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Caesars Entertainment Reports Fourth Quarter and Full Year 2019 Results

George Miller

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Caesars Entertainment Reports Fourth Quarter and Full Year 2019 Results
Reading Time: 6 minutes

 

Received Stockholder Approval for Merger with Eldorado Resorts

Caesars Entertainment Corporation reported fourth quarter and full-year 2019 results as summarized in the discussion below, which highlights certain GAAP and non-GAAP financial measures on a consolidated basis.

Fourth Quarter Highlights

  • Fourth quarter net revenues increased 2.6%, or $54 million, from $2.12 billion to $2.17 billion.
  • Fourth quarter income from operations increased 77.0%, or $77 million, from $100 million to $177 million.
  • Fourth quarter net income/(loss) decreased $502 million, from income of $198 million to a loss of $304 million.
  • Non-GAAP adjusted EBITDA increased 2.8%, or $16 million, from $567 million to $583 million.
  • Non-GAAP adjusted EBITDA, excluding Rio, increased 3.4%, or $19 million, to $572 million.

Full Year Highlights

  • Full year net revenues increased 4.2%, or $351 million, from $8.39 billion to $8.74 billion.
  • Full year income from operations decreased 16.4%, or $121 million, from $739 million to $618 million.
  • Full year net income/(loss) decreased $1.50 billion, from income of $303 million to a loss of $1.20 billion.
  • Non-GAAP adjusted EBITDA increased 4.2%, or $97 million, from $2.31 billion to $2.41 billion.

“Caesars Entertainment delivered another quarter of solid operational performance,” said Tony Rodio, President and Chief Executive Officer of Caesars Entertainment. “Caesars’ results were largely driven by the strong demand at our Las Vegas properties, excellent cost controls, and the addition of sports betting in several states which drove increased visitation. In addition, our focus on costs and operating efficiencies across the company contributed to the excellent performance.” he added.

Additional Developments

Completed Sale of the Rio All-Suite Hotel & Casino

On December 5, 2019, the Company announced it has completed the previously announced sale of the Rio All-Suite Hotel & Casino for $516.3 million. Caesars will continue to manage and operate the Rio for a minimum of two years through a lease agreement, and the property will remain part of the Caesars Rewards network during the term of the lease.

Stockholders Approve Merger of Caesars Entertainment and Eldorado Resorts

On November 15, 2019, Caesars Entertainment and Eldorado Resorts, Inc. announced that at separate Special Meetings of Stockholders, their respective stockholders approved certain actions in connection with the Company’s proposed merger with Eldorado Resorts, Inc. (the “Merger”). The transaction is expected to be consummated in the first half of 2020 and remains subject to the receipt of certain regulatory gaming and other approvals, and other closing conditions.

Sale of Harrah’s Reno

On January 15, 2020, Caesars Entertainment and VICI Properties Inc. announced an agreement to sell Harrah’s Reno for $50 million. The proceeds of the transaction shall be split 75% to VICI and 25% to Caesars. Under the terms of the agreement, Caesars will continue to operate the property upon closing of the transaction, which will allow Caesars to cease operations at the property during the second half of 2020.

Basis of Presentation

Certain additional non-GAAP financial measures have been added to highlight the results of the Company. “Hold adjusted” results are adjusted to reflect the hold we achieved compared to the hold we expected. See the table at the end of this press release for the reconciliation of non-GAAP to GAAP presentations.

This release also includes the indicators ADR and RevPAR. See Supplemental Information in this release for information regarding how we define ADR and RevPAR. Our definition and calculation of ADR and RevPAR may be different than the definition and calculation of similarly titled indicators presented by other companies.

Financial Results

Caesars views each property as an operating segment and aggregates 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. “All Other” includes managed, international and other properties as well as parent and other adjustments to reconcile to consolidated Caesars results.

