Gambling in the USA
Boyd Gaming Reports Second-Quarter 2019 Results
Boyd Gaming Corporation reported financial results for the second quarter ended June 30, 2019.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “During the second quarter, our Company made continued progress executing against our strategic growth initiatives. Despite a few isolated challenges, we delivered revenue, Adjusted EBITDAR and operating margin growth in every segment of our business, as our operating teams identified and drove profitable revenue growth and enhanced efficiencies. We achieved strong growth at our newly acquired properties, significantly improving upon their solid standalone performances last year. And through ongoing marketing and operational initiatives, we are successfully growing visitation and expanding our customer base across the country. In all we are pleased with our progress, and remain confident we are well-positioned to capitalize on future growth opportunities.”
Boyd Gaming reported second-quarter revenues of $846.1 million, up 37.2% from $616.8 million in the second quarter of 2018. The Company reported net income of $48.5 million, or $0.43 per share, for the second quarter of 2019, compared to $38.9 million, or $0.34 per share, for the year-ago period.
Total Adjusted EBITDAR(1) was $232.6 million in the second quarter of 2019, rising 42.3% from $163.4 million in the second quarter of 2018. Adjusted Earnings(1) for the second quarter of 2019 were $52.5 million, or $0.46 per share, compared to Adjusted Earnings of $44.0 million, or $0.38 per share, for the same period in 2018.
Results for the second quarter of 2019 include $228.5 million in revenues and $66.8 million in Adjusted EBITDAR from Ameristar Kansas City, Ameristar St. Charles, Belterra Resort and Belterra Park, acquired on October 15, 2018; Valley Forge Casino Resort, acquired by the Company on September 17, 2018; and Lattner Entertainment, acquired on June 1, 2018.
(1) |
See footnotes at the end of the release for additional information relative to non-GAAP financial measures. |
Operations Review
Las Vegas Locals
In the Las Vegas Locals segment, second-quarter 2019 revenues were $220.9 million, up from $220.0 million in the year-ago quarter. Second-quarter 2019 Adjusted EBITDAR was $71.4 million, up from $70.2 million in the second quarter of 2018.
The Las Vegas Locals segment recorded its highest second-quarter Adjusted EBITDAR in 14 years. Despite challenging year-over-year comparisons and lower hold at The Orleans, the segment achieved continued growth in revenues, Adjusted EBITDAR and operating margins. Adjusted EBITDAR grew at every major property in the segment during the quarter, excluding The Orleans.
Downtown Las Vegas
In the Downtown Las Vegas segment, revenues were $64.5 million in the second quarter of 2019, up from $61.2 million in the year-ago period. Adjusted EBITDAR was a second-quarter record of $15.9 million in the current year, an increase of 17.4% from $13.5 million in the second quarter of 2018.
All three Downtown Las Vegas properties set Adjusted EBITDAR records for the second quarter. Segment results reflect strong gains in Hawaiian visitation and unrated play, as well as continued growth throughout the market.
Midwest & South
In the Midwest & South segment, revenues were $560.7 million, up from $335.6 million in the second quarter of 2018. Adjusted EBITDAR was $165.1 million, growing from $98.5 million in the year-ago period. Results for the segment include contributions from the Company’s newly acquired properties.
On a same-store basis, the Midwest & South segment posted its fifth consecutive quarter of improved revenues, Adjusted EBITDAR and operating margins, with Adjusted EBITDAR gains at a majority of the Company’s same-store regional properties. On a combined basis, the Company’s newly acquired properties delivered revenue growth and strong Adjusted EBITDAR and margin increases over their standalone results in the prior year.
Balance Sheet Statistics
As of June 30, 2019, Boyd Gaming had cash on hand of $239.4 million, and total debt of $3.95 billion.
Full-Year 2019 Guidance
For the full year 2019, Boyd Gaming reaffirms its previously provided guidance of total Adjusted EBITDAR of $885 millionto $910 million.
