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Mohegan Gaming’s net revenue decreases for previous quarter

Niji Narayan

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Mohegan Gaming’s net revenue decreases for previous quarter
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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

NetEnt signs landmark deal with DraftKings in New Jersey

George Miller

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NetEnt signs landmark deal with DraftKings in New Jersey
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NetEnt has entered into an online casino supplier agreement with DraftKings for the regulated market in New Jersey (USA).

 

NetEnt is increasing its footprint in the regulated online gambling market in New Jersey and is very proud to announce a new agreement with fast-growing operator DraftKings. In the coming weeks, a large selection of NetEnt casino games will be launched and available to DraftKings players.

“We are very excited to have landed a deal with DraftKings. As the world-leader in fantasy sports, with a large player base, they will add a new dimension to the market and we are confident that their players will enjoy our popular games,” says Erik Nyman, Managing Director NetEnt Americas LLC.

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Gambling in the USA

GeoComply Receives Full Approval as a Sports Wagering Supplier in West Virginia

George Miller

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GeoComply Receives Full Approval as a Sports Wagering Supplier in West Virginia
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GeoComply  announced that it has received full approval as a sports wagering supplier in West Virginia for its geolocation compliance solution. GeoComply was granted interim approval in 2018 prior to receiving full approval from the West Virginia Lottery, which regulates all forms of gaming and gambling in the state.

“Geolocation compliance technology is one of the cornerstones of online sports wagering and we’re really happy to have received full approval from the West Virginia Lottery,” says David Briggs, CEO of GeoComply Solutions. “With almost 60% of residents living close to the West Virginia border, it’s critically important to utilize accurate and reliable geolocation technology to ensure the state fully monetizes their potential sports wagering market. We’re excited to be joining our partners including William Hill, FanDuel, DraftKings and IGT who also received approval in order to move online sports wagering forward in West Virginia.”

About GeoComply Solutions:

GeoComply is a global leader in geolocation technology. Since launching in 2011, GeoComply has quickly become the iGaming industry’s trusted solution for reliable, secure, and accurate geolocation services. GeoComply currently supports regulated online casino, poker, sports betting, lottery, ADW, and DFS operators in 42 US states to ensure compliance with state and federal regulations. For more information, please visit GeoComply.com

About The West Virginia Lottery:

The West Virginia Lottery regulates limited video lottery, sports wagering, video lottery and table games at the state’s four racetrack casinos and the Greenbrier Resort as well as selling more than 40 different instant games a year, offers the popular in-state online drawing games of Keno, Daily 3, Daily 4, and Cash 25, offers the Multi-State Lottery games of Powerball®, Mega Millions® and Hot Lotto.

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Gambling in the USA

New Jersey Gambling Regulators Impose a Fine of $10K on PokerStars

Niji Narayan

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New Jersey Gambling Regulators Imposes a Fine of $10K on PokerStars
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New Jersey gambling regulators have slapped a fine of $10,000 on PokerStars for accepting bets on New Jersey college basketball teams, which violated the state’s sports betting law.

According to the documents filed by the state, PokerStars accepted 216 wagers on a game involving Rutgers and Eastern Michigan University totalling more than $2,700.

The company also took a single bet on a game involving Monmouth University and the University of Pennsylvania, whose value was not disclosed.

The fine comes as New Jersey lawmakers are considering a bill that would set fines starting at $20,000 and ranging up to $100,000 for companies that take prohibited bets on New Jersey college teams.

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