Twin River Worldwide Holdings, Inc (NYSE:TRWH) Q4 2019 Earnings Conference Call - Final Transcript
Feb 11, 2020 • 08:00 am ET
Stephen H. Capp
to provide our financial outlook for the year ending December 31, 2020.
The Company estimates adjusted EBITDA for 2020 will be approximately $180 million, plus or minus, an increase of nearly 8% over the midpoint of the preliminary range for the same period in 2019 reported above. Further, we estimate that our 2020 exit rate, if you will, of annualized adjusted EBITDA coming out of 2020 will be right about $190 million, again, plus or minus.
Finally, we see the full potential run rate adjusted EBITDA of the entire portfolio being in excess of $200 million. That number includes about $20 million of corporate overhead. So, said another way, we believe this portfolio of assets has the potential to deliver at a property level in excess of $220 million of adjusted EBITDA.
Two further points. One, please bear in mind that the $180 million and $190 million expectations for 2020 and coming out of 2020 are subject to the timing of certain events during the year. That's why I said plus or minus in each case. For example, the closing date of Kansas City and Vicksburg transaction is a big deal from a timing standpoint. And secondly, the ramping of the sports betting market in Colorado is also very important to that earnings model.
Lastly, there is no impact in these expectations from the closing and implementation of the IGT-Rhode Island transactions. There are several return components to those arrangements, as discussed previously by Marc, but we have not quantified those into the above expectations.
And that concludes my commentary. Thanks for your attention this morning. I'll turn the mic back over to George.
Well, thank you, Steve. So with that, I ask the operator to open it up to your questions.