Month: May 2021

Net operating revenue for this quarter came to $72.4m, a decrease of 17.3% year-on-year.

Century Casinos saw a 20% rise in revenue in its US locations to $64.3m, an increase of almost $11m compared to the first quarter of 2020.

However, with its Canadian properties still shuttered as a result of the novel coronavirus (Covid-19) pandemic, revenue from that market plummeted 87.5% to $2.0m.

Its Polish properties also suffered year-on-year declines, with revenue from the country down 65.3% to $5.9m. These venues were again closed for much of the quarter due to Covid-19.

Revenue from its corporate offices and cruise ship business dropped 87.7% to $123,000.

Adjusted earnings before interest, tax, deprecation and amortisation came to $14.7m, a 52.9% increase from the prior year.

Total operating costs and expenses amounted to $64.1m, a significant decrease from expenses of $119.4m in the first quarter of 2020.

This decrease in expenses may be due to the effects of the Covid-19 pandemic, such as property closures and cost-cutting measures.

After factoring in the expenses, Century’s operating profit came to $8.2m.

However, $10.0m in non-operating expenses saw the business post a loss before tax of $1.8m.

Income taxes of $99,000, lowered the total net loss further to $1.9m.

This was improved marginally by a $484,000 share of non-controlling investments, for a total net loss of $1.4m, a significant improvement on the $45.9m loss posted in Q1 2020.

“We are pleased with the strong Adjusted EBITDA for the first quarter, driven almost exclusively by our properties in the US because our properties in Canada were closed for the entire quarter and our casinos in Poland were closed for most of the quarter,” co-chief executives Erwin Haitzmann and Peter Hoetzinger commented.

“We estimate the negative impact of these closures to Adjusted EBITDA was at least $6.7 million.

“For the third quarter in a row, we have been able to achieve high operating margins and we believe that will continue to be attainable, they said.

“We estimate the negative impact of these closures to Adjusted EBITDA was at least $6.7 million.

“We look forward to the reopening of our casinos in Poland on May 8, our casinos and racetracks reopening in Canada and to a busy summer season in North America as the pandemic subsides.”

Century Casinos reported a rise in revenue and profit in Q3 in 2020, citing its acquisition of US casino properties from Eldorado Resorts as a reason for the rise.

Overall net sports wagering receipts fell to $7.7m, down from $13.5m last month, but this was up from just $150,000 a year prior.

Retail handle fell 37.2% month-on-month to $13.8m, and internet handle decreased 25.0% to $104.5m for total handle of $118.4m, down 26.6%.

Read the full story on iGB North America.

Under the deal, agreed through Bragg’s ORYX Gaming subsidiary, Oryx content will be made available to players through Logrand’s Strendus Casino online brand in Mexico. 

Content will include localised content, from studios such as Gamomat, Kalamba Games, Givme Games, Golden Hero, Peter & Sons and Arcadem, as well as Oryx’s portfolio of virtual lottery products.

Strendus will also be able to utilise Oryx’s player engagement and data tools on the Oryx Hub, including real-time leaderboards, free rounds, tournaments, jackpots, quests and achievements to drive player engagement, conversion, retention, loyalty and value.

Founded in 2005, Logrand operates 10 land-based casinos in Mexico alongside its online brand Strendus Casino that was introduced in 2018.

“We pride ourselves in offering a comprehensive product to our customers,” Logrand’s online products manager Eduardo Pelaez said. “Our casino tab and lottery offering will become a lot more attractive with the addition of Oryx’s dynamic content.”

Oryx managing director Matevz Mazij added: “Further strengthening our foothold in Mexico is key for us as we continue to expand our position as a global supplier. Casino is a reputable and well-known brand in the Mexican market and we’re thrilled to extend their offering with engaging and entertaining content from our sought-after RGS studios.”

The deal comes after Bragg this week announced board member and ex-SBTech chief Richard Carter as its new chief executive.

Financial terms of the agreement were not disclosed, but Fox did reveal it plans to operate Outkick as an independent brand and leverage its content across its existing platforms.

Travis, who has led the Outkick business since its foundation, will remain involved with the platform and serve as its president.

Outkick’s business spans multiple platforms and outlets, including Travis’ sports radio show, which reaches more than 10 million monthly listeners, as well as the new Outkick podcast network, a website, video posts and social media channels.

The omni-channel platform also creates sports betting content and already has an exclusive marketing deal in place with FanDuel. Fox holds 2.5% of the shares in FanDuel’s parent company Flutter Entertainment and has an option to acquire a further 18.5% stake in July.

Read the full story on iGB North America.

Following the revenue growth, DraftKings upped its full-year revenue guidance to between $1.05bn and $1.15bn. The guidance had previously been set between $900m and $1bn.

“We are raising our revenue outlook for 2021 due to the outperformance of our core business in the first quarter and our expectation for continued healthy growth,” DraftKings chief financial officer Jason Park said.

As DraftKings closed its merger with betting supplier SBTech in April 2020, the business provided comparisons to both its actual earnings in Q1 of 2020 and its pro-forma results, which state the combined earnings of the two businesses. On a pro-forma basis, DraftKings’ revenue was up 175.3% year-on-year.

Read the full story on iGB North America

The affiliate said it is excited to start servicing the Russian-speaking population of Ukraine with high quality guides and articles, alongside in-depth reviews of online casinos and betting sites.

