Connect with us

Gambling in the USA

Century Casinos, Inc. Announces Second Quarter 2018 Results

Zoltan Tundik

Published

on

Photo source: Booking.com
Reading Time: 10 minutes

COLORADO SPRINGS, Colo.Aug. 8, 2018 – Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) today announced its financial results for the three and six months ended June 30, 2018.

Second Quarter 2018 Highlights*

  • Net operating revenue was $39.6 million, an increase of 6% from the three months ended June 30, 2017.
  • Earnings from operations were $1.0 million, a decrease of 73% from the three months ended June 30, 2017.
  • Net earnings attributable to Century Casinos, Inc. shareholders was $0.3 million, a decrease of 82% from the three months ended June 30, 2017.
  • Adjusted EBITDA** was $4.7 million, a decrease of 27% from the three months ended June 30, 2017.
  • Earnings per share were $0.01.
  • Book value per share*** at June 30, 2018 was $6.02.

The consolidated results for the three and six months ended June 30, 2018 and 2017 are as follows:

For the three months

For the six months

Amounts in thousands, except per share data

ended June 30,

ended June 30,

Consolidated Results:

2018

2017

% Change

2018

2017

% Change

Net Operating Revenue

$

39,648

$

37,330

6%

$

80,270

$

73,729

9%

Earnings from Operations

996

3,641

(73%)

4,249

8,133

(48%)

Net Earnings Attributable to Century Casinos, Inc.
Shareholders

$

317

$

1,802

(82%)

$

1,244

$

3,962

(69%)

Adjusted EBITDA**

$

4,661

$

6,412

(27%)

$

11,226

$

13,131

(15%)

Earnings Per Share:

Basic and Diluted

$

0.01

$

0.07

(86%)

$

0.04

$

0.16

(75%)

“This quarter represented an important period for the long-term success of the Company. We opened our casino in Bath, England in May; we laid the foundation of a land-based presence in Asia with our Vietnam project; and we are finally seeing stability in Poland where we now hold eight casino licenses,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. “We are pleased with the growth of net operating revenue driven by strong performances in Canada, which increased 5% in local currency, and Colorado, which increased 7%,” they continued. “Adjusted EBITDA was lower compared to prior year results due to additional non-recurring expenses related to the licensing situation in Poland and the opening of the casino in Bath,” Haitzmann and Hoetzinger concluded.

Reportable Segment Results*
The table below shows the Company’s operating segments that are included in each of the Company’s reportable segments as of June 30, 2018:

Reportable Segment

Operating Segment

Canada

Century Casino & Hotel – Edmonton

Canada

Century Casino St. Albert

Canada

Century Casino Calgary

Canada

Century Downs Racetrack and Casino

Canada

Century Bets!

Canada

Century Mile Racetrack and Casino

United States

Century Casino & Hotel – Central City

United States

Century Casino & Hotel – Cripple Creek

Poland

Casinos Poland

Corporate and Other

Cruise Ships & Other

Corporate and Other

Century Casino Bath

Corporate and Other

Corporate Other

The Company’s net operating revenue increased by $2.3 million, or 6%, and by $6.5 million, or 9%, for the three and six months ended June 30, 2018, compared to the three and six months ended June 30, 2017. Following is a summary of the changes in net operating revenue by reportable segment for the three and six months ended June 30, 2018, compared to the three and six months ended June 30, 2017:

Net Operating Revenue

For the three months

For the six months

ended june 30,

ended June 30,

Amounts in
thousands

2018

2017

$ Change

% Change

2018

2017

$ Change

% Change

Canada

$

15,331

$

14,040

$

1,291

9%

$

30,004

$

27,202

$

2,802

10%

United States

8,476

7,943

533

7%

16,183

15,443

740

5%

Poland

14,567

14,287

280

2%

31,949

28,833

3,116

11%

Corporate and
Other

1,274

1,060

214

20%

2,134

2,251

(117)

(5%)

