The Philippines gaming industry has reported impressive revenue growth for the first half of 2024, with a 19.2% increase year-on-year, reaching Php194.7 billion (US$3.34 billion). This surge has been largely driven by the rapid expansion of the online gaming sector, which includes E-Games, E-Bingo, and other bingo grantees.

According to the Philippine Amusement and Gaming Corporation (PAGCOR), the E-Gamessector achieved a remarkable performance, with its gross gaming revenue (GGR) more than tripling to Php63.01 billion (US$1.08 billion) in the first half of the year. This unprecedented growth highlights the sector’s domestic-driven success.

Land-Based Casinos and PAGCOR’s Performance

Licensed casinos, including those in Entertainment City and regional locations such as Clark and Cebu, remained the largest contributors to GGR, generating Php99.2 billion (US$1.70 billion). However, PAGCOR-operated casinos experienced an 11.6% decline in GGR, amounting to Php8.9 billion (US$152 million).

Despite the mixed performance across different segments, PAGCOR’s overall net income saw a significant increase of 121.5%, reaching Php6.56 billion (US$112 million), up from Php2.96 billion (US$50.7 million) in the same period last year. This robust income growth allowed PAGCOR to remit Php31.8 billion (US$545 million) to the national treasury in the first six months of 2024, compared to Php22.6 billion (US$387 million) during the same period in 2023.

Online Gaming’s Phenomenal Growth

PAGCOR’s total gross revenues for the first half of 2024 amounted to Php51.8 billion (US$887 million), a 42.9% year-on-year increase. Gaming operations contributed Php45.4 billion (US$778 million) of this total, with nearly half coming from the online gaming sector, which brought in Php20.7 billion (US$355 million).

Integrated resorts and licensed casinos also made a substantial contribution, generating Php16.2 billion (US$277 million) or 35.4% of PAGCOR’s gaming revenues. PAGCOR-operated casinos under the Casino Filipino brand contributed Php6.93 billion (US$119 million) or 15.3%.

PAGCOR Chairman and CEO Alejandro H. Tengco expressed optimism about the future, stating, “Given the phenomenal revenue increase in the E-Games sector, and with more players and investors signifying their intent to enter the Philippine market, we are confident that the year 2024 will be truly a banner year for PAGCOR.”

Reforms and Future Outlook

The gaming revenue growth in the Philippines has been attributed partly to reforms and strengthened regulations under the new administration. PAGCOR’s efforts to channel illegal activity into the regulated market include reducing fees for operators to encourage more businesses to apply for licenses.

Looking ahead, PAGCOR is on track to achieve or exceed Php100 billion (US$1.71 billion) in annual gross revenue for 2024. The regulator’s strategic moves, such as planned privatization of its operations by 2025 to focus solely on regulatory roles, aim to level the playing field for licensees and attract new investment.

Despite the strong performance of the online gaming sector, it continues to face scrutiny and opposition. Senator Joel Villanueva is pushing legislation to ban Philippine Offshore Gaming Operators (POGOs), citing concerns over the sector’s controversies. However, PAGCOR remains committed to ensuring that online gaming activities are conducted legally and responsibly.

Source:

Philippines gaming industry revenue up 19% year-on-year to over US$3.3 billion in 1H24, asgam.com, July 15, 2024.

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The Spanish online gambling market has shown robust growth in the first quarter of 2024, as reported by the Directorate General for the Regulation of Gambling (DGOJ). The Gross Gaming Revenue (GGR) for the quarter reached €350.69 million, marking an 11.23% increase quarter-over-quarter and a 15.14% increase year-over-year. This significant rise underscores the market’s resilience and recovery from previous fluctuations.

Growth Across Key Segments

In terms of player transactions, both deposits and withdrawals showed notable increases compared to the previous year, rising by 15.85% and 13.90%, respectively. Quarter-over-quarter, deposits grew by 5.61% while withdrawals saw a modest increase of 0.72%. Despite the overall growth, marketing expenditure saw a slight decrease of 1.0% quarter-over-quarter, while the number of new accounts surged by 15.21%.

The GGR is distributed across various gaming segments, with betting, casino, bingo, contests, and poker all contributing to the total. Betting accounted for €150.28 million (42.85% of the total GGR), followed by the casino segment with €167.76 million (47.84%). Bingo contributed €4.19 million (1.19%), contests €0.002 million (0.00%), and poker €28.45 million (8.11%).

