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Mohegan Gaming & Entertainment Announces Third Quarter Fiscal 2018 Operating Results

Zoltan Tundik

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The Mohegan Tribe owns and operates the Mohegan Sun Casino in Uncasville, Connecticut. Photo from Facebook
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UNCASVILLE, Conn.Aug. 8, 2018 – Mohegan Gaming & Entertainment (“MGE”), a developer and operator of premier global gaming and entertainment properties, including Mohegan Sun in Uncasville, Connecticut, announced today operating results for its third fiscal quarter ended June 30, 2018.

“Overall fiscal third quarter results were generally in line with prior year performance, driven by effective operational cost containment initiatives leading to an impressive margin performance at Mohegan Sun in Connecticut.  These initiatives, along with revenue enhancement measures, reflect the initial phases of a prolonged strategy to combat anticipated incremental competition in the New England gaming market.  The quarter also marked considerable progress in our non-gaming development strategy.  On May 31, we opened our $80 million, 155,200 square-foot Mohegan Sun Exposition and Convention Center by hosting a world-renowned auto auction with great success.  Combined with our preexisting facilities, Mohegan Sun now offers over 275,000 square-feet of meeting, incentive, convention, and exhibition (MICE) facilities, the largest in the region.  We believe the Expo Center, along with several other planned enhancements, will continue to position Mohegan Sun as the premier gaming and entertainment destination in the Northeast for years to come,” said Mario Kontomerkos, Chief Executive Officer of MGE.  “Finally, we continue to make progress on several development efforts in North AmericaSouth Korea, and broader Asia, in order to diversify and strengthen our revenue sources and credit profile, and to ensure the continued long-term success of MGE.”

Selected consolidated operating results for the third quarter ended June 30, 2018 and prior year period (unaudited):

  • Net revenues of $344.9 million vs. $350.2 million in the prior year period, a 1.5% decrease;
  • Gaming revenues of $295.4 million vs. $294.0 million in the prior year period, a 0.5% increase;
  • Gross slot revenues of $203.6 million vs. $205.5 million in the prior year period, a 0.9% decrease;
  • Table game revenues of $91.6 million vs. $88.2 million in the prior year period, a 3.8% increase;
  • Non-gaming revenues of $74.1 million vs. $82.6 million in the prior year period, a 10.2% decrease;
  • Total operating expenses of $281.0 million vs. $280.2 million in the prior year period, a 0.3% increase; and
  • Adjusted EBITDA, a non-GAAP measure described below, of $88.2 million vs. $89.3 million in the prior year period, a 1.2% decrease.

Consolidated net revenues declined modestly during the quarter, primarily driven by a reduction in non-gaming revenues and continued increases in promotional activity in the Mohegan Sun Pocono gaming market.  In particular, consolidated retail, entertainment, and other revenues declined by $6.6 million, or 15.6%, the product of a weaker entertainment calendar at Mohegan Sun, including fewer headliner shows during the period.  Consolidated gaming revenues were generally in-line with prior year results as a return to higher table hold rates at Mohegan Sun partially offset lower gaming revenues at Mohegan Sun Pocono.  Total operating expenses were similar to prior year results, as cost reduction programs were partially offset by increased costs associated with development and revenue diversification initiatives.  Overall, collective revenue declines and increases in slot taxes assessed by the Commonwealth of Pennsylvania were the primary drivers of year-over-year declines in Adjusted EBITDA.

Mohegan Sun

Operating results (in thousands, unaudited):  

For the Three Months Ended  

June 30,

June 30,

Percentage

2018

2017

Variance

 Variance

Net revenues

$               270,434

$           271,578

$          (1,144)

(0.4%)

Income from operations

$                 61,778

$             62,630

$             (852)

(1.4%)

Adjusted EBITDA

$                 81,782

$             78,809

$            2,973

3.8%

Slots:

  Handle

$            1,854,613

$        1,868,130

$        (13,517)

(0.7%)

  Gross revenues 

$               152,478

$           152,813

$             (335)

(0.2%)

  Net revenues 

$               146,185

$           146,135

$                 50

0.0%

  Free promotional slot plays

$                 14,730

$             15,710

$             (980)

(6.2%)

  Weighted average number of machines (in units)

4,739

4,946

(207)

(4.2%)

  Hold percentage (gross)

8.2%

8.2%

0.0%

0.0%

  Win per unit per day (gross) (in dollars)