Consolidated

$

39,648

$

37,330

$

2,318

6%

$

80,270

$

73,729

$

6,541

9%

The Company’s earnings from operations decreased by ($2.6) million, or (73%), and by ($3.9) million, or (48%), for the three and six months ended June 30, 2018, compared to the three and six months ended June 30, 2017. Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three and six months ended June 30, 2018, compared to the three and six months ended June 30, 2017:

Earnings (Loss) from Operations

For the three months

For the six months

ended June 30,

ended June 30,

Amounts in
thousands

2018

2017

$ Change

% Change

2018

2017

$ Change

% Change

Canada

$

3,785

$

3,647

$

138

4%

$

7,340

$

6,694

$

646

10%

United States

1,548

1,346

202

15%

2,724

2,504

220

9%

Poland

(1,351)

636

(1,987)

(312%)

(329)

2,442

(2,771)

(114%)

Corporate and
Other

(2,986)

(1,988)

(998)

(50%)

(5,486)

(3,507)

(1,979)

(56%)

Consolidated

$

996

$

3,641

$

(2,645)

(73%)

$

4,249

$

8,133

$

(3,884)

(48%)

Net earnings attributable to Century Casinos, Inc. shareholders decreased by ($1.5) million, or (82%), and by ($2.7) million, or (69%), for the three and six months ended June 30, 2018, compared to the three and six months ended June 30, 2017. Following is a summary of the changes in net earnings (loss) attributable to Century Casinos, Inc. shareholders by reportable segment for the three and six months ended June 30, 2018, compared to the three and six months ended June 30, 2017:

Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders

For the three months

For the six months

ended June 30,

ended June 30,

Amounts in
thousands

2018

2017

$ Change

% Change

2018

2017

$ Change

% Change

Canada

$

1,947

$

1,823

$

124

7%

$

3,972

$

3,306

$

666

20%

United States

1,151

836

315

38%

2,025

1,553

472

30%

Poland

(776)

435

(1,211)

(278%)

(246)

1,518

(1,764)

(116%)

Corporate and
Other

(2,005)

(1,292)

(713)

(55%)

(4,507)

(2,415)

(2,092)

(87%)

Consolidated

$

317

$

1,802

$

(1,485)

(82%)

$

1,244

$

3,962

$

(2,718)

(69%)

Items deducted from or added to earnings from operations to arrive at net earnings (loss) attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax expense and non-controlling interests.

The Company’s Adjusted EBITDA** decreased by ($1.8) million, or (27%), and by ($1.9) million, or (15%), for the three and six months ended June 30, 2018 compared to the three and six months ended June 30, 2017. Following is a summary of the changes in Adjusted EBITDA** by reportable segment for the three and six months ended June 30, 2018 compared to the three and six months ended June 30, 2017:

Adjusted EBITDA**

For the three months

For the six months

ended June 30,

ended June 30,

Amounts in
thousands

2018

2017

$ Change

% Change

2018

2017

$ Change

% Change

Canada

$

4,992

$

4,502

$

490

11%

$

9,702

$

8,381

$

1,321

16%

United States

2,091

1,964

127

7%

3,811

3,732

79

2%

Poland

153

1,574

(1,421)

(90%)

2,256

3,952

(1,696)

(43%)

Corporate and
Other

(2,575)

(1,628)

(947)

(58%)

(4,543)

(2,934)

(1,609)

(55%)

Consolidated

$

4,661

$

6,412

$

(1,751)

(27%)

$

11,226

$

13,131

$

(1,905)

(15%)

* Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.
** Adjusted EBITDA and Adjusted EBITDA margin are Non-GAAP financial measures. See discussion and reconciliation of Non-GAAP financial measures in Supplemental Information below.
*** The Company defines book value per share as total Century Casinos, Inc. shareholders’ equity divided by outstanding common shares.

