Company Quick10K Filing
⚲
Twin River Worldwide
Financials
Price-0.00 EPS1
Shares39 P/E-0
MCap-0 P/FCF-0
Net Debt450 EBIT89
TEV450 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-13
10-Q 2020-03-31 Filed 2020-05-14
10-K 2019-12-31 Filed 2020-03-13
10-Q 2019-09-30 Filed 2019-11-14
10-Q 2019-06-30 Filed 2019-08-12
S-1 2019-06-14 Public Filing
10-Q 2019-03-31 Filed 2019-05-15
10-K 2018-12-31 Filed 2019-04-01
Reports
8-K 2020-11-18
8-K 2020-11-18
8-K 2020-10-28
8-K 2020-10-27
8-K 2020-10-13
8-K 2020-10-06
8-K 2020-10-06
8-K 2020-09-30
8-K 2020-08-11
8-K 2020-07-01
8-K 2020-05-19
8-K 2020-05-13
8-K 2020-05-11
8-K 2020-04-24
8-K 2020-04-24
8-K 2020-03-16
8-K 2020-03-13
8-K 2020-03-03
8-K 2020-02-10
8-K 2020-01-30
8-K 2020-01-13
8-K 2019-12-09
8-K 2019-11-14
8-K 2019-08-12
8-K 2019-07-22
8-K 2019-07-10
8-K 2019-06-10
8-K 2019-05-17
8-K 2019-05-14
8-K 2019-05-10
8-K 2019-05-02
8-K 2019-04-29
8-K 2019-04-17
8-K 2019-04-08
8-K 2019-03-26
8-K 2019-03-19
8-K 2019-03-18

TRWH 10Q Quarterly Report

Content
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Exhibits
EX-10.1 ex101amendmentno2tothe.htm
EX-31.1 trwh-2020930x10qxex311.htm
EX-31.2 trwh-2020930x10qxex312.htm
EX-32.1 trwh-2020930x10qxex321.htm
EX-32.2 trwh-2020930x10qxex322.htm

Twin River Worldwide Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
1.31.00.80.50.30.02018201820192020
Assets, Equity
 0.20.20.10.10.00.02018201820192020
Rev, G Profit, Net Income
 0.30.20.10.0-0.1-0.22018201820192020
Ops, Inv, Fin
trwh-20200930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-38850
trwh-20200930_g1.jpg
Twin River Worldwide Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware20-0904604
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
100 Westminster Street
Providence,RI02903
(Address of principal executive offices)(Zip Code)
(401) 475-8474
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12 (b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, $0.01 par valueTRWHNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒     No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☒     No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☐
Emerging growth company
☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐   No  ☒
As of November 1, 2020 there were 30,476,057 shares of the registrant’s common stock outstanding.



TWIN RIVER WORLDWIDE HOLDINGS, INC.

TABLE OF CONTENTS
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PART I.     FINANCIAL INFORMATION
ITEM 1.     Financial Statements

