Kambi Group, a provider of premium sports betting services to licensed B2C gaming operators, announced that it has extended its retail sportsbook platform deal with PENN Entertainment. As a result, Kambi will continue to supply its partner’s land-based casinos with its sports betting suite.

Under the terms of the original partnership deal, Kambi was set to provide PENN with its sportsbook platform until July 2024. However, the extended deal will instead see the former firm provide the American entertainment company with sports betting solutions through December 31, 2025.

As per the original deal, Kambi will power PENN’s retail casinos across the United States with market-leading retail sports betting products, such as kiosks, point-of-sale terminals, odds board and Bring Your Own Device technology.

The deal currently spans 13 states and covers 30 PENN Entertainment properties.

Kambi Secured an Important Additional Revenue Stream

The announcement also pointed out that, over the course of the extended term, PENN Entertainment plans to migrate its retail sportsbook to its proprietary technology. Because of that, the amended agreement makes it clear that “any retail sports betting revenue generated by PENN, either via Kambi’s platform or via PENN’s proprietary sportsbook in jurisdictions previously supported by Kambi, will be subject to the same level of revenue share payments to Kambi through December 2025.”

Kambi’s co-founder and chief executive officer, Kristian Nylén, commented on the extended agreement, sharing his excitement about the opportunity to support PENN Entertainment through December 2025. This, according to him, will be an important additional revenue stream for Kambi.

Nylén promised that Kambi will continue to leverage its best-in-class products to help PENN maintain its presence in the US.

As the industry’s leading sportsbook provider, both online and in retail, we are committed to providing our partners with cutting-edge technology and a premium service which PENN’s vast retail estate will continue to benefit from throughout the duration of the extended contract.

Kristian Nylén, co-founder & CEO, Kambi Group

Speaking of Kristian Nylén, the CEO recently announced his intention to depart from the company. He, however, agreed to remain on board until a suitable successor has been appointed.

In December, Kambi agreed to power Bingoal’s new sportsbook in Belgium and the Netherlands and empower its business with reliable sports betting solutions.

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The recent surge in baccarat volume has economists and industry experts buzzing with optimism about the future of high-end properties along the famed Las Vegas Strip. 

High-Stakes Baccarat Fuels Record Revenue for Las Vegas Strip

According to insights provided by Wall Street analyst John DeCree, the Las Vegas Strip witnessed an unprecedented $905 million in gaming revenue in December alone, marking an 11.2% increase from the same period last year. 

Baccarat, renowned for its popularity among high rollers and international visitors, played a significant role in achieving this milestone. The baccarat win soared to $218.7 million, representing a staggering 50.1% increase compared to previous figures. 

Additionally, baccarat volume reached $839.5 million, the highest post-pandemic level, indicating a robust resurgence in high-stakes gaming.

DeCree emphasized that the notable performance of baccarat in November, coinciding with the inaugural Formula One race in Las Vegas, further solidifies the positive trend for upscale properties. 

DeCree stated that the table win had been buoyed by a strong baccarat win and emphasized that the positive trends in baccarat for both months served as indicators of optimism for higher-end properties on the Las Vegas Strip.

Record Slot Wins and Local Market Surge Propel Las Vegas to Success

The momentum extended beyond baccarat, with slot win on the Las Vegas Strip hitting an all-time high of $446 million, marking a 10.1% year-over-year increase. Notably, despite a slight decrease in hold, the handle reached a remarkable $6.2 billion, setting a new precedent for the region. 

Table win also experienced significant growth, increasing by 12.3% year over year, supported by a 5.5% rise in table drop.

In addition to the Strip’s success, the local market saw a boost in gaming revenue, largely attributed to the recent opening of the Durango Casino & Resort in southwest Las Vegas. 

DeCree noted a 6.5% year-over-year increase in December gaming revenue for local casinos, with the Durango property playing a pivotal role in driving these figures.

The positive performance was not confined to gaming revenue alone. Visitation to Las Vegas saw a 2.7% increase year over year in December, culminating in an annual total of 40.8 million visitors, surpassing the previous year’s figures. Furthermore, average daily room rates on the Las Vegas Strip experienced a notable uptick, rising by 5.8% year over year in December and 12.3% for the entire year.