Balance Sheet and Liquidity
As of June 30, 2018, the Company had $54.4 million in cash and cash equivalents and $54.3 million in outstanding debt on its balance sheet compared to $74.7 million in cash and cash equivalents and $56.7 million in outstanding debt at December 31, 2017. The outstanding debt as of June 30, 2018included $34.0 million related to the Company’s BMO Credit Agreement, $2.8 million of bank debt related to Casinos Poland, $2.6 million of bank debt related to Century Casino Bath, $0.3 millionrelated to capital leases for Century Resorts Alberta, Century Casino Calgary, Century Casino St. Albert, Century Downs Racetrack and Casino (“CDR”) and Century Mile Racetrack and Casino, and $14.8 million related to a long-term land lease for CDR, net of $0.2 million in deferred financing costs.

Conference Call Information
Today the Company will post a copy of its quarterly report on Form 10-Q filed with the SEC for the quarter ended June 30, 2018 on its website at http://corporate.cnty.com/investor-relations/sec-filings. The Company will also post a presentation on the second quarter results on its website at http://corporate.cnty.com/investor-relations/presentations-and-interviews.

The Company will host its second quarter 2018 earnings conference call tomorrow, Thursday, August 9th, at 8:00 am MDT4:00 pm CEST, respectively. U.S. domestic participants should dial 1-844-244-9160. For all international participants, please use 330-931-4670 to dial-in. Participants may listen to the call live at https://centurycasinos.adobeconnect.com/earningsrelease or obtain a recording of the call on the Company’s website until August 31, 2018 at http://corporate.cnty.com/investor-relations/sec-filings.

CENTURY CASINOS, INC. AND SUBSIDIARIES
FINANCIAL INFORMATION – US GAAP BASIS

Condensed Consolidated Statements of Earnings

For the three months

For the six months

ended June 30,

ended June 30,

Amounts in thousands, except for per share information

2018

2017

2018

2017

Operating revenue:

Net operating revenue

$

39,648

$

37,330

$

80,270

$

73,729

Operating costs and expenses:

Total operating costs and expenses

38,651

33,689

76,020

65,596

Loss from equity investment

(1)

(1)

Earnings from operations

996

3,641

4,249

8,133

Non-operating income (expense), net

(885)

(607)

(1,838)

(1,304)

Earnings before income taxes

111

3,034

2,411

6,829

Income tax provision

(14)

(864)

(993)

(1,859)

Net earnings

97

2,170

1,418

4,970

Net loss (earnings) attributable to non-controlling interests

220

(368)

(174)

(1,008)

Net earnings attributable to Century Casinos, Inc.
shareholders

$

317

$

1,802

$

1,244

$

3,962

Earnings per share attributable to Century Casinos,
Inc.:

  Basic

$

0.01

$

0.07

$

0.04

$

0.16

  Diluted

$

0.01

$

0.07

$

0.04

$

0.16

Weighted average common shares

  Basic

29,376

24,466

29,369

24,460

  Diluted

29,974

24,962

29,984

24,911

 

CENTURY CASINOS, INC. AND SUBSIDIARIES
FINANCIAL INFORMATION – US GAAP BASIS

Condensed Consolidated Balance Sheets

(Amounts in thousands)

June 30,

December 31,

2018

2017

Assets

Current assets

$

63,188

$

84,321

Property and equipment, net

169,809

152,778

Other assets

36,410

37,777

Total assets

$

269,407

$

274,876

Liabilities and Equity

Current liabilities

$

37,198

$

34,438

Non-current liabilities

47,960

53,120

Century Casinos, Inc. shareholders’ equity

176,884

179,897

Non-controlling interests

7,365

7,421

Total liabilities and equity

$

269,407

$

274,876

 

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

Constant Currency* Results (unaudited)

For the three months

For the six months

ended June 30,

ended June 30,

Amounts in thousand

2018

2017

% Change

2018

2017

% Change

Net operating revenue as reported (GAAP)

$

39,648

$

37,330

6%

$

80,270

$

73,729

9%

Foreign currency impact vs. 2017

(1,608)

(5,035)

Net operating revenue constant currency
(non-GAAP)*

$

38,040

$

37,330

2%

$

75,235

$

73,729

2%

Earnings from operations (GAAP)

$

996

$

3,641

(73%)

$

4,249

$

8,133

(48%)

