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TRWH - Twin River: This Undervalued Gaming Stock Is A Buy
Twin River Worldwide Holdings Inc.
Thesis
Twin River Worldwide Holdings (TRWH, or the “Company”) offers potential upside of 6% to 47% from its current price of $22.50. Our analysis indicates that the market has significantly overreacted to new competition in the company's Rhode Island segment, while ignoring Twin River's potential growth opportunities in M&A and their Colorado segment.
Twin River's two Rhode Island casinos have been negatively affected by competition from Wynn’s new Encore Boston Harbor (EBH) casino. Just 50 miles away from Twin River’s flagship Rhode Island Casino, EBH opened in late June 2019. In their Q2