LINCOLN, R.I. (WPRI) — Twin River Worldwide Holdings confirmed Friday it expects to lay off about 65 dealers on top of the table games supervisors it is already letting go, as the company’s flagship Lincoln casino struggles with new competition in Boston.
Twin River spokesperson Patti Doyle said the company will not have a final layoff number for the dealers until early next week due to seniority issues, but said she expects it to be around 65.
When combined with the roughly 30 tables games supervisors being eliminated, Twin River has now announced nearly 100 job cuts since the company revealed Monday that the new Encore casino in Boston reduced its table games revenue by 34% and its slots revenue by 17% during the month of July, the new facility’s first full month of operation.
“We’ve been forecasting the eventual impact of Encore for many months and that impact is here, and it’s unfortunate,” Doyle said. She reiterated that the company hopes its business will pick up after Labor Day, partly as the novelty factor wears off for the Encore, owned by Wynn Resorts.
“If the opportunity presents itself, we will hopefully rehire those that we unfortunately had to let go,” Doyle said. She noted that the company has added over 1,000 employees in Rhode Island over the last seven years, bringing its workforce to nearly 2,500.
Twin River’s 2005 state contract to run the casinos in Lincoln and Tiverton expires next year. However, three years ago state lawmakers gave the company the option to extend the deal by two additional five-year periods, which would keep it in place through 2030.
The company’s health can have a ripple effect on Rhode Island’s state budget: Twin River’s Lincoln and Tiverton casinos are supposed to contribute $309.5 million from video lottery terminals and $19.9 million from table games to the state’s general fund in the 2019-20 fiscal year, which began July 1.
The Encore’s impact has spooked investors in Twin River, which became a publicly traded company earlier this year. Twin River stock is down more than 8% since its earnings report Monday, and has fallen by a third since it peaked in April.
Twin River has also been in the headlines in recent weeks because of its outspoken opposition to Gov. Gina Raimondo’s proposed 20-year extension of IGT’s contract to run the technology for Rhode Island’s traditional and casino lottery games.
Ted Nesi (email@example.com) is WPRI 12’s politics and business editor and a Target 12 investigative reporter. He is a weekly panelist on Newsmakers and hosts Executive Suite. Follow him on Twitter and Facebook