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Melco Announces Record Adjusted Property EBITDA in the Fourth Quarter 2018

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Melco Announces Record Adjusted Property EBITDA in the Fourth Quarter 2018
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Melco Resorts & Entertainment Limited, a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia, reported its unaudited financial results for the fourth quarter and full year ended December 31, 2018.

Net revenue for the fourth quarter of 2018 was US$1,396.5 million, representing an increase of approximately 5% from US$1,332.6 million for the comparable period in 2017. The increase in net revenue was primarily attributable to higher group-wide rolling chip and mass market table games gross gaming revenues, partially offset by higher commissions reported as a reduction in revenue upon the Company’s adoption of a new revenue recognition standard issued by the Financial Accounting Standards Board (the “New Revenue Standard”). The Company adopted the New Revenue Standard on January 1, 2018 under the modified retrospective method. Results for the periods beginning on or after January 1, 2018 are presented under the New Revenue Standard, while prior year amounts are not adjusted and continue to be reported in accordance with the previous basis. Under the previous basis, before the adoption of the New Revenue Standard, net revenue for the fourth quarter of 2018 would have been US$1,497.7 million, which would have represented an increase of approximately 12% from the US$1,332.6 million for the comparable period in 2017.

Operating income for the fourth quarter of 2018 was US$204.0 million, compared with operating income of US$129.0 million in the fourth quarter of 2017, representing an increase of 58%.

Adjusted property EBITDA(1) was US$425.2 million for the fourth quarter of 2018, as compared to Adjusted property EBITDA of US$339.8 million in the fourth quarter of 2017, representing an increase of 25%. The increase in Adjusted property EBITDA was mainly attributable to better performance in the group-wide rolling chip and mass market table games segments.

Net income attributable to Melco Resorts & Entertainment Limited for the fourth quarter of 2018 was US$128.0 million, or US$0.27 per ADS, compared with US$81.2 million, or US$0.17 per ADS, in the fourth quarter of 2017. The net income attributable to noncontrolling interests during the fourth quarter of 2018 was US$2.2 million and the net loss attributable to noncontrolling interests during the fourth quarter of 2017 was US$9.8 million, both of which were related to Studio City and City of Dreams Manila.

Mr. Lawrence Ho, our Chairman and Chief Executive Officer, commented, “Opening of the iconic, award-winning Morpheus, and the continued robust growth in Macau’s mass gaming market have allowed Melco to deliver record-level Property EBITDA despite the challenging macro environment.

“Melco’s dedication to excellence has been widely recognized, most recently by the Michelin Guide 2019 with the Company remaining as the leading integrated resort operator in the world with the most Michelin-starred restaurants. We are extremely proud to achieve a record-breaking milestone with six of Melco’s signature restaurants being awarded with a total of ten Michelin Stars. That includes Alain Ducasse at Morpheus, which was awarded with two Michelin Stars in less than six months after opening, and Jade Dragon in City of Dreams, which was awarded with three Michelin Stars.

“The opening of Morpheus only marks the beginning of the relaunch of City of Dreams. On top of that, we have recently unveiled the significantly upgraded VIP gaming spaces on the second floor of City of Dreams. Rolling refurbishment of Nüwa will also soon commence with the upgraded hotel rooms expected to come online over the next eighteen months.

“In January, the Macau government authorized Melco to operate 40 additional gaming tables at City of Dreams. We are sincerely thankful of the Macau government for its consideration and approval of our gaming table application.

“At Studio City, we continue to enhance the entertainment offerings with a series of property upgrades, which include the recent launch of the world’s most electrifying stunt show – Elekron. Earlier in January, we also opened the pop-up ‘Legend Heroes Park’, paving way for the opening of the permanent venue later in the year. Lastly, the ‘Flip Out’ Trampoline Park is expected to open in the first half of 2019.

“In the Philippines, City of Dreams Manila delivered another solid quarter underpinned by robust mass gaming revenue growth.

