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Caesars Entertainment financial results for Q1 2019

George Miller

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Caesars Entertainment financial results for Q1 2019
Photo Source: lasvegas.se
Reading Time: 2 minutes

 

Caesars Entertainment Corporation reported first quarter of 2019 results, highlights certain GAAP and non-GAAP financial measures on a consolidated basis.

 

First quarter highlights included:

Net revenues increased 7.3% to $2.12 billion.
Income from operations increased 92% to $240 million.
Net loss attributable to Caesars was $217 million. Basic loss per share totaled $0.32.
Non-GAAP hold adjusted net revenues increased 5.6% to $2.11 billion.
Non-GAAP adjusted EBITDAR increased 8.5% to $562 million.
Non-GAAP hold adjusted EBITDAR increased 2.8% to $558 million.

“Caesars delivered another solid quarter of revenue and EBITDAR growth, as well as margin improvement,” said Eric Hession, Executive Vice President and Chief Financial Officer. “We realized strong contributions from the Las Vegas gaming and hotel businesses, and Centaur, in addition to further operating and corporate efficiencies. These results were partially offset by the impact of competition in Atlantic City, and weather-related property closures. In addition, we generated strong cash flow from operations, which allowed us to pay off our $100 million revolver balance.”

Additional Developments

On 16 April 2019, Caesars announced that its Board of Directors had named Anthony (Tony) Rodio as Chief Executive Officer. Mr. Rodio, who is currently CEO of Affinity Gaming, will transition to his new role at Caesars within the next thirty days. He will join the Company’s Board of Directors and be based in Las Vegas. The Board of Directors also announced the creation of a Transaction Committee to oversee the Company’s evaluation of ongoing efforts to create additional shareholder value.

On 29 April 2019, Harrah’s Northern California opened for business, which represents the fourth active tribal management agreement in the Company’s portfolio. Harrah’s Northern California is a state-of-the art, 71,000 square-foot entertainment destination nestled in the scenic foothills of Amador County, California.

On 25 February 2019, Caesars announced that it had entered into a multi-state agreement with DraftKings, the leading sports-tech entertainment brand in the U.S., under which Caesars offers DraftKings market access for its online gaming products, subject to passage of applicable laws and the parties securing applicable gaming licenses. DraftKings’ market access is exclusive to Caesars across certain states in which Caesars operates casino properties.

Basis of Presentation

Certain additional non-GAAP financial measures have been added to highlight the results of the Company. On 16 July 2018, Caesars completed the acquisition of Centaur Holdings, LLC (“Centaur”). “2018 Data Excluding Centaur” removes the post-acquisition results of Centaur from Caesars’ consolidated results. “Hold adjusted” results are adjusted to reflect the hold we achieved compared to the hold we expected. See the tables at the end of this press release for the reconciliation of non-GAAP to GAAP presentations.

Financial Results

Caesars views each property as an operating segment and aggregate such properties into three regionally-focused reportable segments: (i) Las Vegas, (ii) Other U.S. and (iii) All Other, which is consistent with how Caesars manages the business. The results of each reportable segment presented below are consistent with the way management assesses these results and allocates resources, which is a consolidated view that adjusts for the effect of certain transactions between reportable segments within Caesars. We recast previously reported segment amounts to conform to the way management assesses results and allocates resources for the current year. “All Other” includes managed, international and other properties as well as parent and other adjustments to reconcile to consolidated Caesars results.

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Gambling in the USA

Oneida Indian Nation Opens New Entertainment Venue at YBR Casino & Sports Book

Niji Narayan

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Oneida Indian Nation Opens New Entertainment Venue at YBR Casino & Sports Book
Photo Source: oneidaindiannation.com
Reading Time: < 1 minute

 

The Oneida Indian Nation has opened a new entertainment venue at YBR Casino & Sports Book.

YBR Casino’s latest expansion includes “The Lanes,” a six-lane luxury Brunswick Bowling Centre; two high-tech Topgolf Swing Suite bays; multiple pool tables; shuffleboard; sports-betting desk; more than 65 additional slot machines; more than 20 LED screens; and an expansive full-service bar and dining area with a menu developed by an award-winning culinary team.

YBR Casino’s new entertainment amenities are the continuation of significant investments made by the Oneida Indian Nation into the property over the last year. The all-new YBR Casino & Sports Book features a brand new gaming floor with a contemporary industrial design, in honour of the region story, and The Lounge with Caesars Sports, the largest sports book in New York with VIP amenities, luxury seating and fan caves.

