Month: June 2021

The operator also noted that revenue would be up around 10% from Q2 of 2019, before the effects of the novel coronavirus (Covid-19) pandemic were felt. With venues closed for almost all of Q2 2020, the figure was up more than 390% year-on-year.

In addition, Penn National said its adjusted earnings before interest, tax, depreciation, amortisation and restructuring (EBITDAR) are expected to fall between $540m and $580m. Based on the midpoint of this range, this would suggest a 24.9% quarter-on-quarter growth.

Its adjusted earnings before interest, tax depreciation and amortisation (EBITDA), meanwhile, should fall between $420m and $460m.

“We believe this year-over-year and sequential improvement not only highlights continued strong demand trends, but also underscores our ability to drive sustainable margin improvement,” the operator said.

The forecasts were made as the business announced plans to raise $400m by issuing senior notes.

The operator said it intended to use the funds from the issuance for general corporate purposes.

The notes will carry a 4.125% interest rate, will be due in 2029 and will be issued via a private placement. The issuance of the notes is expected to close on 1 July.

In his new role, Ponzer will be responsible for developing Pickwise’s sports betting offerings through omni-channel, such as video, audio and data.

He will also recruit new talent, namely sports betting experts and guest hosts for video content.

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Though the business is also involved in non-gaming areas such as investment banking, its steep revenue decline was mostly due to its Macau hotel and gaming operations, as low visitor numbers to the territory hindered its ability to bring in revenue.

“After the virus outbreak, the number of tourists visiting Macau dropped sharply,” it said.

Macau faced strict travel restrictions for almost all of Kingston’s financial year, which led to low revenue for all operators in the territory. The territory lifted its last travel restrictions for mainland China on 23 February.

In each of the 12 months from April 2020 to March 2021, total gambling revenue in Macau was less than MOP10bn ($1.25bn/€1.05bn/£898m) and was down more than 65% from 2019 levels. For the 2020 calendar year, revenue was down 79.3% to to MOP60.44bn, with more than half of the revenue that was recorded coming between January and March.

The NZ$14.0m was NZ$2.8m more than the forecasted in its budget, with NZ$12.6m coming from betting profits and NZ$2.0m coming from gaming profits. The additional NZ$600,000 in the combined betting and gaming total was due to funds paid to the racing integrity unit (RIU).

This follows on from strong performances in March and April, where the operator also exceeded its budgeted expectations.

TAB NZ’s reported profit for the year stands at NZ$147.2m which is NZ$37.5m more than the budget.

Wagering turnover amounted to NZ$211.3m – NZ$16.5m over the budget and NZ$85.6m more than this time last year.

The number of sporting events during the month contributed heavily, as sports betting revenue was NZ$17.5m better than the budget. The Crusaders vs Chiefs Rugby Union match proved to be the most lucrative sporting event, generating turnover of NZ$738,000.

Total gross betting revenue for the month was NZ$33.9m. This was NZ$3.2m above the projected budget and came at a margin of 16.0%.

Operating expenses were NZ$200,000 less than the budget at NZ$9.9m, while operating costs for the year to date were NZ$700,000 below budget at NZ$99.2m.

Racing code distributions were NZ$16.5m, well above the NZ$11.1m forecasted, putting the total contributions as NZ$12.9m more than the budget for the year to date at NZ$123.1m

However, the regulator also suggested, following the results, that an app to record cashless payments and allow operators to intervene if necessary could reduce any potential risk of harm from cashless gambling.

The online survey, which was conducted by 2CV, was taken by 314 land-based gamblers who had gambled in the last 12 months as part of the Gambling Commission’s ongoing research campaign, Consumer Voice.

It found that 85% of participants thought that making a cashless payment, such as debit card or a mobile contactless payment, made it easier to spend more money than was first intended. Some 77% of those surveyed reported that cashless payments made it easier to spend more time on gambling.

Further, 68% reported difficulty in taking stock of their total spend after using cashless payments, while only 47% said they found it easy to keep track of spending. 70% reported that paying for gambling activities with cash makes it easier to set personal limits on spending.

In addition, 37% of respondents said they would spend a little more than intended when using a contactless card payment, and 13% reported that they would spend a lot more than intended. However, with cash payments, only 9% of participants said they would spend a little more than intended while 1% said they would spend a lot more.

The survey also revealed that cash is the most common method of payment land-based gambling activities, such as slots, with 77% of respondents using cash over card payments.

In response to the findings, the Gambling Commission suggested that it could be beneficial to create an app that would track gambling activity in customers and intervene when necessary, while facilitating cashless payments. 22% of participants said they would be happy to pay for gambling through an app that allowed gambling companies to access and track their information, while 33% said they would not, with concerns around privacy.

Use of cashless payments – which are currently not allowed for land-based gambling in the UK – is one area that the UK government is currently examining in its Gambling Act Review.

Earlier this week, the Gambling Commission released a survey revealing that 34% of players were influenced to gamble through marketing in the last year.

The $4.3bn (£3.1bn/€3.6bn) property has 117,000 square feet of gaming space featuring over 1,400 slot machines, 117 table games, a dedicated poker room and 30 poker tables, plus high-limit areas and a sportsbook.

Resorts World Las Vegas, built on an 88-acre site where the Stardust Resort and Casino formerly stood, features 3,500 guest rooms and suites, a 5,000-capacity theatre and will employ more than 6,000 people.

Resorts World Las Vegas has been developed with an emphasis on omnichannel technology, with a dedicated app provided by JOINGO that allows guests to pay for any gaming, entertainment or hotel offerings, as well as access the global loyalty program.