“The Board has, after evaluating the Company’s current liquidity position and future expected capital needs, decided to increase the quarterly cash dividend by 7% to US$0.0517 per ordinary share, which is equivalent to US$0.1551 per ADS, from the previous quarterly dividend of US$0.04835 per ordinary share. Since our third quarter results announcement, the Company has also repurchased approximately 10 million ADSs, worth approximately US$165 million, under the US$500 million share repurchase program the Company announced in November 2018.

“Lastly, Japan continues to be a core focus for us. We expect development of the next generation of integrated resorts to soon commence in this incredibly exciting, yet currently underpenetrated, tourism destination. With our focus on the Asian premium segment, high quality assets, dedication to world-class entertainment offerings, market-leading social safeguards and compliance culture, and our commitment to being an ideal partner to local governments and communities alike, we believe Melco is in a strong position to help Japan realize the vision for integrated resort development with a unique Japanese touch.”

City of Dreams Fourth Quarter Results

For the quarter ended December 31, 2018, net revenue at City of Dreams was US$724.5 million compared to US$612.6 million in the fourth quarter of 2017. City of Dreams generated Adjusted EBITDA of US$229.7 million in the fourth quarter of 2018 compared with Adjusted EBITDA of US$169.7 million in the fourth quarter of 2017. The year-on year increase in Adjusted EBITDA was primarily a result of better performances in the rolling chip and mass market table games segments.

Rolling chip volume totaled US$11.4 billion for both quarters ended December 31, 2018 and 2017. The rolling chip win rate was 3.2% in the fourth quarter of 2018 versus 2.7% in the fourth quarter of 2017. The expected rolling chip win rate range is 2.7%-3.0%.

Mass market table games drop increased to US$1,308.0 million in the fourth quarter of 2018 compared with US$1,226.0 million in the fourth quarter of 2017. The mass market table games hold percentage was 33.0% in the fourth quarter of 2018 compared to 28.6% in the fourth quarter of 2017.

Gaming machine handle for the fourth quarter of 2018 was US$1,051.8 million, compared with US$1,122.0 million in the fourth quarter of 2017. The gaming machine win rate was 3.7% in the fourth quarter of 2018 versus 4.2% in the fourth quarter of 2017.

Total non-gaming revenue at City of Dreams in the fourth quarter of 2018 was US$99.4 million, compared with US$71.9 million in the fourth quarter of 2017.

Altira Macau Fourth Quarter Results

For the quarter ended December 31, 2018, net revenue at Altira Macau was US$137.6 million compared to US$140.2 million in the fourth quarter of 2017. Altira Macau generated Adjusted EBITDA of US$20.2 million in the fourth quarter of 2018 compared with Adjusted EBITDA of US$17.5 million in the fourth quarter of 2017.

Rolling chip volume totaled US$6.5 billion in the fourth quarter of 2018 versus US$4.9 billion in the fourth quarter of 2017. The rolling chip win rate was 3.1% in the fourth quarter of 2018 versus 3.3% in the fourth quarter of 2017. The expected rolling chip win rate range is 2.7%-3.0%.

In the mass market table games segment, drop totaled US$127.1 million in the fourth quarter of 2018, representing an increase from US$125.2 million generated in the comparable period in 2017. The mass market table games hold percentage was 19.7% in the fourth quarter of 2018 compared with 18.4% in the fourth quarter of 2017.

Gaming machine handle for the fourth quarter of 2018 was US$29.9 million, compared with US$20.6 million in the fourth quarter of 2017. The gaming machine win rate was 4.3% in the fourth quarter of 2018 versus 6.0% in the fourth quarter of 2017.

Total non-gaming revenue at Altira Macau in the fourth quarter of 2018 was US$7.1 million, compared with US$7.0 million in the fourth quarter of 2017.

Mocha Clubs Fourth Quarter Results

Net revenue from Mocha Clubs totaled US$26.5 million in the fourth quarter of 2018 as compared to US$30.7 million in the fourth quarter of 2017. Mocha Clubs generated US$4.7 million of Adjusted EBITDA in the fourth quarter of 2018 compared with US$7.4 million in the same period in 2017.