TWIN RIVER WORLDWIDE HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(In thousands, except share data)
 September 30,
2020		December 31,
2019
Assets  
Cash and cash equivalents$114,995 $182,581 
Restricted cash1,859 2,921 
Accounts receivable, net17,839 23,190 
Inventory8,575 7,900 
Prepaid expenses and other assets51,493 28,439 
Total current assets194,761 245,031 
Property and equipment, net595,520 510,436 
Right of use assets, net27,346 17,225 
Goodwill, net186,571 133,082 
Intangible assets, net247,390 110,373 
Other assets5,293 5,740 
Total assets$1,256,881 $1,021,887 
Liabilities and Shareholders’ Equity
Current portion of long-term debt$5,750 $3,000 
Current portion of lease obligations1,456 1,014 
Accounts payable13,840 14,921 
Accrued liabilities75,029 70,849 
Total current liabilities96,075 89,784 
Lease obligations, net of current portion49,993 16,214 
Pension benefit obligations7,785 8,688 
Deferred tax liability7,581 13,790 
Long-term debt, net of current portion937,632 680,601 
Other long-term liabilities1,650 1,399 
Total liabilities1,100,716 810,476 
Commitments and contingencies
Shareholders’ equity:
Common stock, par value $0.01; 100,000,000 shares authorized; 30,476,057 and 41,193,018 shares issued as of September 30, 2020 and December 31, 2019, respectively; 30,476,057 and 32,113,328 shares outstanding as of September 30, 2020 and December 31, 2019, respectively.
304 412 
Additional paid-in-capital143,180 185,544 
Treasury stock, at cost, 0 and 9,079,690 shares as of September 30, 2020 and December 31, 2019, respectively.
— (223,075)
Retained earnings14,569 250,418 
Accumulated other comprehensive loss(1,888)(1,888)
Total shareholders’ equity156,165 211,411 
Total liabilities and shareholders’ equity$1,256,881 $1,021,887 
See accompanying notes to condensed consolidated financial statements.
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TWIN RIVER WORLDWIDE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited)
(In thousands, except per share data)
Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Revenue:   
Gaming$96,588 $88,315 $196,191 $279,417 
Racing1,684 3,255 4,817 9,978 
Hotel6,874 11,119 16,635 28,814 
Food and beverage6,889 18,054 23,875 50,366 
Other4,589 8,566 13,178 24,583 
Total revenue116,624 129,309 254,696 393,158 
Operating costs and expenses:
Gaming25,996 23,529 59,080 70,683 
Racing1,681 2,293 4,877 7,317 
Hotel2,482 4,190 6,926 11,087 
Food and beverage6,016 15,324 21,951 42,065 
Retail, entertainment and other408 2,252 2,461 5,703 
Advertising, general and administrative43,996 50,011 117,594 136,321 
Goodwill and asset impairment— — 8,554 — 
Acquisition, integration and restructuring expense2,740 1,930 6,984 11,047 
Gain on insurance recoveries(10)— (1,036)— 
Depreciation and amortization9,932 8,329 28,054 23,331 
Total operating costs and expenses93,241 107,858 255,445 307,554 
Income (loss) from operations23,383 21,451 (749)85,604 
Other income (expense):
Interest income42 810 297 1,577 
Interest expense, net of amounts capitalized(16,950)(11,461)(43,688)(28,478)
Loss on extinguishment and modification of debt— — — (1,491)
Other, net— 1 — 183 
Total other expense, net(16,908)(10,650)(43,391)(28,209)
Income (loss) before provision for income taxes6,475 10,801 (44,140)57,395 
(Benefit) provision for income taxes(248)3,802 (18,430)15,620 
Net income (loss)$6,723 $6,999 $(25,710)$41,775 
Net income (loss) per share, basic$0.22 $0.19 $(0.83)$1.07 
Weighted average common shares outstanding, basic30,458 37,809 30,825 39,063 
Net income (loss) per share, diluted$0.22 $0.18 $(0.83)$1.07 
Weighted average common shares outstanding, diluted30,635 37,925 30,825 39,183 
Note: Net (loss) income equals comprehensive income for all periods presented.
See accompanying notes to condensed consolidated financial statements.
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TWIN RIVER WORLDWIDE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited)
(In thousands, except share data)
 Common StockAdditional
Paid-in Capital		Treasury
Stock		Retained
Earnings		Accumulated Other Comprehensive LossTotal Shareholders’
Equity
 Shares OutstandingAmount
Balance as of December 31, 201932,113,328 $412 $185,544 $(223,075)$250,418 $(1,888)$211,411 
Release of restricted stock131,131 1 (2,484)— — — (2,483)
Dividends and dividend equivalents - $0.10 per share
— — — — (3,174)— (3,174)
Share-based compensation - equity awards— — 5,542 — — — 5,542 
Retirement of treasury shares— (107)(48,618)254,416 (205,691)— — 
Share repurchases(1,649,768)— — (31,341)— — (31,341)
Adoption of ASU 2016-13— — — — (58)— (58)
Net loss— — — — (8,878)— (8,878)
Balance as of March 31, 202030,594,691 $306 $139,984 $— $32,617 $(1,888)$171,019 
Release of restricted stock24,427 — (81)— — — (81)
Share-based compensation - equity awards— — 2,127 — — — 2,127 
Retirement of treasury shares— (2)(733)1,951 (1,216)— — 
Share repurchases(162,625)— — (1,951)— — (1,951)
Net loss— — — — (23,555)— (23,555)
Balance as of June 30, 202030,456,493 $304 $141,297 $— $7,846 $(1,888)$147,559 
Share-based compensation - equity awards— — 1,799 — — — 1,799 
Stock options exercised19,564 — 84 — — — 84 
Net income— — — — 6,723 — 6,723 
Balance as of September 30, 202030,476,057 $304 $143,180 $— $14,569 $(1,888)$156,165 