During the fourth quarter of 2019, net revenues increased $54 million as compared to 2018 driven by growth in all business verticals, with significant growth in Las Vegas due to healthy consumer demand and a higher cash customer mix. Other U.S. net revenues increased $18 million year over year primarily due to growth in Iowa and Indiana as a result of our new sportsbooks and better results in Atlantic City. All Other net revenues decreased $4 million year over year, primarily due to lower gaming volumes in the UK, offset by one-time payments to CIE for early terminations of WSOP licensing agreements. Across all of our casino properties, hold had a favorable impact of $5 million to $10 million this quarter compared to the prior year, and was $10 million to $15 million above our expectations.

During the year ended December 31, 2019, net revenues increased $351 million as compared to 2018 driven primarily by the acquisition of Centaur in July 2018, strong Las Vegas results and favorable hold. These positive factors were offset by lower gaming volume at our Atlantic City properties as a result of increased competition and inclement weather across some of our properties. Across all of our casino properties, hold had a favorable impact of $60 million to $65 million this year compared to the prior year and was $30 million to $35 million above our expectations.

During the fourth quarter of 2019, income from operations increased $77 million primarily due to a $54 million increase in net revenues in the fourth quarter of 2019 compared with 2018, as explained above. The decrease in operating expenses of $23 million also contributed to the increase of income from operations. The decrease in operating expenses was primarily due to a decrease in depreciation and amortization expense of $24 million, due to high accelerated depreciation in 2018 related to certain renovation projects in 2018, and lower impairment charges related to goodwill compared to 2018 and lower impairment charges related to tangible and other intangible assets related to Horseshoe Hammond in 2019. These decreases were partially offset by an increase in property, general, administrative and other primarily due to expenses related to payroll and our sports partnerships.

During the year ended December 31, 2019, income from operations decreased $121 million compared with 2018 due to an increase in operating expenses of $472 million offset by an increase in net revenue of $351 million in 2019 compared with 2018, as explained above. Operating expenses increased $223 million as a result of our acquisition of Centaur in 2018. Impairment of tangible and other intangible assets increased by $406 million due to the recognition of impairment charges in 2019 related to land and buildings and gaming rights. These increases were partially offset by a decrease of $151 million in depreciation and amortization expense, excluding Centaur, primarily due to higher depreciation expense in 2018 from disposals of property and equipment related to renovation projects at certain Las Vegas properties and accelerated depreciation of assets.

During the fourth quarter of 2019, net income/(loss) attributable to Caesars decreased $502 million from net income of $198 million to net loss of $304 million due to an increase in other loss of $627 million primarily due to a change in the fair value of the derivative liability related to the conversion option of CEC’s 5.00% convertible senior notes maturing in 2024 (the “CEC Convertible Notes”), offset by an increase of $43 million in tax benefit and an increase of $77 million in income from operations, as explained above.

During the year ended December 31, 2019, net income/(loss) attributable to Caesars decreased $1.5 billion from net income of $303 million to net loss of $1.2 billion due to an increase in other loss of $1.38 billion primarily due to a year over year change in the fair value of the derivative liability related to the CEC Convertible Notes. In addition, a $44 million change in the fair value of disputed claims liability related to Caesars Entertainment Operating Company, Inc.’s emergence from bankruptcy in 2017, and an increase in interest expense of $24 million as a result of our failed sale-leaseback financing obligations also contributed to the decrease of net income/(loss) attributable to Caesars. Income from operations also decreased $121 million in 2019 compared with 2018, as explained above. These were partially offset by an increase of $20 million in tax benefit.

During the fourth quarter of 2019, adjusted EBITDA improved $16 million as compared to 2018 driven primarily by the increase in revenues explained above and excellent cost controls across the properties and corporate office, including a reduction in payroll and professional services expenses. This increase was offset by continued investments in sports sponsorships. Across all of our casinos, hold had a favorable impact of $0 to $5 million year over year and was $5 million to $10 million above our expectations. Excluding the performance at Rio, adjusted EBITDA improved $19 million to $572 million as compared to 2018.

