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Boyd Gaming Reports Second-Quarter 2018 Results

George Miller

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Boyd Gaming Reports Second-Quarter 2018 Results
Reading Time: 12 minutes

Second-Quarter 2018 Highlights
— Revenues, Adjusted EBITDA, Operating Margins Increase Across All Segments
— Las Vegas Locals Posts Double-Digit Adjusted EBITDA Growth
— Midwest & South Achieves Strongest Operating Margins in 16 Years

LAS VEGAS, July 26, 2018  — Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the second quarter ended June 30, 2018.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “We continued to achieve strong results in the second quarter, making significant progress executing against our strategic plan.  We delivered revenue and Adjusted EBITDA growth across every segment of our business, as Companywide operating margins reached record levels.  We continued to make steady progress toward completing the acquisition of five new properties in the Midwest and Northeast. We further diversified our business by purchasing a distributed gaming operation in Illinois, and are actively preparing to participate in expanded sports betting across the United States.  And we used our growing free cash flow to further deleverage the balance sheet, increase our cash dividend, and continue our share repurchase program.  In all, this was another quarter of significant progress, and I remain confident about the direction of our Company.”

Boyd Gaming reported second-quarter revenues of $616.8 million, up 2.1% from $604.1 million in the second quarter of 2017.  Income from continuing operations, net of tax, for the second quarter was $38.6 million, or $0.34 per share, compared to $27.7 million, or $0.24 per share, for the prior-year second quarter. The Company reported net income, including discontinued operations, of $38.9 million, or $0.34 per share, for the second quarter of 2018, compared to $48.7 million, or $0.42 per share, for the year-ago period. Discontinued operations, net of tax, reflects income of $0.3 million in the second quarter of 2018 and $21.0 million in the prior-year second quarter for payments received related to a previously-sold interest in Borgata Hotel Casino & Spa.

Total Adjusted EBITDA(1) was $163.4 million, up 8.0% from $151.4 million in the second quarter of 2017. Adjusted Earnings(1) for the second quarter 2018 were $44.0 million, or $0.38 per share, compared to Adjusted Earnings of $30.4 million, or $0.26 per share, for the same period in 2017.

Operations Review

Las Vegas Locals
In the Las Vegas Locals segment, second-quarter 2018 revenues were $220.0 million, increasing from $216.7 million in the year-ago quarter.  Second-quarter 2018 Adjusted EBITDA was $70.2 million, up 11.0% from $63.3 million in the second quarter of 2017. Operating margins rose more than 270 basis points year-over-year, reaching their highest second-quarter levels since 2005.

Adjusted EBITDA grew for the 13th straight quarter in the Las Vegas Locals segment, as revenues, Adjusted EBITDA and operating margins increased at every major property in the segment.  Results benefited from continued marketing refinements, operating efficiencies throughout the business, and a strong regional economy.

Downtown Las Vegas
In the Downtown Las Vegas segment, revenues were $61.2 million in the second quarter of 2018, compared to $59.6 million in the year-ago period.  Adjusted EBITDA rose 8.0% to $13.5 million, compared to $12.5 million in the second quarter of 2017.

All three downtown properties posted revenue and double-digit Adjusted EBITDA growth during the quarter, with strong gains from the recently renovated hotel room product at the California Hotel and Casino. Continued growth in visitation throughout the downtown area contributed to record revenues and Adjusted EBITDA at the Fremont Hotel and Casino.  Strength in property operating results was partially offset by significantly higher fuel costs at the Company’s Hawaiian charter service.

Midwest and South
In the Midwest and South segment, revenues were $335.6 million, up from $327.8 million in the second quarter of 2017.  Adjusted EBITDA was $98.5 million, increasing 5.1% from $93.7 million in the year-ago period. Results for the segment include contributions from Lattner Entertainment, a distributed gaming operation in Illinois, acquired by the Company on June 1, 2018.

Revenue and Adjusted EBITDA growth was broad-based in the segment, as operating margins reached their highest levels in 16 years. Positive results were driven by refinements to marketing programs, ongoing operational efficiencies, and healthy economic conditions across the Company’s regional markets.

Balance Sheet Statistics
As of June 30, 2018, Boyd Gaming had cash on hand of $632.8 million, and total debt of $3.56 billion.  Cash and debt balances reflect the Company’s issuance of $700 million in 6.000% Senior Notes due 2026, completed in June 2018.

