#1Third 0000 Hard Rock CASINO DOVER DOWNS Twin River Worldwide Holdings, Inc. May 13, 2020 TRWH#2Forward-Looking Statements and Non-GAAP Financial Measures Twin River Worldwide Holdings, Inc. may be referred to in this investor presentation as "the Company", "Twin River" or "TRWH." This presentation contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, including future financial and operating results and the Company's plans, objectives, expectations and intentions, legal, economic and regulatory conditions and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements are sometimes identified by words like "may," "will," "should," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "could," "project," "predict," "continue," "target" or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. This communication contains "forward-looking" statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, including future financial and operating results and the Company's plans, objectives, expectations and intentions, legal, economic and regulatory conditions are forward-looking statements. Forward-looking statements are sometimes identified by words like "may," "will," "should," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "could," "project," "predict," "continue," "target" or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) uncertainty surrounding the ongoing COVID-19 pandemic, including uncertainty regarding its extent, duration and impact, the resulting closure and length of closure of Twin Rivers' properties (all of which are currently closed); (2) the duration of time Twin River's facilities are required to be closed and the time it will take Twin River to re-open its facilities once it is permitted to do so and the restrictions that will be applicable to its facilities when they are re-opened; (3) the costs to comply with any mandated health requirements associated with the virus; (4) customer responses when Twin River's facilities are re-opened including the time it takes customers to return to the facilities and the frequency with which they visit Twin River's facilities; (5) the economic uncertainty and challenges in the economy resulting from the ongoing COVID-19 pandemic, including the resulting reduced levels of discretionary consumer spending; (6) challenges Twin River may face in bringing employees back to work once its facilities are re-opened; (7) unexpected costs, charges or expenses resulting from the recently completed acquisitions; (8) uncertainty of the expected financial performance of Twin River, including the failure to realize the anticipated benefits of its acquisitions; (9) Twin River's ability to implement its business strategy; (10) evolving legal, regulatory and tax regimes; (11) the effects of competition that exists in the gaming industry; (12) the actions taken to reduce costs and losses as a result of the COVID-19 pandemic, which could negatively impact guest loyalty and our ability to attract and retain employees; (13) risks associated with increased leverage from Twin River's proposed acquisitions; (14) the inability or unwillingness of the lenders under our revolving credit facility to fund requests that we may make to borrow amounts under the facility; (15) increased borrowing costs associated with higher levels of borrowing and (16) other risk factors as detailed under Part I. Item 1A. "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 as filed with the Securities and Exchange Commission on March 13, 2020. The foregoing list of important factors is not exclusive. Any projections of future results of operations are based on a number of assumptions, many of which are outside the Company's control and should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. Any forward-looking statements speak only as of the date of this communication. The Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements. To supplement the financial information presented on a U.S. generally accepted accounting principles ("GAAP") basis, the Company has included in this investor presentation non-GAAP financial measures. The presentation of non-GAAP financial measures in this investor presentation is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included herein or in the Company's earnings releases that have been furnished to the SEC and are available on the Company's website at www.twinriver.com under the "Investor Relations" tab. The Company believes that presenting non-GAAP financial measures aids in making period-to-period comparisons and is a meaningful indication of its actual and estimated operating performance. Because not all companies use identical calculations, the Company's non-GAAP financial measures may not be the same as or comparable to similar non-GAAP measures presented by other companies. This investor presentation also includes references to targeted Adjusted EBITDA and related multiples, which are not presented as forecasts or projections of future operating results. The Company does not provide reconciliations of Adjusted EBITDA to net income on a forward-looking basis to its most comparable GAAP financial measure because the Company is unable to forecast the amount or significance of certain items required to develop meaningful comparable