The resort claims to be the first Las Vegas casino where consumers can use a digital login and cashless wagering experience at both slots and table games, with the casino management system managed through Konami Gaming’s Synkros. Players can also access GamingPlay, the resort’s digital gaming wallet.

Resorts World Las Vegas partnered with table games solutions provider Genesis Gaming to enhance the digital table games experience with RFID bet tracking, Perfect Pay at baccarat tables, and Ticket-in-Ticket-Out (TITO) at the tables. The resort will be the first casino resort to introduce ‘Smart Table’, which will use RFID embedded chips for every dollar denomination to provide 100% accuracy of guests’ gaming activity.

“Our vision at Resorts World Las Vegas has always been to provide first-of-its-kind experiences across every element of the resort, including gaming,” said Rick Hutchins, senior vice president of casino operations at Resorts World Las Vegas

“Through our partnerships with best-in-class gaming technology partners, we will offer our guests a fully integrated experience, not just on the gaming floor, but across the entire resort.

“The Resorts World Las Vegas mobile app will better serve patrons by providing loyalty and personalization based off their preferences for guests enrolled in our Genting Rewards program.”

IGT PlaySports technology will power Resorts World Las Vegas’s retail sportsbook and its state-wide mobile betting app.

“IGT will help the Resorts World Las Vegas team maximize the full potential of their PlaySports-powered retail and mobile sportsbooks, engage sports fans, and capture growth opportunities within one of the of the highest-volume sports betting markets in the US,” said Enrico Drago, IGT PlayDigital’s senior vice president.

“Powering sports betting at a Las Vegas Strip casino is another milestone achievement for IGT PlaySports and a gateway for introducing the most widely used sports betting platform in the US to the global epicenter of gaming entertainment.”

Resorts World Las Vegas’ opening comes weeks after Las Vegas casino gaming floors were allowed to reopen at full capacity on 4 June following more than a year of restrictions due to the novel coronavirus (Covid-19) pandemic.

The operator will continue to run the Horseshoe Hammond, in addition to the Indiana Grand, Harrah’s Hoosier Park and its three off-track betting locations in the state.

Indiana’s gaming regulator ordered Caesars and Eldorado Resorts to sell three of their casinos in the state in July 2020, upon approving the operators’ mega-merger.

The Commission was said to have reservations about the deal due to the number of properties owned and operated by both companies in the state.

“The impact of this unprecedented transaction is greater upon Indiana than any other state,” the Commission said, noting that the combined entity would control up to 60% of gaming revenue in the state.

However, following Caesars’ agreement to sell the operations of its Caesars Southern Indiana casino to the Eastern Band of Cherokee Indians, and the sale of Tropicana Evansville to Bally’s Corporation, Indiana’s Gaming Commission has now amended its original order and allowed Caesars to retain control of its other existing properties in the state.

“We are confident that our continued operating of Horseshoe Hammond is in the best interest of our team members, guests, the Hammond community, and the State of Indiana,” said Tom Reeg, chief executive of Caesars Entertainment.

“We believe that maintaining our strong customer and employee relationships at Horseshoe Hammond makes the property best positioned for a strong and exciting future.”

Caesars recently closed on the sale of Tropicana Evansville and expects to close on the sale of Caesars Southern Indiana in the third quarter of 2021.

The money will go towards talent acquisition as part of the company’s expansion of its sales and technical teams.

Shore Capital Sports & Entertainment led the round, and will continue to assist Quarter4 with business development, strategic investment and financial advisory services.

Shore Capital managing partner Scott Secord said: “Quarter4’s technology is exciting because it spans across the sports landscape providing incredible data and rich insights for sports betting, sports media and sports broadcasting companies.”

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Online gaming and esports solutions provider EEG has become the exclusive provider of esports technology and services to iGEA, the a tribal esports organisation devoted to advancing esports adoption among tribal nations and casinos.

The partnership also includes Spectrum Gaming Capital, which will bring its relationships and strategic capabilities to assist the development of the venture.

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The new live-streaming information service will allow bettors to view odds from sportsbook operators on the same device they are watching an event.

Created in partnership with interactive software developer LiveLike, emBet can turn broadcasters’ direct-to-consumer channels into revenue generating platforms by optimising the integration of betting operator partnerships.

Sportradar said emBET promotes additional wagering opportunities and more effective manners of customer acquisition and retention for betting companies who are featured within the application.

“EmBET combines all of Sportradar’s key strengths – including data, odds, insights and advertising – into one product, to keep sports fans engaged with content for longer by informing them of the latest betting information and allowing them to place wagers with betting operators during the live competition they are watching,” Sportradar added in the statement.

The technology supplier added that emBET has been designed to be customisable, in order to address the habits and behaviours of particular viewing audiences. It can also be plugged into existing video players, allowing it to be integrated in a short time.

Sportradar US chief executive Arne Rees said: “With audience consumption habits shifting dramatically, it’s more important than ever to create a dynamic viewing experience built on rich data and featuring compelling content. Doing so eliminates the need for fans to turn to second screens or competing channels, while also bringing in new streams of revenue.

“As a global supplier of sports betting services and with more than 15 years’ experience in OTT, Sportradar has the technology and expertise to deliver a significant product to help broadcasters and rights holders maximise the sports betting opportunity in the US.”

Sportradar provides sports betting data products and services to leagues, news media, consumer platforms and sports betting operators, and is the official data partner of major organisations such as the NBA and Fifa.