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IGT Enters Electronic Bingo Market in Canada

George Miller

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IGT Enters Electronic Bingo Market in Canada
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Ontario Lottery and Gaming Corporation is first operator in Canada to feature IGT’s new electronic bingo content

 

International Game Technology PLC (“IGT”) (NYSE: IGT) today announced that the Company recently launched first-of-its-kind electronic bingo content for the Canadian market. The Ontario Lottery and Gaming Corporation (“OLG”) is the first Lottery in Canada to feature a range of IGT’s electronic bingo games through a pilot at twelve of OLG’s charitable gaming centers.

IGT’s engaging electronic bingo games such as Bengal Eyes®, Golden Rooster® and Pharaoh’s Legacy® are among the many exciting titles that players can enjoy at twelve OLG-governed charitable gaming destinations.

“Launching electronic bingo content in Canada represents a meaningful growth opportunity for IGT and our customers,” said David Flinn, IGT Regional Vice President Canada. “IGT’s bingo portfolio for Canada complements our existing solutions portfolio for the region, and is anchored in dynamic titles that were localized to meet the needs of our customers and their players. Following a successful launch with OLG, we look forward to extending our electronic bingo installed base to additional provinces throughout Canada.”

 

About IGT:
IGT (NYSE:IGT) is the global leader in gaming. We enable players to experience their favorite games across all channels and regulated segments, from Gaming Machines and Lotteries to Digital and Social Gaming. Leveraging a wealth of premium content, substantial investment in innovation, in-depth customer intelligence, operational expertise and leading-edge technology, our gaming solutions anticipate the demands of consumers wherever they decide to play. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has over 12,000 employees. For more information, please visit www.igt.com.

 

Source: IGT

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Canada

Lotto Max Enters New Era: Record Jackpots of Up to $70M and Draws Twice a Week

George Miller

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Lotto Max Enters New Era: Record Jackpots of Up to $70M and Draws Twice a Week
Photo Source: torontosun.com
Reading Time: 1 minute

 

A new chapter in Canadian lottery history is about to begin, as Lotto Max players now have two opportunities each week to enjoy their favourite lottery game and jackpots will be able to grow bigger than ever before.

Starting this week, Canadians can play the nation’s biggest lottery game twice each week. Thanks to a brand-new Tuesday draw added to the Friday draw, Lotto Max players will see jackpots grow more quickly than ever. What’s more, the main Lotto Max jackpot can now grow as large as $70 million – a jackpot offering not yet seen in Canada.

There is no change to the cost of a Lotto Max ticket, which remains $5 for three selections of seven numbers.

The main jackpot for the Tuesday, May 14 Lotto Max draw is estimated at $17 million.

Lotto Max was introduced in 2009 with a maximum jackpot of $50 million. In 2015, the maximum jackpot was increased to $60 million. Since its launch, Lotto Max players across Canada have won over $11 billion, including 116 jackpot wins and 1,021 Maxmillions prizes.

Quick facts:

  • The main Lotto Max jackpot can now grow as high as $70 million
  • Two draws a week: Tuesdays and Fridays
  • No change to the cost of play: $5 for three selections of seven numbers
  • $1 million Maxmillions prizes are still offered when the main jackpot reaches and exceeds $50 million
  • Two brand-new prize categories
    • Match 5/7+bonus
    • Match 4/7+bonus
  • Numbers now selected from 1 to 50
  • The odds of winning the main jackpot are 1 in 33,294,800 per $5 play
  • The overall odds to win a prize are 1 in 7 per $5 play
  • The Lotto Max changes were announced in November 2018

 

Source: Lotto Max

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Pollard Banknote Limited becomes WLA Platinum Contributor

George Miller

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Pollard Banknote Limited becomes WLA Platinum Contributor
Reading Time: 2 minutes

 

Pollard Banknote Limited is pleased to announce that it has elevated its World Lottery Association contributor status from Gold to Platinum, an important step in the company’s evolution in continuing to realize its position as one of the lottery world’s pre-eminent business partners.

Pollard Banknote has been a World Lottery Association (WLA) associate member since the organization was founded in 1999, and has participated in the WLA’s contributor program since 2002. Over the past two decades, Pollard Banknote has become a leading advocate for the world lottery community, providing speakers for the many WLA educational events, and actively participating in the World Lottery Summit’s business program and trade show.

“Pollard Banknote is proud to now be a Platinum Contributor to an organization that provides a wealth of support and resources to the lottery industry,” said Doug Pollard, Co-Chief Executive Officer, Pollard Banknote. “Our work with the WLA has definitely helped make our lottery partners around the world more successful.”