Gaming machine handle for the fourth quarter of 2018 was US$593.9 million, compared with US$622.7 million in the fourth quarter of 2017. The gaming machine win rate was 4.5% in the fourth quarter of 2018 versus 4.8% in the fourth quarter of 2017.

Studio City Fourth Quarter Results

For the quarter ended December 31, 2018, net revenue at Studio City was US$340.7 million compared to US$369.0 million in the fourth quarter of 2017. Studio City generated Adjusted EBITDA of US$102.7 million in the fourth quarter of 2018 compared with Adjusted EBITDA of US$91.5 million in the fourth quarter of 2017.

Rolling chip volume totaled US$3.5 billion in the fourth quarter of 2018 versus US$5.7 billion in the fourth quarter of 2017. The rolling chip win rate was 3.8% in the fourth quarter of 2018 versus 2.8% in the fourth quarter of 2017. The expected rolling chip win rate range is 2.7%-3.0%.

Mass market table games drop decreased to US$825.4 million in the fourth quarter of 2018 compared with US$848.2 million in the fourth quarter of 2017. The mass market table games hold percentage was 27.0% in the fourth quarter of 2018 compared to 26.1% in the fourth quarter of 2017.

Gaming machine handle for the fourth quarter of 2018 was US$641.8 million, compared with US$539.0 million in the fourth quarter of 2017. The gaming machine win rate was 3.6% in the fourth quarter of 2018 versus 4.1% in the fourth quarter of 2017.

Total non-gaming revenue at Studio City in the fourth quarter of 2018 was US$46.4 million, compared with US$52.2 million in the fourth quarter of 2017.

City of Dreams Manila Fourth Quarter Results

For the quarter ended December 31, 2018, net revenue at City of Dreams Manila was US$155.2 million compared to US$167.5 million in the fourth quarter of 2017. City of Dreams Manila generated Adjusted EBITDA of US$67.9 million in the fourth quarter of 2018 compared to US$53.8 million in the comparable period of 2017. The year-on year increase in Adjusted EBITDA was mainly attributable to better performance in all gaming segments.

Rolling chip volume totaled US$2.4 billion in the fourth quarter of 2018 versus US$2.9 billion in the fourth quarter of 2017. The rolling chip win rate was 3.7% in the fourth quarter of 2018 versus 3.1% in the fourth quarter of 2017. The expected rolling chip win rate range is 2.7%-3.0%.

Mass market table games drop increased to US$197.3 million for the fourth quarter of 2018, compared with US$189.2 million in the fourth quarter of 2017. The mass market table games hold percentage was 31.4% in the fourth quarter of 2018 compared to 30.9% in the fourth quarter of 2017.

Gaming machine handle for the fourth quarter of 2018 was US$933.6 million, compared with US$793.3 million in the fourth quarter of 2017. The gaming machine win rate was 5.3% in the fourth quarter of 2018 versus 5.5% in the fourth quarter of 2017.

Total non-gaming revenue at City of Dreams Manila in the fourth quarter of 2018 was US$29.4 million, compared with US$31.4 million in the fourth quarter of 2017.

Other Factors Affecting Earnings

Total net non-operating expenses for the fourth quarter of 2018 were US$80.0 million, which mainly included interest expenses of US$74.0 million.

Depreciation and amortization costs of US$149.7 million were recorded in the fourth quarter of 2018 of which US$13.9 million was related to the amortization expense for our gaming subconcession and US$5.5 million was related to the amortization expense for the land use rights.

The Adjusted EBITDA for Studio City for the three months ended December 31, 2018 and year ended December 31, 2018 referred to in this report is US$17 million and US$61 million more, respectively, than the Adjusted EBITDA of Studio City contained in the earnings release for Studio City International Holdings Limited dated February 19, 2019 (the “Studio City earnings release”). The Adjusted EBITDA of Studio City contained in the Studio City earnings release includes certain intercompany charges that are not included in the Adjusted EBITDA for Studio City contained in this report. Such intercompany charges include, among other items, fees and shared service charges billed between Studio City International Holdings Limited and its subsidiaries and certain subsidiaries of Melco. Additionally, Adjusted EBITDA of Studio City included in this report does not reflect certain costs related to the VIP operations at Studio City Casino.