During the year ended December 31, 2019, adjusted EBITDA improved $97 million as compared to 2018 due to strong Las Vegas results and the acquisition of Centaur in July 2018, offset by competition in Atlantic City and increased investments in sports sponsorships. Across all of our casinos, hold had a favorable impact of $40 million to $45 million year over year and was $20 million to $25 million above our expectations.

 

About Caesars:

Caesars Entertainment is one of the world’s most diversified casino-entertainment providers and the most geographically diverse U.S. casino-entertainment company. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment’s resorts operate primarily under the Caesars®, Harrah’s® and Horseshoe® brand names. Caesars Entertainment’s portfolio also includes the Caesars Entertainment UK family of casinos. Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. Caesars Entertainment is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. For more information, please visit www.caesars.com/corporate.

 

 

Gambling in the USA

Gaming Americas Weekly Roundup – January 18-24

Niji Narayan

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Reading Time: 3 minutes

Welcome to our weekly roundup of American gambling news again! It was again an eventful week in the USA, despite the still-active virus attack. Last week, Joe Biden and Kamala Harris sworn in as the new President and Vice President of the US.

Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and new appointments. Read on and get updated.

Latest News

Online poker site Americas Cardroom is heating up winter with the next installment of its OSS Cub3d tournament series. The tournament series will kick off on February 7 and lasts for 5 weeks. There is $13 million in total guarantees, including two $1 million tourneys, a $500,000 tourney and a special Valentine’s Day $300,000 PKO event.

Cher-Ae Heights Casino has installed Konami Gaming’s SYNKROS casino management system. Konami’s award-winning casino management system brings a strong mix of marketing solutions to engage guests at Cher-Ae Heights Casino—including floor-wide bonusing events, random drawings, personalised rewards, offers and more.

Online sports betting and casino games have started in Michigan on January 22. Nine casinos and their operators, including the three commercial casinos in Detroit, got approval to start taking bets. Additional operator and platform provider licenses are expected to be approved in the coming weeks.

In Illinois, anyone who makes over $600 in sports bets will now need to report their winnings to the state. These earnings will be taxed at 15%. Nicholas Royer, a financial advisor of MRFC, said sports betting is a business for some people and the state saw it as an opportunity to earn from it as well.

The deputy secretary of prizes and draws at the Brazilian Ministry of Economy’s Secretariat of Evaluation, Planning, Energy and Lottery (Secap-ME) has given some hope that sports betting regulation could arrive this year. According to Waldir Eustáquio Marques Jr, regulation of the sector could be forthcoming in July.

Partnerships

Sirplay and Oddin have entered into a partnership to deliver an engaging esports betting solution to multiple bookmakers with a focus on Latin America. Sirplay is a sports betting software expert specialised in developing markets. By integrating Oddin’s iFrame solution, they will now be able to deliver their Latin American clients a truly engaging esports experience.

Passport Technology Inc. and Automated Systems America Inc. have announced that they have entered into a definitive agreement to combine in an all-stock merger of equals. The transaction creates the premier payments technology company in the largest and most attractive gaming financial technology markets worldwide.

Online gambling firm 888 Holdings has announced that it has agreed to a multi-year extension of its exclusive B2B poker partnership with Caesars Interactive Entertainment. Through the partnership, 888 will continue to provide its turnkey poker platform and services to Caesars in the US including bringing the WSOP’s online poker rooms to players’ mobiles and desktops.

Appointment

Bragg Gaming Group has appointed Canadian publishing magnate and former Ontario Lottery and Gaming Corp Chair Paul Godfrey to its Board of Directors. Godfrey’s experience in the Canadian gaming industry will prove valuable as the Canadian government moves forward with their recently announced proposed federal legalisation of single-event sports betting.

Compliance

A bill that would legalise sports betting in Georgia has been introduced to the state’s House of Representatives. House Bill 86, also known as the Georgia Lottery Mobile Sports Wagering Integrity Act, would amend Chapter 27 of Title 50 of the Official Code of Georgia by adding a section on sports betting.