$                      354

$                  340

$                 14

4.1%

Table games:

  Drop

$               471,939

$           485,434

$        (13,495)

(2.8%)

  Revenues

$                 83,078

$             78,967

$            4,111

5.2%

  Weighted average number of games (in units)

274

275

(1)

(0.4%)

  Hold percentage 

17.6%

16.3%

1.3%

8.0%

  Win per unit per day (in dollars)

$                   3,331

$               3,155

$               176

5.6%

Hotel:

  Revenues

$                 14,396

$             15,601

$          (1,205)

(7.7%)

  Rooms occupied

137

137

0.0%

  Occupancy rate

96.0%

96.5%

(0.5%)

(0.5%)

  Average daily room rate (in dollars)

$                      102

$                  111

$                 (9)

(8.1%)

  Revenue per available room (in dollars)

$                        98

$                  107

$                 (9)

(8.4%)

 

Net revenues declined modestly during the quarter, primarily driven by a reduction in non-gaming revenues.  These results primarily reflected lower entertainment revenues driven, in part, by a weaker overall entertainment calendar featuring fewer headliner shows.  Non-gaming revenue declines were partially offset by increased table game revenues, which benefited from higher year-over-year hold percentages despite some softness in gaming volumes. Gaming volumes were impacted by a handful of items including a softer entertainment calendar and pockets of softness in table volumes, not overly attributable to any specific competitive pressure or event.  Overall, Mohegan Sun experienced an increase in Adjusted EBITDA primarily due to higher gaming revenues, and lower direct entertainment costs commensurate with the reductions in entertainment revenues.  Adjusted EBITDA margin increased considerably to 30.2% for the quarter ended June 30, 2018, from 29.0% in the third quarter of fiscal 2017.

 

Mohegan Sun Pocono

Operating results (in thousands, unaudited):

For the Three Months Ended  

June 30,

June 30,

Percentage

2018

2017

Variance

 Variance

Net revenues

$                 68,290

$             71,031

$          (2,741)

(3.9%)

Income from operations

$                 10,216

$             12,276

$          (2,060)

(16.8%)

Adjusted EBITDA

$                 13,983

$             15,411

$          (1,428)

(9.3%)

Slots:

  Handle

$               620,810

$           667,264

$        (46,454)

(7.0%)

  Gross revenues

$                 51,154

$             52,669

$          (1,515)

(2.9%)

  Net revenues

$                 51,154

$             52,762

$          (1,608)

(3.0%)

  Free promotional slot plays 

$                 11,452

$             13,140

$          (1,688)

(12.8%)

  Weighted average number of machines (in units)

2,324

2,326

(2)

(0.1%)

  Hold percentage (gross)

8.2%

7.9%

0.3%

3.8%

  Win per unit per day (gross) (in dollars)

$                      242

$                  249

$                 (7)

(2.8%)

Table games:

  Drop

$                 46,488

$             53,026

$          (6,538)

(12.3%)

  Revenues

$                   8,496

$               9,274

$             (778)

(8.4%)

  Weighted average number of games (in units)

73

73

  Hold percentage 

18.3%

17.5%

0.8%

4.6%

  Win per unit per day (in dollars)

$                   1,275

$               1,396

$             (121)

(8.7%)

Hotel:

  Revenues

$                   1,315

$               1,295

$                 20

1.5%

  Rooms occupied

18

20

(2)

(10.0%)

  Occupancy rate

83.0%

92.9%

(9.9%)

(10.7%)

  Average daily room rate (in dollars)

$                        65

$                    62

$                   3

4.8%

  Revenue per available room (in dollars)

$                        55

$                    57

$                 (2)

(3.5%)

 

Net revenues declined by $2.7 million, or 3.9%.  Overall revenues were impacted by lower gaming revenues, which reflect our efforts to manage profitable guest trips and continued aggressive promotional activity from a regional competitor.  Overall, the decline in Adjusted EBITDA primarily resulted from lower revenues as explained above and from higher slot taxes driven, in part, by a 1% increase in slot taxes assessed by the Commonwealth of Pennsylvania which went into effect on January 1, 2018.  These results were partially offset by a reduction in gaming costs and expenses, including lower payroll costs and certain casino marketing and promotional expenses, as well as lower costs related to Momentum Dollar redemptions at Mohegan Sun Pocono-owned outlets.  Importantly, adjusting for the incremental 1% slot tax as discussed above and a one-time $1.3 million tax credit in the prior year period, overall MSP Adjusted EBITDA would have been approximately flat.  Adjusted EBITDA margin declined to 20.5% for the quarter ended June 30, 2018, from 21.7% in the third quarter of fiscal 2017.