Betting and Casino Drive Growth

The betting segment experienced a significant positive variation rate of 30.99% quarter-over-quarter and 15.37% year-over-year. This growth was largely driven by a remarkable 588.84% increase in pre-match betting, although in-play sports betting saw a decline of 31.69%. Other betting categories also grew by 1.57% this quarter, whereas horse betting decreased by 28.36%.

The casino segment, despite a slight quarter-over-quarter decline of 2.05%, showed a strong annual growth rate of 17.02%. Within the casino segment, slots increased by 14.98% year-over-year, and live roulette saw an impressive 22.19% growth. Quarter-over-quarter, Blackjack, conventional roulette, and live roulette grew by 7.32%, 9.69%, and 6.37%, respectively, while slots fell by 7.51%.

Other Segments Show Mixed Results

Bingo showed steady growth, with a 9.18% increase quarter-over-quarter and 24.93% year-over-year. Conversely, the contests segment continued its irregular performance, experiencing a dramatic fall of 96.79% quarter-over-quarter and 99.38% year-over-year.

Poker presented a positive outlook with an 11.98% quarter-over-quarter increase and a 3.99% year-over-year rise. Poker tournaments grew by 11.19% quarter-over-quarter and 2.04% year-over-year, while poker cash games increased by 13.91% compared to the previous quarter and 8.91% compared to the same quarter of the previous year.

Player Engagement and Market Dynamics

The average number of active game accounts per month reached 1,327,575, reflecting a 4.57% increase quarter-over-quarter and a 14.58% increase year-over-year. The average number of new game accounts per month stood at 148,862, with a growth of 15.21% quarter-over-quarter and 33.64% year-over-year.

For this quarter, there were 78 licensed operators in the market. The number of active operators by segment included 41 for betting, 4 for bingo, 50 for casino, 2 for contests, and 9 for poker.

Marketing Expenses

Marketing expenses for the last quarter totaled €112.79 million, broken down into €14.27 million for affiliation expenses, €1.07 million for sponsorship, €55.67 million for promotions, and €41.78 million for advertising. Compared to the previous quarter, marketing expenses declined by 1.00% but increased by 14.86% year-over-year. Specifically, sponsorship decreased by 12.55%, affiliates by 0.87%, advertising by 7.68%, while promotions increased by 4.93% quarter-over-quarter. Year-over-year, sponsorship fell by 27.23%, affiliates increased by 14.82%, advertising by 22.49%, and promotions by 10.92%.

Source: “1st Quarterly Report 2024”. Directorate General for the Regulation of Gambling. June 4, 2024.

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In its recent trading news, the Rank Group has highlighted a significant 6% year-on-year increase in income for the third quarter, reaching an impressive £182.3 million. This growth trajectory shows the company’s solid performance across its digital and land-based gaming sectors.

Land-Based Revenue Overview

The Grosvenor venues continue to lead in terms of revenue generation for the Rank Group. Despite showing a modest growth rate of 3% in Q3, these venues remain a cornerstone of the company’s revenue stream. The increase in visitor numbers by 5% has contributed to a notable 2% rise in average weekly net gaming revenue (NGR) at Grosvenor, aligning with Rank’s strategic goal of achieving £7.0 million weekly NGR from its Grosvenor venues business.

On the other hand, the Mecca bingo venues have experienced a remarkable 12% earnings surge. This growth can be attributed to a combination of increased visitor numbers, which rose by 5% from last year, and a substantial 7% rise in spending per visit. Notably, this surge in gain coincided with strong trading periods during Mother’s Day and Easter weekends, indicating robust consumer engagement with Mecca’s offerings.

The Rank Group’s success extends beyond the UK, with its Enracha venues division in Spain witnessing a commendable 9% revenue increase, amounting to £10.0 million. This international growth underscores Rank’s ability to capitalize on diverse market opportunities and expand its global footprint.

