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Mohegan Gaming’s net revenue decreases for previous quarter

Niji Narayan

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Mohegan Gaming & Entertainment Announces Second Quarter Fiscal 2019 Operating Results
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Mohegan Gaming & Entertainment has published its financial results for the fiscal quarter that ended on 31 December 2018. The company’s net revenue and EBITDA decreased during the period.

The net revenue during the period is US$319.5 million, a 3.6 per cent decrease from the US$331.5 million in the last year. Income from operations dipped by 21.2 per cent to US$43.4 million, around US$12 million less than what was registered in the same period a year before. Adjusted EBITDA was US$71.9 million, a 5.4 per cent slide.

Consolidated net revenues declined modestly during the quarter, driven by slightly lower gaming revenues at Mohegan Sun and Mohegan Sun Pocono, and continued increases in promotional activities in the Mohegan Sun Pocono gaming market. These factors, combined with higher slot taxes assessed by the Commonwealth of Pennsylvania and increased healthcare costs, all contributed to the year-over-year decline in Adjusted EBITDA, explained the company.

“While consolidated first quarter revenues and Adjusted EBITDA were modestly below prior year results, we remain encouraged, as overall gaming volumes at our flagship property, Mohegan Sun, were better than expected following the first full quarter of increased competition in the Northeast gaming market.” stated Mario Kontomerkos, President & Chief Executive Officer of MGE.

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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Gambling in the USA

Full House Resorts Partners with Wynn Resorts in Indiana and Colorado

Niji Narayan

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Full House Resorts Partners with Wynn Resorts in Indiana and Colorado
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Full House Resorts Inc. has entered into two new agreements with WSI US LLC, a wholly-owned subsidiary of Wynn Resorts, allowing online/mobile sports wagering throughout Indiana and Colorado.

“We are excited to partner with Wynn Resorts, allowing them to conduct mobile sports wagering throughout Indiana and Colorado. Wynn Resorts is renowned for its unparalleled focus on guest service and as the premier operator in the gaming industry. We are thrilled to see them bring their unique vision to the online space, beginning with the residents of — and many visitors to — Indiana and Colorado,” Daniel R. Lee, President and Chief Executive Officer of Full House Resorts said.

With the new agreements, the Company has now utilised all of its allowed sports wagering opportunities in Indiana and Colorado.

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Gambling in the USA

Red Rake Gaming closes social casino supply deal with Wind Creek Casino and Hotel Group

George Miller

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Red Rake Gaming closes social casino supply deal with Wind Creek Casino and Hotel Group
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Red Rake Gaming (Red Rake), a leading online casino games supplier, has entered into their first agreement as games supplier to the social casino industry. Thanks to this deal, Wind Creek Hospitality (WCH), an authority of the Poarch Band of Creek Indians, will have access to the full portfolio of Red Rake Gaming games.

WCH operates several gaming facilities in Alabama, Pennsylvania, Nevada, Aruba and Curacao, and offers online social casino games to its customers. Red Rake’s offering, which consists of slots, video bingo and table games will be available for the WCH social casino customers in the coming weeks.

Although WCH is the first social casino customer in Red Rake’s history, this is not the first step of the Spanish supplier in the social casino industry, as they have been developing and operating social casino games for almost a decade.

Nick Barr, Managing Director of Red Rake Malta, commented on the deal: “We are honoured to work alongside Wind Creek in their social casino business. This a significant step for us, because not only is this our first partner in the social casino industry as a B2B entity, but also because it is the foundation of what we expect to be another great regulated market for us in terms of real money. We anticipate a great partnership with Wind Creek for many years to come”

Ron Nesbitt, WCH Vice President of Game Operations, added: “Our social gaming site, WindCreekCasino.com, provides our customers an engaging and interactive experience that has proven to be an excellent retention tool for us over the years. We are delighted to enhance our offering with the addition of Red Rake Gaming content. The games provided are very strong, with high quality graphics, action packed feature games, and immersive bonus rounds. Combined with our top-notch rewards program, Red Rake’s game offerings will help us ensure a fantastic player experience.”

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Gambling in the USA

Tim Wilmott Steps Down as Chairman of AGA

Niji Narayan

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Tim Wilmott Steps Down as Chairman of AGA
Photo Source: linkedin.com
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Tim Wilmott has retired from the American Gaming Association as its chairman. The legalisation and expansion of sports betting has been a key marker of Wilmott’s term.

He told AGA members: “Once PASPA happened everything changed,” referring to a Supreme Court ruling that overturned a ban on sports betting. Since then, 13 states so far have launched legalised sports betting operations in casinos, racetracks and on mobile devices.

Wilmott, CEO of casino company Penn National Gaming, said the industry’s relations with the government had become even more important with the advent of sports betting. A bill seeking federal sports betting control is now in the Senate.

Wilmott said that during his tenure and that of his previous chairman, the profile of AGA membership had changed and it had broadened as a result of work headed by CEO Bill Miller and his predecessor.

He was speaking to members at the conclusion of the 2019 G2E trade show that had attracted 30,000 gaming professionals to Las Vegas.

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