Twin River just took a big hit in the stock market. Here’s why
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Happy Tuesday and welcome to Rhode Map, your daily guide to everything happening in the Ocean State. I’m Dan McGowan and I’m concerned that the Red Sox are becoming unwatchable. Follow me on Twitter @DanMcGowan or send tips to Dan.McGowan@globe.com .
Twin River took a hit on Wall Street Monday as the company acknowledged competition from the new Encore Boston Harbor casino “had a greater than expected negative impact on our table games” in Lincoln.
Shares for Twin River – which owns both of Rhode Island’s casinos – fell nearly 12 percent to $20.65 Monday after CEO George Papanier disclosed the company experienced a “quarterly softness in the overall New England market.”
Papanier said the overall effect of the new Boston casino “was generally in line with our expectations.” He said the growing competition around New England is one of the reasons Twin River built the Tiverton Casino. All told, the company’s Rhode Island revenues grew to $82.9 million in the second quarter of 2019.
Twin River also owns casinos in Delaware and Mississippi as well as a horse track in Colorado. The company is in the process of purchasing three other casinos in Colorado, with the deal expected to close later this year or in the first quarter of 2020.
Papanier also used the earnings call to address Twin River’s ongoing battle with IGT, the lottery giant and slot machine provider that’s asking Rhode Island lawmakers to approve a 20-year extension to its state contract. He said the company is “working diligently to educate leaders” on why the deal should not be approved.
“We will continue to oppose this deal and have engaged in initial discussions to form a consortium of technology providers to compete should a competitive bid process occur,” he said.
NEED TO KNOW
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WHAT’S ON TAP TODAY
Each day, Rhode Map offers a cheat sheet breaking down what’s happening in Rhode Island. Have an idea? E-mail us at RInews@globe.com.
• Get ready for A LOT of rain in Newport today.
• The civil trial for Nathan Carman, a man tied to the deaths of his grandfather and mother, begins in US District Court in Rhode Island today. He sent an email to the Globe’s Shelley Murphy about his thoughts on the upcoming trial. Take a look.
• It’s Peanut Free night at McCoy Stadium tonight. (Hot take: Salt and pepper sunflower seeds are better than peanuts anyway.)
• US Representative David Cicilline is hosting a community conversation on the House Democrats’ first 200 days in leadership at the Teamsters’ office in East Providence at 6 p.m.
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