GAAP financial measures without unreasonable efforts. These items include depreciation, impairment charges, gains or losses on retirement of debt, acquisition, integration and restructuring expenses, interest expense, share-based compensation expense, professional and advisory fees associated with the Company's capital return program, variations in effective tax rate and expansion and pre- opening expenses, which are difficult to predict and estimate and are primarily dependent on future events, but which are excluded from the Company's calculations of Adjusted EBITDA. The Company believes that the probable significance of providing these forward-looking non-GAAP financial measures without a reconciliation to the most directly comparable GAAP financial measure, is that investors and analysts will have certain information that the Company believes is useful and meaningful regarding its operations, including its completed and proposed acquisitions and the estimated impact on those businesses' results from the anticipated changes the Company is likely to make, or has made, to their operations, but will not have that information on a GAAP basis. Investors are cautioned that the Company cannot predict the occurrence, timing or amount of all non- GAAP items that may be excluded from Adjusted EBITDA in the future. Accordingly, the actual effect of these items, when determined could potentially be significant to the calculation of Adjusted EBITDA. TRWH 2#3I. Company Overview TRWH#4Company Overview ☐ Twin River Worldwide Holdings, Inc. ("TRWH") is a diversified, multi-property gaming company - - Owns and operates seven casinos and one racetrack across four states Completed merger with Dover Downs Gaming & Entertainment, Inc. on March 28, 2019; began trading on the NYSE under the ticker symbol "TRWH" on March 29, 2019 Completed acquisition of three casino properties located in Black Hawk, CO: Mardi Gras, Golden Gates and Golden Gulch, on January 23, 2019 Pending acquisitions of Isle of Capri Kansas City and Lady Luck Vicksburg expected to close in Q2 2020 Pending acquisitions of Eldorado Shreveport Resort and Casino, MontBleu Resort Casino & Spa and Bally's Atlantic City Hotel & Casino (announced on April 24, 2020) Twin River Casino Tiverton Casino Hard RockBiloxi Dover Downs Cosino TRWH Br CENTER GOLDEN ARDI GRA MARDI GRAS CASINO GOLDEN Black Hawk, CO Casinos Arapahoe Pork +#5TRWH has focused on creating long-term strategic value Key Strategic Objectives 1 Grow and Diversify through Strategic and Accretive M&A 2 Accomplishments Evolving from single property operator in 2013 to the operator of 12 casino properties across eight states § (1) Acquired Hard Rock Biloxi (2014), Newport Grand (2015), Dover Downs (2019), and three Black Hawk properties (2020) Announced the proposed acquisitions of Isle of Capri Kansas City, Lady Luck Vicksburg, Eldorado Shreveport, Bally's Atlantic City. and MontBleu (Lake Tahoe) Moved Newport license to newly-constructed Tiverton Casino Hotel Built hotel at Twin River Casino Hotel Organic Growth, Working Collaboratively in Regulatory Environment ✓ ✓ Added table games at both facilities in Rhode Island through multiple voter initiatives Launched sports betting and added sportsbook amenities Introduced stadium gaming in Rhode Island Announced proposed joint venture with IGT 3 Maintains a Prudent Fiscal Policy Listed as publicly traded company as part of Dover Downs merger Secured $950M in new bank and bond financing in May 2019, with an additional $275M in May 2020 Maintained one of the most conservative balance sheets in the industry, despite tack-on acquisitions and increased competition in core markets TRWH (1) Including pending acquisitions 5#6TRWH is a diversified and multi-property gaming company TWIN RIVER CASINO HOILL TIVERTON CASINO HOTEL ATWIN REFER PROPERTY GOLDEN GATES CASINO MARDI GRAS CASINO GOLDEN GULCH CASINO MILE HIGH BALLY'S ATLANTIC CITY Pending Acquisition MONTBLEU RESORT CASINO & SPA LAKE TAHOE Pending Acquisition isle. capri FLATING KANSAS CITY Pending Acquisition ELDORADO RESORT-CASINO-SHREVEPORT Pending Acquisition Hard Rock HOTEL & CASING BILOXI Lady fuck CASING VICKSBURG Pending Acquisition Come Play! DOVER DOWNS HOTEL & CASINO 4 Jurisdictions (¹) ✓ 8 Properties (1) ✓5 Additional locations under contract (2) ✓~9,130 slot machines (¹) ~ 267 table games(¹) ~1,200 hotel rooms (¹) TRWH (1) March 31, 2020 actual, excluding pending acquisitions. (2) The pending acquisitions are under contract and awaiting various regulatory approvals typical for the industry. 