Twin River Worldwide Holdings (TRWH) may have a lock on Rhode Island’s gambling scene, operating the state’s only two casinos, but it is beginning to feel pressure from the outside. The company will release its latest financial earnings for the third quarter tomorrow and has already offered a stark warning – don’t expect a very positive outlook thanks to Encore Boston Harbor.

According to data already released by Rhode Island gambling regulators, gross gaming revenue (GGR) in the state, which would represent Twin River Tiverton and Twin River Lincoln, has fallen 9% in the latest quarter, the first full quarter that Encore Boston Harbor, a Wynn Resorts property, has been in operation.

Analysts are taking notice, as well. Brad Boyer of Stifel Financial Corp. points out in a note on TRWH, “Based on WYNN’s reported results and comments from others operating in the market, we sense WYNN’s promotional spend, particularly with respect to its slot business, has remained elevated, an outcome that will likely have negative ramifications for TRWH’s margin performance over the next several quarters.”

The analyst had previously expected TRWH to see turnover of $307 million and $311 million in 2020 and 2021, respectively. However, the latest figures, and TRWH’s warning, have caused him to update the forecast and he now sees revenue of $278 million and $282 million in the next two years, as well as EBITDA (earnings before interest, taxes, depreciation and amortization) of $110 million and $115 million.