Each week, CasinoBeats breaks down the numbers behind some of the industry’s most interesting stories. This week we look at a fine reduction in Sweden, continued strength in New Jersey and Grosvenor standing out for the Rank Group.
Sweden’s Administrative Court in Linköping has reversed a decision made by the country’s regulator last year which saw Casino Cosmopol issued a SEK 8m ($880,000) penalty.
The land-based subsidiary of state-owned Svenska Spel, whose portfolio stretches to the cities of Sundsvall, Malmö, Gothenburg and Stockholm, received the penalty fee for what the Spelinspektionen stressed as violations in its efforts to combat money laundering.
In its original decision it was stated that a review “shows that Casino Cosmopol is lacking in its efforts to counter money laundering and terrorist financing in all audited areas. The shortcomings are serious and in many cases of a systematic nature”.
Among the significant areas of concern highlighted were risk-based routines, business relations and customer awareness measures, obligation to deny transactions and keeping accurate documentation.
Announcing its decision to appeal the decision a short time after receiving the sanction, the Administrative Court has subsequently lowered the penalty fee to SEK 3m.
Atlantic City casinos have reported gaming revenue increases for 16 straight months, according to figures released by the New Jersey Division of Gaming Enforcement.
As the commencement of the NFL season saw the regions online and retail sportsbooks soar to a record handle and past $4bn in bets since launch, total gaming revenue for New Jersey came in at $303.5m for September, a 7.8 per cent increase year-on-year from $281.4m.
“September marks 16 straight months of increased gaming revenue for Atlantic City casinos,” stated Steve Callender, president of the Casino Association of New Jersey.
“We continued to see gains in sports betting and tourism numbers this summer, with gaming revenue increasing over 16 percent compared to last summer. We believe this excitement will continue into the fall season as all major sports are in full swing.”
The Rank Group has lauded a successful quarter for the period ending September 30, as it stressed “delight” at early flow revenue generated as a result of transformative initiatives unveiled in December 2018.
Announcing its latest trading update the group shows that total net gaming revenue grew nine per cent for the quarter, while on a digital basis that figure soars to an increase on 16 per cent with venue like-for-like NGR also nine per cent up.
Rank emphasises that its “standout performance” came courtesy of its plethora of Grosvenor venues, with Q1 2019/20 “seasonally the strongest quarter” and coming against weak comparatives.
Detailing a 15 per cent NGR growth with strong win margins reported across all products, all gaming product areas also delivering revenue increases.
Wynn Resorts has become the latest firm to pass up the opportunity to vie to construct a casino resort in the Japanese region of Osaka, instead stressing that it’s currently focused on the Kanto area.
Becoming the third firm to withdraw interest in Osaka, Wynn’s shift of focus follows Las Vegas Sands and Melco Resorts and Entertainment in stepping away from the area.
However, MGM Resorts International has moved to emphasise that it is “deeply committed” to pursuing an integrated resort interest in the area, with the firm, in a consortium alongside its Japanese partner Orix, now thought to be the front runner.
Las Vegas headquartered Wynn withdrew its interest in Osaka this week, and stressed in a statement: “Wynn Resorts is grateful for the many months of positive dialogue we have enjoyed with the City of Osaka and its citizens, and we appreciate the gracious hospitality we have received from them.
“Although we have decided not to pursue an integrated city resort in Osaka at this time, we wish the city the very best and look forward to following its continued success. Wynn Resorts is currently focused on the Kanto area.”