6#7TRWH Casino Portfolio Summary Location TW N R VER CAMERA HOTH SO MUCH SO CLOSE Casino Properties Hard Rock TIVERTON CASINO HOTEL Dover Downs O GOLDEN GATES-CASINO MARDI GRAS Lincoln, RI Tiverton, RI Biloxi, MS Dover, DE Black Hawk, CO Total Casino Sq. Ft. 162,420 33,600 50,984 165,000 34,632 446,636 Slot Machines / 4,108 1,000 1,183 2,173 666 9,130 VLTS Table Games 111 32 53 38 33 267 Hotel Rooms 136 83 479 500 1,198 Sports Betting Yes Yes Yes Yes Expected 2020 Racebook Yes Yes No Yes No Other Opened hotel adjacent to the casino in October 2018; situated on 196 acres of owned land Property opened in September 2018 Waterfront casino resort located in an excellent Gulf Coast location Live horse-racing; located next to Dover International Speedway; situated on ~70 acres of owned land 3 Sports betting licenses; 2 of which have already been announced TRWH 7#8Twin River Casino Has Become a New England Locals' Destination 4,108 slot machines 111 table games and poker room 36 stadium gaming positions 136 guest rooms and suites, an indoor pool and fitness center 23 food and beverage outlets 162,420 square foot gaming floor 29,000 square foot multipurpose event center 85 acres of adjacent property which may be developed >15,000 average daily customers Potential for expansion MGMSpringfield TRWH Worcester Encore BostonHarbor Boston Twin River Casino 59 Plainridge Park Casino Providence Tiverton Casino 25 miles Mohegan Sun OO Foxwoods ResortCasino 50miles 8#9Tiverton was an Opportunistic and Defensive Investment Intended to Help Solidify TRWH's Position in the New England Region 1,000 slot machines 50 table games and stadium gaming positions Opened in September 2018 33,600 square foot gaming floor 83 guest rooms and suites, meeting spaces and a fitness center 7 food and beverage outlets TIVERTON CASINO HOTEL MGMSpringfield TRWH Worcester Encore BostonHarbor Boston Plainridge Park Casino Twin River Casino Providence Tiverton Casino 25 miles MoheganSun OO Foxwoods ResortCasino 50miles VERTON#10Hard Rock Biloxi Diversified TRWH's Geographic Presence with a Prime Location in an Established Region 1,183 slot machines 53 table games and a poker room 479 guest rooms and suites, a spa and a pool with a swim up bar 50,984 square foot gaming floor 9,000 square foot theater with ~2,000 person seating capacity 18 food and beverage outlets including fine dining, casual dining, lounges and a sports bar IP Casino and Resort Boomtown Casino Biloxi Beau Rivage Resort Casino Treasure Bay TRWH Hard RockBiloxi Palace Casino Golden Nugget Casino Biloxi Harrah's Gulf Coast Hard Rock CASINO Hard Rock 10#11Dover Downs Provided a Path to Becoming Publicly Traded Along with Meaningful Upside and Further Diversification Casino 2,173 slot machines 38 table games and a poker room 165,000 square foot casino 15 food and beverage outlets, including a new Italian restaurant and expected 2020 opening of Sugar Factory Hotel & Conference Center 500 room hotel, full service spa salon, conference center, banquet hall, ballroom and concert hall facilities 41,500 square foot event space Raceway Harness racing track with pari- mutuel wagering on live and simulcast horse races and sports betting SugarHouseCasino Harrah's Philadelphia DelawarePark Horseshoe Casino Baltimore Maryland Live NationalHarbor TRWH WAIVER DOWANS H Dover DownsCasino HOTEL SPA ENTRANCE Harrington ROLLINS CENTER 11#12Colorado Properties Black Hawk Casinos " Central location in the Black Hawk market Upside from operational improvement and best-practices о Implementation of TRWH marketing strategy JANGA о Focus on refreshed F&B approach о Cost initiatives to right-size property Healthy tailwind from strong / growing Denver economy Voter approval results in acquisition of 3 sports gaming licenses ° Partnerships for 2 licenses already announced MARDI GRAS GOLDEN GATES CASING- MARDI GRAS CASING GOLDEN GURCHASING Clear Creek TRWH Black Hawk © MONARCH Lafayette Broomfield Arapahoe Park " " " Significant option value from strategic location Property includes over 300 acres of available land Live racing and 13 off-track betting ("OTB") licenses Thornton Northglenn Westminster Arvada Wheat Ridge 25 70 25 Lakewood Denver Engelwood 75 Aurora Arapahoe Park af m ARAPAHOE PARK Arapahoe 12#13Pending Acquisitions Purchase Consideration Strategic Rationale isle. capri KANSAS CITY Lady Luck CASINO VICKSBURG $230 million purchase price 8.4x EBITDA(¹) ELDORADO RESORT-CASINO-SHREVEPORT $155 million purchase price 4.1x EBITDA(1) MONTBLEU RESORT CASINO & SPA LAKE TAHOE • • . • • . • • Premier location Increase table games market share Opportunity through contemplated $40 million development in a market that lacks quality gaming offerings Optimize marketing / Accretive to earnings Cross-marketing opportunity with the existing Hard Rock Biloxi Property just south of Vicksburg Increase regional presence with Hard Rock Biloxi Accretive to earnings Ability to optimize marketing strategy to grow revenue while maintaining current cost structure Optimize hotel utilization and yield Establish "destination" property for top customers across the brand in a new market Optimize utilization of the hotel and entertainment amenities Recently approved convention center will be constructed immediately adjacent to the property $25 million BALLY'S purchase price ATLANTIC CITY 2.1x EBITDA(¹) • • • Prominent positioning in the center of the Atlantic City Boardwalk Opportunity for increased cash flow with the addition of the sports book, online sports betting, and iGaming Cross marketing opportunity with TRWH's Rhode Island and Delaware assets TRWH 1. Calculated as trailing twelve months EBITDA at signing. HOMBLEU BA 13#14Kansas City provides path to market share gain in strong gaming market 939 slot machines 13 table games 39,800 square feet of gaming space Premier location to downtown within area of development TRWH is evaluating a $40 million redevelopment of the property - rendering outlined below