 Common StockAdditional
Paid-in Capital		Treasury
Stock		Retained
Earnings		Accumulated Other Comprehensive IncomeTotal Shareholders’
Equity
 Shares OutstandingAmount
Balance as of December 31, 201837,989,376 $380 $125,629 $(30,233)$202,884 $— $298,660 
Release of restricted stock161,980 1 — — — — 1 
Share-based compensation - equity awards— — 151 — — — 151 
Retirement of treasury shares— — (30,233)30,233 — — — 
Share repurchases(16,340)— — (409)— — (409)
Stock issued for purchase of Dover Downs2,976,825 30 86,750 — — — 86,780 
Net income— — — — 17,596 — 17,596 
Balance as of March 31, 201941,111,841 $411 $182,297 $(409)$220,480 $— $402,779 
Release of restricted stock35,756 — — — — — — 
Dividends and dividend equivalents - $0.10 per share
— — — — (4,144)— (4,144)
Share-based compensation - equity awards— — 1,628 — — — 1,628 
Net income— — — — 17,180 — 17,180 
Balance as of June 30, 201941,147,597 $411 $183,925 $(409)$233,516 $— $417,443 
Release of restricted shares3,672 — — — — — — 
Share-based compensation - equity awards— — 1,028 — — — 1,028 
Share repurchases (including tender offer)(6,576,682)— — (162,705)— — (162,705)
Net income— — — — 6,999 — 6,999 
Balance as of September 30, 201934,574,587 $411 $184,953 $(163,114)$240,515 $— $262,765 
See accompanying notes to condensed consolidated financial statements.
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TWIN RIVER WORLDWIDE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(In thousands)
 Nine Months Ended September 30,
 20202019
Cash flows from operating activities:  
Net (loss) income$(25,710)$41,775 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation of property and equipment23,851 18,920 
Amortization of intangible assets4,203 4,411 
Amortization of operating lease right of use assets875 966 
Share-based compensation - equity awards9,468 2,807 
Amortization of debt financing costs and discounts on debt3,256 1,976 
Loss on debt extinguishment and modification of debt— 1,491 
Bad debt expense162 135 
Net pension and other postretirement benefit income— (39)
Deferred income taxes(6,209)— 
Gain on disposal of property and equipment— (5)
Goodwill and asset impairment8,554 — 
Changes in operating assets and liabilities:
Accounts receivable5,713 5,980 
Inventory(372)(210)
Prepaid expenses and other assets(17,558)(7,834)
Accounts payable(2,460)(5,439)
Accrued liabilities(2,062)7,768 
Net cash provided by operating activities1,711 72,702 
Cash flows from investing activities:
Acquisition of Dover Downs Gaming & Entertainment, Inc., net of cash acquired— (9,606)
Acquisition of Black Hawk Casinos, net of cash acquired(50,451)— 
Acquisition of Casino KC and Casino Vicksburg, net of cash acquired(225,496)— 
Deposit for pending acquisition of Jumer’s Casino & Hotel(4,000)— 
Proceeds from sale of property and equipment— 7 
Capital expenditures, excluding Tiverton Casino Hotel and new hotel at Twin River Casino(8,566)(17,645)
Capital expenditures - Tiverton Casino Hotel— (1,824)
Capital expenditures - new hotel at Twin River Casino— (3,765)
Payments associated with licenses— (1,092)
Net cash used in investing activities(288,513)(33,925)
Cash flows from financing activities:
Revolver borrowings250,000 25,000 
Revolver repayments(250,000)(80,000)
Term loan proceeds, net of fees of $13,820 and $10,655, respectively
261,180 289,345 
Term loan repayments(2,938)(343,189)
Senior note proceeds, net of fees of $0 and $6,130, respectively
— 393,870 
Payment of financing fees(1,117)(3,352)
Share repurchases (including tender offer)(33,292)(163,114)
Payment of shareholder dividends(3,199)(4,109)
Share redemption for tax withholdings - restricted stock(2,564)— 
Stock options exercised84 — 
Net cash provided by financing activities218,154 114,451 
Net change in cash and cash equivalents and restricted cash(68,648)153,228 
Cash and cash equivalents and restricted cash, beginning of period185,502 81,431 
Cash and cash equivalents and restricted cash, end of period$116,854 $234,659 
Supplemental disclosure of cash flow information:
Cash paid for interest$33,627 $16,069 
Cash paid for income taxes, net of refunds4,385 12,843 
Non-cash investing and financing activities:
Unpaid property and equipment$388 $498 
Deposit applied to fixed asset purchases— 981 
Termination of operating leases via purchase of underlying assets— 1,665 
Stock issued for acquisition of Dover Downs Gaming & Entertainment, Inc.— 86,780 
See accompanying notes to condensed consolidated financial statements.
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TWIN RIVER WORLDWIDE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)