Full-Year 2018 Guidance
For the full year 2018, Boyd Gaming is increasing its guidance for total Adjusted EBITDA to $618 million to $633 million.  This revised guidance includes expected contributions from the Company’s recently-acquired distributed gaming operation in Illinois, as well as revised estimates for Blue Chip Casino Hotel and Spa. It does not include any contributions from the Company’s pending acquisitions of the four Pinnacle Entertainment properties or Valley Forge Casino Resort.

Conference Call Information
Boyd Gaming will host a conference call to discuss second-quarter 2018 results today, July 26, at 5:00 p.m. Eastern.  The conference call number is (888) 317-6003, passcode 1451257.  Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call.

The conference call will also be available live on the Internet at www.boydgaming.com, or https://www.webcaster4.com/Webcast/Page/964/26696

Following the call’s completion, a replay will be available by dialing (877) 344-7529 today, July 26, beginning at 7:00 p.m. Eastern and continuing through Thursday, August 2, at 11:59 p.m. Eastern.  The conference number for the replay will be 10122590.  The replay will also be available on the Internet at www.boydgaming.com.

BOYD GAMING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

(In thousands, except per share data)

2018

2017 (a)

2018

2017 (a)

Revenues

Gaming

$

447,788

$

437,125

$

888,251

$

881,070

Food and beverage

87,601

87,644

173,000

174,249

Room

49,434

47,834

97,346

94,684

Other

31,970

31,521

64,314

64,186

Total revenues

616,793

604,124

1,222,911

1,214,189

Operating costs and expenses

Gaming

193,991

189,620

383,026

381,553

Food and beverage

81,619

84,427

164,309

168,775

Room

21,654

21,442

42,587

42,749

Other

21,645

21,119

42,450

42,534

Selling, general and administrative

88,041

93,037

175,624

184,650

Maintenance and utilities

28,673

25,864

56,599

52,263

Depreciation and amortization

53,923

52,563

105,199

106,527

Corporate expense

24,063

23,251

49,920

44,049

Project development, preopening and writedowns

5,801

2,784

9,241

5,756

Impairments of assets

993

993

Other operating items, net

132

463

1,931

949

Total operating costs and expenses

520,535

514,570

1,031,879

1,029,805

Operating income

96,258

89,554

191,032

184,384

Other expense (income)

Interest income

(522)

(455)

(979)

(915)

Interest expense, net of amounts capitalized

44,959

42,728

89,218

86,402

Loss on early extinguishments and modifications of debt

378

61

534

Other, net

(24)

559

(404)

670

Total other expense, net

44,413

43,210

87,896

86,691

Income from continuing operations before income taxes

51,845

46,344

103,136

97,693

Income tax provision

(13,247)

(18,652)

(23,139)

(34,925)

Income from continuing operations, net of tax

38,598

27,692

79,997

62,768

Income from discontinued operations, net of tax

347

21,017

347

21,392

Net income

$

38,945

$

48,709

$

80,344

$

84,160

Basic net income per common share

Continuing operations

$

0.34

$

0.24

$

0.70

$

0.54

Discontinued operations

0.18

0.19

Basic net income per common share

$

0.34

$

0.42

$

0.70

$

0.73

Weighted average basic shares outstanding

114,543

115,225

114,459

115,247

Diluted net income per common share

Continuing operations

$

0.34

$

0.24

$

0.70

$

0.54

Discontinued operations

0.18

0.19

Diluted net income per common share

$

0.34

$

0.42

$

0.70

$

0.73

Weighted average diluted shares outstanding

115,218

115,923

115,186

115,911

(a)

Prior-period information has been restated for the adoption of Accounting Standards Codification Topic 606 (ASC 606), Revenue from Contracts with Customers, which the Company adopted effective January 1, 2018, utilizing the full retrospective transition method.

 

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA to Net Income

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

(In thousands)

2018

2017 (a)

2018

2017 (a)

Total Revenues by Reportable Segment

Las Vegas Locals

$

219,974

$

216,673

$

442,149

$

438,914

Downtown Las Vegas

61,202

59,632

121,670

120,579

Midwest and South

335,617

327,819

659,092

654,696

 Total revenues

$

616,793

$

604,124

$

1,222,911

$

1,214,189

Adjusted EBITDA by Reportable Segment

Las Vegas Locals

$

70,248

$

63,300

$

141,278

$

129,214

Downtown Las Vegas

13,543

12,545

26,761

26,246

Midwest and South

98,510

93,730

192,756

188,043

 Property Adjusted EBITDA

182,301

169,575

360,795

343,503

Corporate expense (b)

(18,878)

(18,207)