Corporate

Operating results (in thousands, unaudited):

For the Three Months Ended  

June 30,

June 30,

Percentage

2018

2017

Variance

 Variance

Net revenues

$                   6,239

$                7,606

$          (1,367)

(18.0%)

Loss from operations

$                 (8,090)

$              (4,942)

$          (3,148)

63.7%

Adjusted EBITDA

$                 (7,525)

$              (4,902)

$          (2,623)

(53.5%)

 

Adjusted EBITDA for the quarter ended June 30, 2018, reflects increased development costs associated with our various diversification initiatives, largely driven by Project Inspire and overall development efforts in Asia and North America.  The decrease in net revenues was primarily driven by results at ilani Casino Resort, where lower development fee revenues were partially offset by higher management fees earned.

 

MGE Property Information

Net Revenues

Income (Loss) from Operations

Adjusted EBITDA

(in thousands)

      For the Three Months Ended

For the Three Months Ended

For the Three Months Ended

June 30,

June 30,

June 30,

June 30,

June 30,

June 30,

2018

2017

2018

2017

2018

2017

Mohegan Sun

$         270,434

$        271,578

$           61,778

$           62,630

$           81,782

$           78,809

Mohegan Sun Pocono

68,290

71,031

10,216

12,276

13,983

15,411

Corporate

6,239

7,606

(8,090)

(4,942)

(7,525)

(4,902)

Inter-segment revenues

(60)

(60)

Total

$         344,903

$        350,155

$           63,904

$           69,964

$           88,240

$           89,318

Net Revenues

Income (Loss) from Operations

Adjusted EBITDA

      For the Nine Months Ended

For the Nine Months Ended

For the Nine Months Ended

June 30,

June 30,

June 30,

June 30,

June 30,

June 30,

2018

2017

2018

2017

2018

2017

Mohegan Sun 

$         793,725

$        795,775

$         175,950

$         178,464

$         233,062

$         225,971

Mohegan Sun Pocono

200,224

207,752

26,763

29,877

37,230

39,027

Corporate

14,635

14,624

(27,737)

(29,533)

(26,213)

(21,331)

Inter-segment revenues

(180)

(180)

Total

$      1,008,404

$     1,017,971

$         174,976

$         178,808

$         244,079

$         243,667

Other Information

Liquidity
As of June 30, 2018, MGE held cash and cash equivalents of $201.1 million, compared to $89.0 millionas of September 30, 2017.  As of June 30, 2018$84.0 million was drawn on MGE’s $250.0 millionrevolving credit facility, while no amounts were drawn on MGE’s $25.0 million line of credit.  As of June 30, 2018, letters of credit issued under the revolving credit facility totaled $2.3 million, of which no amounts were drawn.  Inclusive of letters of credit, which reduce borrowing availability under the revolving credit facility, MGE had approximately $163.7 million of borrowing capacity under its revolving credit facility and line of credit as of June 30, 2018.

Interest Expense
Interest expense increased by $5.4 million, or 19.6%, to $33.1 million for the quarter ended June 30, 2018 compared to $27.7 million in the third quarter of fiscal 2017 as a result of an increase in our weighted average interest rate and weighted average outstanding debt.  Weighted average interest rate was 7.1% for the quarter ended June 30, 2018 compared to 6.4% in the third quarter of fiscal 2017, mainly due to a rise in market variable interest rates.  During the quarter, MGE incurred additional indebtedness to fund future investments in Project Inspire of $110 million, resulting in an increase to our outstanding debt.  As a result, weighted average outstanding debt was $1.88 billion for the quarter ended June 30, 2018, compared to $1.74 billion in the third quarter of fiscal 2017.