While the data signals a promising trajectory for the region, DeCree urged caution against drawing definitive conclusions from a single month’s figures. Nevertheless, the overarching sentiment remains optimistic, with analysts eagerly anticipating continued growth and prosperity for Las Vegas’s renowned hospitality and gaming industry.

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The leading supplier of casino entertainment responsible for creating premium business-to-business online slots, Play’n GO, has proclaimed the month of December 2023 as the highest-performing month in all of its history.

Play’n GO has reached a record number in terms of rounds played, daily active players, as well as gross gambling revenue. Here is a breakdown of the factors that helped the company reach the impressive toll. 

Blockbuster Game Releases and Breakout Performances 

A series of Blockbuster releases including Gargantoonz in November and the fantastic breakout performance of the studio’s iconic Piggy Blitz recorded in the US where the title was ranked first in New Jersey compared to all new releases are the primary reasons for the record figures. 

Other similarly popular titles released by Play’n GO over the past months are Raging Rex 3 and Legacy of Dynasties, two games that keep building upon the studio’s original franchises. 

The standout numbers are a clear reflection of the company’s success in regulated markets worldwide and rapidly follows its previous one-day record set for the largest number of rounds played on November 1 (250 million rounds).

Play’n GO has also strengthened its foothold in the entertainment world by announcing the launch of Play’n GO Music at the start of December 2023 while also becoming one of MoneyGram Haas F1 Team’s sponsors.

The Swedish gaming giant’s fresh music division will see it work together with a series of artists for the development of audio for upcoming games, marking a pioneering move in the industry.  

Play’n GO: “Can’t Wait to See What 2024 Brings” 

The company’s chief executive officer and co-founder, Johan Törnqvist, took the opportunity to explain that while they have been around for two decades, they are “only just getting started” while expressing eagerness to see what 2024 has in store for them. 

Törnqvist also commented on their ongoing growth plans, saying he was “immensely proud of the entire team today” while also using the opportunity to emphasize they can keep growing and breaking their own records.

The CEO called December “a great month” for the company that did not happen by chance. He explained that it took hard work and innovation across all business areas which is often not visible to observers. 

Törnqvist added that it was “brilliant to see great financial results that confirm we’re on a great path towards a sustainable and thriving business for many years to come.”

During the same record-breaking month, Play’n GO announced its growth on Italian soil via a new William Hill agreement. 

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As sports betting continues to grow across the United States, more and more players across many states become involved in the hobby. This is strongly reflected in the increasing financial results posted by regulators across multiple jurisdictions. Oregon, for example, smashed its sports betting handle once again, posting a new all-time high figure.

For reference, bettors in The Beaver State wagered a total of $73.2 million on sports in December, surpassing the previous record of $71.9 million set in October last year. The figure is also 38.1% higher than the $53.8 million wagered in December 2022.

American football was the most popular sport in December and was singlehandedly responsible for almost a third of the total handle. For reference, football fans in Oregon wagered $23.1 million on football in December.

The second most popular sport was basketball, which attracted $16.5 million in wagers. Next up were soccer in ice hockey with $3.3 million and $2 million in wagers respectively.

Single bets remained overwhelmingly more popular, attracting $48.1 million in wagers. Parlay wagers, on the other hand, were responsible for $25.1 million of the total handle.

December was a record-breaking month for a number of other states as well, including Maryland. New Jersey and Massachusetts also posted strong results.

Oregon’s Revenue Smashed October’s Record

Oregon’s revenue results were also at their all-time high as DraftKings, the only legal sports betting operator in the state, posted revenue of $9.7 million. This figure represents a stellar 70.2% year-on-year increase and a 14.1% increase from October’s previous record of $8.5 million.

Sport by sport, the revenue metrics reflect the most popular sports in the state. Football was responsible for $3.5 million of the total revenue, followed by basketball at $2.9 million and football at approximately $606,000.

While single wagers were generally more popular, the revenue from parlay bets exceeded the revenue from singles. For reference, parlay bets generated $5.7 million in revenue, while single wagers brought in $4 million.

Last year, Oregon and DraftKings agreed to expand the number of available offerings, allowing fans in the state to wager on several more unusual disciplines. This included the Tour de France, Major League Baseball’s Home Run Derby, the American Cornhole League World Championship and, most notably, Nathan’s Hot Dog Eating Contest.