Financial Position and Capital Expenditures

Total cash and bank balances as of December 31, 2018 aggregated US$1.5 billion, including US$48.2 million of restricted cash, primarily related to Studio City. Total debt, net of unamortized deferred financing costs at the end of the fourth quarter of 2018, was US$4.1 billion.

Capital expenditures for the fourth quarter of 2018 were US$99.5 million, which predominantly related to various projects at City of Dreams and Studio City.

Full Year Results

For the year ended December 31, 2018, Melco Resorts & Entertainment Limited reported net revenue of US$5.2 billion versus US$5.3 billion in the prior year. The decrease in net revenue was primarily attributable to higher commissions reported as a reduction in revenue upon the Company’s adoption of the New Revenue Standard, partially offset by higher gross gaming revenues in all gaming segments. The Company adopted the New Revenue Standard on January 1, 2018 under the modified retrospective method. Results for the periods beginning on or after January 1, 2018 are presented under the New Revenue Standard, while prior year amounts are not adjusted and continue to be reported in accordance with the previous basis. Under the previous basis, before the adoption of the New Revenue Standard, net revenue for 2018 would have been US$5.6 billion, which would have represented an increase of approximately 5% from the US$5.3 billion for 2017.

Operating income for 2018 was US$626.8 million, compared with operating income of US$607.6 million for 2017, representing an increase of 3%.

Adjusted property EBITDA for the year ended December 31, 2018 was US$1,477.9 million, as compared to Adjusted property EBITDA of US$1,422.8 million in 2017. The year-on-year improvement in Adjusted property EBITDA was mainly attributable to better group-wide performance in all gaming segments.

Net income attributable to Melco Resorts & Entertainment Limited for 2018 was US$351.5 million, or US$0.73 per ADS, compared with US$347.0 million, or US$0.71 per ADS, for 2017. The net income attributable to noncontrolling interests for 2018 was US$2.3 million and the net loss attributable to noncontrolling interests for 2017 was US$31.7 million, both of which were related to Studio City and City of Dreams Manila.

Amendment of Dividend Policy

To reaffirm Melco’s commitment to returning surplus capital to shareholders, our Board, after evaluating Melco’s current liquidity position and future expected capital needs, has amended its quarterly dividend policy from one targeting a quarterly cash dividend payment of US$0.04835 per ordinary share (equivalent to US$0.14505 per ADS, each representing three ordinary shares) of the Company to one targeting a quarterly cash dividend payment of US$0.0517 per ordinary share (equivalent to US$0.1551 per ADS) of the Company.

The new dividend policy will take effect beginning with any dividends declared by our Board for the fourth quarter of 2018 and continue until amended or otherwise determined by our Board. Distribution of dividends under this new dividend policy is subject to the Company’s accumulated and future earnings, cash availability and future commitments.

Our Board will continue to review our dividend policy from time to time as part of our commitment to maximizing shareholder value, taking into consideration our financial performance and market conditions.

Dividend Declaration

On February 19, 2019, our Board considered and approved the declaration and payment of a quarterly dividend of US$0.0517 per ordinary share (equivalent to US$0.1551 per ADS) for the fourth quarter of 2018 (the “Quarterly Dividend”). The Quarterly Dividend will be paid on or about March 14, 2019 to our shareholders whose names appear on the register of members of the Company at the close of business on March 4, 2019, being the record date for determination of entitlements to the Quarterly Dividend.