(36,900)

(36,370)

 Adjusted EBITDA

163,423

151,368

323,895

307,133

Other operating costs and expenses

Deferred rent

294

257

550

687

Depreciation and amortization

53,923

52,563

105,199

106,527

Share-based compensation expense

6,022

5,747

14,949

8,830

Project development, preopening and writedowns

5,801

2,784

9,241

5,756

Impairments of assets

993

993

Other operating items, net

132

463

1,931

949

Total other operating costs and expenses

67,165

61,814

132,863

122,749

Operating income

96,258

89,554

191,032

184,384

Other expense (income)

Interest income

(522)

(455)

(979)

(915)

Interest expense, net of amounts capitalized

44,959

42,728

89,218

86,402

Loss on early extinguishments and modifications of debt

378

61

534

Other, net

(24)

559

(404)

670

Total other expense, net

44,413

43,210

87,896

86,691

Income from continuing operations before income taxes

51,845

46,344

103,136

97,693

Income tax provision

(13,247)

(18,652)

(23,139)

(34,925)

Income from continuing operations, net of tax

38,598

27,692

79,997

62,768

Income from discontinued operations, net of tax

347

21,017

347

21,392

Net income

$

38,945

$

48,709

$

80,344

$

84,160

(a)

Prior-period information has been restated for the adoption of Accounting Standards Codification Topic 606 (ASC 606), Revenue from Contracts with Customers, which the Company adopted effective January 1, 2018, utilizing the full retrospective transition method.

(b)

Reconciliation of corporate expense:

 

Three Months Ended

Six Months Ended

June 30,

June 30,

(In thousands)

2018

2017

2018

2017

Corporate expense as reported on Condensed Consolidated Statements of Operations

$

24,063

$

23,251

$

49,920

$

44,049

Corporate share-based compensation expense

(5,185)

(5,044)

(13,020)

(7,679)

Corporate expense as reported on the above table

$

18,878

$

18,207

$

36,900

$

36,370

 

 

BOYD GAMING CORPORATION

SUPPLEMENTAL INFORMATION

Reconciliations of Net Income to Adjusted Earnings

and Net Income Per Share to Adjusted Earnings Per Share

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

(In thousands, except per share data)

2018

2017 (a)

2018

2017 (a)

Net income

$

38,945

$

48,709

$

80,344

$

84,160

Less: income from discontinued operations, net of tax

(347)

(21,017)

(347)

(21,392)

Income from continuing operations, net of tax

38,598

27,692

79,997

62,768

Pretax adjustments:

 Project development, preopening and writedowns

5,801

2,784

9,241

5,756

 Impairments of assets

993

993

 Other operating items, net

132

463

1,931

949

 Loss on early extinguishments and modifications of debt

378

61

534

 Other, net

(24)

559

(404)

670

Total adjustments

6,902

4,184

11,822

7,909

Income tax effect for above adjustments

(1,467)

(1,491)

(2,574)

(2,880)

Adjusted earnings

$

44,033

$

30,385

$

89,245

$

67,797

Net income per share, diluted

$

0.34

$

0.42

$

0.70

$

0.73

Less: income from discontinued operations per share

(0.18)

(0.19)

Income from continuing operations per share

0.34

0.24

0.70

0.54

Pretax adjustments:

 Project development, preopening and writedowns

0.05

0.03

0.08

0.05

 Impairments of assets

 Other operating items, net

0.01

0.01

 Loss on early extinguishments and modifications of debt

 Other, net

Total adjustments

0.05

0.03

0.09

0.06

Income tax effect for above adjustments

(0.01)

(0.01)

(0.02)

(0.02)

Adjusted earnings per share, diluted

$

0.38

$

0.26

$

0.77

$

0.58

Weighted average diluted shares outstanding

115,218

115,923

115,186

115,911

(a)

Prior-period information has been restated for the adoption of Accounting Standards Codification Topic 606 (ASC 606), Revenue from Contracts with Customers, which the Company adopted effective January 1, 2018, utilizing the full retrospective transition method.

Non-GAAP Financial Measures
Regulation G, “Conditions for Use of Non-GAAP Financial Measures,” prescribes the conditions for use of non-GAAP financial information in public disclosures. We believe that our presentations of the following non-GAAP financial measures are important supplemental measures of operating performance to investors: earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA, Adjusted Earnings and Adjusted Earnings Per Share (Adjusted EPS). The following discussion defines these terms and why we believe they are useful measures of our performance.  We do not provide a reconciliation of forward-looking non-GAAP financial measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.