Foreign currency impact vs. 2017

(16)

(230)

Earnings from operations constant currency
(non-GAAP)*

$

980

$

3,641

(73%)

$

4,019

$

8,133

(51%)

Net earnings attributable to Century Casinos,
Inc.shareholders as reported (GAAP)

$

317

$

1,802

(82%)

$

1,244

$

3,962

(69%)

Foreign currency impact vs. 2017

(10)

(61)

Net earnings attributable to Century Casinos,
Inc. shareholders constant currency (non-
GAAP)*

$

307

$

1,802

(83%)

$

1,183

$

3,962

(70%)

Gains and losses on foreign currency transactions are added back to net earnings in the Company’s Adjusted EBITDA** calculations. As such, there is no foreign currency impact to Adjusted EBITDA** when calculating Constant Currency* results.

Adjusted EBITDA Margins *** (unaudited)

For the three months

For the six months

ended June 30,

ended June 30,

2018

2017

2018

2017

Canada

33%

32%

32%

31%

United States

25%

25%

24%

24%

Poland

1%

11%

7%

14%

Corporate and Other

(202%)

(154%)

(213%)

(130%)

Consolidated Adjusted EBITDA Margin

12%

17%

14%

18%

 

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Reportable
Segment.

For the three months ended June 30, 2018

Amounts in thousands

Canada

United States

Poland

Corporate and Other

Total

Net earnings (loss)

$

1,947

$

1,151

$

(776)

$

(2,005)

$

317

Interest expense (income), net

1,020

36

19

1,075

Income taxes (benefit)

684

397

(210)

(857)

14

Depreciation and amortization

798

546

673

153

2,170

Net earnings (loss) attributable to non-
controlling interests

199

(389)

(30)

(220)

Non-cash stock-based compensation

232

232

Gain on foreign currency transactions
and cost recovery income

(65)

(12)

(113)

(190)

Loss (Gain) on disposition of fixed assets

1

(3)

831

829

Pre-opening expenses

408

26

434

Adjusted EBITDA

$

4,992

$

2,091

$

153

$

(2,575)

$

4,661

For the three months ended June 30, 2017

Amounts in thousands

Canada

United States

Poland

Corporate and Other

Total

Net earnings (loss)

$

1,823

$

836

$

435

$

(1,292)

$

1,802

Interest expense (income), net

867

29

(8)

888

Income taxes (benefit)

794

510

198

(638)

864

Depreciation and amortization

845

618

472

83

2,018

Net earnings attributable to non-
controlling interests

150

218

368

Non-cash stock-based compensation

126

126

Loss (gain) on foreign currency
transactions and cost recovery income

13

(244)

(50)

(281)

Loss on disposition of fixed assets

10

241

251

Acquisition costs

151

151

Pre-opening expenses

225

225

Adjusted EBITDA

$

4,502

$

1,964

$

1,574

$

(1,628)

$

6,412

For the six months ended June 30, 2018

Amounts in thousands

Canada

United States

Poland

Corporate and Other

Total

Net earnings (loss)

$

3,972

$

2,025

$

(246)

$

(4,507)

$

1,244

Interest expense (income), net

1,959

110

18

2,087

Income taxes (benefit)

1,219

699

112

(1,037)

993

Depreciation and amortization

1,670

1,086

1,322

245

4,323

Net earnings (loss) attributable to non-
controlling interests

328

(124)

(30)

174

Non-cash stock-based compensation

347

347

(Gain) loss on foreign currency
transactions and cost recovery income

(138)

(181)

70

(249)

Loss on disposition of fixed assets

3

1

858

1

863

Pre-opening expenses

689

405

350

1,444

Adjusted EBITDA

$

9,702

$

3,811

$

2,256

$

(4,543)

$

11,226

For the six months ended June 30, 2017

Amounts in thousands

Canada

United States

Poland

Corporate and Other

Total

Net earnings (loss)

$

3,306

$

1,553

$

1,518

$

(2,415)

$

3,962

Interest expense (income), net

1,785

16

(12)