1.    GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES

Nature of Business

Twin River Worldwide Holdings, Inc. (the “Company”, “TRWH”) is a diverse, multi-jurisdictional owner and operator of gaming and racing facilities, including slot machines and various casino table games, and restaurant and hotel facilities. The Company, through its wholly owned subsidiary Twin River Management Group, Inc. (“TRMG”), owns and manages the Twin River Casino Hotel (“Twin River Casino Hotel”) in Lincoln, Rhode Island, the Tiverton Casino Hotel (“Tiverton Casino Hotel”) in Tiverton, Rhode Island, the Hard Rock Hotel & Casino (“Hard Rock Biloxi”) in Biloxi, Mississippi, the Dover Downs Hotel & Casino (“Dover Downs Casino Hotel”) in Dover, Delaware, the Golden Gates, Golden Gulch and Mardi Gras casinos (collectively, “Black Hawk Casinos”) in Black Hawk, Colorado, Casino KC (“Casino KC”) in Kansas City, Missouri (formerly Isle of Capri Casino), Casino Vicksburg (“Casino Vicksburg”) in Vicksburg, Mississippi (formerly Lady Luck Casino Vicksburg), and the Arapahoe Park racetrack and 13 off-track betting licenses (“Mile High USA”) in Aurora, Colorado. Following the closure of the Newport Grand Casino (“Newport Grand”) in August 2018, the Company opened the Tiverton Casino Hotel on September 1, 2018. On March 28, 2019, the Company completed its acquisition of Dover Downs Gaming & Entertainment, Inc., which included Dover Downs Casino Hotel (“Dover Downs”). On January 23, 2020, the Company completed its acquisition of the Black Hawk Casinos. On July 1, 2020, the Company completed its acquisition from Eldorado Resorts, Inc., (“Eldorado”) of the operations and real estate of Casino KC in Kansas City, Missouri, and Casino Vicksburg in Vicksburg, Mississippi. On April 24, 2020, the Company announced that it had entered into an agreement with Eldorado to acquire Eldorado Shreveport Resort and Casino in Shreveport, Louisiana and the MontBleu Resort Casino & Spa in Lake Tahoe, Nevada and into an agreement with Caesars Entertainment Corporation (“Caesars”) and VICI Properties Inc. to acquire Bally's Atlantic City Hotel & Casino in Atlantic City, New Jersey. On July 20, 2020 Eldorado completed its acquisition of Caesars Entertainment Corporation, as a result of which Eldorado merged with and into Caesars Entertainment Corporation, forming Caesar’s Entertainment, Inc. On September 30, 2020, the Company entered into an agreement with Delaware North Companies Gaming & Entertainment, Inc. to acquire Jumer’s Casino & Hotel ("Jumer’s") in Rock Island, Illinois. On October 27, 2020, the Company entered into an agreement with Caesars to acquire the Tropicana Evansville casino in Evansville, Indiana. See Note 4. “Acquisitions” for further information.

On March 29, 2019, the Company’s common stock was listed on the New York Stock Exchange (“NYSE”) and began trading under the ticker symbol “TRWH.”

October 28, 2020 the Company announced that effective November 9, 2020, it will change its name to Bally’s Corporation and, reflecting this change, the Company’s common stock is expected to commence trading on the New York Stock Exchange under the new ticker symbol “BALY” when trading opens on November 9, 2020.

COVID-19 Pandemic

The novel coronavirus (“COVID-19”) pandemic has caused significant disruption to the US and global economy as well as financial markets around the world and has impacted, and is likely to continue to impact, the Company’s business in a material manner. As of March 16, 2020 all of the Company’s properties at the time were temporarily closed as a result of the COVID-19 pandemic and as of March 17, 2020, all of the properties the Company had entered into agreements to acquire were also temporarily closed. As of June 17, 2020, all of the Company’s properties, including the subsequently acquired Casino KC and Casino Vicksburg had reopened and are operating in some capacity. The following is an update of re-openings and current operations by property.