Conference Call Information

Melco Resorts & Entertainment Limited will hold a conference call to discuss its fourth quarter 2018 financial results on Tuesday, February 19, 2019 at 8:30 a.m. Eastern Time (9:30 p.m. Hong Kong Time). To join the conference call, please use the dial-in details below:

US Toll Free 1 866 519 4004
US Toll / International 1 845 675 0437
HK Toll 852 3018 6771
HK Toll Free 800 906 601
Japan Toll 81 3 4503 6012
Japan Toll Free 012 092 5376
UK Toll Free 080 8234 6646
Australia Toll 61 290 833 212
Australia Toll Free 1 800 411 623
Philippines Toll Free 1 800 1612 0306
Passcode MLCO

An audio webcast will also be available at http://www.melco-resorts.com.

To access the replay, please use the dial-in details below:

US Toll Free 1 855 452 5696
US Toll / International 1 646 254 3697
HK Toll Free 800 963 117
Japan Toll 81 3 4580 6717
Japan Toll Free 012 095 9034
Philippines Toll Free 1 800 1612 0166
Conference ID 3567003

About Melco Resorts & Entertainment Limited:

The Company, with its American depositary shares listed on the NASDAQ Global Select Market (NASDAQ: MLCO), is a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia. The Company currently operates Altira Macau (www.altiramacau.com), a casino hotel located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated urban casino resort located in Cotai, Macau. Its business also includes the Mocha Clubs (www.mochaclubs.com), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company also majority owns and operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau. In the Philippines, a Philippine subsidiary of the Company currently operates and manages City of Dreams Manila (www.cityofdreams.com.ph), a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila.

The Company is strongly supported by its single largest shareholder, Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited and is substantially owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of the Company.

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SCCG Announces Strategic Partnership with Gridlogic

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SCCG Management, a premier advisory firm in the gaming industry with a global footprint and over 100 best-in-class client partners, announced a strategic partnership with Gridlogic, a leading Real Money Technology group and a pioneer in the iGaming industry. This partnership is set to enhance SCCG’s initiatives in the rapidly growing Indian gaming market, leveraging Gridlogic’s innovative technology solutions and artificial intelligence capabilities for player protection.

With Gridlogic’s reputation as one of India’s fastest-growing gaming technology companies, this collaboration marks a significant milestone in SCCG’s efforts to expand its global market entry and distribution of gaming products and platforms. Gridlogic, known for its next-generation technology and artificial intelligence applied to skill gaming, brings to the table a wealth of expertise and a robust portfolio of technology services that include gaming, data management and business transformation.

Stephen Crystal, Founder & CEO of SCCG Management, said: “Our alliance with Gridlogic represents a pivotal step forward in our mission to navigate the complexities of the global gaming landscape. Gridlogic’s innovative approach and technological prowess in the Indian market complement our strategic goals perfectly. Together, we are poised to unlock new opportunities and drive significant value for our stakeholders in one of the world’s most dynamic gaming markets.”

Pariekshit Maddishetty, Founder of Gridlogic, said: “Partnering with SCCG Management is a landmark moment for us at Gridlogic. Their global perspective and deep industry insights align seamlessly with our vision of revolutionizing the gaming sector through technology and artificial intelligence. This partnership not only strengthens our position in the Indian market but also accelerates our journey towards becoming a global leader in gaming technology solutions.”

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PAGCOR TURNS OVER PHP4.59-B CASH DIVIDENDS TO STATE TREASURY

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THE Philippine Amusement and Gaming Corporation (PAGCOR) today remitted a total of Php4.59 billion in cash dividends to the National Treasury to help fund the national government’s efforts in ensuring the country’s sustained economic growth and development.

The latest remittance represents 75% of PAGCOR’s net income in calendar year 2023. It is higher than the usual 50% remittance pursuant to the request of Finance Secretary Ralph Recto to PAGCOR to advance an additional 25% dividend to fund government expenditures.

PAGCOR Chairman and CEO Alejandro H. Tengco said the state gaming firm’s robust earnings from gaming operations enabled it to book Php79.37 billion in gross revenues and net earnings of Php6.13 billion in 2023 as dividend base, paving the way for a higher dividend rate declaration.