1,789

Income taxes (benefit)

1,324

951

612

(1,028)

1,859

Depreciation and amortization

1,648

1,228

1,044

183

4,103

Net earnings attributable to non-
controlling interests

248

760

1,008

Non-cash stock-based compensation

235

235

Loss (gain) on foreign currency
transactions and cost recovery income

31

(464)

(52)

(485)

Loss on disposition of fixed assets

11

241

3

255

Acquisition costs

28

152

180

Pre-opening expenses

225

225

Adjusted EBITDA

$

8,381

$

3,732

$

3,952

$

(2,934)

$

13,131

 

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

*  The impact of foreign exchange rates is highly variable and difficult to predict. The Company uses a Constant Currency basis to show the impact from foreign exchange rates on current period revenue compared to prior period revenue using the prior period’s foreign exchange rates. In order to properly understand the underlying business trends and performance of the Company’s ongoing operations, management believes that investors may find it useful to consider the impact of excluding changes in foreign exchange rates from the Company’s net operating revenue, earnings from operations and net earnings (loss) attributable to Century Casinos, Inc. shareholders. Constant currency results are calculated by dividing the current quarter or year to date local currency segment results, excluding the local currency impact of foreign currency gains and losses, by the prior year’s average exchange rate for the quarter or year to date and comparing them to actual U.S. dollar results for the prior quarter or year to date. The average exchange rates for the current quarter and the prior year second quarter are reported in Item 1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018. Constant currency information is not a measure of financial performance under generally accepted accounting principles in the United States of America (GAAP) and should not be considered a substitute for net operating revenue, earnings from operations or net earnings attributable to Century Casinos, Inc. shareholders as determined in accordance with GAAP.

**  The Company defines Adjusted EBITDA as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest net earnings (loss) and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions and other, gain on business combination and certain other one-time items, such as acquisition and disposition costs and gain or loss. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings (loss) and Adjusted EBITDA reported for each segment. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under GAAP. Adjusted EBITDA is not considered a measure of performance recognized under GAAP. Management believes that Adjusted EBITDA is a valuable measure of the relative performance of the Company and its properties. The gaming industry commonly uses Adjusted EBITDA as a method of arriving at the economic value of a casino operation. Management uses Adjusted EBITDA to compare the relative operating performance of separate operating units by eliminating the above mentioned items associated with the varying levels of capital expenditures for infrastructure required to generate revenue and the often high cost of acquiring existing operations. Adjusted EBITDA is used by the Company’s lending institution to gauge operating performance. The Company’s computation of Adjusted EBITDA may be different from, and therefore may not be comparable to, similar measures used by other companies within the gaming industry. Please see the reconciliation of Adjusted EBITDA to net earnings (loss) attributable to Century Casinos, Inc. shareholders above.

*** The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by net operating revenue. Adjusted EBITDA margin is a non- GAAP measure. Management uses this margin as one of several measures to evaluate the efficiency of the Company’s casino operations.

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

About Century Casinos, Inc.:

Century Casinos, Inc. is an international casino entertainment company that operates worldwide. The Company owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada and the Century Casino in Calgary and St. Albert, Alberta, Canada and in Bath, England. Through its Austrian subsidiary, Century Resorts Management GmbH (“CRM”), formerly Century Casinos Europe GmbH, the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner of eight casino licenses throughout Poland. Six of the casinos in Poland are operating as of August 8, 2018. The Company, through CRM, also holds 75% ownership interests in both CDR, which operates in the north metropolitan area of Calgary, Alberta, Canada, and Century Bets! Inc., which operates the pari-mutuel off-track horse betting network in southern Alberta, Canada. The Company holds a 51% ownership interest in Golden Hospitality Ltd., a company that manages a hotel and international entertainment and gaming club in Vietnam. The Company operates 13 ship-based casinos under agreements with four cruise ship owners. The Company, through CRM, also owns a 7.5% interest in, and provides consulting services to, Mendoza Central Entretenimientos S.A., a company that provides gaming-related services to Casino de Mendoza in Mendoza, Argentina. The Company is also developing Century Mile Racetrack and Casino in Edmonton, Alberta, Canada. The Company continues to pursue other international projects in various stages of development.

