Each week, CasinoBeats breaks down the numbers behind some of the industry’s most interesting stories. An array of financial reports, including Better Collective, Red Rock, Wynn Resorts and MGM; Cordish Companies second anniversary donation; Kindred’s progress with Journey to Zero and MGM’s gaming floor upgrade all feature in our latest look back at a selection of last week’s headlines.
The Cordish Companies marked its second anniversary by donating $750,000 to Rebuild Philadelphia as part of its second anniversary celebrations.
The donation will go towards the renovation of Murphy Recreation Center, located in South Philadelphia and will allow Rebuild to complete the $4.5m project, set to be concluded in the fall.
Proposed site improvements at Murphy Recreation Center include a brand-new turf field for football, baseball, softball, and soccer, along with brand-new basketball courts. New sidewalks, fencing and landscaping round out the planned renovations.
Joe Billhimer, Chief Operating & Development Officer at Cordish Gaming Group, stated: “Live! Philadelphia is proud to partner with Rebuild Philadelphia to help bring such a worthwhile project to fruition.
“Murphy Recreation Center has served as a hub for community gathering for decades in South Philly. As a family-owned business, we can appreciate how important it is for families to have a safe place to come together.
“They deserve the best and we look forward to going on this transformational journey with them.”
Better Collective has upgraded its 2022 financial targets following a “record breaking” fourth quarter driven by the FIFA World Cup and the launch of sports betting in Maryland.
Publishing its Q4 financial report, Better Collective has upgraded its 2022 organic revenue growth, which was 20-30 per cent, to 34 per cent after it reported a revenue of €86.1m. This represented a 63 per cent year-on-year growth, of which 44 per cent was organic.
The company’s fourth quarter EBITDA, before special items, stood at €35.2m, a growth rate of 115 per cent and a margin of 41 per cent.
Furthermore, the firm revealed that its US-based revenue witnessed a 71 per cent YoY, totalling €33.9m and for the full year US revenues grew 102 per cent, which ends full year revenue at $100.3m.
Kindred has revealed that its share of revenue from harmful gambling decreased to 3.3 per cent, a decrease of 0.5 per cent on the previous quarter’s figure of 3.8 per cent.
The Malta-based operator cited an ‘increased focus on collaboration’ as a potential factor in the decrease of harmful gambling and announced that they would be launching a Journey to Zero panel to further support its preventative measures.
Along with the decrease in share of revenue from harmful gambling, the Q4 statistics also revealed that 82.1 per cent of detected customers saw improved gambling behaviour after contact was made by Kindred’s responsible gambling team, a slight decrease on Q3’s 82.6 per cent.
MGM Resorts has confirmed that its Empire City Casino has upgraded its gaming floor with the addition of more than 1,000 new games.
Said to deliver a “new experience” for guests, the new games will offer the most recently released titles, while replacing almost 20 per cent of the nearly 5,000 slots and electronic table games.
Responsible for the transformation of Empire City’s gaming floor is its Executive Director of Slot Operations, Ryan Munroe, who has developed his career with Empire City for more than a decade.
“If you think the casino floor looks different, you are right,” stated Munroe. “In my 15 years working at Empire City, I can’t remember a time where we’ve had so many new games hit the gaming floor over a relatively short time period.
“MGM Resorts continues to make the necessary investments to ensure a top-tier experience for our guests. Empire City also has some of the highest payouts in the industry, which means that more of the money played at Empire City is returned as payouts to our guests.”
During the fourth quarter, revenue for Red Rock Increased less than one percentage point year-on-year to $425.5m (2021: $422.4m), with net income down 14.9 per cent to $170.2m (2021: $200.1m). Adjusted EBITDA recorded a 2.5 per cent uptick to $194.4m (2021: $189.7m).
Revenue and AEBITDA from Las Vegas operations through the fourth quarter both dropped less than one per cent to $419.6m (2021: $420.5) and $206.9m (2021: $208.7m).
On a full-year basis, each of revenue, net income and AEBITDA all increased by 2.8 per cent, ten per cent and 0.4 per cent to $1.66bn (2021: $1.62bn), $390.4m (2021: $354.8m) and $743.9m (2021: $741m), respectively.
In Las Vegas, revenue scored a three per cent rise to $1.65bn (2021: $1.6bn), while EBITDA recorded a 1.6 per cent uptick to $812.8m (2021: $799.8m).
The Dutch gambling authority has issued three fines that total over €2m after a pair of companies were discovered to be offering natives the opportunity to participate in games of chance without the required licence.
Additionally, a third was found to not be integrated with the Cruks self-exclusion register.
The former saw Equinox Dynamic from Curaçao and Slovakia’s Domiseda and Partners each penalised €900,000 after casino games were offered via the Orient Xpress Casino. An investigation, said the Kansspelautoriteit, discovered that both acted as providers.
Furthermore, the Ksa noted aggravating circumstances that included a lack of age verification. Enforcing bans such as this was also cited as a priority by the regulator.
The Ksa has also imposed a fine of €350,000 on licensed online gaming provider Bingoal after it was found that “for a number of days in June 2022” players were permitted to access the site without consulting Cruks.
Performances in Las Vegas and Boston hit a fourth quarter record for Wynn Resorts as the company, overall, reported a slight drop in both Q4 and full year revenue.
Publishing its fourth quarter and year end 2022 results, operating revenues totalled $1bn for Q4 2022, a decrease of $48.2m the year prior (2021: $1.05bn). Furthermore, net income that was attributable to Wynn Resorts was $32.4m, or $0.29 per diluted share, in the last quarter.
Looking into its Las Vegas and Boston operations, operating revenues for the fourth quarter increased by $91.6m and $14.4m, respectively. However, performances at Wynn Palace, Wynn Macau and Wynn Interactive differed as all three witnessed decreases of $80.9m, $54.5m and $7.8m respectively.
The company did see increases in its adjusted property EBITDAR, which totalled $195.1m for the fourth quarter, compared to $149.1m in the same period a year prior. Relating to its Las Vegas operations and Wynn Interactive, these experienced an EBITDAR increase of $33.1m and $51.1m, respectively.
Yet, there were drops in this area for Wynn Palace, Wynn Macau and Encore Boston Harbor, seeing decreases of $22.5m, $10.7m and $5m, respectively, when compared to Q4, 2021.