Current TRWH CALLING ALLERED PLAYERS 777 Competitive Landscape KS Hollywood Casino D MO 7.5 Miles Argosy Riverside O 7th Street Casino 15 0 5 Miles Ameristar KC Harrah's KC TRWH Isle KC 14#15Vicksburg bolsters presence in Mississippi " 512 slot machines 8 electronic table games 89 hotel rooms 25,000 square feel of gaming space Acquisition will be accretive to earnings Land surrounding property provides future expansion opportunities TRWH Lady Luck CASINO Competitive Landscape LOURDANA Vicksburg Vicksburg National Mitary Park B Waterview Casino Beechwoo 2.5 Miles Delta 1.5 Miles Lady Luck Casino Ameristar Casino Hotel Riverwalk Casino Hotel 15#16Shreveport provides entrance into an attractive gaming market with immediate upside through strategic marketing 1,401 slot machines 54 table games including a poker room 403 hotel rooms and suites, featuring a full service spa and fitness center 28,190 square foot gaming floor 5 on-site restaurants, bars and lounges 2 on-site nightclubs with live entertainment options 6,000 a square feet of flexible meeting space ELU DO ELDORADO ELDORADO Shreveport & Bossier City Competitive Landscape ECIDE TRWH Sed River 2 Miles Shed Br Pierre Bossier 1 DOM Shreveport Bossier City 1 Mile Sam's Town Margaritaville Resort Casino Texas Roadhouse Hotel & Casino Eldorado Shreveportin Diamond Jacks Casino O Bossier City SO Horseshoe Bossier And Piver ◇ Boomtown Bossier Shreveport Municipal Auditorium AN N Spring St N Sorine St Veterans Park 16#17MontBleu establishes a "destination" property for top customers across the brand 418 slot machines 17 table games 438 hotel rooms, a pool and fitness center, full service salon and spa 48,456 square foot gaming floor 2 on-site bar and entertainment venues, featuring the Opal Ultra Lounge nightclub 16,000 a square feet of meeting space including a theater, convention center, and boardroom South Shore Lake Tahoe Competitive Landscape D Hard Rock Lake Tahoe Dottys Casino FORNIA Harveys Lake Tahoe C line Montbleu Resort Casino ◇ Harrah's Lake Tahoe TRWH MONTBLEU FL 17#18Bally's offers enhanced upside through sports betting and iGaming 1,800 slot machines 121 table games 1,250 guest rooms and suites, a spa and indoor fitness facilities 10+ food and beverage outlets 220,000 square feet across two gaming floors 7 bar, lounge and nightclub facilities 80,000 a square feet of meeting space with 28 meeting rooms, including the 12,000 square foot Ocean Ballroom Atlantic City Competitive Landscape Adantic City Expy (Tamad) Allic Cry boy (mad) A City Expy (mad) TRWH Harrah's O Atlantic City Borgata O Casino Hotel Golden Nugget Aba Tropicana Atlantic City O Ocean Casino Hard Rock AC Resorts Casino Bally's AC Caesars Atlantic City BALLYS BALLYS 18#19Experienced Management Team TRWH's management team has significant public company experience and a successful track record of delivering growth through public policy initiatives, development projects and strategic acquisitions Relevant Experience Industry Experience Company Experience Name & Title George Papanier President and Chief Executive Officer Resorts Casino Hotel, Peninsula Gaming, Sun International Hotels, Wynn, Mohegan Sun 30+ 15+ Properties Craig Eaton Adler, Pollock and 25+ 14+ Executive Vice President and General Counsel Sheehan Steve Capp Pinnacle Executive Vice President Entertainment 30+ 7+ Bear Stearns and Chief Financial Officer States jurisdictions 2014(1) 2020(2) A since 2014 N 2 8 2 Marc Crisafulli Executive Vice President, Government Relations Hinkley, Allen & Snyder LLP GTECH 20+ Joined 2019 Hotel rooms 1,198 1,198 Phil Juliano Senior Vice President and Chief Marketing Officer Wynn 35+ 10+ Jay Minas Slot machines 4,108 9,130 122% Vice President of Finance Pinnacle Entertainment 20+ 13+ 1. Excludes the impact of Hard Rock Biloxi; Mile High USA only included in property count and states / jurisdictions. TRWH 2. Does not include announced acquisitions in Vicksburg, MS, Kansas City, MO, Atlantic City, NJ, Shreveport, LA, and Lake Tahoe, NV. 19#20II. Growth Track Record TRWH#21TRWH has Grown Through a Disciplined Investment Strategy Lincoln Hotel Construction ($31 million) Organic Growth Initiatives 2018 2020 Tiverton Construction ($131 million) Isle-KC Redevelopment (~$40 million renovation) 2014 Hard Rock Biloxi Acquisition & Expansion ($240 million) Strategic M&A 2019 Dover Downs Merger ($96 million(¹)-mostly stock) 2020 Black Hawk Acquisition ($51 million) ERI/CZR Asset Acquisitions ($410 million) pending GOLDEN GATES CA MARDI GRAS isle. TWIN RIVER TIVERTON CASINO HOTEL AS RIVER PROPERT Revenue by Segment ($ in millions) $192 (2) $192 100% 2013 100% of Revenue from NE IGT Partnership, pending IGT Hard Rock HOTEL & CASINO BILOXI Come Play DOVER DOWNS HOTEL CASINO VICK Ladylick KANSAS CITY ELDORADO BALLY'S ATLANTIC CITY MONTBLEU LARE TAMR (3) $547 $104 19% $437 $421 29% 23% 29% $123 $125 $128 71% 71% 58% $298 $312 $315 2017 2018 Legacy Twin River / Newport Grand Biloxi Dover Downs Meaningful Growth and Diversification PF 2019 58% of Revenue from NE 1) Purchase price net of cash acquired. TRWH 2) Reflects Company's revenue for the year ended December 31, 2013 per audited financial statements but not adjusted for accounting guidance ASC 606. 