REPORT: FitchRatings Warns of Impact on Twin River
Thursday, July 30, 2015
“(Twin River)Management noted that they did not lose many customers to Plainridge yet. However, the Twin River customers from Massachusetts are now spending less as part of their gambling budget is spent at Plainridge. Management expects to lose some Massachusetts customers after the trials but expects to retain the bulk of the Rhode Island players…”
Fitch, an important business analyst group found that there is some Rhode Island business trying the new facility, “We observed a busy Plainridge on a Friday morning with almost all Massachusetts license plates in the garage (management said about 20% of business comes from Rhode Island). Penn is aggressively marketing in both states with the intent to build a seasoned database by the time other Massachusetts casinos open.”
The addition of Plainridge Park Casino to the New England gaming landscape has heated up the competition for gamers, according to Fitch Ratings. Plainridge is the first casino to open in Massachusetts under the ownership of Penn National Gaming.
Fitch analysts recently visited Plainridge as well as Twin River in Lincoln, RI and the two tribal casinos in Connecticut (Foxwoods and Mohegan Sun). The trip confirmed our view that Plainridge will deliver solid return on investment (ROI) at least in the first three years until Wynn Everett opens in late 2018.
We also believe that Twin River will continue to get considerable business from Massachusetts, albeit less and at a lower margin. We anticipate only modest impact on the Connecticut casinos, but expect Foxwoods to be hurt more than Mohegan Sun given its closer proximity.
We expect Boston and Springfield projects to open late 2018. The southeast region license remains in limbo as the regulators decide whether to award it to a commercial operator or wait until Mashpee Wampanoag Tribe gets its land placed into trust by the Department of Interior, a prerequisite for casino construction.
Related Slideshow: How Do Twin River Casino and Plainridge Park Casino Match Up?
With Plainridge Park Casino opening in Plainville, MA, GoLocal looked into how the new facility will measure up against Twin River Casino in Lincoln, RI.
1.) Payout Percentage: How much of each dollar spent is won back by a customer.
Number of Hotel Rooms
Twin River: None
Plaindridge Park: None
Neither Twin River or Plainridge Park currently offer hotel accomodations for their customers. Instead, they suggest to search for nearby options.
However, plans to build a hotel at Twin River were approved in March of 2015 by the RI House of Representatives. A date for when construction would be finalized has not been announced.
Twin River: 2007
Plaindridge Park: 2015
Twin River's grounds were first established when Lincoln Downs was built in 1947. It officially became known as Twin River Casino in March of 2007.
The casino at Plainridge Park has just been finalized, but the facility first opened in 1999 as a racetrack.
Twin River: Twin River Event Center
Plaindridge Park: Revolution 1776 Lounge
Twin River's 29,000 square foot venue will play host to Whitesnake on July 24 and Boz Scaggs on August 1.
The Revolution 1776 Lounge will welcome Thirty 6 Red on June 25, Bon Jersey on June 27, and Shattered on June 28.
- How Do Twin River Casino and Plainridge Park Casino Match Up?
- John Hazen White’s LOOKOUT: Rhode Island Needs to Talk Twin River
- Paolino, Casino Opponents Battle Over New Senate Proposal
- NewportFILM Presents Acclaimed “Coming Home” Tonight at Casino Theater
- NEW: Tiverton Residents Blast Casino Proposal
- GoLocalTV - Neighbors React to a Tiverton Casino
- NEW: New Bedford Residents Vote to Back Casino Deal
- New Members Named To Citizens Concerned About Casino Gambling Executive Committee
- New Complaint Filed Against Anti-Casino Group
- Newport Superior Court to Hold Hearing on Possible Campaign Violations by Anti-Casino Group
- Group Opposed to Paolino Casino Proposal in Newport
- Newport Grand Backers Say Anti-Casino Donor Failed to Disclose Ties to Caesars
- New England Casinos - See Who RI is up Against
- NEW: Twin River to Host Gala to Celebrate Table Games Tonight
- RI State Report: More Tolls, Bryant Pays + Casino Theft
- Will Foxwoods Funded Fall River Casino Sink Newport Grand?
- NEW: MA Gamblers Account for Majority of Visits to RI Casinos
- State Report: Voter Fraud, Schilling’s Meltdown & Casino Gaming
- Casinos Pour Millions into Table Games Question
- Deadline Approaches For MA Casino Developers
- NEW: Twin River Casino to Add 14 Table Games, 90 Jobs
- MUSIC: ZZ Top Rocks Twin River
- NEW: Twin River Worldwide Holdings to Acquire Casino in Biloxi, MS
- RI State Report: Twin River, CPR Certification + Drunk-Driving Loophole
- Live Table Games Open at Twin River
- NEW: State Representative Says Twin River Must Pay More
- NEW: Storm Shuts Down Twin River
- Worcester Slot Casino Unveiled - A Threat to Twin River?
- RI State Report: EDC Overhaul + Twin River Table Games
- Russell Moore: Make Twin River A Destination Resort Casino
- NEW: Twin River CEO Responds to Plainville Slots Parlor Approval
- Lean Gov’t, Marijuana, and a Twin River Hotel: This Week at the State House
- Twin River Announces Acquisition of Newport Grand
- Resignations, A Hotel for Twin River, & a “Tip Wage” Rally: This Week at the State House
- Twin River Announces Intention to Move Newport Grand to Tiverton
- Will Twin River Ruin Tiverton? Is the Oil Refinery Being Revisited?
- BREAKING: Paolino Selling Newport Grand to Twin River Parent Company
- NEW: Newport Anti-Casino Group Responds to Newport Grand Sale to Twin River
- Frampton and the Doobies Rock Twin River
- Shipyard Pub to Open at Twin River this November
- Twin River Casino Explores Hotel Project, Informs Lincoln