Lawmakers in New Mexico have filed a bill that would bring retail and online sportsbooks to its racetracks. House Bill 101 would convert the state’s racinos into fully functioning casinos, but without electronic and online table games. At present, New Mexico has five racetracks, all of which have casinos attached but with a limited selection of slot machines and video games.

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Gambling in the USA

Announcing the final agenda for Gaming Americas Q1 Meetup (28 January), your premier virtual event in the Americas

Zoltan Tundik

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Reading Time: 4 minutes

 

Gaming Americas announces the final agenda for their first virtual quarterly meetup in 2021.

The Gaming Americas Q1 Meetup is taking place on 28 January and we are ready to reveal the final agenda for the event. See more details here | Register for free

The meetup already attracted +1k registrations and has +40 confirmed speakers, which has transformed the meetup into a full-day conference dedicated to the Americas.

The team at Hipther Agency along with the Way Seers at Gaming Americas has designed a program that will satisfy all content needs for companies interested in updates from North America, Latin America, and the Caribbean.

Besides the regular updates about North America, the Latin American and Caribbean-related panel discussions will be hosted in Spanish and participants will have the option to access the content in English as well. Thus ensuring all participants entrée into key markets of Latin America.

Here is how the final agenda looks like:

All times are in EDT – New York Time

12:00 PM – 12:30 PM – Reclassification of DFS entry fees by the IRS

  • DANIEL WALLACH – Founder at Wallach Legal LLC
  • LAILA MINTAS – CEO at PlayUp US (panel moderator)

12:30 PM – 1:15 PM – US Legislation Update – Which states to monitor in 2021

  • DANIEL WALLACH – Founder at Wallach Legal LLC
  • JESSICA WELMAN – New Markets Director for Catena Media
  • STEVE RUDDOCK – Content Director for BettingUSA | Editor In Chief at Gaming Law Review
  • J. FISHER – Partner in the Atlantic City office of Fox Rothschild LLP
  • JEREMY KLEIMAN – Gaming Attorney and Member at Saiber LLC (panel moderator)

1:15 PM – 2:00 PM – The synergy between land-based and online operations (Sponsored by Play’n GO)

  • DOMENICO MAZZOLA – Commercial Director at Altenar
  • MAGNUS OLSSON – Head of Sales and Account Management at Play’n GO
  • ALEX KORNILOV – CEO & Founder at BETEGY
  • ADAM NOBLE – Co-Founder and Executive Vice President PlayStar Gaming
  • LAILA MINTAS – CEO at PlayUp US (panel moderator)

2:00 PM – 2:45 PM – The US Gambling Industry seeks innovation (Sponsored by Play’n GO)

  • WAYNE KIMMEL – Managing Partner at SeventySix Capital
  • JORDAN PASCASIO – Co-founder & VP of Product at Fansure
  • ADAM BERGER – Partner at Duane Morris LLP
  • MAGNUS OLSSON – Head of Sales and Account Management at Play’n GO
  • EVAN DAVIS – Managing Director, Sports Betting and Gaming for SeventySix Capital Sports Advisory (panel moderator)

2:45 PM – 3:30 PM – The Gambling Industry on the stock exchange

  • ANDREW S. ZARNETT – Managing Director, Head of Gaming, Investment Banking at Jefferies
  • MOHIT KANSAL – Partner at Clairvest Group
  • TOM DIENNO – Deal Advisory & Strategy – Casino & Gaming lead at KPMG LLP
  • LAUREN SEILER – Managing Director, Head of Strategy, Corporate Development & Investor Relations at Four Wood Capital Partners
  • LLOYD DANZIG – Founder & Managing Partner at Sharp Alpha Advisors (panel moderator)

3:30 PM – 4:15 PM – Canada – Online Gaming, onwards and upwards in 2021

  • RON SEGEV – Founding Partner of Segev LLP
  • DEREK RAMM – Director, Anti-Money Laundering Operations Division at the Alcohol and Gaming Commission of Ontario (AGCO)
  • CHANTAL CIPRIANO – Senior Director, Legal & Compliance at Mazooma (panel moderator)

