Twin River Tiverton Casino Will Rock Around The Clock, Gets Permission to Keep Gaming Going 24 Hours a Day

Posted on: August 28, 2019, 01:57h. 

Last updated on: August 28, 2019, 04:10h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

Twin River Worldwide Holdings, Inc. (TRWH) said its Tiverton Casino in the Rhode Island town of the same name has won permission from the municipality to remain open 24 hours per day.

Tiverton Casino will keep its doors open 24 hours a day. (Image: WBSM)

Tiverton, one of two Ocean State gaming properties managed by Twin River, was operating as a 24-hour venue on a temporary basis. But the town recently held a public hearing to consider allowing the venue to remain open all day, every day, and no one objected to the idea. It is expected that the venue will be open all day, every day of the year.

TRWH must still renew Tiverton’s 24-hour license annually, and that permit could be threatened if there are violations at the property, according to local media reports. Just one Tiverton resident spoke at the hearing, commenting in favor of keeping the venue open all day.

It’s important from a competitive standpoint,” said TRWH attorney Mark Russo before the town council, reports the Newport Daily News.

Russo added that the casino and hotel account for 600 jobs, more than 10 percent of which are held by Tiverton residents.?Casino.org?reached out to the company for comment, but it did not respond immediately to messages.

Rising Competition

Amid increasing competition in the New England gaming market, Twin River is looking for any advantages it can get for its Rhode Island casinos. Earlier this month, the company announced layoffs at its flagship Ocean State property, the Twin River in Lincoln, R.I., because of slow traffic following the late June opening of Wynn’s Encore Boston Harbor.

At that Rhode Island property, slot and table revenue tumbled 17 percent and 34 percent, respectively, in the second quarter, according to the company, despite Encore Boston Harbor being open for just eight days in the April through June period.

Performance has been steadier at Tiverton even in the wake of the new Boston-area competition. Revenue at that TRWH property has increased every month for 10 consecutive months, and local politicians say the venue is still providing a steady stream of cash.

“Tiverton Town Treasurer Denise Saurette said recently the town was still receiving $4,000 to $5,000 a week from table game revenue, with a few weeks over $6000,” according to the Newport Daily News.

TRWH said July revenues at Tiverton were mostly flat. That was the first full month of operation for Encore Boston Harbor.

Important Driver

The town of Tiverton depends on the casino for a big part of its operating budget. While residents were initially divided over the idea of a gaming property there, sentiment has leaned toward the venue. Some are supporting the 24-hour permit for the venue because some local taxes have declined thanks to the new revenue stream.

Tiverton Casino will reportedly generate at least $3 million in tax revenue annually for the town. But that figure is based solely on gaming turnover, not taxes from beverage and food sales. The casino, which opened in September 2018, has 1,000 slot machines and 32 table games.

Slot revenue for the town has increased in each of three quarters the venue has been open, rising to $382,222 in the second quarter from $323,745 in the fourth quarter of last year.