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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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Daily Fantasy Sports

New headquarters for DraftKings

Niji Narayan

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New headquarters for DraftKings
Reading Time: 1 minute

 

DraftKings, one of Boston’s largest tech companies, is moving into a new corporate headquarters in downtown Boston, as it planned to grow from 425 employees to more than 700 employees in 2019. About 600 of those workers were expected to be based in Boston.

Company executives are hosting a ribbon cutting and tour of the 105,000-square-foot space near Copley Square in the city’s Back Bay neighbourhood.

DraftKings was founded in 2012 and made its mark as a major force in daily fantasy sports. The company is currently located in an office building near South Station.

 

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Gambling in the USA

AGS Demonstrates Its Obsession With Tribal Gaming At The NIGA Indian Gaming Trade Show April 3-4; New Orion Upright Cabinet Makes NIGA Debut

George Miller

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AGS Demonstrates Its Obsession With Tribal Gaming At The NIGA Indian Gaming Trade Show April 3-4; New Orion Upright Cabinet Makes NIGA Debut
Reading Time: 3 minutes

 

Company’s passion for the game takes center stage as AGS displays full lineup of new slot and table games, and online social and real-money games

 

AGS today announced that it will be exhibiting at NIGA‘s Indian Gaming Trade Show April 3-4 in San Diego, with a spotlight on the Company’s newest core slot cabinet – the Orion Upright℠ – along with a host of new slot titles, table products, and online social and real-money gaming solutions.

AGS will be live in Booth No. 1651 at the San Diego Convention Center. Taking center stage will be AGS’ new Orion Upright, a core cabinet with many of the same features as the Company’s award-winning Orion Portrait℠ and Orion Slant℠ platforms, including the distinctive starwall design featuring 420 game-synchronized full-color LED lights to celebrate gameplay. The Orion Upright is launching with a library of exclusive new titles and greatest hits from AGS’ ICON™ cabinet.

Debuting for the first time at NIGA, gaming operators will experience AGS’ Orion Upright with the new Fortune Blast™ family featuring four brand-new titles — Luck and Luxury™, Imperial Luck®, Goddess Treasures®, and Blazing Luck™. This new series offers ways or line-pay evaluation for more winning opportunities, and a symbol-locking feature to keep players on the edge of their seats.

AGS President and Chief Executive Officer David Lopez said, “NIGA is a show we look forward to every year because it gives us a chance to meet with our tribal operator-partners in an intimate setting and highlight our newest and most exciting products that are launching over the year. This year we are very excited about our new Orion Upright because it fills a need on many casino floors for a differentiated, attractive, and sophisticated core cabinet with great content.”

The Company will also showcase its hottest new Class II and Class III titles for the Orion Portrait platform, including Crystal Magic®, Hearts and Horns™, Enchanted Pearl™, and the popular Rakin’ Bacon!™ with its cherubic pig that gets fatter and fatter as the wins add up. Hailing from the Company’s Australia game-development studio, the title Red Silk™ showcases a fresh new family on Orion Portrait featuring a three-level linked progressive, a wild reel feature, and up to 10 free games. For the Orion Slant, AGS will spotlight the Fa Cai Shu™ and Kingdom Ca$h® families, which offer themed banking, linked progressive jackpots, and a variety of math models for a diverse and exciting gaming experience.

AGS continues to propel its table products business with a host of new proprietary table games and table solutions. NIGA attendees will get to experience Super Start Hold’em™, a poker-style game whereby the players always start with the better two-card hand than the dealer; the popular Criss Cross Poker™ with Bonus Spin™; Blackjack Match Progressive™ featuring the popular must-hit-by jackpot level; and Three Card Blitz, an exciting new flush-based game featuring player vs. dealer excitement to achieve the highest-scoring hand using up to three suited cards.

AGS will demonstrate its two table-game progressive platforms – STAX™ and Bonus Spin – which just reached a milestone of more than 1,000 units installed across the U.S. with a healthy backlog of orders planned throughout 2019. The award-winning STAX has a must-hit-by option that is driving demand and excitement on games like Super 4®, Blackjack Match™, and Royal 9™ as players anticipate the chance to win one of the five progressive jackpots. And Bonus Spin offers an eye-catching and anticipatory experience with its virtual prize wheel.

From its table equipment lineup, AGS will showcase the Dex S™ single-deck poker shuffler, featuring a streamlined design that is economical, durable, reliable, and exceptionally functional.

In the Company’s Interactive display, AGS will showcase its ConnexSys™ Social White-Label Casino solution, a turnkey, free-to-play mobile casino app that integrates the casino brand with AGS’ proven and player-favorite land-based titles to keep players engaged at home, work, and on-the-go.

And with real-money gaming at the forefront of many tribal gaming operators’ agendas, AGS will also be on hand to provide live demonstrations of its AxSys Games Marketplace™ and large library of titles, featuring AGS top-performing games as well as a host of entertaining games from third-party developers.

 

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, real-money gaming platforms and content, highly rated social casino solutions for operators and players, and best-in-class service, we offer an unmatched value proposition for our casino partners. Learn more at www.playags.com.

 

©2019 PlayAGS, Inc. All® notices signify marks registered in the United States.  All ™ and ℠ notices signify unregistered trademarks. Products referenced herein are sold by AGS LLC or other subsidiaries of PlayAGS, Inc.

Source: AGS

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Gambling in the USA

Caesars Palace casino dealers join with UAW Labour Union

Niji Narayan

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Caesars Palace casino dealers join with UAW Labour Union
Photo Source: agoda.com
Reading Time: 1 minute

 

Caesars Palace is one of the largest properties in that part of Las Vegas with a variety of spacious facilities, including its nearly 125,000-square-foot casino floor.

Caesars Palace table game dealers now move to unite with the UAW, the major Detroit-based labour union representing workers from different industries across the United States and Canada. Nearly 550 casino dealers at Caesars Palace voted to unite with the UAW.

The Caesars Palace unionisation decision was made after a 371-12 vote in favour of the move. More than 1,470 dealers at Caesars-owned Bally’s Harrah’s, Paris, and Wynn Resorts’ Las Vegas casinos voted last week to join the union that represents around 400,000 active workers in different industries.

Union President Gary Jones said that they were thrilled to have Caesars Palace “vote to be allowed to join what are now over 10,000 casino workers in the UAW.”

Vance Pearson, Director of UAW Region 5, said in a release that they welcome the new union members and “look forward to getting down to business and bargaining great contracts.”

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