Twin River Worldwide Holdings, Inc (NYSE:TRWH) Q1 2020 Earnings Conference Call - Final Transcript

May 13, 2020 • 08:00 am ET

Previous

Twin River Worldwide Holdings, Inc (NYSE:TRWH) Q1 2020 Earnings Conference Call - Final Transcript

Share
Close

Loading Event

Loading Transcript

Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Twin River Worldwide Holdings Inc. First Quarter Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to your speaker for today, Craig Eaton, Executive Vice President and General Counsel. Please go ahead, Mr. Eaton.

Executive
Craig Eaton

Good morning, everyone, and thank you for joining us on today's call. I hope that each of you, your family, friends, and colleagues are safe and staying healthy.

By now, you should have received a copy of our Q1 2020 earnings release issued earlier this morning. If you haven't, the earnings release and presentation that accompanies this call are available in the Investor Relations section of our website at www.twinriverwwholdings.com under the News and Events & Presentations tabs.

With me on today's call are George Papanier, our President and Chief Executive Officer; Steve Capp, our Chief Financial Officer; Marc Crisafulli, our Executive Vice President and President of Twin River Rhode Island; Jay Minas, our VP of Finance; and Joe McGrail, our Chief Accounting Officer.

Before we begin, we would like to remind everyone that comments made by management will contain forward-looking statements. These forward-looking statements include plans, expectations, estimates and projections that involve significant risks and uncertainties. These risks are discussed in the company's earnings release and SEC filings. Actual results may differ materially from the results discussed in these forward-looking statements.

During today's call, management will refer to certain non-GAAP financial measures. Reconciliations to the most comparable GAAP financial measures are included in the schedules contained in our earnings release or the presentation that accompanies this call.

I will now turn the call over to George.

Executive
George Papanier

Thanks, Craig. Good morning, everyone. I hope that everyone is staying safe during these unprecedented times. Appreciate everyone joining us. These trying times remind us how sacred life, family and friendships are, and we would like to thank all of the frontline workers for their hard work and bravery every day in fighting this battle.

In response to the COVID-19 outbreak, we announced and have executed on a multifaceted response, which have been outlined over the last several weeks through our press releases, including this morning's earnings release.

We will have more on our response in a few minutes. However, this is our first public opportunity to discuss some exciting new developments and our ongoing corporate strategy. So, I want to start there.

About two-and-a-half weeks ago, we announced our intention to acquire the Eldorado Shreveport Resort in Louisiana and the MontBleu Resort Casino & Spa in Lake Tahoe, Nevada from Eldorado, as well as an agreement to acquire Bally's Atlantic City from Caesars and VICI Properties. These transactions are expected to be immediately accretive to earnings. We are extremely excited about the prospect for future growth from these three properties.

These acquisitions represent a unique opportunity to continue executing on our expansion and