Century Casinos’ common stock trades on The Nasdaq Capital Market® under the symbol CNTY.

For more information about Century Casinos, visit our website at www.cnty.com.

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

This release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding future results of operations, operating efficiencies, synergies and operational performance, the prospects for and timing and costs of new projects, projects in development and other opportunities, including the Century Mile, Bermuda and Vietnam projects, debt repayment, investments in joint ventures, outcomes of legal proceedings, changes in our tax provisions or exposure to additional income tax liabilities, and plans for our casinos and our Company. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled “Risk Factors” under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2017 and in subsequent periodic and current SEC filings we may make. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.

 

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.

Continue Reading
Advertisement
Comments

Gambling in the USA

Boyd Gaming Completes Acquisition Of Four Pinnacle Entertainment Assets

George Miller

Published

on

Boyd Gaming Completes Acquisition Of Four Pinnacle Entertainment Assets
Reading Time: 2 minutes

 

Boyd Gaming Corporation (NYSE: BYD) today announced that it has completed its acquisition of the operations of four properties from Pinnacle Entertainment, Inc.: Ameristar St. Charles (Missouri); Ameristar Kansas City (Missouri); Belterra Casino Resort in Florence, Indiana; and Belterra Park in Cincinnati, Ohio.

As part of the transaction, Boyd Gaming has entered into a master lease agreement with Gaming and Leisure Properties, Inc. (NASDAQ: GLPI), which owns the real estate of Ameristar St. Charles, Ameristar Kansas City and Belterra Casino Resort. Boyd Gaming acquired both the operations and real estate of Belterra Park, utilizing financing from GLPI for the purchase of the Belterra Park real estate assets.

The acquisition follows the Company’s recent purchase of Valley Forge Casino Resort in King of Prussia, Pennsylvania, on September 17.  Boyd Gaming now operates 29 casino properties in 10 states – Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania.

“By adding these four high-quality properties, we have significantly expanded our portfolio and enhanced our free cash flow profile at a compelling multiple,” said Keith Smith, President and Chief Executive Officer of Boyd Gaming.  “We have gained a strong presence in three of the Midwest’s largest gaming markets, with access to millions of potential new customers.  We are pleased to welcome the Ameristar and Belterra team members to Boyd Gaming, and look forward to great success together.”

 

About Boyd Gaming:
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 29 gaming entertainment properties in 10 states.  The Company currently operates 1.76 million square feet of casino space, approximately 38,000 gaming machines, 900 table games, more than 11,000 hotel rooms, and 320 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.

Forward-looking Statements
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 include (without limitation) statements regarding Boyd Gaming’s significant expansion of its portfolio and its enhanced free cash flow profile at a compelling multiple. These forward-looking statements are based upon the current beliefs and expectations of management and involve certain risks and uncertainties, including (without limitation) risks associated with changes to the financial conditions or the economic conditions in the areas in which Boyd Gaming operates; the fact that Boyd Gaming’s expansion projects are subject to many risks inherent in expansion, development or construction of a new or existing project; competition; litigation; financial community and rating agency perceptions of Boyd Gaming 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 are discussed in “Risk Factors” in Boyd Gaming’s annual, periodic and current reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements in this press release are made as of the date hereof, based on information available to Boyd Gaming as of the date hereof, and Boyd Gaming assumes no obligation to update any forward-looking statement.

 

Source: Boyd Gaming Corporation

Continue Reading

Gambling in the USA

Wynn Resorts and BetBull Limited Announce U.S. Sports Betting Partnership

George Miller

Published

on

Wynn Resorts and BetBull Limited Announce U.S. Sports Betting Partnership
Photo Source: fool.com
Reading Time: 2 minutes

 

Wynn Resorts, Limited announced that it has entered into a strategic partnership with BetBull Limited, a Europe-based digital sports betting operator, to pursue sports betting opportunities in the emerging U.S. market. The strategic partnership will position both parties to capitalize on the developing U.S. opportunity by combining Wynn Resort’s nationally recognized brand with BetBull’s digital sports betting operations capabilities and technology.