3) Includes Dover Downs pro-forma for Q1 2019. Does not include any estimated synergies or impacts of changes in Delaware legislation. Does not include impact of 2020 acquisitions. 21#22Track Record of Strategic M&A TRWH is focused on creating long-term strategic value Date Estimated Purchase Multiple / Owned Multiple Adj. EBITDA (¹) Strategic Rationale Hard Rock Biloxi July 2014 10x/<7x $36M $38M Diversify from Single Property Newport Grand / Tiverton Own 2nd Rhode Island License March 2015 N/A Transferred to Tiverton $20M - $21M • Further Diversification Dover Downs March 2019 9x/<5x $23M - $25M Black Hawk Casinos January 2020 ~10x/<7x $8M $10M Kansas City & Vicksburg Pending 8.4x/<7x $42M - $43M Bally's Atlantic City Pending 2.1x/TBD TBD Shreveport & MontBleu Pending 4.1x/TBD TBD TRWH NYSE Listing Further Diversification Complement Existing Colorado Assets (Arapahoe Park + 13 OTB Licenses) 3 Sports Betting Licenses Further Diversification Diversification Redevelopment in Kansas City to Gain Market Share Accretive to Earnings Position on Atlantic City Boardwalk Mobile sports betting and iGaming Cross marketing with RI and Delaware Establishment of a destination property Diversification Accretive to Earnings (1) Estimated purchase multiple is the purchase price paid for an acquired business expressed as a multiple of estimated trailing twelve month adjusted EBITDA for the acquired business as of the date the Company agreed to acquire the business. Owned multiple of adjusted EBITDA is the purchase price paid for an acquired business, together with estimated redevelopment costs for Kansas City, expressed as a multiple of post-acquisition targeted levels of Adjusted EBITDA that the Company believes may be achievable after implementation of the Company's strategy and realization of synergies. 22#23Proven Track Record of Successful Developments - Tiverton Casino and Twin River Hotel The Company has a track record of successful developments to drive future growth In 2016, TRWH successfully secured approval to relocate its Newport gaming license to a more competitively valuable location: Tiverton TRWH developed the new, $129 million Tiverton Casino from the ground-up TRWH also added a 136 room, $27 million hotel to its Lincoln property Tiverton Casino Construction TRWH Twin River Hotel Tiverton Casino 23#24TRWH Deploys Strategic Initiatives at Newly Acquired Properties to Drive Incremental Cash Flow Dover Downs Hotel & Casino Example INGOS TOPS CASINO Since acquiring Dover Downs on March 28, 2019, the Company has rolled out a pipeline of initiatives designed to maximize the cash flow potential of the property • Apply TRWH's proven, effective marketing approach to capture new market share Increased frequency of outreach to targeted customers to strengthen database Expanded Dover Downs' table games market by leveraging TRWH's operating expertise and marketing tools Recent and Upcoming Growth Initiatives Include: • Relocation of High Limit • Addition of a casino smoking room Includes slots, stadium gaming and a bar • Relocation of poker room TRWH • Reconfiguration of main gaming floor • Opening of new food and beverage options Expansion of entertainment venue to include more seats • Expected opening of Sugar Factory in 2020 24 24#25Kansas City Potential Redevelopment Rendering - Note: The above rendering is a preliminary, illustrative example of the type of structural enhancements the Company may make to the property. Any actual changes to the property, if made, may be different from the example above. TRWH 25#26Kansas City - Example Site Master Plan 03 02 04 03 01 06 05 PARKING STRUCTURE 22 07 02 CASINO 12 Note: The above rendering is a preliminary, illustrative example of the type of site enhancements the Company may make to the property. Any actual changes to the property, if made, may be different from the example above. TRWH 26#27TRWH Has Proven Ability to Work Collaboratively Within RI Regulatory Framework ■Strong Growth Track Record Company achieved multiple voter approved initiatives to expand business and actively works towards positive relationships with regulators Marketing tools have provided significant growth 2010-2013 о о Table Game Authorization Local initiation, state legislation Local and state referendums passed . Marketing о о Twin River and Tiverton marketing revenue share and extension Free slot play increased to 10% of prior year NTI 24/7 operating hours TRWH 2014-2015 Repeal of Ban on Twin о River Hotel . Marketing о Twin River and о Tiverton marketing revenue share increase and extension credit play 2016-2017 2018-Present Relocation of Newport Grand License to Tiverton Local initiation, state legislation Local and state referendums passed • Opening of Tiverton Casino Hotel Opening of Twin River Casino Hotel • Additional Gaming Offerings ° Stadium Gaming о Table games added о Sports betting . Master Contract Extended о and Expanded to Lock in Table Tax Rate On-line sports betting went live in . о As part of referendum, contract extended to 2030 • Fixes slot and table tax rates at both Rhode Island properties Marketing Free slot play increased to о 20% of prior year NTI second half of 2019 Legislation introduced to protect and enhance state gaming revenues 27#28Proposed New Partnership with IGT to Protect and Enhance