EBITDA and Adjusted EBITDA
EBITDA is a commonly used measure of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States (“GAAP”), provides our investors a more complete understanding of our operating results before the impact of investing and financing transactions and income taxes and facilitates comparisons between us and our competitors. Management has historically adjusted EBITDA when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results. We refer to this measure as Adjusted EBITDA. We have chosen to provide this information to investors to enable them to perform comparisons of past, present and future operating results and as a means to evaluate the results of core on-going operations. We have historically reported this measure to our investors and believe that the continued inclusion of Adjusted EBITDA provides consistency in our financial reporting. We use Adjusted EBITDA in this press release because we believe it is useful to investors in allowing greater transparency related to a significant measure used by our management in their financial and operational decision-making. Adjusted EBITDA is among the more significant factors in management’s internal evaluation of total company and individual property performance and in the evaluation of incentive compensation related to property management. Management also uses Adjusted EBITDA as a measure in the evaluation of potential acquisitions and dispositions. Adjusted EBITDA is also used by management in the annual budget process. Externally, we believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company. Adjusted EBITDA reflects EBITDA adjusted for deferred rent, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, loss on early extinguishments and modifications of debt and other operating items, net.

Adjusted Earnings and Adjusted EPS
Adjusted Earnings is net income before project development, preopening and writedown expenses, impairments of assets, other items, net, gain or loss on early extinguishments and modifications of debt, other non-recurring adjustments, net, and income from discontinued operations, net of tax. Adjusted Earnings and Adjusted EPS are presented solely as supplemental disclosures because management believes that they are widely used measures of performance in the gaming industry.

Limitations on the Use of Non-GAAP Measures
The use of EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures has certain limitations. Our presentation of EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS or certain other non-GAAP financial measures may be different from the presentation used by other companies and therefore comparability may be limited. Depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred and are not reflected in the presentation of EBITDA or Adjusted EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, EBITDA and Adjusted EBITDA do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.

EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP. EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.

Forward-looking Statements and Company Information
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as “may,” “will,” “might,” “expect,” “believe,” “anticipate,” “could,” “would,” “estimate,” “continue,” “pursue,” or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company’s expectations, goals or intentions regarding future performance. In addition, forward-looking statements in this press release include statements regarding: the Company’s continued progress towards completing its pending acquisitions, progress towards executing on its strategic plan, continued progress of repurchasing shares under the Company’s repurchase plan, and the overall direction of the Company and all of the statements under the heading “Full-Year 2018 Guidance.” Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks and uncertainties include, but are not limited to: fluctuations in the Company’s operating results; recovery of its properties in various markets; the political climate and its effects on consumer spending and its impact on the travel industry; the state of the economy and its effect on consumer spending and the Company’s results of operations; the timing for economic recovery, its effect on the Company’s business and the local economies where the Company’s properties are located; the receipt of legislative, and other state, federal and local approvals for the Company’s development projects; whether online gaming will become legalized in various states, the Company’s ability to operate online gaming profitably, or otherwise; the consummation of the Company’s pending acquisitions on the terms and timing as currently anticipated, or at all; consumer reaction to fluctuations in the stock market and economic factors; the fact that the Company’s expansion, development and renovation projects (including enhancements to improve property performance) are subject to many risks inherent in expansion, development or construction of a new or existing project; the effects of events adversely impacting the economy or the regions from which the Company draws a significant percentage of its customers; competition; litigation; financial community and rating agency perceptions of the Company and its subsidiaries; changes in laws and regulations, including increased taxes; the availability and price of energy, weather, regulation, economic, credit and capital market conditions; and the effects of war, terrorist or similar activity. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company’s other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 24 gaming entertainment properties in seven states.  The Company currently operates nearly 1.4 million square feet of casino space, more than 31,000 gaming machines, 630 table games, 9,400 hotel rooms and more than 280 food and beverage outlets.  With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering its guests an outstanding entertainment experience, delivered with unwavering attention to customer service.

 

Source: Boyd Gaming Corporation

 

 

Gambling in the USA

Top C-level Executives, State Representatives are joining the speakers’ lineup at Sports Betting & Casino Summit North America

Zoltan Tundik

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Reading Time: 2 minutes

CEOs, decision-makers, and Government officials among the speakers at the virtual edition of Sports Betting & Casino Summit North America.

With less than a month to go until the Sports Betting & Casino Summit North America (Virtual Conference) will open its virtual doors, we are honored to announce some big names of the North American gambling industry that will be joining the speakers’ lineup.