Capital Expenditures
The following table presents data related to capital expenditures (in millions):

Capital Expenditures

Nine Months Ended

Remaining Forecasted

Forecasted

June 30, 2018

Fiscal Year 2018 

Fiscal Year 2018 

(in millions)

Mohegan Sun:

    Maintenance

$                           22.4

$                           10.9

$                            33.3

    Development

8.3

0.2

8.5

    Expansion – Earth Expo & Convention Center

52.0

0.8

52.8

           Subtotal

82.7

11.9

94.6

Mohegan Sun Pocono:

    Maintenance

6.2

1.7

7.9

           Subtotal

6.2

1.7

7.9

Corporate:

    Maintenance

0.5

0.5

    Other – Project Inspire

15.7

16.0

31.7

           Subtotal

15.7

16.5

32.2

           Total

$                         104.6

$                           30.1

$                          134.7

 

Distributions to the Mohegan Tribe
Distributions by MGE to the Mohegan Tribe totaled $15.0 million for each of the quarters ended June 30, 2018 and 2017.  Distributions by MGE to the Mohegan Tribe are anticipated to total $60.0 millionfor fiscal 2018.

Conference Call

MGE will host a conference call and simultaneous webcast regarding its third quarter of fiscal 2018 operating results on Wednesday, August 8, 2018 at 11:00 a.m. (Eastern Daylight Time).

Those interested in participating in the call should dial as follows:

(877) 756-4274
(508) 637-5458 (International)

Conference ID: 8281109

Please call five minutes in advance to ensure that you are connected prior to the initiation of the call. Questions and answers will be reserved for call-in analysts and investors.

Parties who want to listen to the live conference call on the Internet may do so through a web link on MGE’s website at www.mohegangaming.com, under the “Financial Information/Financial Updates” section.  Interested parties also may listen to a taped replay of the entire conference call commencing two hours after the call’s completion on Wednesday, August 8, 2018.  This replay will run through August 21, 2018.

The access number for a taped replay of the conference call is as follows:

(855) 859-2056
(404) 537-3406 (International)

Conference ID: 8281109

A transcript will be available on MGE’s website for a period of 90 days following the conference call.

About MGE
MGE owns and operates Mohegan Sun, a gaming and entertainment complex located on an approximately 196-acre site on the Mohegan Tribe’s reservation.  Through its subsidiary, Downs Racing, L.P., MGE also owns and operates Mohegan Sun Pocono, a gaming and entertainment facility located on an approximately 400-acre site in Plains Township, Pennsylvania, and several off-track wagering facilities located elsewhere in Pennsylvania.

MGE has expanded its business to several new markets across the country and internationally, including the management of Resorts Casino Hotel in Atlantic City, New Jersey, the development and management of ilani Casino Resort in Clark County, Washington, and the development and management of Project Inspire, a first-of-its-kind, multi-billion dollar integrated resort and casino project to be built at Incheon International Airport in South Korea.

More information about MGE and its properties can be obtained by visiting www.mohegansun.com,www.mohegansunpocono.com or www.mohegangaming.com.

Special Note Regarding Forward-Looking Statements

Some information included in this press release may contain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements can sometimes be identified by the use of forward-looking words such as “may,” “will,” “anticipate,” “estimate,” “expect” or “intend” and similar expressions. Such forward-looking information may involve important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of MGE. Information concerning potential factors that could affect MGE’s financial results is included in its Annual Report on Form 10-K for the fiscal year ended September 30, 2017, as well as in MGE’s other reports and filings with the Securities and Exchange Commission. Any forward-looking statements included in this press release are made only as of the date of this release. MGE does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. MGE cannot assure that projected results or events will be achieved or will occur.

 

MOHEGAN GAMING & ENTERTAINMENT

CONSOLIDATED STATEMENTS OF INCOME

(in thousands)

(unaudited)

For the

For the

For the

For the

Three Months Ended

Three Months Ended

Nine Months Ended

Nine Months Ended

June 30, 2018

June 30, 2017

June 30, 2018

June 30, 2017

Revenues:

   Gaming

$                   295,417

$                   293,955

$                   871,158

$                       872,766

   Food and beverage

22,386

23,009

65,376

67,796

   Hotel

15,711

16,896

45,575

46,518

   Retail, entertainment and other 

36,038

42,675

98,775

106,648

   Gross revenues

369,552

376,535

1,080,884

1,093,728

   Less – Promotional allowances

(24,649)

(26,380)

(72,480)

(75,757)

Net revenues

344,903

350,155

1,008,404

1,017,971

Operating costs and expenses:

