Maryland Lottery and Gaming published information about the financial performance of the state’s six casinos in February 2024. According to the regulator, revenue remained more or less stable.

The authority said that the six casinos have reported a total gaming revenue of $159.22 million for February. This figure represents a modest 1.4% year-on-year increase from February 2023, when the casinos declared revenue of $157 million.

However, fiscal year to date revenue, representing the period from July through February experienced a slight decline. Whereas Maryland’s casinos reported revenue of $1.37 billion for the previous year to date period, they now reported revenue of $1.28 billion.

In February 2024, The Free State’s casino contributed $67.79 million to the state, representing an increase of 1.3% year-on-year. Contributions to the Education Trust Fund stood at $48.9 million, an increase of 0.5% from February 2023. The casinos also contributed money to the local horse racing industry, as well as to small, minority- and women-owned businesses. 

The Casinos’ Performances Varied

Maryland Lottery and Gaming also published data about the performance of its six commercial casinos.

MGM National Harbor, a Prince George’s County-based property, reported revenue of $66.83 million in February. This represents an increase of $1,234,645 (1.9%) from February 2023. The casino sports 2,276 slots and 207 gaming tables.

Live! Casino & Hotel, meanwhile, posted revenue of $59.34 million, representing an increase of 6.5% from February 2023. The venue is located in Anne Arundel County and has some 3,860 slot machines and 179 table games.

The Horseshoe Casino in Baltimore City, on the other hand, reported February revenue of $14.95 million, highlighting a year-on-year decline of 8.2%. The casino has 1,371 slots and 115 table games.

Hollywood Casino Perryville, a property boasting 689 slot machines and 23 table games, reported revenue of $7.4 million for February, marking a year-on-year increase of 1.4%.

The Ocean Downs Casino in Worcester County disclosed revenue of $6.35 million, a decrease of 7% year-on-year. For reference, the casino has 859 slots and 19 gaming tables.

Finally, the Rocky Gap Casino in Allegany Country reported revenue of $4.34 million in February. This translates into a decline of 18.6%. The casino has 620 slot machines and 16 table games.

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Wynn Resorts, a leading global hospitality and entertainment company, announced stellar financial results for the third quarter ended September 30, 2023. 

CEO Craig Billings Applauds Wynn Resorts’ Q3 Success and Diverse Portfolio Strength

The company reported operating revenues of $1.67 billion, marking a significant increase of $782.2 million compared to the same period in 2022. Net loss attributable to Wynn Resorts was $116.7 million for Q3 2023, an improvement from the net loss of $142.9 million in Q3 2022.

Wynn Resorts CEO, Craig Billings, expressed satisfaction with the results, emphasizing the ongoing strength across the company’s property portfolio. He attributed the success to outstanding performances at Wynn Las Vegas and Encore Boston Harbor, which achieved a new third-quarter record for Adjusted Property EBITDAR at their combined North American properties.

Billings also highlighted the positive developments in Macau, where the recovery showed progress in mass gaming, luxury retail, and hotel businesses.  The breakdown of operating revenues showed increases at Wynn Palace, Wynn Macau, Las Vegas Operations, and Wynn Interactive, while Encore Boston Harbor experienced a slight decrease compared to Q3 2022. 

Wynn Resorts Navigates UAE Regulations, Progressing Toward 2027 Opening

Looking at the company’s financial position, Wynn Resorts reported cash and cash equivalents of $2.79 billion as of September 30, 2023, and total current and long-term debt outstanding of $11.79 billion. Wynn Resorts also declared a cash dividend of $0.25 per share.

In addition to the financial results, Wynn Resorts discussed its ongoing projects, including the construction of Wynn Al Marjan Island in the UAE. CEO Craig Billings mentioned that regulatory developments in the UAE suggest that Wynn Resorts might face minimal competition in the initial years after the resort’s opening in 2027. He anticipated a possible duopoly or oligopoly with one or two competitors emerging in the market later.

The company is closely monitoring the regulatory environment in the UAE, where former MGM CEO Jim Murren has been named chairman of the gaming authority. The licensing process is progressing, providing clarity for financing sources and allowing Wynn Resorts to move forward with construction financing.

According to JPMorgan analysts, Dubai’s General Commercial Gaming Regulatory Authority (GCGRA) may expedite the introduction of gambling laws, anticipating swift progress for the Wynn Resorts project. While MGM Resorts International eyes a potential non-gaming property in Dubai initially, Wynn Resorts aims to secure a prominent position in the lucrative Middle East market by 2027.