BOYD GAMING CORPORATION |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(Unaudited) |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
(In thousands, except per share data) |
2019 (a) |
2018 |
2019 (a) |
2018 |
||||||||||||
Revenues |
||||||||||||||||
Gaming |
$ |
633,659 |
$ |
447,788 |
$ |
1,253,912 |
$ |
888,251 |
||||||||
Food & beverage |
112,047 |
87,601 |
223,137 |
173,000 |
||||||||||||
Room |
61,097 |
49,434 |
118,341 |
97,346 |
||||||||||||
Other |
39,329 |
31,970 |
78,030 |
64,314 |
||||||||||||
Total revenues |
846,132 |
616,793 |
1,673,420 |
1,222,911 |
||||||||||||
Operating costs and expenses |
||||||||||||||||
Gaming |
282,593 |
193,991 |
559,209 |
383,026 |
||||||||||||
Food & beverage |
103,477 |
81,619 |
205,628 |
164,309 |
||||||||||||
Room |
27,799 |
21,654 |
54,681 |
42,587 |
||||||||||||
Other |
24,748 |
21,645 |
48,628 |
42,450 |
||||||||||||
Selling, general and administrative |
116,701 |
88,041 |
232,112 |
175,624 |
||||||||||||
Master lease rent expense (b) |
24,431 |
— |
48,393 |
— |
||||||||||||
Maintenance and utilities |
39,707 |
28,673 |
77,807 |
56,599 |
||||||||||||
Depreciation and amortization |
68,051 |
53,923 |
135,304 |
105,199 |
||||||||||||
Corporate expense |
26,913 |
24,063 |
58,090 |
49,920 |
||||||||||||
Project development, preopening and writedowns |
4,915 |
5,801 |
8,946 |
9,241 |
||||||||||||
Impairment of assets |
— |
993 |
— |
993 |
||||||||||||
Other operating items, net |
105 |
132 |
304 |
1,931 |
||||||||||||
Total operating costs and expenses |
719,440 |
520,535 |
1,429,102 |
1,031,879 |
||||||||||||
Operating income |
126,692 |
96,258 |
244,318 |
191,032 |
||||||||||||
Other expense (income) |
||||||||||||||||
Interest income |
(816) |
(522) |
(922) |
(979) |
||||||||||||
Interest expense, net of amounts capitalized |
61,233 |
44,959 |
122,563 |
89,218 |
||||||||||||
Loss on early extinguishments and modifications of debt |
508 |
— |
508 |
61 |
||||||||||||
Other, net |
(455) |
(24) |
(340) |
(404) |
||||||||||||
Total other expense, net |
60,470 |
44,413 |
121,809 |
87,896 |
||||||||||||
Income before income taxes |
66,222 |
51,845 |
122,509 |
103,136 |
||||||||||||
Income tax provision |
(17,738) |
(13,247) |
(28,574) |
(23,139) |
||||||||||||
Income from continuing operations, net of tax |
48,484 |
38,598 |
93,935 |
79,997 |
||||||||||||
Income from discontinued operations, net of tax |
— |
347 |
— |
347 |
||||||||||||
Net income |
$ |
48,484 |
$ |
38,945 |
$ |
93,935 |
$ |
80,344 |
||||||||
Basic net income per common share |
||||||||||||||||
Continuing Operations |
$ |
0.43 |
$ |
0.34 |
$ |
0.83 |
$ |
0.70 |
||||||||
Discontinued Operations |
— |
— |
— |
— |
||||||||||||
Basic net income per common share |
$ |
0.43 |
$ |
0.34 |
$ |
0.83 |
$ |
0.70 |
||||||||
Weighted average basic shares outstanding |
113,318 |
114,543 |
113,329 |
114,459 |
||||||||||||
Diluted net income per common share |
||||||||||||||||
Continuing Operations |
$ |
0.43 |
$ |
0.34 |
$ |
0.83 |
$ |
0.70 |
||||||||
Discontinued Operations |
— |
— |
— |
— |
||||||||||||
Diluted net income per common share |
$ |
0.43 |
$ |
0.34 |
$ |
0.83 |
$ |
0.70 |
||||||||
Weighted average diluted shares outstanding |
113,795 |
115,218 |
113,832 |
115,186 |
__________________________________________ |
|
(a) |
Results for the three and six months ended June 30, 2019 include Lattner Entertainment, acquired on June 1, 2018, Valley Forge Casino Resort, acquired on September 17, 2018, and Ameristar Casino Kansas City, Ameristar Casino St. Charles, Belterra Resort and Belterra Park, acquired on October 15, 2018 (collectively, the “Acquired Businesses”). See Boyd Gaming’s Form 10-K for the period ended December 31, 2018, for further information regarding the Acquired Businesses. |
