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Twin River
The company is facing a plethora of challenges.
The company’s stock has lost more than a third of its value from its 52-week high of $33.98. At Thursday's closing, the stock was $21.44.
And, Twin River confirmed on Tuesday night that the company was in the midst of layoffs.
In addition, the company is facing federal and state investigations.
“We are also exploring voluntary reduction of hours in order to reduce the number of layoffs. In total, we believe 30 table games supervisors will be impacted,” said company spokesperson Patti Doyle.
“We are effectively staffing to the present volume of business on the table games. We also are hoping post-Labor Day trends kick in so we will potentially have the ability to re-hire some of the employees impacted,” said Doyle.
Both the stock plunge and the layoffs are believed to be tied to the successful launch of the Encore casino in Boston.
According to the Mass Gaming Commission, Encore realized $$93,503,071.70 in “coin-in” in its first week of operation — the only data reported to date for the new facility.
Investigations -- Federal and State
In July, GoLocal reported that Twin River Worldwide Holdings, is facing both federal and state investigations on different matters and recently, as part of a third legal battle in federal court, came to a settlement where the company agreed to pay 72 supervisors nearly $800,000 in back overtime wages.