Despite the positive financial results and promising future developments, Wynn Resorts’ stock experienced a 5% decline in after-hours trading. Investors are likely reacting to broader market dynamics and considerations beyond the Q3 performance.

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PointsBet’s sale of its US arm to Fanatics in the final quarter of the fiscal year represented one of the primary drivers behind its stellar performance, allowing the company to focus on its other lucrative markets while unlocking significant value through the sale. Despite the tense acquisition process, the Australian operator emerged stronger than ever, ready to pursue new opportunities.

Most Metrics Remained Positive

The 2023 financial year ending June 30 saw PointsBet record revenues of AU$391.1 million ($260.29 million), marking a 26.4% year-on-year increase. Spots Betting remained the company’s most profitable vertical, contributing AU$335.8 million ($223.48 million) in profits, while iGaming made AU$55.3 million ($36.8 million). These results demonstrate the company’s stable position and growth potential.

Expense metrics were mixed, as the 2.2% cost of sales increase to AU$56.7 million ($37.74 million) offset the 47.6% decrease in quarter-on-quarter marketing costs, which reached AU$36.1 million ($24.03 million). Staff costs dropped 3.7% to AU$25.8 million (17.17 million), contrasting the 26.4% rise in administration, corporate costs, and goods and services tax, totaling AU$24.9 million ($16.57 million).

PointsBet’s US division recorded impressive results, accounting for AU$161.1 million ($107.22 million) in revenue for a stellar 72% year-on-year increase. These results bode well for the upcoming Fanatics acquisition, indicating a robust and growing business that can flourish with proper support and investments.

The Upcoming US Division Sale Is a Sensible Move

Acquiring PointsBet’s US division places Fanatics in the perfect position to challenge existing market leaders. The operator’s substantial development and marketing resources should bolster an already successful business, allowing it to compete with industry giants like  DraftKings and FanDuel. Analysts believe Fanatics can capture a significant market share before the 2023 NFL season.

Despite the US division’s profitability, the sale decision appears to be a sound move for PointsBet. The Australian company doesn’t have the resources to focus on every regional division and would be unable to reach its full potential in the USA. The Fanatics sale significantly streamlines operations and allows PointsBet to invest the extra capital in its core markets, ensuring long-term profitability.

PointsBet’s full-year 2023 results highlight the company’s ability to leverage existing resources and exceed expectations despite rising challenges. The sale of its US division will help it to better adapt to the changing demands of the industry. With a strong financial foundation and a commitment to delivering top-quality betting experiences, PointsBet is in the perfect position to achieve even greater success.

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The Malta Gaming Authority (MGA) has released its 2022 Annual Report and Financial Statements. The move and similar moves by government entities are widely seen as efforts to provide clarity of mission and transparency of operations.

In that light, Malta has been mostly successful throughout the years, at least in as far as the information provided is somewhat useful to potential license holders and consumers. However, the type of information and the depth to which activities are reported can leave a lot to be desired.

5,280 players requested assistance

While the number of player complaints is reported, the type and severity of potential violations are not reported in context nor are the results of any decisions related to specific disputes. Further, alternate dispute resolution is mandatory so it is assumed that only complaints that fail arbitration and that ADR service providers consider worthy to escalate are ever considered by the gaming authority.

As well, plans to change the law or even bills introduced to mdo so are rarely ever reported either on the website news section or in the periodic or annual reports until policy or law has changed such as when operators may have been aware of a comment period but players had no clue that the minimum theoretical return to player percentage (RTP) for MGA-regulated online slots would drop from 92% to 85%, ostensibly to bring it “into line” with the land-based sector.

More recently we had to learn from news outlets that follow such disputes that a bill had been introduced to the legislature which would modify the gambling act yet apply to all other European Union trade disputes absolving any Malta-registered company from responsibility to conform to EU trade law by escaping enforcement of judgments when a Maltese licensed online casino is sanctioned or fined by another EU member state.

While the previously mentioned and other information may be available in official government gazettes or press releases, in the spirit of transparency and consumer confidence it should at a minimum be linked to from the MGA website if not included in periodic and annual reports.

The topline numbers and a link to the financials and report can be found here (here).