(b) |
Rent expense incurred by those properties subject to a master lease with a real estate investment trust. |
BOYD GAMING CORPORATION |
||||||||||||||||
SUPPLEMENTAL INFORMATION |
||||||||||||||||
Reconciliation of Adjusted EBITDA to Net Income |
||||||||||||||||
(Unaudited) |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
(In thousands) |
2019 (a) |
2018 |
2019 (a) |
2018 |
||||||||||||
Total Revenues by Reportable Segment |
||||||||||||||||
Las Vegas Locals |
$ |
220,948 |
$ |
219,974 |
$ |
443,798 |
$ |
442,149 |
||||||||
Downtown Las Vegas |
64,466 |
61,202 |
127,492 |
121,670 |
||||||||||||
Midwest & South |
560,718 |
335,617 |
1,102,130 |
659,092 |
||||||||||||
Total revenues |
$ |
846,132 |
$ |
616,793 |
$ |
1,673,420 |
$ |
1,222,911 |
||||||||
Adjusted EBITDAR by Reportable Segment |
||||||||||||||||
Las Vegas Locals |
$ |
71,449 |
$ |
70,248 |
$ |
145,683 |
$ |
141,278 |
||||||||
Downtown Las Vegas |
15,902 |
13,543 |
30,927 |
26,761 |
||||||||||||
Midwest & South |
165,064 |
98,510 |
321,535 |
192,756 |
||||||||||||
Property Adjusted EBITDAR |
252,415 |
182,301 |
498,145 |
360,795 |
||||||||||||
Corporate expense, net of share-based compensation expense (b) |
(19,819) |
(18,878) |
(42,524) |
(36,900) |
||||||||||||
Adjusted EBITDAR |
232,596 |
163,423 |
455,621 |
323,895 |
||||||||||||
Master lease rent expense (c) |
(24,431) |
— |
(48,393) |
— |
||||||||||||
Adjusted EBITDA |
208,165 |
163,423 |
407,228 |
323,895 |
||||||||||||
Other operating costs and expenses |
||||||||||||||||
Deferred rent |
244 |
294 |
489 |
550 |
||||||||||||
Depreciation and amortization |
68,051 |
53,923 |
135,304 |
105,199 |
||||||||||||
Share-based compensation expense |
8,158 |
6,022 |
17,867 |
14,949 |
||||||||||||
Project development, preopening and writedowns |
4,915 |
5,801 |
8,946 |
9,241 |
||||||||||||
Impairment of assets |
— |
993 |
— |
993 |
||||||||||||
Other operating items, net |
105 |
132 |
304 |
1,931 |
||||||||||||
Total other operating costs and expenses |
81,473 |
67,165 |
162,910 |
132,863 |
||||||||||||
Operating income |
126,692 |
96,258 |
244,318 |
191,032 |
||||||||||||
Other expense (income) |
||||||||||||||||
Interest income |
(816) |
(522) |
(922) |
(979) |
||||||||||||
Interest expense, net of amounts capitalized |
61,233 |
44,959 |
122,563 |
89,218 |
||||||||||||
Loss on early extinguishments and modifications of debt |
508 |
— |
508 |
61 |
||||||||||||
Other, net |
(455) |
(24) |
(340) |
(404) |
||||||||||||
Total other expense, net |
60,470 |
44,413 |
121,809 |
87,896 |
||||||||||||
Income before income taxes |
66,222 |
51,845 |
122,509 |
103,136 |
||||||||||||
Income tax provision |
(17,738) |
(13,247) |
(28,574) |
(23,139) |
||||||||||||
Income from continuing operations, net of tax |
48,484 |
38,598 |
93,935 |
79,997 |
||||||||||||
Income from discontinued operations, net of tax |
— |
347 |
— |
347 |
||||||||||||
Net income |
$ |
48,484 |
$ |
38,945 |
$ |
93,935 |
$ |
80,344 |
__________________________________________ |
|
(a) |
Results for the three and six months ended June 30, 2019 include the Acquired Businesses, which are included in the Midwest & South segment. |
(b) |
Reconciliation of corporate expense: |
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
(In thousands) |
2019 |
2018 |
2019 |
2018 |
||||||||||||
Corporate expense as reported on Condensed Consolidated Statements of Operations |
$ |
