Bally's (US:BALY)2020-05-13 17:19Company Overview and Strategy - Twin River Worldwide Holdings (TRWH) owns and operates seven casinos and one racetrack across four states[9] - TRWH completed the merger with Dover Downs Gaming & Entertainment, Inc on March 28, 2019 and began trading on the NYSE on March 29, 2019[9] - TRWH secured $950 million in new bank and bond financing in May 2019, with an additional $275 million in May 2020[18] - TRWH is focused on creating long-term strategic value through strategic M&A, organic growth, and maintaining a prudent fiscal policy[10] Portfolio and Acquisitions - TRWH's casino portfolio includes approximately 267 table games and approximately 1,200 hotel rooms as of March 31, 2020, excluding pending acquisitions[21] - TRWH completed the acquisition of three casino properties in Black Hawk, CO on January 23, 2019[9] - TRWH has pending acquisitions of Isle of Capri Kansas City and Lady Luck Vicksburg expected to close in Q2 2020[9] - TRWH has pending acquisitions of Eldorado Shreveport Resort and Casino, MontBleu Resort Casino & Spa and Bally's Atlantic City Hotel & Casino announced on April 24, 2020[9] - TRWH is evaluating a $40 million redevelopment of the Isle of Capri Kansas City property[32] Financial Performance and Capital Returns - The company has returned over $265 million of capital back to shareholders since inception[85] - The company repurchased 25 million shares for cash at a price of $2950 per share for an aggregate purchase price of $74 million in Q3 2019[85] - The company repurchased approximately 16 million shares of common stock under the capital return program during the first quarter of 2020[85] - Proforma Q1 2020 cash on hand was $370 million and available borrowing capacity was $250 million, resulting in total liquidity of $620 million[88]