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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.

Gambling in the USA

Problem Gambling Recovery Centres in Nevada Go Digital

Niji Narayan

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Problem Gambling Recovery Centres in Nevada Go Digital
Reading Time: < 1 minute

 

Nevada’s state-funded problem gambling recovery centres have started providing telehealth services to offer their confidential services during the coronavirus pandemic.

Reno Problem Gambling Centre and New Frontier Treatment Centre in northern Nevada have completely shifted to digital care. Las Vegas-based centres, Robert Hunter International Problem Gambling Centre and Mental Health Counselling and Consulting, will keep on offering in-person recovery observing the social distancing guidelines. They will be offering treatment via confidential phone calls and HIPAA-compliant video conferencing.

“Nevadans may turn to online gambling now that casino gaming and sports betting aren’t options. There are some Nevadans who already struggle with gambling problems and others that may begin to struggle now that they are faced with more free time and the possibility of increased loneliness or boredom. Add to this the potential economic pressures from all of the business closures, and this becomes a good time for gamblers to reevaluate their resources and seek treatment if necessary,” Alan Feldman, chair of the Advisory Committee of Problem Gambling, said.

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eSports

NGCB: Approval to Offer Wagers on 2020 Counter-Strike – ESL: Meisterschaft

George Miller

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NGCB: Approval to Offer Wagers on 2020 Counter-Strike – ESL: Meisterschaft
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On April 1, 2020, the Nevada Gaming Control Board granted approval to offer wagers on 2020 Counter-Strike – ESL: Meisterschaft, pursuant to the provisions of Regulation 22.1201. The approved wager types are; 1) Head to Head 2) Winner of Each Match 3) Overall Winner.

Approval is granted for all licensed books to post and accept wagers on 2020 Counter-Strike – ESL: Meisterschaft, subject to the following conditions:
 Licensed books electing to offer these wagers must provide the Enforcement Division
with notification of terms via email at [email protected]
 Acceptance of wagers must cease prior to the commencement of each match.
 The results shall be based on a permissible source in accordance with
Regulation 22.060 (4).
 All audit procedures detailed in Industry Letter 2011-48 must be adhered to.
 The setting of odds is at the discretion of the book; rules governing these wagers shall
be made available to the public
 Any additional wagers which deviate from 1) Head to Head 2) Winner of Each Match
3) Overall Winner for this event will require a separate application and approval.

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Gambling in the USA

Rush Street Interactive Partners With Global Leader Scientific Games To Premier Its Online Casino Games In The Pennsylvania Market At BetRivers.com And PlaySugarHouse.com

George Miller

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Rush Street Interactive Partners With Global Leader Scientific Games
Reading Time: 2 minutes

 

Rush Street Interactive (RSI) is excited to partner with Scientific Games to become the first online casino operator in Pennsylvania to premier the global entertainment company’s fan favorite games on its BetRivers.com and PlaySugarHouse.com sites.  The newly launched games include 88 Fortunes, which is the most popular slot game on the PlaySugarHouse.com online casino site in New Jersey, as well as a player favorite at Rivers Casinos in Philadelphia and Pittsburgh, along with Spartacus™, Starmania® and Mad Mad Monkey®.

“We are excited to partner with Scientific Games to be the first online operator in Pennsylvania to bring these top quality and well-known casino games to our players,” said Richard Schwartz, President of Rush Street Interactive, which operates BetRivers.com and PlaySugarHouse.com.  “88 Fortunes is already the most popular slot game out of over 550 slot games on PlaySugarHouse.com in New Jersey and we expect Pennsylvania players will love playing it online just as much.”

With the combination of beautiful Asian artwork and bonus features, 88 Fortunes is a fan favorite because of the bounty of winning opportunities it offers players.  88 Fortunes Fu Bat Jackpot feature offers four progressive levels with a Grand Jackpot possible.  Players also enjoy the ability to trigger the free games feature that can also be retriggered.

“Scientific Games is thrilled to partner with Rush Street Interactive, a proven online gaming operator and market leader for online casinos in Pennsylvania,” said Bob Hays, VP Commercial, North America for Scientific Games.  “We are proud to be close partners with RSI as we collaborate together to grow the exciting online casino category in the US market.”

Both BetRivers.com and PlaySugarHouse.com currently offer a match of a new customer’s first deposit, up to $250.  The award-winning sites/apps also focus on offering high quality customer service; great deposit/withdraw methods and quick payouts.  Both sites have seen an uptick of 4 to 5 times more players signing-up in the past few weeks.

Scientific Games slots join a robust but growing online casino catalog that now contains over 100 real-money slots, table games and video poker variants in Pennsylvania. In addition to fan-favorite casino slots, BetRivers.com and PlaySugarHouse.com feature online exclusive slots as well as progressive jackpot slots.  New titles are added weekly.

All ® notices signify marks registered in the United States.

 

SOURCE Rush Street Interactive

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