“Our remarkable income performance in 2023 set the stage for this higher dividend contribution to the national government, and this epitomizes not just financial success but our unwavering commitment to national development,” Chairman Tengco said.

The dividend declaration consists of Php3.06 billion or 50% of PAGCOR’s 2023 net earnings plus an advanced 25% or Php1.53 billion which may be applied to future dividend remittances.

The dividend check was received by Deputy National Treasurer Eduardo Anthony Mariño III during simple ceremonies at the new PAGCOR Executive Office in Pasay City.

Mariño said the higher remittance from PAGCOR would help set in motion the administration’s socioeconomic agenda as the country is coming from a challenging year where it found difficulty achieving growth targets due to inflation.

“Every peso of this latest remittance from PAGCOR is directly translatable to additional expenditure which can help accelerate growth. This would certainly empower the national government in initiating transformative change this year,” he explained.

The remittance by government owned and controlled corporations or GOCCs of at least 50 percent of their net earnings to the National Government is mandated under Republic Act (RA) No. 7656, otherwise known as the Dividends Law

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SOFTSWISS is Best Platform Solution in Asia

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SOFTSWISS is Best Platform Solution in Asia
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SOFTSWISS, an international tech company with over 15 years of experience in iGaming, celebrates its resounding success in Asia, triumphing in two categories at the Asia Gaming Awards. 

The Asia Gaming Awards convenes key stakeholders from the Asian gaming sector – operators, regulators, suppliers, and service providers – to celebrate achievements within the industry. In 2024, SOFTSWISS earned recognition in the categories of Best One-Stop Platform Solution and Best Affiliate Marketing Solution.

With over 15 years of experience in the iGaming industry, SOFTSWISS crafted a robust ecosystem of products that allows its clients to create an iGaming business from scratch. Having a complete range of products and solutions for online gaming and betting, SOFTSWISS also offers innovative tools for player engagement and a comprehensive system of services.

Over 860 brands employ SOFTSWISS’ software to provide an exceptional player experience to more than six million players from different regions all over the world. Notably, 80% of SOFTSWISS clients are satisfied with the company’s products and services, according to a survey conducted by the leading marketing agency Kantar.

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, shares his delight: “SOFTSWISS is proud to acquire the esteemed Best One-Stop Platform Solution Award, which testifies to the outstanding contributions of our company to the development of the Asian gaming industry. We express our earnest gratitude to our dedicated team for their tireless efforts and our valued clients for their trust, pivotal to our success.”

Another well-deserved award belongs to Affilka by SOFTSWISS, a modular and feature-rich software platform which helps manage, track, and analyse affiliate performance. 

According to Kantar’s survey, held at the end of 2023, Affilka’s customer satisfaction rate was 8.1 out of 10. At the same time, 97% of respondents expressed satisfaction with Affilka’s service.

Boasting a client’s portfolio of more than 320 iGaming brands in 2023, the affiliate marketing platform shows almost two times YoY growth in affiliate GGR.  

Anastasia Borovaya, Head of Affilka by SOFTSWISS, comments on the recent victory: “We are proud to achieve this recognition in the Asian gaming market. Our team puts a lot of effort into constantly evolving product performance. Let this accolade fuel our unwavering commitment to innovation and excellence, driving us forward as we continue to serve our clients with the highest standards of quality and service.”

Since the beginning of the year SOFTSWISS has already gained such prestigious accolades as Responsible Gaming, Crypto Company, Platform Provider, Software Supplier, and others. The esteemed awards, namely IGA, GGA EMEA, SiGMA Eurasia, EGR Nordics, SiGMA Africa, Asia Gaming Awards stand as obvious recognition of SOFTSWISS’ significant contribution to the iGaming industry all over the world. 

 

About SOFTSWISS 

SOFTSWISS is an international tech company supplying software solutions for managing iGaming projects. The expert team, which counts over 2,000 employees, is based in Malta, Poland, and Georgia. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Platform and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.

 

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