It said it intends to “get a foot in the door” of the Ukrainian market sooner rather than later, while the jurisdiction’s online gaming sector is still in its early stages. By doing so, the business said it wants to establish itself as a serious contender in the nation’s online gambling market.

SuperLenny’s launch into Ukraine will mark its ninth market entry, in addition to several European jurisdictions, Canada, India and Taiwan. The company said it has a strong and trusted brand name in its core markets due to originally operating its own casino before converting into a player advice portal.

In Ukraine, SuperLenny said the site’s offering will focus on providing fair and balanced online casino reviews, in addition to sports betting content aimed specifically at the local market.

Gambling was legalised in the jurisdiction in August 2020, when its president, Volodymyr Zelensky, signed the country’s Gambling Act into law. Under the bill, online gambling, bookmaking, slot halls and land-based casinos were all made legal, but casinos could only be located in hotels.

Ukraine’s Gambling Commission (KRAIL) offered its first online casino licence to Spaceiks in February 2021. Spaceiks is operator of the Cosmolot brand, which was previously owned by the country’s National Lottery but was discontinued in 2019.

KRAIL subsequently granted its first sports betting licence to Parimatch, which was founded in the country but was previously unable to operate there, in March 2021.

However, Moneybite will mainly provide services to operators licensed by the Malta Gaming Authority.

The VFA license will allow Moneybite to receive and process order, custodian and nominee services. It will also authorise Moneybite to execute orders on behalf of account holders.

“It is a huge moment for us to be awarded our MFSA licence and become one of the first operational MFSA-approved companies to service merchants globally, including MGA licensed gambling operators.” said Moneybite managing director Elton Dimech.

“We see this as a regulatory sunrise for the industry. Transacting with crypto should not generate concern but be as easy for businesses as dealing with traditional fiat currency. We are here to act as that trusted bridge between the two.”

Moneybite’s current services include invoicing and payments to international suppliers. Corporate customers can also buy and sell cryptocurrency with Moneybite’s over-the-counter service.

From 8 May, Crown’s Perth location will be able to offer gaming services and unrestricted food and beverage facilities for the first time since the lockdown commenced.

However, some restrictions remain in place. The government announcement outlined that social distancing rules must be followed, with one person per two square meters allowed indoors. To encourage social distancing, Crown Perth has deactivated every second gaming machine.

The lockdown, which began on April 27, banned gaming activity and in-house services such as food and ancillary utilities in casinos. It was implemented after a man reportedly developed Covid-19 in hotel quarantine and entered the local community while infectious.

The lockdown ended on May 1. However, ongoing restrictions remained for casinos, gyms and nightclubs.

Crown’s Melbourne location intensified activity after the Victoria state government relaxed Covid-19 restrictions in March.

Also in March, private equity group Blackstone placed a AUS$8.02bn (£4.47bn/€5.21bn/US$6.19bn) bid to acquire the remaining shares of Crown, of which it already owned 9.99%.

Blackstone purchased the 9.99% shares from Asian gaming giant Melco Resorts & Entertainment Limited in April 2020 for $8.15 per share. Melco initially agreed to acquire a 19.99% stake in CPH Crown Holdings, and bought an additional 9.99% after the deal was agreed.

This launched the Bergin inquiry and subsequent report by the New South Wales Independent Liquor & Gaming Authority, which assessed Crowns suitability for a casino in central Sydney. The inquiry uncovered money laundering and criminal dealings in Crown.

Blackstone later added a clause that would break its deal if either of Crown’s licenses were suspended or Crown did not receive a New South Wales license.

Viana joins Gaming1 from Play’n Go, where he served as creative director for two-and-a-half years, overseeing its development pipeline.

Prior to this he was game director at Skymoons Interactive for almost three years and had a two-year spell as creative director at Reloaded Games.

Earlier in his career, he also spent time with Swappz Interactive, Ganz, Vatra Games, Crytek, Ninja Theory and Tragnarion Studios.

“I’m delighted to be appointed as Gaming1’s chief creative officer, and look forward to working alongside its talented developers to create next-level entertainment experiences,” Viana said.

“The company’s mission and vision match my own, and I can’t wait to maintain Gaming1’s world-class content rollout in the period to come.”

Gaming1 co-founder and chief operating officer Sylvain Boniver added: “We are thrilled to welcome Ricardo on board, and have every confidence that his appointment will prove pivotal to the continued popularity generated by our ever-growing games offering.

“Our in-house portfolio of premium casino titles has gone from strength to strength in recent months, and Ricardo will undoubtedly play a key role in helping it to expand and improve even further.”  

The appointment comes after Gaming1 last month signed up as a member of the International Betting Integrity Association (IBIA).

Total revenue for the three months to March 31 amounted to $55.4m, which was 2.0% up on $54.3m in the corresponding period last year.

AGS put this primarily down to growth within recurring revenue channels of its electronic gaming machine (EGM), table products and interactive businesses, which offset a slowdown in the North American slot replacement market.

EGM revenue edged up 0.3% to $50.5m, despite a 4.8% decline in revenue from equipment sales. This drop was offset by a 1.8% rise in gaming operations revenue to $39.6m.

Revenue from table products climbed 11.0% year-on-year to $2.8m, driven by a 17.3% to $2.7m. Just $29,000 was generated from equipment sales, with revenue here dropping 81.6%.

Read the full story on iGB North America.