   Gaming

164,108

165,072

490,224

494,654

   Food and beverage 

10,552

10,654

30,921

31,224

   Hotel

6,945

7,686

20,597

20,860

   Retail, entertainment and other

12,530

15,457

33,736

42,426

   Advertising, general and administrative

49,093

49,760

149,065

150,349

   Corporate

13,008

12,455

39,251

43,903

   Depreciation and amortization

20,664

19,055

60,699

55,357

   Other, net

4,099

52

8,935

390

   Total operating costs and expenses

280,999

280,191

833,428

839,163

Income from operations

63,904

69,964

174,976

178,808

Other income (expense):

   Interest expense, net of capitalized interest

(33,106)

(27,690)

(92,248)

(86,319)

   Loss on modification and early extinguishment of debt

(1,094)

(74,890)

   Other income, net

4,017

2,496

9,196

5,232

   Total other expense

(29,089)

(26,288)

(83,052)

(155,977)

Net income

34,815

43,676

91,924

22,831

Loss attributable to non-controlling interests

193

104

901

797

Net income attributable to Mohegan Gaming & Entertainment

$                     35,008

$                     43,780

$                     92,825

$                         23,628

 

 

MOHEGAN GAMING & ENTERTAINMENT

ADJUSTED EBITDA RECONCILIATIONS

Reconciliations of Net Income to Adjusted EBITDA:

Reconciliations of net income, a financial measure determined in accordance with accounting principles generally
accepted in the United States of America, or US GAAP, to Adjusted EBITDA are shown below (in thousands):

For the Three Months Ended

For the Nine Months Ended

June 30,

June 30,

June 30,

June 30,

2018

2017

2018

2017

Net income 

$              34,815

$            43,676

$            91,924

$            22,831

Other income, net

(4,017)

(2,496)

(9,196)

(5,232)

Loss on modification and early extinguishment of debt

1,094

74,890

Interest expense, net of capitalized interest

33,106

27,690

92,248

86,319

Income from operations

63,904

69,964

174,976

178,808

Adjusted EBITDA attributable to non-controlling interests

(427)

247

(531)

1,543

Other, net

4,099

52

8,935

7,959

Depreciation and amortization

20,664

19,055

60,699

55,357

Adjusted EBITDA

$              88,240

$            89,318

$          244,079

$          243,667

 

 

Reconciliations of Income from Operations to Adjusted EBITDA:

Reconciliations of income from operations, a financial measure determined in accordance with US GAAP, to Adjusted EBITDA, are shown below (in thousands):

For the Three Months Ended June 30, 2018

Adjusted EBITDA 

Income (Loss)

Depreciation

Attributable to 

from

and 

Non-Controlling

Adjusted 

Operations

Amortization

Other, net

Interests

EBITDA

Mohegan Sun 

$                61,778

$            17,163

$              2,572

$                            269

$          81,782

Mohegan Sun Pocono 

10,216

3,463

304

13,983

Corporate

(8,090)

38

1,223

(696)

(7,525)

Total

$                63,904

$            20,664

$              4,099

$                          (427)

$          88,240

For the Three Months Ended June 30, 2017

Adjusted EBITDA 

Income (Loss)

Depreciation

Attributable to 

from

and 

Non-Controlling

Adjusted 

Operations

Amortization

Other, net

Interests

EBITDA

Mohegan Sun 

$                62,630

$            15,883

$                   56

$                            240

$          78,809

Mohegan Sun Pocono

12,276

3,139

(4)

15,411

Corporate

(4,942)

33

7

(4,902)

Total

$                69,964

$            19,055

$                   52

$                            247

$          89,318

For the Nine Months Ended June 30, 2018

Adjusted EBITDA 

Income (Loss)

Depreciation

Attributable to 

from

and 

Non-Controlling

Adjusted 

Operations

Amortization

Other, net

Interests

EBITDA

Mohegan Sun 

$              175,950

$            50,431

$              5,795

$                            886

$        233,062

Mohegan Sun Pocono

26,763

10,154

313

37,230

Corporate

(27,737)

114

2,827

(1,417)

(26,213)

Total

$              174,976

$            60,699

$              8,935

$                          (531)

$        244,079

For the Nine Months Ended June 30, 2017

Adjusted EBITDA 

Income (Loss)

Depreciation

Attributable to 

from

and 

Non-Controlling

Adjusted 

Operations

Amortization

Other, net

Interests

EBITDA

Mohegan Sun 

$              178,464

$            46,129

$                 394

$                            984

$        225,971

Mohegan Sun Pocono

29,877

9,154

(4)