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The New Jersey Division of Gaming Enforcement has published the December 2023 total gaming revenue results. According to the regulator, the state’s gambling operators reported year-to-date revenue of almost $5.8 billion.

Segment by segment, New Jersey’s nine casino hotel properties earned $232.4 million for December 2023. This, according to the authority, reflects a year-on-year increase of 7.8%. In the meantime, year-to-date casino win for New Jersey’s nine casinos stood at $2.85 billion, reflecting growth of 2.2% compared to $2.79 billion for the prior year-to-date period.

Revenue from the online casino segment also increased. In December, The Garden State’s casinos and their online partners reported an internet gaming win of $180.3 million. This figure represents a 19.1% year-on-year growth, exceeding December 2022’s results by almost $30 million. For the year-to-date period, internet gaming win stood at $1.92 billion. This reflects a stellar year-on-year increase of 15.7%. For reference, New Jersey’s operators reported an internet gaming win of $1.66 billion for the prior year-to-date period.

The most significant revenue increase, however, was recorded by the sports betting segment. The vertical recorded revenue of $109.4 million for December 2023, reflecting a 24.8% increase compared to the $87.7 million posted in December 2022. In the meantime, the year-to-date period demonstrates an increase of 31.9% year-on-year to $1.01 billion. For comparison, the state’s sportsbooks recorded revenue of $763 million in the prior year-to-date period.

All Verticals Experienced Some Growth

New Jersey’s casinos, racetracks and their partners reported $522.2 million in total gaming revenue for December 2023. This figure translates to an increase of 14.8% from the $454.8 million reported in December 2022.

As mentioned, the year-to-date total gaming revenue in the state stood at $5.78 billion. This figure, representing the results of The Garden State’s casinos, racetracks and their partners, reflects an increase of 10.9% from the $5.21 billion reported in the prior year-to-date period.

New Jersey Casino Workers Continue to Fight for a Healthier Workplace

In the meantime, New Jersey’s casino workers continue their fight for a smoke-free work environment. As the state heads into 2024, proponents of a smoking ban hope to finally make a breakthrough and fix the loophole that exempts casinos from the Smoke-Free Air Act.

To that end, Senator Joe Vitale, a firm supporter of such a measure, introduced Senate Bill 1493. The bill is backed by 18 out of 40 senators.

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Maryland has once again smashed its sports betting handle record, surpassing even November’s jaw-dropping results. As reported, the Free State’s sports betting industry recorded a stellar $559.9 million in handle.

The December results are 1.7% higher than the ones recorded in November when the local fans wagered a total of $550.7 million. They also represent an impressive 17.1% year-on-year increase.

For reference, Maryland launched betting in December 2022. While the inaugural month was also quite strong, the betting industry has once again demonstrated its potential to grow, adapt and attract new customers.

An overwhelming 96.7% of all bets were placed online, mirroring existing trends in other states where both online and retail betting are legal. For reference, fans in Maryland wagered a total of $541.7 million with digital sportsbooks – a figure that includes $19.7 million in free bets. The remaining $6.2 million was spent across Maryland’s land-based sportsbooks and includes $32,146 in free wagers.

Maryland’s Record-Breaking Handle Attests to the Market’s Maturity

The high handle resulted in fairly stable revenue as the state’s sportsbooks reported an overall taxable win of $62.3 million for December. This represents a month-on-month increase of 49.8% but also a 26.7% year-on-year decline. For reference, the state’s online sportsbooks earned $60.1 million, while retail operators reported $2.3 million in taxable win.

In total, Maryland’s sportsbooks paid $6.5 million in taxes, most of which came from the digital betting sector. This money goes to the Blueprint for Maryland’s Future Fund, an initiative dedicated to supporting public education in the state.

As reported by Southern Maryland Chronicle, John Martin, director of Maryland Lottery and Gaming, commented on this year’s results, praising what he called a “maturation of the market.” According to him, this maturity will allow Maryland’s twelve online and thirteen retail sportsbooks to contribute a lot more to taxes than initially estimated.

For reference, experts believed that the fiscal year would see operators generate between $25 million and $30 million in taxes. However, this number may even surpass $40 million, according to Martin.