4:15 PM – 4:45 PM – Learning the ropes: The Payments Industry in North America

  • ADRIANNA CUCCINELLO – Senior Executive Director iGaming and Sportsbook at Partis Solutions
  • RICH ROBERTS – VP of Strategic Partnerships at Interchecks
  • ANDREW CROWE – SVP of Business Development at Sightline Payments
  • ZOLTÁN TŰNDIK – Co-Founder at HIPTHER Agency (panel moderator)

4:45 PM – 5:30 PM – Latin America – Regulation updates: Colombia experience, Panama, Argentina, Brazil (Language: Spanish – Live Interpretation: English)

  • CESAR AUGUSTO VALENCIA GALIANO – President at Coljuegos (Colombia)
  • SEBASTIAN VIVOT – Head of Modernisation and Information Technology, Loter’a de la Ciudad de Buenos Aires
  • MANUEL SÁNCHEZ ORTEGA – Head of Junta de Control de Juegos (JCJ) Panama
  • FERNANDO SAFFORES – Founder & Director at Focus Gaming News (panel moderator)

5:30 PM – 6:15 PM – Emerging Latin American markets – Argentina (Province of Buenos Aires, Province of Mendoza) and Chile (Language: Spanish – Live Interpretation: English)

  • IDA LÓPEZ – President, Provincial Institute of Games and Casinos of Mendoza, Argentina
  • VIVIEN VILLAGRÁN ACUÑA – Superintendent of Casinos, Chile
  • MARIA EMILIA CORRAL – Legal Advisor to the Board of Directors at the Lottery of the Province of Mendoza, Argentina
  • KAREN MARCELA SIERRA-HUGHES – Vice President, Latin America and Caribbean Government Relations and Business Development at Gaming Laboratories International (GLI®)(panel moderator)

6:15 PM – 7:00 PM – Focus on the Caribbean region (Language: Spanish – Live Interpretation: English)

  • ALEX PARENTE – Corporate Senior Vice President Casino Operations at Hard Rock International
  • DAVID MONIZ – Country CFO at Cirsa Dominicana, President ADCJ, GM, MBA, MDMGC & CPC
  • ORLANDO RIVERA CARRIÓN – Executive Director at Puerto Rico Gaming Commission
  • JOSÉ CARLOS FIGUEROA-TROCHE – Caribbean Government Relations and Business Development Representative Gaming Laboratories International, LLC (GLI®) (panel moderator)

7:00 PM – 7:45 PM – Debate: Is Latin America learning from the European mistakes? (Language: English – Live Interpretation: Spanish)

  • FERNANDO GARITA – Gaming Consultant | Head of Business Development at Betcris
  • FRANCESCO RODANO – Chief Policy Officer at Playtech
  • ANGELO ALBERONI – Country Manager at Betmotion Brazil (panel moderator)

You can also view the full schedule and times of the panels on the following link: https://gamingamericas.com/meetups/schedule-q1-meetup/

For further sponsorship/speaking and marketing inquiries, make sure to reach out to Andrada Marginean (B2B Sales Executive at Hipther Agency).

For media-related inquiries, please contact Alexandru Marginean (Marketing Specialist at Hipther Agency).

To receive constant updates, subscribe here: http://eepurl.com/hfyZxf

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Gambling in the USA

Hipther Agency partners with All-in Global for Live Interpreting at Gaming Americas Quarterly Meetups in 2021

George Miller

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Photo by Dylan Ferreira on Unsplash
Reading Time: 3 minutes

 

We are delighted to announce a new partnership with All-in Global, an awarded language solution provider dedicated to the iGaming, sports betting, Fintech, sports and eSports industry.

Through the new partnership, our company will benefit from All-in Global’s professional services during the Gaming Americas Quarterly Meetups, specifically during the Latin American panel discussion that will offer the option for delegates to listen to the original content in Spanish or opt for the English Live Interpreted version.