39,027

Corporate

(29,533)

74

7,569

559

(21,331)

Total

$              178,808

$            55,357

$              7,959

$                         1,543

$        243,667

 

Adjusted EBITDA Explanation:
Net income before interest, income taxes, depreciation and amortization, or EBITDA, is a commonly used measure of performance in the casino and hospitality industry. EBITDA is not a measure of performance calculated in accordance with GAAP. MGE historically has evaluated its operating performance with the non-GAAP measure, Adjusted EBITDA, which as used in this press release, represents net income before interest, depreciation and amortization, share-based compensation, gain or loss on disposition of assets, workforce reduction severance, pre-opening costs and expenses, impairment charges, accretion of discounts, loss on modification and early extinguishment of debt, gain or loss from unconsolidated affiliates, other non-operating income and expense and Adjusted EBITDA attributable to non-controlling interests.

Adjusted EBITDA provides an additional way to evaluate MGE’s operations and, when viewed with both MGE’s GAAP results and the reconciliations provided, MGE believes that it provides a more complete understanding of its business than could be otherwise obtained absent this disclosure. Adjusted EBITDA is presented solely as a supplemental disclosure because: (1) MGE believes it enhances an overall understanding of MGE’s past and current financial performance; (2) MGE believes it is a useful tool for investors to assess the operating performance of the business in comparison to other operators within the casino and hospitality industry since Adjusted EBITDA excludes certain items that may not be indicative of MGE’s operating results; (3) measures that are comparable to Adjusted EBITDA are often used as an important basis for the valuation of casino and hospitality companies; and (4) MGE uses Adjusted EBITDA internally to evaluate the performance of its operating personnel and management and as a benchmark to evaluate its operating performance in comparison to its competitors.

The use of Adjusted EBITDA has certain limitations. Adjusted EBITDA should be considered in addition to, not as a substitute for or superior to, any GAAP financial measure including net income (as an indicator of MGE’s performance) or cash flows provided by operating activities (as an indicator of MGE’s liquidity), nor should it be considered as an indicator of MGE’s overall financial performance. MGE’s calculation of Adjusted EBITDA is likely to be different from the calculation of Adjusted EBITDA or other similarly titled measurements used by other casino and hospitality companies, and therefore, comparability may be limited. Adjusted EBITDA eliminates certain items from net income, such as interest and depreciation and amortization. Each of these items has been incurred in the past, will continue to be incurred in the future and should be considered in the overall evaluation of MGE’s results. MGE compensates for these limitations by providing relevant disclosures of items excluded in the calculation of Adjusted EBITDA, both in its reconciliations to the GAAP financial measure of net income and in its consolidated financial statements, all of which should be considered when evaluating its results. MGE strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure.

Contact:
Christopher Jones
VP Corporate Finance
Mohegan Gaming & Entertainment
(860) 862-8000

After starting out as an affiliate in 2009 and developing some recognized review portals, I have moved deeper into journalism and media. My experience has lead me to move into the B2B sector and write about compliance updates and report around the happenings of the online and land based gaming sector.

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Gambling in the USA

Inspired Announces Two New Board Members

Zoltan Tundik

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PRNewsFoto/Inspired Entertainment, Inc.
Reading Time: 4 minutes

Desiree Rogers and Steve Saferin Named to Board of Directors

NEW YORK, Aug. 21, 2018 – Inspired Entertainment, Inc. (“Inspired”) (NASDAQ: INSE) announces the appointment of Desiree Rogers and Steve Saferin to its Board of Directors, effective immediately.  These appointments fill two vacancies on the Board and bring the total number of Board members to seven.

“We welcome Desiree Rogers and Steve Saferin to the board as new independent directors and look forward to the value their leadership will bring,” said Lorne Weil, Executive Chairman of Inspired Entertainment.  “As we continue our focus on North American expansion, the depth of knowledge and relevant experience of both Desiree and Steve will provide valuable perspective.

“Desiree is an accomplished business leader, a former Illinois Lottery Director, and an experienced Board member in both the public and nonprofit sector.  We are confident that Inspired will benefit from her insights, business acumen and counsel.