State Gaming Revenues (Currently pending legislative approval) Proposed Agreement Yields a Number of Important Benefits for Twin River TRWH VLTS - - Twin River would be licensed as a technology provider and would manage approximately 23% of the VLTs at Rhode Island facilities Well over one-third of the VLTs in Lincoln would be replaced with new machines over a relatively short period of time Expected to be accretive to Twin River for the period from approval to creation of joint venture Investment - Committed to investing $100 million over the term of our extended contract, including a 50,000 square foot expansion and the addition of new amenities at Twin River Casino in Lincoln Proposal would extend master contracts on existing terms until June 2043 28#29Twin River Casino Hotel - Planned Expansion and Renovation Investment of $100 million to update Lincoln facility . 18-month renovation and expansion of Twin River Casino Hotel • 40,000 square foot addition to the first floor gaming space • 14,000 square foot spa in the hotel Greater separation between the smoking and non-smoking areas of the gaming floor New entertainment concept on second floor to be determined. TRWH SITE PLAN - PROPOSED EXPANSION ADDITION 10,000SF HOTEL T ADDITION 40,000SF CASINOO EVENT CENTER NORTH 20 29#30Twin River Casino Hotel - Planned Expansion and Renovation GROUND LEVEL PLAN - PROPOSED EXPANSION SERVICE HOTEL EMPLOYEE YARD SPA 14,000SF PARKING ADDITION 10,000SF REST ROOMS EXISTING GAMING EXISTING GAMING GAMING вон RELOCATION FROM 2ND LEVEL -780 SLOTS/12 TABLE GAMES/22 POKER TABLES TO BE RELOCATED FROM 2ND LEVEL TO EXPANSION (APPROX. 30,000SF GAMING) -APPROX. 164 PARKING SPACES TO BE REPLACED AFTER BULDING EXPANSION ADDITION 40,000SF EVENT F&B CENTER SECOND LEVEL PLAN- PROPOSED MODIFICATION HOTEL EXPANSION BELOW -780 SLOTS/12 TABLE GAMES/22 POKER TABLES TO BE RELOCATED TO GROUND LEVEL EXPANSION (APPROX. 30,000SF GAMING) -75 SLOTS TO REMAIN ON 2ND LEVEL TRWH GAMING BELOW SPORTS- BOOK RESTAURANTS GAMING/F&B TO BE RELOCATED TO GROUND LEVEL EXPANSION FUTURE ENTERTAINMENT EVENT CENTER EXPANSION DELOW U NORTH AERIAL VIEW EXISTING NORTH K 2005 AERIAL VIEW-PROPOSED EXPANSION 30 30#31Two of the Nation's Top Sportsbooks Debuted May 1st in Colorado DraftKings Inc. and FanDuel Group With the acquisition of Black Hawk, the Company also acquired the right to three sports gaming licenses in Colorado, leading to the creation of these two partnerships. These partnerships combine our nationwide experience in gaming and casino operations with market-leading sports betting expertise and globally recognizable brands. Colorado is the fifth state in the United States where the FanDuel Sportsbook platform will be available and is the sixth state to offer the DraftKings' Sportsbook platform. • Twin River will retain the third license for its own future use. TRWH THINK YOU KNOW SPORTS? BET ON IT. 31#32III. Investment Highlights TRWH#33In Rhode Island and Delaware, Gaming Taxes Pay for VLTs, So TRWH Realizes Comparatively High Free Cash Flow ப TRWH maintains a significant competitive advantage because its capex is low and reasonably predictable TRWH's primary capex requirements are associated with maintenance of properties or expansion projects Illustrative average annual TRWH VLT replacement capex covered by RI and DE Current number of VLTS in RI and DE Illustrative cost per VLT Illustrative replacement cycle VLT replacement cost per annum = #VLTs x average cost of VLT / replacement cycle Illustrative average annual TRWH VLT maintenance capex covered by RI and DE Annual non-replacement VLTS requiring maintenance Illustrative maintenance cost of each VLT VLT maintenance cost per annum = # non-replacement VLTs x average maintenance cost Estimated annual capex and maintenance avoided 7,281 $25,000 7 years $26.0 million 6,189 $300 $1.9 million $28.0 million Note: Benefit of avoided cap-ex to be reduced if legislation tied to the proposed IGT VLT supply partnership is approved and Twin River purchases percentage of VLTS. TRWH 33#34Strong Cash Flow Generation Helps Drive Value The Company's Regulatory Structure is Unique, Resulting in Higher Adjusted EBITDA to Cash Conversion than the Industry Norm In Rhode Island and Delaware, the Company's gaming equipment is funded through the top-line GGR tax (not through the more typical Adjusted EBITDA structure) This significant cash flow advantage over other gaming operators helps to drive meaningful value creation 2019 Adjusted EBITDA to Cash Conversion (¹) of ~86%, versus industry average of ~80% (3) Significant Adj. EBITDA to Cash - 2019 ($ in millions) Adj. EBITDA to Cash Conversion) - 2019A $167 $23 $145 86% 80% (2) Adj. EBITDA Maintenance Capex Adj. EBITDA Cash TRWH Cash Conversion Industry Average Conversion Calculated as adjusted EBITDA less maintenance capex as a % of adjusted EBITDA. Refer to Adjusted EBITDA reconciliations to comparable GAAP measurements included in the Appendix. Based on midpoint of comparable public gaming company LTM EBITDA and Wall Street research estimated maintenance capex. Source: Company filings, Company prepared materials. (1) TRWH (2) (3) 34 =4#35IV. Key Financial Highlights / Q1 2020 Results TRWH#36Capital Return Program Delivered Attractive Capital Returns to