All-in Global is an awarded language solution provider dedicated to the iGaming, sports betting, fintech, sports and esports industry. Their line-up of services includes localization, content creation, SEO and audiovisual solutions in over 80 languages so their clients can maximize on their offerings globally. They are currently working with approximately 300 companies, including game developers, operators, platform providers and affiliates. Everything they do is rooted in a passion for gaming and multilingual communication and driven by a genuine desire to make the industry more accessible and highly entertaining.

Tiago Aprigio, CEO at All-in Global, commented on the partnership: “The All-in Global partnership with the Hipther team will make sure that absolutely nothing gets lost in translation during the virtual Gaming Americas Quarterly meetups.

Our language professionals will do live interpreting in English and Spanish throughout the event. With over 400 qualified native interpreters, translators, and writers, all sharing a proven knowledge of and love for gaming, we are THE language solution you can bet on! Looking forward to being part of the action.”

Zoltán Tűndik, Co-Founder and Head of Business at Hipther Agency, also commented on the partnership: “In our attempt of hosting our first-ever bilingual panel discussions, we could not think of a better partner than the team at All-in Global. We take pride in the quality of our content and being able to bring quality information to those interested in entering the Latin American markets in two languages, means the world to us! Not to mention, all this happening in cyberspace at our first virtual meetup of the year.”

During the Gaming Americas Q1 Meetup, which will take place on the 28th of January delegates have the opportunity to access information from a wide range of markets such as North and Latin America, and a special focus on the Caribbean. See more details here | Register for free

As mentioned above, the Latin American and Caribbean-related panel discussions will be hosted in Spanish and participants will have the option to access the content in English as well.

The panel discussions dedicated to the LATAM region are the following:

  • Latin America – Regulation updates: Colombia experience, Panama, Argentina, Brazil
  • Emerging Latin American markets – Argentina (Province of Buenos Aires, Province of Mendoza) and Chile
  • Focus on the Caribbean region
  • Debate: Is Latin America learning from the European mistakes?

The discussions will be joined and moderated by some of the most well-known names of the industry in the region and beyond:

  • SEBASTIAN VIVOT – Head of Modernisation and Information Technology, Loter’a de la Ciudad de Buenos Aires
  • FERNANDO SAFFORES – Founder & Director at Focus Gaming News
  • OMAR GALDURRALDE – President of the Lottery of the Province of Buenos Aires and ALEA (Association of Argentinean State Lotteries)
  • IDA LÓPEZ – President, Provincial Institute of Games and Casinos of Mendoza, Argentina
  • VIVIEN VILLAGRÁN ACUÑA – Superintendent of Casinos, Chile
  • MARIA EMILIA CORRAL – Legal Advisor to the Board of Directors at the Lottery of the Province of Mendoza, Argentina
  • KAREN MARCELA SIERRA-HUGHES – Vice President, Latin America and Caribbean Government Relations and Business Development at Gaming Laboratories International (GLI®)
  • ALEX PARENTE – Corporate Senior Vice President Casino Operations at Hard Rock International
  • DAVID MONIZ – Country CFO at Cirsa Dominicana, President ADCJ, GM, MBA, MDMGC & CPC
  • ORLANDO RIVERA CARRIÓN – Executive Director at Puerto Rico Gaming Commission
  • JOSÉ CARLOS FIGUEROA-TROCHE – Caribbean Government Relations and Business Development Representative Gaming Laboratories International, LLC (GLI®)
  • FERNANDO GARITA – Gaming Consultant | Head of Business Development at Betcris
  • FRANCESCO RODANO – Chief Policy Officer at Playtech
  • ANGELO ALBERONI – Country Manager at Betmotion Brazil

To view the full schedule and times of the panel, visit the conference Program on the following link: https://gamingamericas.com/meetups/schedule-q1-meetup/

For further sponsorship/speaking and marketing inquiries, make sure to reach out to Andrada Marginean (B2B Sales Executive at Hipther Agency).

For media-related inquiries, please contact Alexandru Marginean (Marketing Specialist at Hipther Agency).

To receive constant updates, subscribe here: http://eepurl.com/hfyZxf

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