“Steve is a renowned innovator, having been recognized by the Lottery Hall of Fame for inventing and implementing licensed games in the lottery industry.  His creativity, entrepreneurial spirit, and demonstrated track record are sure to be assets for our Company.”

Desiree Rogers was the Chief Executive Officer of Johnson Publishing Company, LLC, a lifestyle company inspired by the African American experience, from August 2010 until May 2017. In 2016, Ms. Rogers sold the media assets of the company. Since May 2013, Ms. Rogers has served as the Chair of the Chicago tourism bureau, Choose Chicago.

Ms. Rogers joined Johnson Publishing Company after serving as the White House Social Secretary for President Obama from January 2009 to April 2010.  During her illustrious career, she held several leadership positions at Allstate Corporation and Peoples Energy Corporation (a public company acquired by Integrys Energy Group) and served as the Director of the Illinois Lottery from 1991 to 1997.

She currently serves on the boards of two public companies, Pinnacle Entertainment, Inc. and MDC Partners Inc She also serves on the board of DonorsChoose, Northwestern Memorial Foundation, the Economic Club, the Commercial Club and World Business Chicago. She has also served on the board of Blue Cross Blue Shield, and as the Vice Chairman of the Lincoln Park Zoo and the Museum of Science and Industry. She has an undergraduate degree from Wellesley College and an M.B.A. from Harvard Business School.

Steven Saferin founded Media Drop-In Productions (later named MDI Entertainment) in 1986, a licensed lottery games and promotions business, where he served as President and Chief Executive Officer until 2003, when he sold the company to Scientific Games Corporation. Following the sale, Mr. Saferin continued to lead MDI as a division president and also assumed the position of Chief Creative Officer for Scientific Games in 2009 until his retirement in 2016.

Prior to founding MDI, Mr. Saferin was the Director of Program Acquisitions at ESPN from 1982 to 1986 and served as a vice president with Viacom Communications and an assistant vice president with Warner Amex Cable from 1978 to 1982. Mr. Saferin was an attorney for the Federal Communications Commission and for Viacom International Inc. between 1974 and 1978.

Mr. Saferin serves on the Dean’s advisory committees for the School of Communication at American University and for the Odum School of Ecology at the University of Georgia. He has a journalism degree from American University. He holds a law degree from the University of Maryland. He has been recognized by the Lottery Hall of Fame for innovations in lottery advertising and the invention and implementation of licensed games in the lottery industry.

About Inspired Entertainment, Inc.
Inspired is a global games technology company, supplying Virtual Sports, Mobile Gaming and Server Based Gaming systems with associated terminals and digital content to regulated lottery, betting and gaming operators around the world. Inspired currently operates approximately 30,000 digital gaming terminals and supplies its Virtual Sports products through more than 40,000 retail channels and over 100 websites, in approximately 35 gaming jurisdictions worldwide. Inspired employs approximately 800 employees in the UK and elsewhere, developing and operating digital games and networks. Additional information can be found at www.inseinc.com.

Forward Looking Statements
This news release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that indicate future events or trends or are not statements of historical matters. These statements are based on our management’s current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of our control and all of which could cause actual results to differ materially from the results discussed in the forward-looking statements. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in our reports filed with the Securities and Exchange Commission, including our annual report on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K, which are available, free of charge, on the SEC’s website at www.sec.gov and on our site at www.inseinc.com.

Contact:
Aimee Remey
Aimee.remey@inseinc.com
+1 646 620-6737

SOURCE Inspired Entertainment, Inc.

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AGS Announces Agreement with PokerStars Play to Provide Social White-Label Casino

Zoltan Tundik

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Reading Time: 2 minutes

LAS VEGASAug. 21, 2018 – PlayAGS, Inc. (NYSE: AGS) (“AGS” or the “Company”), a leading designer and supplier of electronic gaming machines, table games, and interactive products and services for the gaming industry, today announced that it entered an agreement to provide AGS’s Social White-Label Casino (“Social WLC“) to PokerStars Play, the play-money and social gaming brand of The Stars Group, as part of its slot-focused social casino portfolio. The Stars Group is a leading provider of technology-based products and services in the global gaming and interactive entertainment industries.

PokerStars Play will deploy AGS’s Social WLC, a powerful, turn-key mobile and web casino solution that delivers an interactive social gaming experience which players can enjoy at home, work, and on-the-go through iOS or Android devices and via the web.