Shareholders Since inception, the Company has returned over $265 million of capital back to shareholders (1) • Share Repurchases Completed modified dutch auction tender offer in the third quarter of 2019 and repurchased 2.5 million shares for cash at a price of $29.50 per share for an aggregate purchase price of $74 million During the second half of 2019, the Company repurchased a total of 9.1 million shares, or 22% of the total shares outstanding as of June 30, 2019 Repurchased approximately 1.6 million shares of common stock under the capital return program during the first quarter of 2020. Quarterly Dividend Targeted at approximately 1% annual yield (¹) Dividends of $0.10 per share were declared and paid for the second and third quarters of 2019 Returned approximately $7.5 million to shareholders during 2019 Q4 cash dividend declared on February 24, 2020 - $0.10 per share TRWH (1) As a result of the previously announced amendment to TRWH's Credit Facility to provide financial covenant relief, the Company has suspended future dividend payments and share repurchases. 36#37Capital Return Program hares Outstanding 42,000,000 40,000,000 37,989,376 38,000,000 36,000,000 34,000,000 32,000,000 30,000,000 TRWH 41,111,841 Common Stock Activity 41,147,597 Q2 2019 to Q1 2020 -26% 34,574,587 Q4 2018 Q1 2019 Q2 2019 Q3 2019 32,113,328 30,594,691 Q4 2019 Q1 2020 Q1 2019: • Issued 2,976,825 shares of common stock for acquisition of Dover Downs on March 28, 2019 Q3 2019 • • Completed modified dutch auction tender offer and repurchased 2,504,971 shares Repurchased additional 4,071,711 shares under capital return program Q4 2019 • Repurchased additional 2,486,668 shares under capital return program Q1 2020 • • Additional $100 million approved under capital return program Repurchased additional 1,581,813 shares under capital return program 37#38Strong Balance Sheet and Liquidity Proforma Q1 2020(1) Cash on Hand: $370 million Available borrowing capacity: $250 million Total liquidity: $620 million Liquidity after acquisitions: $210 million Face Value of Debt: $973 million No substantial debt maturities before 2024 (1) Proforma outstanding debt before unamortized original issue discount and unamortized term loan deferred financing costs of $14.4M as of (2) Proforma for $230M for Kansas City and Vicksburg, $155M for Shreveport and MontBleu and $25M for Bally's Atlantic City TRWH March 31, 2020 38#39Continued Revenue Diversification 23% 19% TRWH 6% M&A Strategy Focused on Accretive Growth Q1 2020 52% 1% 26% Q1 2019 2% Rhode Island Delaware Biloxi Other Rhode Island Delaware Biloxi Other 39 39 71%#40Corporate Strategy Driving Adjusted EBITDA Diversification Strong Early Performance in Delaware Proving M&A Strategy Q1 2020 Q1 2019 11% 20% Rhode Island Delaware Biloxi 70% 19% Rhode Island Biloxi 81% (Excludes "Other" operating segment) TRWH (1) Refer to Appendix to this presentation for a reconciliation of these non-GAAP financial measures to the most directly comparable measure calculated in accordance with GAAP. 40 40#41Summary of Financial Results Two Months Ended Month Ended Three Months Ended ($ in thousands, except percentages) February February Revenue 29, 2020 $ 90,256 $ 73,160 28, 2019 Change Operating income (loss) Net income (loss) Adjusted EBITDA (1) 14,491 5,377 26,293 17,274 9,579 24,295 (4,232) March March 31, 2020 31, 2019 23.4 % $ 18,892 $ 47,471 (16.1)% (17,660) 13,033 (235.5)% (3,169) 30,307 (43.9)% (14,255) 8,017 (277.8)% (8,878) 17,596 8.2 % 19,588 (121.6)% 22,061 43,883 March March Change 31, 2020 (60.2)% $ 109,148 31, 2019 Change $120,631 (9.5)% (110.5)% (150.5)% (49.7)% TRWH (1) Refer to Appendix to this presentation for a reconciliation of these non-GAAP financial measures to the most directly comparable measure calculated in accordance with GAAP. 41 111#42Impact from New Regional Competition TRWH's Rhode Island properties have weathered the impact from Encore Boston Harbor and established a new baseline from which to grow, large part by TRWH's transfer of the Newport Grand license and opening of Tiverton. Rhode Island monthly GGR post-Encore opening is virtually equal to its historical levels, highlighting the properties' resilience Monthly Rhode Island Gaming Volume Since March 2017 driven in June 2015 Opening of Monthly Average Prior to Tiverton: $53.0mm Plainridge Park 57.3 55.3 53.9 53.9 51.6 52.5 52.1 50.3 49.5 48.5 47.9 49.8 August 2018 Opening of MGM Springfield 67.6 61.8 60.2 59.8 57.9 56.7 57.1 57.5 55.1 56.0 53.2 54.2 54.8 54.9 55.4 53.7 Monthly Average Post-Boston Competition Opening (1): $52.7mm June 2019 Opening of Encore Boston 56.1 52.7 53.4 53.8 51.0 50.9 51.7 51.7 21.4 Mar- 17 May- 17 Jul- Sep- Nov- 17 17 17 Jan- 18 Mar- 18 May- 18 Jul- 18 Sep- 18 Nov- 18 Jan- 19 Mar- 19 May- 19 Jul- 19 Sep- Nov- Jan- 19 19 20 Mar- 20 Lincoln Newport Tiverton Online TRWH Source: RI state gaming commission website through March 2020. March 2020 gaming volume was significantly affected by the closure of the Rhode Island properties beginning on March 14, 2020 due to the COVID-19 pandemic. (1) Does not include gaming volume from March 2020 due to the temporary closure of the properties. Average including March 2020 is $49.2mm. Note: Does not represent GAAP revenue 42#43Appendix TRWH#44Reconciliation