A brief summary follows:

• 5,280 players requested assistance
• 28 compliance audits were conducted and 228 desktop reviews
• 25 licensees were subject to remediation and/or administrative measures
• 6 individuals and companies were deemed by the Fit & Proper Committee to not be up to the Authority’s probity standards due to various factors
• 41 gaming license applications were received during 2022. Thirty-one (31) licenses were issued
• 1,500+ criminal probity screening checks were undertaken
• 48 interviews with prospective Money Laundering Reporting Officers (MLRO) and key persons carrying out the AML/CFT function
• 9 Letters of Breach were issued following breaches of the Commercial Communications Regulations
• 85 responsible gaming-themed website checks were performed with 38 URLs found to have misleading information

In publishing the report, MGA CEO, Dr Carl Brincat said: “This report is testament to our collective efforts in promoting a fair and sustainable gaming ecosystem. Through proactive measures and leaner regulation processes, we strive to ensure a level playing field that nurtures innovation while safeguarding against any potential risks.

“As the global gaming landscape evolves, our role becomes even more critical. We embrace this responsibility with utmost determination, working tirelessly to stay ahead of emerging trends, technologies, and challenges. We remain steadfast in our pursuit of robust frameworks that inspire confidence, protect vulnerable individuals and render Malta the home for gaming operators of goodwill.”

Source: The MGA publishes its 2022 Annual Report and Financial Statements, Malta Gaming Authority News, June 2, 2023

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Global gaming solution provider Aristocrat Leisure has reported positive financial results for the first half (H1). The company’s focus on diversifying its portfolio through strategic acquisitions is already paying dividends, ensuring fiscal stability despite macroeconomic pressures. North American operations performed exceedingly well, justifying further investments in the region.

Revenue Growth Retains Its Momentum

Aristocrat’s H1 2023 earnings call showcased a robust performance across most verticals as the company delivered solid financial growth. In the six-month period ending 31 March, revenues reached $3.08 billion, a 12.2% increase compared to last year. EBITDA also fared well, rising 5.7% to $1.03 billion, showcasing the company’s solid foundations.

Pre-tax profits soared by 42.6%, reaching $852.8 million. Even the post-tax figure of $653 million was impressive, giving Aristocrat substantial leeway to pursue further growth opportunities through strategic investments. Overall, the company continues to ride its 2022 momentum, accelerating in its core markets and setting the stage for new partnerships and continued expansion.

The USA Emerged as a Leading Market

Aristocrat Leisure’s North American operations have been a key growth driver, capitalizing on increased consumer spending and a resurgence in demand for gaming products and services. Frequent high-profile partnerships helped the company establish a presence in over 55% of the US iGaming market. Aristocrat hopes to raise that figure to at least 70% within five years, solidifying its leadership position.

Anaxi, the company’s real money gaming (RMG) division, performed spectacularly well, more than justifying 2022’s $42 million invested in its operations. Its collaborations with leading operators like Caesars and FanDuel were a testament to the quality of its content. Aristocrat CEO and managing director Trevor Croker highlighted the importance of the online segment and Anaxi’s vital contributions to the group.

Our newest operating business, Anaxi, delivered on its initial market entry commitments and established sound foundations for growth.

Trevor Croker, Aristocrat CEO, and managing director

The impressive H1 financials should allow Aristocrat to pursue additional growth opportunities. The group recently announced its proposed acquisition of iGaming and iLottery solution provider NeoGames. If successful, the deal will significantly expand Aristocrat’s global reach and bolster the company’s RMG ambitions. Such strategic investments are vital to Aristocrat’s long-term performance and ability to remain competitive in the saturated supplier market.

The benefit of our investment to grow and diversify Aristocrat’s revenue base was particularly evident in our ability to deliver solid revenue growth and stable EBITDA…

Trevor Croker, Aristocrat CEO, and managing director

The 26.4% rise in Aristocrat’s US segment contrasts the relative stagnation in its Australia and Pixel United divisions and will shape its ongoing strategy. With a strong track record and a commitment to continuous improvement, Aristocrat Leisure is well-positioned to capitalize on future opportunities and thrive in a dynamic market environment.

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Lottomatica’s results largely mirror the broader trend in the Italian gambling industry, which has seen significant growth in recent years. Rising revenues across the board should fuel the company’s ambitions after it went public on the Borsa Milan Exchange, hopefully surpassing its projected targets. Despite the global financial instability, Lottomatica hopes to ride the expected IPO market recovery and generate additional value.

