2019 had one less Saturday than the prior period, we view the September trend is positive and expect to see an accelerated recovery as we head towards year-end.
We also note that the trend continued for October where volume indicators shows slots in Lincoln continue to moderate and only down approximately 9% year-over-year, while table games also showed signs of recovery with year-over-year declines of 27% helping to offset the competitive pressure in Lincoln is the performance of our Tiverton Casino Hotel. We are extremely pleased with the performance of the property, which continues to show marked resilience in the face of new competition. In fact, October volume indicators for Tiverton showed estimated increases year-over-year of approximately 12% in slots and 22% in tables, underscoring this resilience.
Regardless of what the competition is doing, we're doing fine. We're executing on our marketing strategy, which is continuing to call back market share and we've implemented our efficiency initiatives. It should be noted that the current Massachusetts impact is the only significant competitive threat that our portfolio is facing, and aside from what we believe to be the