of Net Income to Adjusted EBITDA (in thousands) Revenue Net income Interest expense, net of interest income Provision for income taxes Depreciation and amortization Non-operating income Acquisition, integration and restructuring expense Expansion and pre-opening expenses Newport Grand disposal loss Share-based compensation Professional and advisory fees associated with capital return program Credit Agreement amendment expenses Gain on insurance recoveries Pension withdrawal Other Adjusted EBITDA Net income margin Adjusted EBITDA margin Quarter Ended March 31, 2020 2019 $ 109,148 $ 120,631 (8,878) 11,373 $ (5,664) 8,979 17,596 7,038 5,673 6,769 1,786 6,878 5,542 151 (16) 239 335 (883) 875 $ 13,353 $ (557) 43,883 (8.13)% 12.23 % 14.59 % 36.38 % (1) See descriptions of adjustments in the "Reconciliation of Net Income and Net Income Margin to Adjusted EBITDA and Adjusted EBITDA Margin" table in the Q1 2020 Earnings Release. TRWH A-1#45Reconciliation of Net Income to Adjusted EBITDA by Segment Quarter Ended March 31, 2020 (in thousands) Revenue Rhode Island Delaware Biloxi Other Total $ 56,279 $ 21,086 $ 25,482 $ 6,301 $ 109,148 Net income $ 8,083 $ 205 $ 1,408 $ (18,574) $ (8,878) Interest expense, net of interest income (36) 41 (8) 11,376 11,373 Provision for income taxes 2,958 78 378 (9,078) (5,664) Depreciation and amortization 4,782 1,454 2,263 480 8,979 Non-operating income Acquisition, integration and restructuring expense 20 1,766 1,786 Expansion and pre-opening expenses Newport Grand disposal loss Share-based compensation Professional and advisory fees associated with capital return program Credit Agreement amendment expenses Gain on insurance recoveries Other Allocation of corporate costs Adjusted EBITDA Net Income as a % of Total Net Income excluding "Other" operating segment Adjusted EBITDA as a % of Total Adjusted EBITDA excluding "Other"operating segment (1) 5,542 5,542 (16) (16) 239 239 (883) (883) 875 875 2,754 1,032 $ 18,541 $ 2,830 $ 1,247 5,288 (5,033) $ (4,598) $ 22,061 83 % 2% 15 % 70% 11 % 20 % 100 % 101 % See descriptions of adjustments in the "Reconciliation of Net Income and Net Income Margin to Adjusted EBITDA and Adjusted EBITDA Margin" table in the Q1 2020 Earnings Release. TRWH A-2#46Reconciliation of Net Income to Adjusted EBITDA by Segment (in thousands) Revenue Net income Interest expense, net of interest income Provision for income taxes Depreciation and amortization Acquisition, integration and restructuring expense Share-based compensation Credit Agreement amendment expenses Other Allocation of corporate costs Adjusted EBITDA Quarter Ended March 31, 2019 Rhode Island Delaware Biloxi Other Total $ 86,125 $ 1,525 $ 31,032 $ 1,949 $ 120,631 $ 21,224 $ 2,311 7,783 4,415 $ 4,277 $ (7,905) $ 17,596 (4) 4,731 7,038 1,141 (3,251) 5,673 2,307 47 6,769 6,878 6,878 151 151 335 335 (557) (557) 3,649 1,315 (4,964) $ 39,382 $ $ 9,036 (4,535) $ 43,883 Net Income as a % of Total Net Income excluding "Other" operating segment Adjusted EBITDA as a % of Total Adjusted EBITDA excluding "Other"operating segment (1) 83 % % 17 % 81 % % 19 % 100 % 100 % See descriptions of adjustments in the "Reconciliation of Net Income and Net Income Margin to Adjusted EBITDA and Adjusted EBITDA Margin" table in the Q1 2020 Earnings Release. TRWH A-3#47Reconciliation of Net Income to Adjusted EBITDA by Month One Month Ended One Month Ended (in thousands) Revenue January 31, 2020 February 29, 2020 March 31, 2020 January 31, 2019 February 28, 2019 March 31, 2019 $ 42,159 $ 48,097 $ 18,892 $ 35,949 $ 37,211 $ 47,471 Net income (loss) $ (626) $ 6,003 (14,255) 4,640 $ 4,939 $ 8,017 Interest expense, net of interest income 3,721 3,629 4,023 2,412 2,196 2,430 (Benefit) provision for income taxes 90 1,673 (7,427) 1,496 1,592 2,585 Depreciation and amortization 2,854 3,062 3,063 2,247 2,324 2,198 Acquisition, integration and restructuring expense 545 658 583 1,143 1,778 3,957 Goodwill and asset impairment 8,708 - Share-based compensation 4,411 476 655 58 58 35 Professional and advisory fees associated with capital return program (17) 8 (7) Credit Agreement amendment expenses (1) (40) 11 268 335 Gain on insurance recoveries (1) (381) (26) (476) Other (1) Adjusted EBITDA $ 74 10,631 $ 168 633 (375) (213) 31 15,662 $ (4,232) $ 11,621 $ 12,674 $ 19,588 (1) See descriptions of adjustments in the "Reconciliation of Net Income and Net Income Margin to Adjusted EBITDA and Adjusted EBITDA Margin" table in the Q1 2020 Earnings Release. TRWH A-4#48Reconciliation of Monthly Adjusted EBITDA by Segment One Month Ended One Month Ended (in thousands) January 31, 2020 February 29, 2020 March 31, 2020 January 31, 2019 February 28, 2019 March 31, 2019 Adjusted EBITDA by Segment: Lincoln $ 7,370 $ 8,553 $ (1,422) $ 10,424 $ 10,306 $ 14,489 Tiverton Rhode Island 1,512 2,506 22 997 1,412 1,754 8,882 11,059 (1,400) 11,421 11,718 16,243 Delaware Biloxi Other (1) Adjusted EBITDA 1,834 1,966 (970) 1,989 3,693 (394) 1,467 2,739 4,830 (2,074) (1,056) (1,468) (1,267) (1,783) (1,485) $ 10,631 $ 15,662 $ (4,232) $ 11,621 $ 12,674 $ 19,588 (1) Contains the Black Hawk Casinos, which contributed $0.7 million and $(0.3) million of adjusted EBITDA during the one month ended February 29, 2020 and March 31, 2020, respectively. TRWH A-5