The top industry companies have all confirmed their interest in the inaugural event which will break all records for the organizing company.

Register now to secure your seat(s)! REGISTER HERE!

Among the already confirmed 40 speakers, you can find:

  • Brandt Iden (State Representative at the State of Michigan)
  • Nick Papadoglou (Chief Commercial Officer at Intralot Inc/US – Head of Sports Betting in the US)
  • Joe Asher (CEO at William Hill US)
  • Seth Schorr (CEO of Fifth Street Gaming and Chairman of Downtown Grand Hotel & Casino)
  • Jay Kornegay (Vice President Race & Sports Operations – Westgate LV Resort & Casino)
  • Grant Johnson (CEO at Esports Entertainment Group)
  • Dmitry Starostenkov (CEO at Evenbet Gaming – the leading poker platform provider)
  • Daniel J. Kustelski (CEO & Co-founder at Chalkline Sports)
  • Benjie Levy (President/COO at Score Media and Gaming Inc
  • Lloyd Danzig (Founder & CEO at Sharp Alpha Advisors)

You can view the full list of speakers on the official site.

We are happy to also reveal the program of the conference which will start on 23 June at 12:00 PM EDT (New York Time) / 9:00 AM (Pacific Time) / 6:00 PM (CET), and looks the following way:

Day 1 (23 June)

  • THE STRATEGY OF RESTARTING THE ONLINE SPORTS BETTING INDUSTRY
  • NAVIGATING THE SIGNIFICANT CHALLENGES & OPPORTUNITIES IN US SPORTS BETTING & ONLINE GAMING IN AN EVER CHANGING WORLD POST COVID-19
  • THE FUTURE OF LEGALIZED SPORTS BETTING IN CALIFORNIA, FLORIDA, AND TEXAS
  • OUTLOOK FOR US GAMING – WHEN CAN WE EXPECT THE US GAMING MARKET TO NORMALISE
  • LAS VEGAS – RE-LAUNCH OF THE STRIP
  • ESPORTS BETTING VS CLASSIC SPORTS BETTING IN NORTH AMERICA
  • VIRTUAL GAMING, IS IT GAINING TRACTION IN AMERICA AND CANADA AUDIENCE?

Day 2 (24 June)

  • IS THERE REALLY AN ONLINE POKER RENESSAINCE?
  • INNOVATION DURING AND POST COVID-19 – HOW IS THE INDUSTRY ADAPTING?
  • COMPLIANCE AND CERTIFICATION DURING COVID-19
  • TRIBAL GAMING INDUSTRY – A NEW ERA?
  • THE FUTURE OF ONLINE GAMING IN CANADA
  • RESPONSIBLE GAMING: LESSONS LEARNED FROM EUROPE AND VICE VERSA
  • THE CURRENT & FUTURE STATE OF THE SPORTS BETTING INVESTMENT LANDSCAPE

The full schedule is available on this link!

Register now to secure your seat(s)! REGISTER HERE!

The virtual conference is designed to bring together regulators, operators, suppliers, marketing managers, C-Level Executives, policymakers, and more for two days of quality online learning and networking.

More speakers and moderators are being added daily so make sure to visit, the event’s official website frequently for updates: summits.gamingamericas.com

For further sponsorship/speaking and marketing inquiries, make sure to reach out to Andrada Bota (B2B Sales Executive at Hipther Agency).

For media-related inquiries, please contact Alexandru Marginean (Marketing Specialist at Hipther Agency).

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Gambling in the USA

Gaming Americas Weekly Roundup – May 25-31

Niji Narayan

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Reading Time: 3 minutes

Welcome to our weekly roundup of American gambling news.

Last week, several gambling companies have re-entered into their businesses despite the ongoing pandemic. Here, we are going through the weekly highlights of the American gambling industry which includes casino reopening, new partnerships, product launches, award winnings, latest approvals, and recent announcements. Read on and get updated.

Casino Reopening

Most of the casinos have resumed their operations this week. Some are on the preparations to restart their business.

Rodney Butler, Chairman of the Mashantucket Pequot Tribal Nation, said that the plans to partially reopen Foxwoods Resort Casino on June 1 are still moving ahead despite opposition from Connecticut Gov. Ned Lamont.

Rodney Butler told in an interview that Lamont is welcome to tour Foxwoods and see firsthand the safety precautions being taken to prevent the spread of the coronavirus, ranging from fewer open slot machines to air filtration systems.