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Gambling in the USA

Video Gambling Magnate Rick Heidner Sues Illinois Gaming Board

Niji Narayan

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Video Gambling Magnate Rick Heidner Sues Illinois Gaming Board
Photo Source: sportsmedia101.com
Reading Time: < 1 minute

 

Video gambling magnate Rick Heidner has filed a $4 million lawsuit against the Illinois Gaming Board (IGB).

Heidner, who was named in a federal search warrant during an FBI raid of former state Sen. Martin Sandoval’s office in September, alleges in a lawsuit filed to the Illinois Court of Claims that a gaming board employee intentionally and without authorisation disclosed sensitive financial information to three federal agencies.

“Upon information and belief, the IGB employee made these disclosures to fuel—or at least in response to—the negative media coverage the IGB helped generate against Mr. Heidner and Gold Rush,” the complaint reads.

The suit also alleges the gaming board did not immediately inform Heidner of the breach, which they are required to do under Illinois law. The leak was only discovered a month later, after Heidner filed a Freedom of Information Act request for all correspondences between the gaming board and the Tribune, according to the suit.

Heidner is requesting the maximum allowable damages of $2 million each for himself and his company over the alleged leak of personal information.

The leaked information included Heidner’s financial data, personal bank records, his Social Security number, real estate holdings, mortgages and liens and other sensitive records, according to the suit.

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Gambling in the USA

PointsBet and NBA Announce Multiyear Sports Betting Partnership

George Miller

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PointsBet and NBA Announce Multiyear Sports Betting Partnership
Reading Time: 2 minutes

 

PointsBet to Receive Access to Official NBA Betting Data and League Marks, Integrate Win Probability Metric Across Select NBA Platforms

PointsBet, a top-tier global sportsbook operator, and the National Basketball Association (NBA) announced a new multiyear partnership, making PointsBet an Authorized Sports Betting Operator of the NBA.  The partnership marks PointsBet’s first with a professional sports league in the U.S.

As part of the partnership, PointsBet will integrate the first-ever Win Probability Metric across certain NBA platforms, including on NBA.com and NBA social media channels.  Powered by PointsBet, the Win Probability Metric will provide fans with real-time insight toward projected outcomes utilizing the same analytics and statistics that fuel the PointsBet sportsbook.

Additionally, PointsBet will have access to official NBA betting data and league marks across PointsBet digital betting platforms.

“As a tech company at heart, the PointsBet team is excited to work with a league as savvy and forward-thinking as the NBA,” noted Johnny Aitken, CEO of PointsBet USA. “We’re certainly aligned in looking to present fans with the best experience possible, and we look forward to enhancing the sports betting aspect via the Win Probability Metric Powered by PointsBet.”

“We are thrilled to partner with PointsBet on its first U.S. sports league betting partnership, as they continue to grow their business throughout the U.S.,” said Scott Kaufman-Ross, Senior Vice President, Head of Fantasy & Gaming, NBA. “PointsBet has a unique offering in the marketplace and we are excited to find new ways to engage with fans together.”

PointsBet and the NBA will also work together on best-in-class practices to protect the integrity of NBA games.

 

About PointsBet
Launched in the United States in January of 2019, PointsBet is one of the fastest growing online sportsbooks in the country and is rapidly expanding its U.S. footprint. Originally founded in Australia, PointsBet is a cutting-edge bookmaker that prides itself on having the quickest and most user-friendly app (iOS and Android) while also providing the best content and experience for sports bettors. PointsBet is the only U.S. online bookmaker to offer PointsBetting – a unique and innovative way to bet – and has also introduced a slew of well-received, bettor-first initiatives, including: Good Karma Payouts, Early Payouts and an exclusive $10,000 gameday guarantee for all NBA and NHL playoff games, as well as the entire MLB and NFL seasons. PointsBet offers the most markets on all four major U.S. sports (NFL, NBA, MLB, NHL) and PointsBetting in the world, including up to 1,000 markets per NBA game.

About the NBA
The NBA is a global sports and media business built around four professional sports leagues: the National Basketball Association, the Women’s National Basketball Association, the NBA G League and the NBA 2K League.  The NBA has established a major international presence with games and programming in 215 countries and territories in nearly 50 languages, and merchandise for sale in more than 100,000 stores in 100 countries on six continents. NBA rosters at the start of the 2019-20 season featured 108 international players from 38 countries and territories.  NBA Digital’s assets include NBA TV, NBA.com, the NBA App and NBA League Pass.  The NBA has created one of the largest social media communities in the world, with 1.6 billion likes and followers globally across all league, team, and player platforms.  Through NBA Cares, the league addresses important social issues by working with internationally recognized youth-serving organizations that support education, youth and family development, and health-related causes.

 

SOURCE PointsBet

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