For more than 30 years, Pollard Banknote has helped lotteries to maximize player engagement, sales and, ultimately, generate proceeds to support good causes. Working in partnership with more than 60 lotteries worldwide, Pollard Banknote creates and markets high quality instant games while providing strategic marketing and management services for both traditional instant games and the emerging interactive space.

Pollard Banknote also provides services and solutions focused on helping lotteries heighten retail execution success. A proven innovator, Pollard Banknote has established industry-leading expertise with in-store strategies and retail effectiveness. The company’s interactive offerings range from web-based and mobile digital solutions that bridge brick-and-mortar products to full iLottery services.

“We welcome Pollard Banknote as a WLA Platinum Contributor,” said WLA President, Rebecca Hargrove. “Their continued support of the WLA’s mission, values, and vision, distinguishes them as a trusted partner to the global lottery sector. We look forward to serving Pollard Banknote as a WLA Platinum Contributor in the years to come.”

 

About Pollard Banknote:

Pollard Banknote is a leading lottery partner to more than 60 lotteries worldwide, providing high quality instant ticket products, licensed games, Schafer Systems retail merchandising solutions, and a full suite of digital offerings, ranging from game apps to comprehensive player engagement and iLottery solutions, including strategic marketing and management services. The company is a proven innovator and has decades of experience helping lotteries to maximize player engagement, sales, and proceeds for good causes. Pollard Banknote also provides pull-tab tickets, bingo paper, and its Diamond Game and Oasis-branded electronic ticket machines to charitable and other gaming markets in North America. Established in 1907, Pollard Banknote is owned approximately 67.5% by the Pollard family and 32.5% by public shareholders, and is publicly traded on the TSX (PBL). For more information, please visit our website at www.pollardbanknote.com.

 

Source: Pollard Banknote Limited

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Great Canadian Gaming Announces First Quarter 2019 Results

George Miller

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Great Canadian Gaming Announces First Quarter 2019 Results
Reading Time: 5 minutes

 

Great Canadian Gaming Corporation announced its financial results for the three month period ended March 31, 2019 (the “first quarter”).

 

FIRST QUARTER 2019 HIGHLIGHTS

  • Revenues of $312.1 million in the first quarter, an increase of 35% when compared to the same period in the prior year.
  • Adjusted EBITDA(1)(2)  of $111.6 million in the first quarter, which included a $20.8 million positive impact from IFRS 16 adoption. Adjusted EBITDA of $88.9 million in the same prior year period.
  • Shareholders’ net earnings(2) of $32.6 million or $0.55 per common share in the first quarter, which had a $2.2 million or $0.04 per common share negative impact from IFRS 16 adoption.  Shareholders’ net earnings of $29.2 million or $0.48 per common share in the same prior year period.
  • On April 24, 2019, Great Canadian announced that it has completed agreements with the Ontario Lottery and Gaming Corporation (“OLG”) and the owners of Ajax Downs racetrack to continue operations at Casino Ajax beyond the opening of the Company’s new casino resort property currently under development in Pickering, Ontario.
  • On April 26, 2019, the Company announced an agreement to sell its subsidiary Great American Gaming Corporation (“Great American”) for proceeds of US$56.0 million.
  • On January 23, 2019, Great Blue Heron Casino opened its new building addition to expand the gaming floor, which introduced over 200 new slot machines and a new food and beverage option.
  • During the first quarter of 2019, Elements Casino Mohawk and Elements Casino Grand River added approximately 290 slot machines and 190 slot machines, respectively.
  • During the first quarter of 2019, the Company purchased for cancellation 136,810 common shares at a weighted average price of $48.49 per share. The Company has purchased a total of 3,582,462 common shares under the current normal course issuer bid which expires on July 2, 2019.

“With a successful 2018 behind us, the Company remains focused on the execution of its operational and development plans for 2019 and beyond,” stated Rod Baker, the Company’s Chief Executive Officer. “This includes the upcoming launch of the new world-class casino resort in Pickering, Ontario as well as several exciting facility and operational upgrades to our recently acquired properties in Ontario.  We also worked diligently with OLG to extend operations at Ajax Downs beyond the opening of Pickering, allowing this gaming and horse racing facility – that was previously expected to close – to continue making economic contributions to the community it serves. Despite the strong progress made to grow the business, our first quarter in 2019 experienced challenges from the extreme weather conditions, which negatively impacted guest visitation at our Ontario gaming facilities.”

______________________________

(1)

Adjusted EBITDA is a non-IFRS measure as described in the disclaimer section of this press release.