Lloyd Melnick, Director of Social Gaming at PokerStars, said, “When we had the opportunity to work with AGS to extend our social casino portfolio, we were impressed with their proven, high-performing land-based content and broad range of non-slots games.  Their offering is a good fit with what our existing customers are looking for and we are excited to offer our community of millions of registered players an incredible AGS experience.”

AGS President and Chief Executive Officer David Lopez said, “It is an honor and an important milestone in the growth of our AGS Interactive business that The Stars Group, one of the largest online gaming businesses in the world, with millions of registered players, selected us to power their first social casino focused on slot content following their incredible success in online poker. We feel confident that this is just the beginning of our relationship with The Stars Group as we deliver a large library of proven social and land-based slot content through our Social WLC.

The AGS Social WLC delivers over 40 proven land-based and social slot games along with popular in-app features like tournaments, live events, charms, progressive jackpots, and VIP status. Social WLCstrengthens player relationships through highly segmented in-app messaging and push notifications and offers more monetization opportunities through targeted promotions and live events. Deep analytics, live operations, promotions, live events, and VIP management help ensure a solid, secure and long-lasting revenue stream.

About AGS
AGS is a global company focused on creating a diverse mix of entertaining gaming experiences for every kind of player. Our roots are firmly planted in the Class II Native American gaming market, but our customer-centric culture and growth have helped us branch out to become a leading all-inclusive commercial gaming supplier. Powered by high-performing Class II and Class III slot products, an expansive table products portfolio, highly rated social casino solutions for players and operators, and best-in-class service, we offer an unmatched value proposition for our casino partners. Learn more about us at www.playags.com.

AGS Contact:

Julia BoguslawskiChief Marketing Officer and Executive Vice President of Investor Relations
702-301-6090 Mobile
jboguslawski@PlayAGS.com

The Stars Group Contact:

press@pokerstars.com

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Eclipse Gaming’s Arcadia Select™ Multi-Game Delivers Greater Game Variety for Players Without Increasing Space on the Casino Floor

George Miller

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Eclipse Gaming’s Arcadia Select™ Multi-Game Delivers Greater Game Variety for Players Without Increasing Space on the Casino Floor
Reading Time: 2 minutes

Aug, 2018 –– Eclipse Gaming, a leading provider of innovative games and systems to the global gaming industry, announced the release of its new Arcadia SelectTM Multi-Game Series, an exciting collection of player-favorite games in a multi-game format. Arcadia Select effectively solves the operator’s challenge of how to expand the game mix for better player engagement, without the need for more gaming floor space.

The Arcadia Select series is a compilation of nine top-performing classic titles – including Big and Bad™, Ragin’ Bull™, and Lightning Strikes Twice™ – centralized on Eclipse Gaming’s premium Saros cabinet. Featuring striking high definition graphics, player-selected denominations and a quick load time, Arcadia Select allows casino operators to choose the number of games and theme types to offer players in a multi-game format on a single gaming machine.

“Eclipse’s Arcadia Select Multi-Game allows casinos with limited floor space the ability to increase the game variety for the player without adding machines to their floor,” noted Abhinay Bhagavatula, Eclipse Gaming’s Vice President of Engineering and Products. “The entire player experience is improved with more options – from two to six unique games in one cabinet. The multi-game format allows the player to select the game they want to play without having to move from one gaming machine to another.”

This series features proven titles including Fire™, a game that puts players in the hot seat with the chance to win on fifty lines; Wild Hot™, featuring a scorching Free Spin Bonus that awards up to fifty free spins; Lightning Strikes Twice™, a theme that defies elemental logic and leaves players in awe; Big and Bad™, a new twist on a treasured childhood tale; Ragin’ Bull™, where players grab the bull by the horns; and Wicked Mad Hot™ the fiery free spin game that all players love. Additional player-favorite titles in the Arcadia Select collection include Blazing Wilds™, Highway Hogs™ and Volcano Shakedown™.

Arcadia Select is the latest addition to Eclipse Gaming’s portfolio of top performing games.

 

About Eclipse Gaming:
Eclipse Gaming is a leading supplier of innovative games and systems for the global gaming industry. The company operates primarily in the Native American gaming markets in the U.S., as well as select commercial and international jurisdictions. Eclipse Gaming designs, manufactures and markets top performing games, local, mystery and multi-level progressives, and slot management systems. For more information, visit www.eclipsegamingsystems.com

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