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The Brazilian Senate has decided to postpone the vote on the bill that would regulate the gambling sector in the country for Tuesday 12 December after it had originally been scheduled to take place on 6 December.

The delay means that the bill has less and less chances of being fully approved this year. The vote was postponed due to a lack of quorum in the Brazilian Senate, the minimum number of senators needed to vote was not met and it was not possible for the vote to go ahead.

Bill 3,626 was approved by Brazil’s Economic Affairs Commission a couple of weeks ago and everybody expected the Senate to follow suit without too much hassle, but that has not been the case as the vote was first rescheduled to the 29^th of November as more than 100 amendments were added to the original bill.

Moreover, the delay was probably due to the fact that fifteen senators were unavailable for the vote as they were attending the United Nations Climate Summit in the United Arab Emirates. That summit is not over yet, it continues until early next week and the December 12 vote might be affected as well.

The vote on the gambling regulation bill requires a qualified quorum because the proposal does not benefit from consensus in the Senate. This means that if senators that are in favor of the legislative proposal can’t attend the vote, then the approval of the bill might be compromised.

If the December 12 vote is postponed as well, and that possibility seems quite likely, then the bill would probably not come into effect for a few months. That is because from 23 December until 2 February 2024 the Brazilian parliament will be in recess. That delay could have a big impact because if the bill is not approved by the end of 2023, the resources needed for its implementation cannot be included in the 2024 budget by the government.

If the Brazilian Senate would be able to approve the bill on Tuesday, then the matter would advance to the Chamber of Deputies, which would have to discuss the bill and the amendments before voting on it as well. But the Chamber of Deputies would have just over one week to decide on the bill before the recess.

Moving Closer

The Brazilian gaming industry stands firmly behind the bill and is hopeful that it would be approved sooner rather than later. Luiz Felipe Maia, founding partner of Brazilian law firm Maia Yoshiyasu Advogados, declared himself confident that regulation would be in place before too long and said that the country is getting “very close to the approval of the bill.” Maya also said that players would be the ones to benefit the most from the regulation.

The Brazilian government is counting on the bill to supplement the revenues for the state because it would impose a license fee for casino and betting operators which is expected to bring 30 million Brazilian Reais to the state coffers (around 6 million U.S. dollars). Moreover, the state expects to collect around 1.6 billion Brazilian Reais from taxes from the gambling sector.

Neil Montgomery, founder and managing partner of Brazilian law firm Montgomery & Associados, declared himself skeptical regarding the bill’s chances to be approved before the parliamentary recess. If the bill does get approved by the Chamber of Deputies, then it would have to receive one more final approval from the office of President Lula.

Source: “Brazil gambling regulation vote delayed to 12 December“. iGaming Business. December 7, 2023.

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A massive casino resort project in Las Vegas that has been waiting to come true for nearly two decades is at the final stretch. Fontainebleau Las Vegas, the latest addition to the iconic Sin City anticipates welcoming its first visitors this December. The resort anticipates opening on December 13, 2023, and has been actively following its plan to meet this deadline.

Now, Fontainebleau Las Vegas made major progress after a meeting Wednesday with the gambling regulator in Nevada, the Nevada Gaming Control Board (NGCB), as announced by the Las Vegas Review-Journal. During the latest meeting, members of the Board questioned Jeffrey Soffer and Brett Mufson, two executives recommended to operate the luxury resort.

Overall, the debate went on for nearly an hour resulting in the unanimous recommendation for approval of the two executives by the NGCB. This step marked a milestone moment for the project, considering that there is one legal challenge left. After Wednesday’s vote of the Board, the executives would seek approval from the Nevada Gaming Commission on November 16, 2023. This would mark the final step prior to the planned opening of the casino resort in December.

Kirk Hendrick, NGCB’s chairman, said that the Board is excited to see a project that has taken some 20 years to finally come true. Moreover, he said that Fontainebleau Las Vegas would bring shine and glamour to a part of the strip that hasn’t been busy for a long time.