26,913 |
$ |
24,063 |
$ |
58,090 |
$ |
49,920 |
||||||||
Corporate share-based compensation expense |
(7,094) |
(5,185) |
(15,566) |
(13,020) |
||||||||||||
Corporate expense, net, as reported on the above table |
$ |
19,819 |
$ |
18,878 |
$ |
42,524 |
$ |
36,900 |
(c) |
Rent expense incurred by those properties subject to a master lease with a real estate investment trust. |
BOYD GAMING CORPORATION |
||||||||||||||||
SUPPLEMENTAL INFORMATION |
||||||||||||||||
Reconciliations of Net Income to Adjusted Earnings |
||||||||||||||||
and Net Income Per Share to Adjusted Earnings Per Share |
||||||||||||||||
(Unaudited) |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
(In thousands, except per share data) |
2019 (a) |
2018 |
2019 (a) |
2018 |
||||||||||||
Net income |
$ |
48,484 |
$ |
38,945 |
$ |
93,935 |
$ |
80,344 |
||||||||
Less: income from discontinued operations, net of tax |
— |
(347) |
— |
(347) |
||||||||||||
Income from continuing operations, net of tax |
48,484 |
38,598 |
93,935 |
79,997 |
||||||||||||
Pretax adjustments: |
||||||||||||||||
Project development, preopening and writedowns |
4,915 |
5,801 |
8,946 |
9,241 |
||||||||||||
Impairment of assets |
— |
993 |
— |
993 |
||||||||||||
Other operating items, net |
105 |
132 |
304 |
1,931 |
||||||||||||
Loss on early extinguishments and modifications of debt |
508 |
— |
508 |
61 |
||||||||||||
Other, net |
(455) |
(24) |
(340) |
(404) |
||||||||||||
Total adjustments |
5,073 |
6,902 |
9,418 |
11,822 |
||||||||||||
Income tax effect for above adjustments |
(1,057) |
(1,467) |
(1,990) |
(2,574) |
||||||||||||
Adjusted earnings |
$ |
52,500 |
$ |
44,033 |
$ |
101,363 |
$ |
89,245 |
||||||||
Net income per share, diluted |
$ |
0.43 |
$ |
0.34 |
$ |
0.83 |
$ |
0.70 |
||||||||
Less: income from discontinued operations per share |
— |
— |
— |
— |
||||||||||||
Income from continuing operations per share |
0.43 |
0.34 |
0.83 |
0.70 |
||||||||||||
Pretax adjustments: |
||||||||||||||||
Project development, preopening and writedowns |
0.04 |
0.05 |
0.08 |
0.08 |
||||||||||||
Impairment of assets |
— |
— |
— |
— |
||||||||||||
Other operating items, net |
— |
— |
— |
0.01 |
||||||||||||
Loss on early extinguishments and modifications of debt |
— |
— |
— |
— |
||||||||||||
Other, net |
— |
— |
— |
— |
||||||||||||
Total adjustments |
0.04 |
0.05 |
0.08 |
0.09 |
||||||||||||
Income tax effect for above adjustments |
(0.01) |
(0.01) |
(0.02) |
(0.02) |
||||||||||||
Adjusted earnings per share, diluted |
$ |
0.46 |
$ |
0.38 |
$ |
0.89 |
$ |
0.77 |
||||||||
Weighted average diluted shares outstanding |
113,795 |
115,218 |
113,832 |
115,186 |
__________________________________________ |
|
(a) |
Results for the three and six months ended June 30, 2019 include the Acquired Businesses. |
Non-GAAP Financial Measures
Regulation G, “Conditions for Use of Non-GAAP Financial Measures,” prescribes the conditions for use of non-GAAP financial information in public disclosures. We believe that our presentations of the following non-GAAP financial measures are important supplemental measures of operating performance to investors: earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA, EBITDAR (EBITDA further adjusted for rent expense associated with a master lease), Adjusted EBITDAR, Adjusted Earnings and Adjusted Earnings Per Share (Adjusted EPS). The following discussion defines these terms and why we believe they are useful measures of our performance. We do not provide a reconciliation of forward-looking non-GAAP financial measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.