(2)

2019 financial results reflect the adoption of IFRS 16, Leases as described in the Financial Review section of this press release. Comparative information has not been adjusted for IFRS 16

FINANCIAL REVIEW

Revenues increased during the first quarter of 2019, when compared to the same period in the prior year, primarily attributable to a full quarter of operations from the West GTA Gaming Bundle, 22 additional operating days from the GTA Gaming Bundle, and new revenues from the introduction of table games at Woodbine. Revenues also increased from the East Gaming Bundle due to the additional revenues from Shorelines Casino Peterborough, which opened on October 15, 2018 and Shorelines Slots at Kawartha Downs, which re-opened under agreed terms on December 19, 2018.  These increases were partially offset by the previously mentioned extreme weather conditions in the first quarter of 2019.

Adjusted EBITDA increased during the first quarter, when compared to the same period in the prior year, mainly due to the accounting impact of IFRS 16, the new lease accounting standard adopted on January 1, 2019. Readers are cautioned that the financial results for the comparative period in 2018 have not been adjusted for IFRS 16.

Implementation of IFRS 16:

IFRS 16 specifies how to recognize, measure, present and disclose leases.  The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all material leases.

The following are the key changes in the first quarter due to adoption of IFRS 16:

  • On January 1, 2019, the Company recognized right-of-use assets and lease liabilities of $996.0 million and $947.3 million, respectively.
  • Adjusted EBITDA was increased by $20.8 million due to certain lease payments, previously recognized as “property, marketing and administration” expense, being recorded against lease liabilities.
  • Amortization expense was increased by $14.2 due to amortization of right-of-use assets, and interest and financing costs, net, was increased by $12.4 due to interest accretion on lease liabilities.
  • Net earnings was decreased by $5.0 million and Shareholders’ Net earnings was decreased by $2.2 million.

See Great Canadian’s Condensed Interim Consolidated Financial Statements and Management’s Discussion & Analysis for the three months ended March 31, 2019 for further information.

OUTLOOK

“We continue to execute on our comprehensive development plans in the GTA and West GTA Gaming Bundles, with construction underway at several gaming facilities,” said Mr. Baker. “Development plans for the gaming facilities in these bundles will expand gaming offerings and introduce an exciting mix of hospitality and entertainment features at the properties that will deliver exceptional guest experiences within our respective markets.  Construction of the new world-class casino resort in the Durham region located in Pickering, Ontario is well underway.  Elements Casino Mohawk is expected to launch expanded gaming in the second quarter of 2019, and will feature approximately 1,500 slot machines and 60 table games once renovations are complete.”

“Great Canadian’s enhanced capital structure after its corporate refinancing in the fourth quarter of 2018 has given the Company additional financial flexibility to invest in our business as well as pursue other opportunities to enhance value. In the fourth quarter of 2018, we utilized $40.0 million of capacity on our revolving credit facility to repurchase shares under the normal course issuer bid which was fully repaid in the first quarter of 2019, demonstrating our disciplined approach to use of capital that has allowed us to maintain our strong financial position.  Great Canadian continues to make meaningful investments and explore opportunities that will drive its business forward and provide added value to our shareholders and guests, as evidenced by the recent divestiture of Great American,” concluded Mr. Baker.

CONFERENCE CALL

Great Canadian will host a conference call for investors and analysts today, May 6, 2019, at 8:00 AM Pacific Time in order to review the financial results for the quarter ended March 31, 2019. To participate in the conference call, please dial 416-764-8688, 778-383-7413, or toll free at 1-888-390-0546.  Questions will be reserved for analysts and institutional investors. Interested parties may also access the call via the Investor Relations section of the Company’s website, www.gcgaming.com.  Investors using the website should allow 15 minutes for the registration and installation of any necessary software. A replay of the call will also be available at www.gcgaming.com.

 

ABOUT GREAT CANADIAN GAMING CORPORATION:

Founded in 1982, Great Canadian Gaming Corporation is a BC based company that operates 28 gaming, entertainment and hospitality facilities in Ontario, British Columbia, New Brunswick, Nova Scotia, and Washington State. Fundamental to the Company’s culture is its commitment to social responsibility. “PROUD of our people, our business, our community” is Great Canadian’s brand that unifies the Company’s community, volunteering and social responsibility efforts. Under the PROUD program, Great Canadian annually supports hundreds of non-profits, community groups, and in 2018, Great Canadian team members spent over 15,000 hours volunteering for various charitable and community initiatives. In each Canadian gaming jurisdiction, a significant portion of gross gaming revenue from gaming facilities is retained by our Crown partners on behalf of their provincial government for the purpose of supporting programs like healthcare, education and social services.

Please refer to the Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis at www.gcgaming.com or www.sedar.com (available on May 6, 2019) for detailed financial information and analysis.

The financial results on the following page are unaudited and prepared by management. Expressed in millions of Canadian dollars, except for per share information.

 

Source: Great Canadian Gaming Corporation

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