“We are certainly happy to see that this 20-plus-year project is coming to fruition as I’m sure you are as well. I’m also happy to see this is fixing and rejuvenating that portion of the Las Vegas Strip that has been dormant for so long, so thank you for that.“

Kirk Hendrick, chairman of the NGCB

Project at Final Stretch after Two Decades

It has taken the project some two decades to come this far. Initially, Fontainebleau was the idea of Soffer as the project started back in 2007. Several years later, due to the Great Recession, the project halted, falling into bankruptcy. After that, Fontainebleau’s ownership changed a few times before Soffer took it back in February 2021.

Fontainebleau Las Vegas represents a multi-billion-dollar investment and promises to bring supreme entertainment. The casino resort would offer more than 3,600 rooms and a massive 173,000 square-foot casino floor. This places Fontainebleau among the venues with some of the biggest gaming floors in Sin City. The massive resort is expected to employ just over 7,000 workers, offering some 5,000 full-time positions. During the latest meeting, Mufson explained that 1,850 employees have already been hired.

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The long-anticipated opening date for Fontainebleau Las Vegas, the towering 67-story casino resort on the iconic Las Vegas Strip, might have just been revealed. While Fontainebleau has yet to officially announce the date, a recent report from the Las Vegas Review-Journal suggests that Wednesday, December 13, is the day when the resort will unlock its doors to the public.

Fontainebleau Las Vegas Overcomes Delays for December Debut

The Fontainebleau Las Vegas, known for its distinct blue tower, will be the first new casino resort to grace the Las Vegas Strip since Resorts World‘s debut back in June 2021.

Standing tall as the tallest building in Nevada, the Fontainebleau will house a staggering 3,644 hotel rooms, making it a prominent addition to the Las Vegas skyline. Additionally, it boasts over half a million square feet of convention and meeting space, with its primary exhibition area sprawling over 105,200 square feet. It’s a testament to the resort’s grandeur, as it rises from the ashes of the demolished El Rancho Hotel and Casino site.

The journey to this grand opening has been fraught with challenges. Initially announced in May 2005 with a projected opening in 2008, the Fontainebleau faced setbacks due to the Great Recession and the impact of the COVID-19 pandemic. However, Koch Industries’ real estate investment arm, in collaboration with Miami real estate developer Jeffrey Soffer’s Fontainebleau Development, acquired the towering structure in 2021, giving new life to the iconic project.

In December last year, Fontainebleau Las Vegas secured a $2.2 billion loan from various banks and investors, ensuring the completion of its long-delayed project, with plans to open in 2023.

While in June this year, Fontainebleau Las Vegas made strategic senior-level appointments to bolster its leadership team ahead of its December opening, with Mark Tricano becoming the president, Michelle Reda taking the role of chief casino marketing officer, and Kimberly Virtuoso being promoted to senior vice president of people. 

Fontainebleau Las Vegas Unveils Extravagant Casino, Dining, and Entertainment Options

Fontainebleau Las Vegas will offer a vertically integrated casino experience, much like the Cosmopolitan, with its gaming area occupying the ground floor and the second and third floors dedicated to retail and dining. The casino floor is set to feature an array of 1,300 slot machines, including multigame options with video poker, keno, and blackjack, as well as 127 table games offering blackjack and three-card poker. Enthusiasts can also look forward to a spacious sportsbook spanning.

The resort plans to pamper visitors with 90,000 square feet of high-end retail space, though specific retailers are yet to be announced. In the culinary department, Fontainebleau aims to delight with 27 upscale dining options, including the American restaurant Vida and Southeast Asian cuisine at Komodo, among others.

Entertainment seekers will be spoiled for choice with three distinct venues – a day club, a nightclub named LIV, and a massive 3,800-capacity theatre, all curated by Miami-based Groot Hospitality and nightlife guru David Grutman. Fontainebleau has already managed to lure superstar DJs Tiesto and Zedd away from Resorts World’s Zouk Group, setting the stage for thrilling nights on the Strip.

High above, the resort’s rooftop pool deck will offer seven different pool experiences sprawled across six acres, providing a luxurious retreat for guests.

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Fontainebleau Las Vegas is well on its way to opening in December with a preliminary Nevada Gaming Control Board suitability hearing in the rearview mirror and a Nevada Gaming Commission hearing on July 27 which almost certainly result in a recommendation to grant the property a license in November. Then, it’s all blue skies, or Fontainebleau wrapping up the details to open in December – finally, after breaking ground in 2007 and investing nearly $4 billion dollars in the development and surrounding economy.