In conjunction with the formation of the strategic partnership, Wynn Resorts will make a minority equity investment in BetBull. Wynn Resorts will own 22.5% of BetBull on a fully-diluted basis upon closing of the investment which will occur in due course subject to customary closing conditions. Moelis & Company LLC acted as financial advisor to Wynn Resorts.

 

About Wynn Resorts:

Wynn Resorts, Limited is traded on the Nasdaq Global Select Market under the ticker symbol WYNN and is part of the S&P 500 Index. Wynn Resorts owns and operates Wynn Las Vegas (wynnlasvegas.com), Wynn Macau (wynnmacau.com) and Wynn Palace, Cotai (wynnpalace.com).

Wynn and Encore Las Vegas feature two luxury hotel towers with a total of 4,750 spacious hotel rooms, suites and villas, approximately 192,000 square feet of casino space, 22 dining experiences featuring signature chefs and 11 bars, two award-winning spas, approximately 290,000 square feet of meeting and convention space, approximately 110,000 square feet of retail space as well as two showrooms; three nightclubs, a beach club and recreation and leisure facilities. A luxury retail Strip-front expansion, Wynn Plaza, is currently under construction and is scheduled to debut the second half of 2018.

Wynn Macau is a luxury hotel and casino resort located in the Macau Special Administrative Region of the People’s Republic of China with two luxury hotel towers with a total of 1,008 spacious rooms and suites, approximately 273,000 square feet of casino space, casual and fine dining in eight restaurants, approximately 31,000 square feet of meeting and convention space, approximately 59,000 square feet of retail space, and recreation and leisure facilities including two opulent spas, a salon and a rotunda show.

Wynn Palace is a luxury integrated resort in Macau. Designed as a floral-themed destination, it boasts 1,706 exquisite rooms, suites and villas, approximately 420,000 square feet of casino space, 11 food and beverage outlets, approximately 37,000 square feet of meeting and convention space, approximately 106,000 square feet of designer retail, SkyCabs that traverse an eight-acre Performance Lake, an extensive collection of rare art, a lush spa, salon and recreation and leisure facilities.

Wynn Resorts is currently constructing Encore Boston Harbor located in Everett, Massachusetts.

About BetBull Limited:

BetBull is the next generation betting company that offers users a truly unique experience, the first of its kind to combine free-to-play game mechanics with a mobile-first and truly social design.

Founded in 2015 by serial entrepreneur Sadok Kohen, BetBull has a presence in Malta and the United Kingdom. The Company is backed by former CEOs of 888 Holdings and Bwin, as well as several other prominent investors.

Continue Reading

Gambling in the USA

Arkansas court ruling paves way for casinos

Niji Ng

Published

on

By

Arkansas court ruling paves way for casinos
Reading Time: 1 minute

 

The Arkansas Supreme Court has ruled in favour of an amendment, which will pave the way for setting up licensed casinos in the state. Specifically, the court upheld Issue 4, the amendment for allowing four casino licenses in the state.

Nate Steel, counsel for Driving Arkansas Forward that lobbies for casino licenses, said that the Supreme Court ruling clears the path for Arkansas voters to add almost US$6 million to the state’s economy and create 6,000 new jobs.

 “We are grateful the Supreme Court upheld the Attorney General’s certification that Issue 4 is clear and understandable to voters. We are confident Arkansas will vote to keep casino entertainment dollars in our state when they cast their ballots on Nov. 6,” said Steel.

The legal challenges were filed in September against the ballot and Chief Justice Dan Kemp, who was in charge of the challenges and later recused from the cases. The lawsuits were trying to get the proposal disqualified from the ballot, even after a major lobbying campaign that managed to get the question on the November election.

Continue Reading
Advertisement
NSoft
Advertisement
BetConstruct

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Latest by author

Trending

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.