Gambling in the USA

Caesars does not Gain Profit from H1 Revenue Growth in 2019

Published

3 months ago

August 7, 2019

Niji Narayan

Photo source: booking.com

Reading Time: 1 minute

Caesars Entertainment, an American gaming hotel and casino corporation founded in Reno, Nevada and based in Paradise, Nevada, has reported a net loss of $532m (£437.0m/€474.9m) for the first half of 2019, despite also experiencing a year-on-year increase in net revenue.

The US casino giant generated revenue of $4.34bn during the six months to June 30, up from $4.09bn in the corresponding period last year.

Caesars’ casino operations in the Las Vegas market remained by far the biggest source of income during the first half, with revenue rising from $2.04bn last year to $2.21bn.

There was also revenue growth across all areas of Caesars’ business, with food and beverage revenue climbing from $774m to $805m and rooms revenue from $755m to $793m.

However, Caesars reported an increase in operating expenses in the first half, as it spent a total of $3.83bn during the period. Direct casino costs were up from $1.13bn to $1.25bn, while property, general, administrative and other expenses jumped from $883m to $927m.

Caesars also noted an additional charge of $50m in relation to the impairment of intangible assets, although it did see depreciation and amortisation costs drop from $548m to $488m.

Income from operations increased from $407m to $509m, but higher losses in certain areas of the business meant net loss jumped from just $5m in the first half of last year to $532m.

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Niji Narayan

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

Tim Wilmott Steps Down as Chairman of AGA

Published

3 hours ago

October 21, 2019

Niji Narayan

Tim Wilmott Steps Down as Chairman of AGA

Photo Source: linkedin.com

Reading Time: 1 minute

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.

Compliance Updates

DC Judge Refuses to Halt DC Lottery’s Controversial Deal with Intralot

Published

5 hours ago

October 21, 2019

Niji Narayan

DC Judge Refuses to Halt DC Lottery’s Controversial Deal with Intralot

Reading Time: 1 minute

DC Superior Court Judge John Campbell has refused to halt the DC Lottery’s controversial deal with tech provider Intralot.

Last month, a different DC judge issued a temporary restraining order on Intralot’s deal based on a request by DC resident Dylan Carragher, a software developer who filed a lawsuit to force DC to hold a competitive tender for the betting contract.

Judge Campbell justified his refusal to honour Carragher’s injunction request by saying he did not think Carragher’s lawsuit will succeed. Campbell added that “it clearly and unquestionably was within the Council’s authority” to waive the competitive bidding requirement. Carragher has already indicated that he will appeal Campbell’s ruling, so the action now shifts to the DC Court of Appeals.

Gambling in the USA

GAN Reports September 2019 Internet Gambling Growth For Pennsylvania

Published

8 hours ago

October 21, 2019

George Miller

GAN Reports September 2019 Internet Gambling Growth For Pennsylvania

Reading Time: 2 minutes

GAN plc, an award-winning developer and supplier of enterprise-level B2B Internet gambling software, services and online gaming content in the United States, today updated the market following the publication on October 17, 2019, by the Pennsylvania Gaming Control Board (“PGCB”) of Internet gaming and Internet sports betting financial information for the calendar month of September 2019 in Pennsylvania.

Highlights from the PGCB include:

Internet Gaming Win was $6.0 million in September, compared to $4.0 million in the prior sequential month, reflecting an increase of 48.2%.
Total Internet Sports Wagering Handle⁽¹⁾ was approximately $153.6 million for the month of September, compared to:

– $83.2 million for the month of August;

– $39.0 million for the month of July; and

– $19.3 million for the month of June.

Internet Sports Wagering Gross Revenues⁽²⁾ (after payouts) for the month of September were $13.4 million, compared to:

– $6.3 million for the month of August;

– $2.9 million for the month of July; and

– $1.4 million for the month of June.

Gross amount of money accepted in wagers
Internet Sports Wagering Gross Revenues may vary from month to month due to the payouts for future events occurring months after the original wager was made and unredeemed winning wagers from prior months will become deductible upon redemption in future months

This information will be updated and published each month, following publication by the PGCB, in order to enable the investor community to readily monitor growth of Internet gambling in Pennsylvania, which remains a key market for GAN.

About GAN Plc:

GAN is a leading business-to-business (“B2B”) supplier of internet gambling software-as-a-service solutions (“SaaS”) to the US land-based casino industry. The Company has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses principally to land-based US casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming. The Company has also launched digital user acquisition & retention marketing in support of the Internet Casino (https://casino.winstar.com) provided by GAN’s Digital Marketing Agency in Tel Aviv, Israel.

GAN is listed on the London Stock Exchange (LSE: GAN).

For more information please visit www.GAN.com.