•Twin River Casino Hotel and Tiverton Casino Hotel - The Rhode Island properties pre-opened on June 8, 2020 with very limited invitation only guests allowed. Beginning June 30, 2020, the Company was able to open to the general public, at approximately 65% capacity, with half of VLTs and a limited number of table games, with a three player limit, available. The hotels at the Rhode Island properties remain closed at this time.
•Hard Rock Biloxi - The Biloxi property re-opened to the general public, at 50% capacity, on May 21, 2020 with 41% of VLTs, all table games, with a three player limit, and 75% of the hotel rooms available to guests. Currently, Hard Rock Biloxi is still operating at 50% capacity with over 60% of VLTs and all table games, with a three player limit, available and the hotel is currently operating with all rooms available to guests.
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TWIN RIVER WORLDWIDE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

•Dover Downs Casino Hotel - The Delaware property re-opened, at 30% capacity, on June 1, 2020, with 45% of VLTs. Table games, with a two player limit, became available to guests on June 17, 2020 and the hotel, at 60% room capacity, became available on June 18, 2020. Currently, the property is operating at approximately 60% capacity, with about half of VLTs, and all table games, with a three player limit, and all hotel rooms available to guests.
•Casino KC - Casino KC re-opened, at 50% capacity, on June 1, 2020 with 70% of VLTs and 30% of table games, with a three player limit, available to guests. Casino KC is currently operating with almost 100% of VLTs and a limited number of table games, with a three player limit, available.
•Casino Vicksburg - Casino Vicksburg re-opened, at 50% capacity, on May 21, 2020 with 48% of VLTs and 50% of hotel rooms available to guests. Currently, Casino Vicksburg is still operating at 50% capacity, however, over 65% of VLTs are available and the hotel is currently operating with all rooms available to guests.
•Black Hawk Casinos - The Black Hawk Casinos re-opened, at 50% capacity, on June 17, 2020 with 55% of VLTs available to guests. Currently, they are still operating at 50% capacity, however, over 64% of VLTs are now available to guests.

The Company remains committed to compliance with all state and local operating restrictions as well as and meeting or exceeding all guidelines established by the Centers for Disease Control and Prevention. The Company has implemented property-specific comprehensive health and safety protocols for each of its properties, developed in close consultation with applicable state regulators and public health officials in local jurisdictions. A good percentage of the Company’s operations are expected to continue to be negatively impacted by the COVID-19 pandemic and that impact could be material.

Principles of Consolidation

The accompanying condensed consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiary TRMG and TRMG’s subsidiaries. All intercompany transactions and balances have been eliminated in the consolidation. Certain prior year amounts have been reclassified to conform to the current year’s presentation.

The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, including the instructions to Form 10-Q and Rule 10-01 of the SEC’s Regulation S-X. Accordingly, certain information and note disclosures normally required in complete financial statements prepared in conformity with accounting principles generally accepted in the United States have been condensed or omitted. In the Company’s opinion, these condensed consolidated financial statements include all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented.

These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Except as described below and in the Notes to the condensed consolidated financial statements, there were no material changes in significant accounting policies from those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

We have made estimates and judgments affecting the amounts reported in our condensed consolidated financing statements and the accompanying notes. The inputs into our judgments and estimates consider the economic implications of the COVID-19 pandemic on our critical and significant accounting estimates. The actual results that we experience may differ materially from our estimates.

Cash and Cash Equivalents and Restricted Cash

The Company considers all cash balances and highly liquid investments with an original maturity of three months or less to be cash and cash equivalents.

As of September 30, 2020 and December 31, 2019, restricted cash of $1.9 million and $2.9 million, respectively, was comprised of video lottery terminal (“VLT”) and table games cash, payable to the State of Rhode Island, and certain cash accounts at Dover Downs and Mile High USA, which is unavailable for the Company’s use. The following table reconciles cash and restricted cash in the condensed consolidated balance sheets to the total shown on the condensed consolidated statements of cash flows.
8
TWIN RIVER WORLDWIDE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

September 30,December 31,
(in thousands)20202019
Cash and cash equivalents$114,995 $182,581 
Restricted cash1,859 2,921 
Total cash and cash equivalents and restricted cash$116,854 $185,502 

Treasury Stock

The Company records the repurchase of shares of common stock at cost based on the settlement date of the transaction. Upon settlement, these shares are classified as treasury stock, which is a reduction to shareholders’ equity. Treasury stock is included in authorized and issued shares but excluded from outstanding shares. There were no shares of common stock retired during the three months ended September 30, 2020 and 2019. The Company retired 10,892,083 and 1,431,980 shares of its common stock held in treasury during the nine months ended September 30, 2020 and 2019, respectively. The shares were returned to the status of authorized but unissued shares.