EBITDA, Adjusted EBITDA, EBITDAR and Adjusted EBITDAR
EBITDA and EBITDAR are commonly used measures of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States (“GAAP”), provide our investors a more complete understanding of our operating results before the impact of investing and financing transactions and income taxes and facilitates comparisons between us and our competitors. Management has historically adjusted EBITDA and EBITDAR when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results. We refer to this measure as Adjusted EBITDA or Adjusted EBITDAR. We have chosen to provide this information to investors to enable them to perform comparisons of past, present and future operating results and as a means to evaluate the results of core on-going operations. We have historically reported these measures to our investors and believe that the continued inclusion of Adjusted EBITDA and Adjusted EBITDAR provides consistency in our financial reporting. We use Adjusted EBITDA and Adjusted EBITDAR in this press release because we believe this information is useful to investors in allowing greater transparency related to significant measures used by our management in their financial and operational decision-making. Adjusted EBITDA and Adjusted EBITDAR are among the more significant factors in management’s internal evaluation of total company and individual property performance and in the evaluation of incentive compensation related to property management. Management also uses Adjusted EBITDA and Adjusted EBITDAR as measures in the evaluation of potential acquisitions and dispositions. Adjusted EBITDA and Adjusted EBITDAR are also used by management in the annual budget process. Externally, we believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company. Adjusted EBITDA reflects EBITDA adjusted for deferred rent, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, loss on early extinguishments and modifications of debt and other operating items, net. Adjusted EBITDAR reflects Adjusted EBITDA further adjusted for rent expense associated with a master lease with a real estate investment trust.
Adjusted Earnings and Adjusted EPS
Adjusted Earnings is net income before project development, preopening and writedown expenses, impairments of assets, other items, net, gain or loss on early extinguishments and modifications of debt, other non-recurring adjustments, net, and income from discontinued operations, net of tax. Adjusted Earnings and Adjusted EPS are presented solely as supplemental disclosures because management believes that they are widely used measures of performance in the gaming industry.
Limitations on the Use of Non-GAAP Measures
The use of EBITDA, Adjusted EBITDA, EBITDAR, Adjusted EBITDAR, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures has certain limitations. Our presentation of EBITDA, Adjusted EBITDA, EBITDAR, Adjusted EBITDAR, Adjusted Earnings, Adjusted EPS or certain other non-GAAP financial measures may be different from the presentation used by other companies and therefore comparability may be limited. Depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred and are not reflected in the presentation of EBITDA, Adjusted EBITDA, EBITDAR and Adjusted EBITDAR. Each of these items should also be considered in the overall evaluation of our results. Additionally, EBITDA, Adjusted EBITDA, EBITDAR and Adjusted EBITDAR do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.
EBITDA, Adjusted EBITDA, EBITDAR, Adjusted EBITDAR, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP. EBITDA, Adjusted EBITDA, EBITDAR, Adjusted EBITDAR, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. EBITDA, Adjusted EBITDA, EBITDAR, Adjusted EBITDAR, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.
Forward-looking Statements and Company Information
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 may include (without limitation) information regarding the Company’s expectations, goals or intentions regarding future performance. In addition, forward-looking statements in this press release include statements regarding: the Company’s continued progress executing against its strategic growth initiatives, that the Company is successfully growing visitation and expanding its customer base across the country, that the Company is well-positioned to capitalize on future growth opportunities, and all of the statements under the heading “Full-Year 2019 Guidance.” Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks and uncertainties include, but are not limited to: fluctuations in the Company’s operating results; the results of operations of its properties in various markets; the political climate and its effects on consumer spending and its impact on the travel industry; the state of the economy and its effect on consumer spending and the Company’s results of operations; the impact and effects of the local economies in the markets where the Company has operations; the receipt of legislative, and other state, federal and local approvals for the Company’s development projects; whether online gaming will become legalized in various states, the Company’s ability to operate online gaming profitably, or otherwise; consumer reaction to fluctuations in the stock market and economic factors; the fact that the Company’s expansion, development and renovation projects (including enhancements to improve property performance) are subject to many risks inherent in expansion, development or construction of a new or existing project; the effects of events adversely impacting the economy or the regions from which the Company draws a significant percentage of its customers; competition; litigation; financial community and rating agency perceptions of the Company 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 that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company’s other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.
About Boyd Gaming:
Founded in 1975, Boyd Gaming Corporation is a leading geographically diversified operator of 29 gaming entertainment properties in 10 states. The Company currently operates 1.77 million square feet of casino space, more than 38,000 gaming machines, 815 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.