Going Public Did Not Hamper Momentum

The Italian lottery and gaming operator first announced its IPO ambitions in January. The company targeted an April listing, hoping to reduce its debt and generate additional proceeds from its new shares. Despite the ongoing turmoil following the recent string of bank failures, Lottomatica pressed on with its plans and successfully secured its listing.

Despite a first-day slip in share prices, controlling shareholder Apollo Global Management, an American global private equity firm, was happy with its results, noting that the move would attract new investors and aid future growth. With consistently good financials and strong demand in the Italian gaming market, Lottomatica sets an example for other companies considering a public listing.

Lottomatica Is Poised for Further Growth

Lottomatica’s Q1 results record substantial growth across most metrics. Overall revenue rose 19.4% year-on-year, reaching a record €424.8 million ($461.3 million). Gaming franchise revenue was the most impactful, contributing €188.0 million ($204.2 million). The company’s online segment experienced the most substantial increase, rising by an impressive 39.3% year-on-year for €124.0 million ($134.7 million).

While Lottomatica’s online sports betting vertical contributed the least at €110.0 million ($119.5 million) in revenue, it retained its healthy position, enjoying an 18.1% market share. Despite such impressive performance, rising inflation and interest rates caused expenses to skyrocket, as the operator lost €247.0 million ($268.3 million) for services payments and €38.0 million ($41.3 million) due to depreciation and write-downs of tangible assets.

Additional expenses of €6.9 million ($7.5 million) on other operating costs and €23.8 million ($25.9 million) in income taxes were not enough to offset Lottomatica’s revenue growth, as the company recorded profits of €46.4 million ($50.4 million)- a 33.8% year-on-year increase. Company CEO Gugliemo Angelozzi was content with the results, hoping the company would maintain its momentum for the rest of the year.

I want to express my gratitude to all my colleagues for these extraordinary results achieved thanks to their incredible dedication and commitment. 

Gugliemo Angelozzi, Lottomatica CEO

The success of Lottomatica’s Q1 2023 should bolster the company’s position in the Italian market and position it well to capitalize on future growth opportunities. The operator is doing an admirable job weathering the ongoing worldwide financial instability, consolidating its position in the Italian market, and setting the stage for further growth.

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Gaming Innovation Group (GiG) experienced substantial growth across all primary verticals, smashing last year’s results with a 49% increase in revenue from 2021. The stellar financial results place the company in the perfect position to pursue its long-term strategy and consolidate its presence in its most profitable markets.

Revenues Are Up across the Board

As a leading technology and platform provider for the iGaming industry, GiG has been riding the global online gambling boom, securing many new lucrative partnerships. The company’s ambitious expansion strategy has been paying off, as evidenced by its Q1 financial results. With metrics up across all verticals, GiG is showing no sign of slowing down.

Q1 2021 corporate revenue rose to €28.4 million ($31.2 million), surpassing 2021’s results by 49%. EBITDA growth was especially notable, skyrocketing 75% to €11.7 million ($12.9 million). GiG Media was the group’s most lucrative arm, contributing €18.4 million ($20.2 million). Platform & Sportsbook revenue experienced a record 100% revenue growth of €10.0 million ($11 million).

The impressive performance was possible thanks to several strategic decisions, like January’s successful acquisition of AskGamblers and GiG Media’s expanded partnership with News Corp UK & Ireland. Platform & Sportsbook partnerships across Europe and the Americas continued to pay dividends, showcasing the company’s robust performance and potential for future growth.

The Future Is Looking Bright

With an overall positive cash flow from operations of €13.2 million, GiG is well-positioned to capitalize on new market opportunities across multiple verticals, further extending its global reach. Group CEO Richard Brown was content with the Q1 results, noting that the business still had significant untapped potential.

The first quarter of 2023 had a multitude of successful and impressive steps forward for Gaming Innovation Group.

Richard Brown, GiG CEO

Overall, the group’s 2023 prospects show no sign of decline. March saw GiG secure licenses for Maryland and Pennsylvania, giving it access to two new dynamic and lucrative markets. With B2B at the forefront of the group’s ambitions, its newest Enterprise Solution promises to deliver lasting success in the Software as a Service space.

Recent partnerships with iGaming content developer Apparat Gaming and casino operator Palasino Malta demonstrate GiG’s growth potential, driven by increased demand for its platform services. As the group maintains its focus on customer growth and product development, it will be interesting to see how it performs in the coming quarters.

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