2.    RECENTLY ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS

Recently Adopted Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments–Credit Losses (Topic 326)–Measurement of Credit Losses on Financial Instruments (“ASC 326”). This standard amends several aspects of the measurement of credit losses on financial instruments, including trade receivables. The standard replaces the existing incurred credit loss model with the Current Expected Credit Losses (“CECL”) model and amends certain aspects of accounting for purchased financial assets with deterioration in credit quality since origination. Under CECL, the allowance for losses for financial assets that are measured at amortized cost reflects management’s estimate of credit losses over the remaining expected life of the financial assets, based on historical experience, current conditions and forecasts that affect the collectability of the reported amount. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments–Credit Losses, to clarify that receivables arising from operating leases are not within the scope of ASC 326 and should instead, be accounted for in accordance with ASC 842, Leases. The standard is effective for annual and interim periods beginning after December 15, 2019. Adoption is through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (a modified-retrospective approach). The Company adopted this ASU in the first quarter of 2020 and recorded a $58,000 negative adjustment to retained earnings as of January 1, 2020.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820),–Disclosure Framework–Changes to the Disclosure Requirements for Fair Value Measurement, which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with the movement amongst or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted this ASU in the first quarter of 2020, with no impact to its consolidated financial statements.

Recently Issued Accounting Pronouncements

In August 2018, the FASB issued ASU No. 2018-14, Compensation–Retirement Benefits–Defined Benefit Plans–General. This amendment improves disclosures over defined benefit plans and is effective for interim and annual periods ending after December 15, 2020, which for the Company will be the first quarter of 2021, with early adoption permitted. The Company does not expect this amendment to have a significant impact on its consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes. This amendment serves to simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, Income Taxes. The amendment also improves the consistent application of ASC Topic 740 by clarifying and amending existing guidance. This amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020, which for the Company will be the first quarter of 2021, with early adoption permitted. The Company is currently in the process of evaluating the impact of this amendment on its consolidated financial statements.

9
TWIN RIVER WORLDWIDE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

In August 2020, the FASB issued ASU No. 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivatives scope exception, which will permit more equity contracts to qualify for it. ASU 2020-06 also simplifies the diluted net income per share calculation in certain areas. The amendments in ASU 2020-06 are effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years, with early adoption permitted. The Company is currently in the process of evaluating the impact of this amendment on its consolidated financial statements.

3.    REVENUE RECOGNITION

The Company accounts for revenue earned from contracts with customers under ASU No. 2014-09, Revenue from Contracts with Customers (“ASC 606”). The Company generates revenue from five principal sources: gaming services, hotel, racing, food and beverage and other.

Gaming revenue includes the share of VLT revenue for Twin River Casino Hotel and Tiverton Casino Hotel, in each case, as determined by each property’s respective master VLT contracts with the State of Rhode Island. Twin River Casino Hotel is entitled to a 28.85% share of VLT revenue on the initial 3,002 units and a 26.00% share of VLT revenue generated from units in excess of 3,002 units. Tiverton Casino Hotel is entitled to receive a percentage of VLT revenue that is equivalent to the percentage received by Twin River Casino Hotel. Gaming revenue also includes Twin River Casino Hotel’s and Tiverton Casino Hotel’s share of table games revenue. Twin River Casino Hotel and Tiverton Casino Hotel each were entitled to an 83.5% share of table games revenue generated as of September 30, 2020. Revenue is recognized when the wager is complete, which is when the customer has received the benefits of the Company’s gaming services and the Company has a present right to payment. The Company records revenue from its Rhode Island operations on a net basis which is the percentage share of VLT and table games revenue received as the Company acts as an agent in operating the gaming services on behalf of the State of Rhode Island.