Source: Boyd Gaming Corporation
Gambling in the USA
Gaming Americas Weekly Roundup – March 18-24
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
DraftKings unveiled My Stat Sheet, a gaming tool that gives players the ability to assess, track and interact with their personal stats through intuitive charts and information that will help empower players to make data-driven decisions on their own play and therefore promote responsible gaming. This new feature is now available across all DraftKings and Golden Nugget products.
Jackpocket announced the release of Super Pick, a new app feature that streamlines the lottery experience for Mega Millions and Powerball fans, offering an even more convenient way to participate as combined jackpots soar past $1.3 billion. Jackpocket’s new Super Pick feature gives users an easy way to pick every special and standard ball in the game with just one tap.
The Senate Tax Committee advanced legislation authored by Senator Matt Klein to legalise Sports Betting in Minnesota. This was the second time the bill has been heard in Taxes, after making a stop last year. The hearing focused on changes to tax rates and revenue disbursements.
The Arizona Department of Gaming announced that it has allocated an event wagering operator license to Fanatics Betting and Gaming as the designee for Tonto Apache Sports Betting, an organisation of the Tonto Apache Tribe, pursuant to A.R.S. § 5-1304 and A.A.C. R19-4-105 and 106.
The Massachusetts Gaming Commission reported that the month of February 2024 at Plainridge Park Casino, MGM Springfield and Encore Boston Harbor generated approximately $100.57 million in Gross Gaming Revenue. Additionally, approximately $52.55 million in taxable sports wagering revenue was generated across the eight mobile/online sports wagering licensees and the three in-person licensees for the month of February.
Rebet, a new free-to-play social sportsbook, announced its official launch. The Rebet App, which is now available for download in the App Store across 47 U.S. states, is set to revolutionise the sports betting experience with first-of-its-kind features including an entire social sportsbook, peer-to-peer contests and dynamic user social feeds.
Partnerships
SPARKET announced an expanded partnership with the World Jai Alai League, solidifying their commitment to enhancing the fan experience and driving growth in the world of Jai Alai. Following the successful implementation of SPARKET’s innovative platform within the league, both entities have decided to deepen their collaboration. This strategic move aims to further revolutionise how fans interact with and enjoy Jai Alai, leveraging cutting-edge technology to increase engagement from at-home viewers.
Bragg Gaming Group announced the launch of a custom slot game developed for Caesars Digital, Boardwalk Slots Bankers & Cash, now exclusively live on Caesars Palace Online Casino and Caesars Sportsbook & Casino in Michigan and New Jersey. The bespoke release takes proven game features and artwork from Bragg’s popular slot title Bankers & Cash and combines it with the evocative Boardwalk Slots brand owned by Caesars Digital.
International Game Technology announced that its IGT PlayDigital iGaming content library is now available in Rhode Island via the Bally Casino Rhode Island app and on BallyCasino.com. This milestone content deployment makes IGT PlayDigital one of only two suppliers to offer content in all seven U.S. online gaming jurisdictions.
Gambling in the USA
Gaming Americas Weekly Roundup – March 11-17
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
Scientific Games announced the consolidation of its legal and public policy teams into a new unified department, Global Legal and Public Policy. This team will be led by James D. Schultz who will assume the new title of Executive Vice President, Global Legal and Public Policy. Deputy General Counsel Phil Bauer, an indispensable 25-year veteran of the company, will be promoted to General Counsel and Corporate Secretary, and report to Schultz.
Sportradar Group AG announced that the North Carolina State Lottery Commission has granted Sportradar’s U.S. betting subsidiary, Sportradar Solutions LLC, a Supplier license in the state North Carolina. This license is valid for five years from its date of issuance on February 28.
The Office of Lottery and Gaming (OLG) announced that FanDuel is the new sports wagering subcontractor for Intralot Inc., OLG’s lottery and sports wagering system vendor. Under this agreement, residents of Washington, D.C. will gain access to FanDuel’s sports wagering app, which is the market leader nationally, as well as its website and retail platforms.
Elys BMG Group Inc. announced that Grand Central Sportsbook in Washington D.C. (Grand Central) has been granted provisional approval to open its H Street sportsbook by the DC Office of Lottery and Gaming, Regulation and Oversight Division.
BetMGM has officially launched its mobile sports betting service in North Carolina, giving customers in the Tar Heel state access to a wide variety of betting options as well as the opportunity to earn experiences at MGM Resorts’ properties nationwide.