Long Time in Development, Multiple Setbacks

The nearly 70-floor property has stood out on The Strip for years, at one point, it was swathed in white construction wrapping and called an eye-sore by neighboring businesses when in the hands of another owner.

A quick rundown of the type of property visitors can expect when it is opened all point to a high-end experience with over 400 suites included in a count of over 3,500 hotel rooms.

The casino space will be modest by the percentage of total floor space with about 150,000 sq ft of gaming area holding 128 gaming tables and 1,300 slots. High rollers and mid-rollers will be catered to with nearly 20,000 sq ft of VIP gaming space and over 3,000 square feet of domestic high-limit floor. There will reportedly be 6 Salons Privé. Sports bettors will find a dedicated space of more than 13,000 square feet.

The casino will be at ground level with a retail promenade above it and health and fitness above that. Over half a million square feet of convention and meeting space is included with one area covering over 100,000 square feet making it the second-largest meeting hall in the market.

About half of the dining space will be high-end and the remainder reserved for casual dining. The upscale areas will include international chefs and globally recognized brands.

Nightlife has not been overlooked with a nightclub as well as a day club and a theater to seat nearly 4,000 visitors. Development partner “It’s an arena-size theater stage and it will be a multi-purpose room,” Fontainbleau development partner Brett Mufson said. “We will have residences and host groups and meetings, speaker series, and car events.”

To Employ 7,000+

Nearly 4,000 workers are currently on site and operations will require more than 4,500 full-time workers and nearly 2,000 part-time employees. At full operational capacity, including partner employees, over 7,000 people will be employed with some 250 in executive positions.

At Wednesday’s preliminary hearing, Jeffrey Soffer and Brett Mufson of Fontainebleau Development were found suitable to operate the property. They will face the Gambling Board soon for what usually results in a rubber stamp after a few tough questions that may be left dangling, giving applicants a chance to tidy up any loose ends and give finality to any open questions not fully addressed at the preliminary hearing. In this case, it may be a tax matter from a decade ago and whether any debt forgiveness was included in Soffer’s repurchase of the loan involved in the property.

Soffer was the original developer, but he ran into difficulties when the great recession set in and turned the economy upside down in 2008. The current development also includes the deep pockets of Koch Industries’ real estate investment subsidiary, Koch Real Estate Investments. Raider/investor Carl Icahn owned the property for a while but it didn’t progress toward opening under his ownership.

Concerning the “suitability” issue that was brought up during the hearing, gambling lawyer Frank Schreck provided some detail. Schreck said:

“The focus of the investigation appears to be an analysis of a loan related to the development of Town Square more than 10 years ago. It was purchased from the lender by Jeff Soffer and his sister Jackie. According to Mr. Soffer’s counsel, Rod Rosenstein, the former Acting Attorney General, the issue seems to be whether or not there was any debt forgiveness related to the repurchase of that loan. We are still unsure whether Mr. Soffer’s tax accountants properly accounted for any forgiveness in the complicated transaction.”

Thanks to the consequences of the “Great Recession” of the late 2000s, Soffer reportedly had hundreds of millions of dollars of net operating losses. These would presumably be available on paper to take care of any tax liability.

Second Chances

Soffer has owned the property again since February 2021.

“Soffer said, “It’s been a full circle with this development and I’m excited to be able to finish this. It’s going to be fabulous for Las Vegas. It’s definitely a little different than originally planned. It’s much more upscale.”

According to an article in CDC Gaming Reports, Gaming Control Board Chair Kirk Hendrick didn’t have any concerns about earlier failures of the property during the “economic downturn” of the 2000s.

“I’m very excited for that part of the Strip to see some revitalization and your property move forward,” Hendrick said.

According to local ABC News affiliate KTNV, US casinos made a record-breaking $60 billion in revenue in 2022. Nevada casino operators accounted for $14.8 billion, and casinos on the Strip accounted for more than 10%, or $8.2 billion of the entire nation’s gambling revenues, making the Las Vegas Strip the top gaming market in America. A distant second was Atlantic City with 2022 revenues of $2.8 billion last year.

Source: Fontainebleau Las Vegas on track for November licensing ahead of December opening, CDC Gaming Reports, July 12, 2023

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