New Deals

AGS announced a new partnership with the Kindred Group to provide its online, real-money games for the Kindred Group’s Unibet brand in New Jersey.

The Vancouver Titans esports team entered into a new partnership agreement with Pizza Hut Canada and designated Pizza Hut as the Official Pizza of the team and their fans.

Microgaming signed an exclusive distribution agreement with game design and development studio, Neko Games. The studio’s Super Showball video bingo game is live on Microgaming’s content aggregation platform from 26 May 2020.

Churchill Downs Incorporated (CDI) and Aristocrat Leisure entered into an agreement in principle to settle the Kater v. Churchill Downs, and Thimmegowda v. Big Fish Games lawsuits.

New Launchings

The igaming publishing company Oddschecker Global Media announced the launch of RacingPicks, a standalone horse racing site. The site’s purpose is to provide day-to-day expert content to the American racing community.

TransAct Technologies Incorporated launched its new Epicentral Clean2Play Sanitization Tracking System for casinos. This new casino product provides real-time printed proof that a slot machine has been cleaned, sanitized, and is ready for play.

The D.C. Lottery is set to launch its sports betting platform in the coming days. The online sportsbook GambetDC will take its first wagers in June, even though a large number of global sports events remain canceled due to COVID-19.

Awards

Michigan State Rep. Brandt Iden received an honorary American Gambling Award for his extraordinary efforts in legalizing sports betting, online poker, and online casino gaming throughout the state in 2019.

Latest Approvals

Illinois lawmakers have approved an approximately $40 billion state budget that largely maintains spending, along with a plan to push forward a Chicago casino.

The budget, which largely relies on federal funding, mostly maintains funding from the current budget, which the exception of health care agencies affected by the COVID-19 outbreak.

Legislators also approved a plan pushed by Chicago Mayor Lori Lightfoot to change the tax structure for a casino in the city. The Chicago casino was included in last year’s gambling expansion authorizing six new casinos, part of a critical funding source for the state’s $45 billion capital plan.

Financial Help

Ontario Lottery and Gaming (OLG) is going to receive a $500m loan from the Provincial Government.

With Ontario’s state of emergency shuttering casinos, slot machines, and racetracks for the past two months, the gaming monopoly was in dire need of a cash injection.

Announcements

Brazilian Deputy Bacelar has affirmed that the legalization of all gambling verticals could play a key role in economic stability in the country.

He stated that following the current health pandemic, he is in favor of legalizing all gambling verticals, including jogo do bicho, on the grounds that gambling could save Brazil from its current financial crisis and rejuvenate the economy.

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Gambling in the USA

GAN Signs Platform Deal with Cordish Companies

Niji Narayan

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GAN Signs Platform Deal with Cordish Companies
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Cordish Gaming Group, the global gaming division of the Cordish Companies, has selected GAN Limited as the enterprise software Platform provider to power its new “PlayLive!” branded Internet gambling business in the State of Pennsylvania, complementing the development of two new Live!-branded gaming facilities in Philadelphia and Pittsburgh.

The new Live! Casino & Hotel, located in the Stadium Entertainment District in the City of Philadelphia, will be a world-class hotel, gaming & entertainment destination featuring 2200 slot machines and 150+ live action table games.

The second new Live! Casino, located in Westmoreland County, near Pittsburgh, will feature more than 100,000 square-feet of gaming, dining and entertainment space, including 750 slots and approximately 30 live action table games. Both locations are expected to open in 2020.

Live! Casino will be GAN’s third client of real money Internet gambling enterprise software in the State of Pennsylvania, expanding GAN’s real money Internet gambling operations in the U.S. These operations now include the following states—New Jersey, Pennsylvania, Indiana, as well as Michigan and Ohio, both of which are expected to commence operations in the first half of 2021.

“We’re delighted to expand upon our long-standing relationship with one of America’s premier commercial real estate families. Bringing Pennsylvania’s newest casino online later this year will be a genuine privilege, and we look forward to supporting their on-property gaming business by leveraging our U.S. patented iBridge Framework, bridging the Internet gambling experience with that of retail gaming. Online will remain the growth driver of this Industry for decades to come, not just in Pennsylvania but across the nation,” Dermot Smurfit, CEO of GAN Limited, said.

“With our established relationship, GAN was the logical provider of our enterprise platform for launching real money Internet gambling and offers Cordish the ability to extend on-property rewards into the online channel, which has been shown to increase loyalty amongst players of Simulated Gaming,” Robert J. Norton, President of Cordish Gaming Group, said.

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