Investor Presentaiton

Reconciliation 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

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