Supremeland Gaming announced the approval of an interim Supplier License in West Virginia, further solidifying its position as a key player in the rapidly expanding iGaming industry. This milestone marks the company’s third approval following the successful acquisition of the first approvals in Pennsylvania and New Jersey.
Partnerships
Caesars Entertainment and National Hockey League (NHL) announced a renewal of their US partnership. The new, multiyear partnership extension retains Caesars’ status as a Sports Betting and Gaming Partner of the NHL and, for the first time, provides Caesars Digital with access to League-owned intellectual property to build and promote NHL-branded iCasino games for its online casino platforms in North America, including the recently launched Caesars Palace Online Casino.
SCCG Management announced the extension and significant expansion of its strategic partnership with SnapOdds, the revolutionary sports betting technology product from Snapscreen Inc. This expansion marks a pivotal shift towards a consumer-facing (B2C) strategy, leveraging SnapOdds’ unique TV and streaming content recognition software.
Hip-Hop icon Nas has partnered with Resorts World New York City on a $5 billion expansion plan for a casino in Queens. The vision of Aqueduct Park is to transform the casino in Nas’ hometown, into a full-fledged establishment that mirrors the company’s properties in Las Vegas.
SCCG Management, the leading advisory and management consultancy in the global gaming industry, headquartered in Las Vegas, announced the extension of its partnership with IDnow, a premier European provider of identity verification solutions. This strategic alliance is placing a focused effort on expanding its reach to encompass the broader Latin America (LATAM) region.
Gambling in the USA
Gaming Americas Weekly Roundup – March 4-10
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
NJ Attorney General Matthew J. Platkin announced the retirement of David L. Rebuck after serving 13 years as the Director of the Division of Gaming Enforcement (DGE), making him the longest-serving director in DGE’s history. In total, Director Rebuck is retiring with 36 years of service to the State.
Altenar’s status as a leading sportsbook provider in South America has been further boosted with the opening of a new office in Uruguay. The new hub, located in Costa Rica Street 1667, in Carrasco, Montevideo, will be the base for around 15 members of staff and strengthen the company’s support for iGaming operators in the LatAm region.
MGM Resorts International and BetMGM announced new groundbreaking initiatives in collaboration with Kindbridge designed to support problem gambling research and mental health services. Kindbridge Research Institute and Kindbridge Behavioural Health are organisations that aim to better understand the problems that exist within at-risk communities, delivering evidence-based treatment for gambling disorder.
Elray Resources has launched Kings of Sport, a state-of-the art online crypto casino that brings together the world of cryptocurrencies with the excitement of traditional casino games. Kings of Sport is expanding player options in the online gambling industry by providing users with a diverse selection of classic and modern casino games that can be played using popular cryptocurrencies like Bitcoin, Ethereum and others.
Supremeland Gaming, the new American iGaming challenger, announced its U.S. expansion, attaining a second gaming approval in the US, three weeks after its inaugural licensing announcement in neighbouring Pennsylvania. The New Jersey approval will allow Supremeland Gaming to build and release games in the Garden State through its partnership with EveryMatrix.
Churchill Downs Incorporated announced that Exacta Systems has completed the installation of 175 Exacta-technology driven terminals at The Brook in Seabrook, New Hampshire. Exacta, acquired by CDI in August 2023, is a leading provider of central determinate system technology for historical racing machines (HRMs). The Brook is a casino entertainment destination located in the easternmost part of the state next to the Massachusetts border.
Underdog announced an investment in idPair by GuardDog, Underdog’s responsible gaming innovation fund. idPair’s proprietary technology creates a centralised view of an individual’s play and gambling activity across all applications and operators in a jurisdiction for regulators, providing for universal responsible gaming limits.
Partnerships
Betfred USA and U.S. Integrity announced a partnership that will provide Betfred with monitoring software and tools that will play a pivotal role in preventing student-athletes, coaches and staff from engaging in prohibited sports wagering.
SCCG Management announced its sponsorship of the 10th Arnold South America Sports Festival in São Paulo, Brazil. This year’s festival, scheduled for April 5-7, 2024, will feature the Pillow Fight Championship (PFC) as its centrepiece, showcasing the thrilling world of professional pillow fighting in South America.
5WPR announced that it has been selected as the public relations Agency of Record for casino and sportsbook platform provider, Soft2Bet, which, after successfully growing its business throughout Europe, is launching in the US, targeting NJ as the first state where it will debut its offering.
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