Gaming revenue also includes Dover Downs’ share of revenue as determined under the Delaware State Lottery Code from the date of its acquisition. Dover Downs is authorized to conduct video lottery, sports wagering, table game and internet gaming operations as one of three “Licensed Agents” under the Delaware State Lottery Code. Licensing, administration and control of gaming operations in Delaware is under the Delaware State Lottery Office and Delaware’s Department of Safety and Homeland Security, Division of Gaming Enforcement. As of September 30, 2020 and 2019, Dover Downs was entitled to an approximately 42% share of VLT revenue and an 80% share of table games revenue. Revenue is recognized when the wager is complete, which is when the customer has received the benefits of the Company’s gaming services and the Company has a present right to payment. The Company records revenue from its Delaware operations on a net basis, which is the percentage share of VLT and table games revenue received, as the Company acts as an agent in operating the gaming services on behalf of the State of Delaware.

Gaming revenue also includes the casino revenue of Hard Rock Biloxi, the Black Hawk Casinos, and, beginning July 1, 2020, Casino KC and Casino Vicksburg, which is the aggregate net difference between gaming wins and losses, with liabilities recognized for funds deposited by customers before gaming play occurs, for chips outstanding and “ticket-in, ticket-out” coupons in the customers’ possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of credits played, are charged to revenue as the amount of the progressive jackpots increase.

10
TWIN RIVER WORLDWIDE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Gaming services contracts have two performance obligations for those customers earning incentives under the Company’s player loyalty programs and a single performance obligation for customers who do not participate in the programs. The Company applies a practical expedient by accounting for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the effects on the condensed consolidated financial statements of applying the revenue recognition guidance to the portfolio to not differ materially from that which would result if applying the guidance to an individual wagering contract. For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with incentives earned under loyalty programs, the Company allocates an amount to the loyalty program contract liability based on the stand-alone selling price of the incentive earned for a hotel room stay, food and beverage or other amenity. The performance obligations for the incentives earned under the loyalty programs are deferred and recognized as revenue when the customer redeems the incentive. When redeemed, revenue is recognized in the department that provides the goods or service. After allocating revenue to other goods and services provided as part of casino wager contracts, the Company records the residual amount to gaming revenue as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. The allocated revenue for gaming wagers is recognized when the wagers occur as all such wagers settle immediately.

The estimated retail value related to goods and services provided to guests without charge or upon redemption under the Company’s player loyalty programs included in departmental revenues, and therefore reducing gaming revenues, are as follows for the three and nine months ended September 30, 2020 and 2019:
 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2020201920202019
Hotel$3,962 $5,594 $9,710 $14,528 
Food and beverage4,082 8,940 12,989 22,488 
Other464 1,910 2,270 5,071 
 $8,508 $16,444 $24,969 $42,087 
Racing revenue includes Twin River Casino Hotel’s, Tiverton Casino Hotel’s, Mile High USA’s and Dover Downs’ share of wagering from live racing and the import of simulcast signals. Racing revenue is recognized when the wager is complete based on an established take-out percentage. The Company functions as an agent to the pari-mutuel pool. Therefore, fees and obligations related to the Company’s share of purse funding, simulcasting fees, tote fees, pari-mutuel taxes, and other fees directly related to the Company’s racing operations are reported on a net basis and included as a deduction to racing revenue.

Hotel revenue is recognized at the time of occupancy, which is when the customer obtains control through occupancy of the room. Advance deposits for hotel rooms are recorded as liabilities until revenue recognition criteria are met.

Food and beverage revenue are recognized at the time the goods are sold from Company-operated outlets.

All other revenues are recognized at the time the goods are sold or the service is provided.

Sales tax and other taxes collected on behalf of governmental authorities are accounted for on a net basis and are not included in revenue or operating expenses.

11
TWIN RIVER WORLDWIDE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Beginning in the third quarter of 2020, the Company changed its reportable segments to better align with its strategic growth initiatives in light of recent and pending acquisitions. Refer to Note 13. “Segment Reporting” for further information. The following tables provide a disaggregation of revenue by segment:
(in thousands)Rhode IslandMid-AtlanticSoutheastWestOtherTotal
Three Months Ended September 30, 2020
Gaming$35,166 $15,084 $28,532 $17,806 $— $96,588 
Racing161 (93)— — 1,616 1,684 
Hotel(15)2,413 4,476 — — 6,874 
Food and beverage1,509 1,721 2,706 953 — 6,889 
Other2,572 547 1,017 410 43 4,589 
Total revenue$39,393 $19,672 $36,731 $19,169 $1,659 $116,624 
Three Months Ended September 30, 2019
Gaming$52,477 $14,594 $21,244 n/a$— $88,315 
Racing714 181 — n/a2,360 3,255 
Hotel1,781 4,036 5,302 n/a