Casino operator Twin River Worldwide Holdings (TRWH) saw its revenue rise while net income plunged in the final quarter of 2019.

Figures released Tuesday show TWRH generated revenue of $130.4m in the three months ending December 31, 2019, up 17% year-on-year, reflecting the company’s acquisition of/merger with rival Dover Downs Hotel & Casino last spring. Dover Downs’ contributions to TRWH revenue in Q4 totaled $27.6m.

Despite that rise, TRWH reported operating income falling 16.4% to $29m while net income slid nearly 40% to $13.35m. The declines came courtesy of $9.8m in share-based compensation expenses and last summer’s opening of Wynn Resorts’ Encore Boston Harbor in Massachusetts, which reportedly trimmed around $2.2m off TRWH’s Rhode Island casino income.

TRWH reported full-year revenue of $523.6m, up nearly one-fifth from 2018, but operating income dipped 5% to $114.6m and net income slid 22.8% to $71.4m.