Digital Growth and Operational Enhancements

Digital revenue saw a significant uptick of 6%, totaling £55.0 million in Q3. The UK digital sector experienced a 4% revenue increase, while Spain witnessed an impressive 20% year-on-year growth. Mecca’s digital net gaming revenue (NGR) surged by an impressive 21% in the UK, showcasing the strong performance of its digital gaming offerings. However, Grosvenor’s digital NGR saw a marginal 1% rise, attributed to a weaker gaming margin stemming from significant customer wins.

To further enhance its digital operations, Rank implemented a new content management system for its Mecca and Grosvenor online platforms during Q3. This system aims to improve operational efficiency and facilitate rapid market responsiveness for customer proposition enhancements.

Looking at the year-to-date performance, Rank Group’s income for the nine months ending in March reached a substantial £544.9 million, marking an impressive 8% increase compared to the previous year. This robust performance is driven by the continued growth of Grosvenor and Mecca venues, along with positive digital revenue trends.

As the fiscal year progresses, Rank anticipates that its strong performance will persist, with operating profit expected to align with market expectations for the year ending June 30. This outlook is bolstered by ongoing operational enhancements and strategic initiatives aimed at maximizing revenue potential.

CEO John O’Reilly said: “We continue to make good progress across both our venues and online businesses. Q3 trading is very much in line with the board’s expectations. Performance continues to improve. We have the very important land-based reforms from the government’s white paper to look forward to, which we hope to start implementing in the coming months.”

Stake Sale in Passion Gaming

Rank has announced its decision to divest its stake in Passion Gaming, an Indian online rummy business. While the financial terms of the deal remain undisclosed, Rank has emphasized that the transaction represents a significant strategic move for the company’s portfolio optimization.

Source: ”Spain and Mecca Bingo revenue surges as Rank hails Q3 progress”, igamingbusiness.com, April 18, 2024.

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After successfully concluding 10 months of intense negotiations, the Culinary Workers Union Local 226 is setting its sights on aggressive growth in the Las Vegas region for 2024. The union has finalized contracts with various hospitality entities, including Caesars Entertainment, MGM Resorts International, and Wynn Resorts, covering nearly 50,000 non-gaming workers.

New Contracts Propel Expansion and Improved Conditions

One significant provision in these new contracts allows the union to organize nonunion restaurant workers within the properties, a move that has garnered support from many employees eager to improve their working conditions. 

Jose de Jesus Zuniga, a cook at Alexxa’s within Paris Las Vegas, expressed his desire for union representation, citing better wages and improved healthcare benefits as primary motivations, reported The Nevada Independent.

Ted Pappageorge, secretary-treasurer of the Culinary Workers Union Local 226, highlighted plans for expansion, particularly targeting establishments such as Alexxa’s, Eataly at Park MGM, and Citizen’s at Mandalay Bay, potentially bringing in around 10,000 new members. 

The union has already secured neutrality agreements with prominent venues like The Venetian, Fontainebleau Las Vegas, Sphere, and Formula One’s Grand Prix Plaza, indicating a significant step towards further growth.

The completion of the 2023 contracts, which saw a remarkable 32% salary increase over five years, marks a milestone for the union. Pappageorge emphasized that these agreements include vital provisions such as workload reductions, enhanced safety measures, and protections against technological advancements that could impact workers’ jobs.

Culinary Workers Forge Ahead Amidst Challenges in Las Vegas

Recent developments also include successful negotiations with previously nonunion giants like The Venetian and Fontainebleau Las Vegas, with agreements paving the way for potential union representation. Notably, The Venetian, historically resistant to unionization efforts, has seen a significant shift following a change in ownership and management.

Moreover, Culinary’s involvement in organizing concessions workers at Allegiant Stadium, backed by the NFL Players Association, underscores its commitment to expanding its influence across various sectors. Despite facing challenges with certain service providers, the union remains steadfast in its efforts to secure fair wages and benefits for all workers.

However, amidst these triumphs, the union continues to grapple with longstanding disputes, notably with Red Rock Resorts and its Station Casinos operating division. The ongoing standoff, now spanning over 25 years, reflects the enduring struggle between management and labor in the region.

As the Culinary Union embarks on its ambitious growth strategy, it not only seeks to improve the lives of thousands of workers but also aims to shape the economic and political landscape of Nevada. 

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The Malta Financial Services Authority (MFSA) has granted a license to Xace, the specialist financial institution that offers accounts and payments for the iGaming industry with licenses in Canada, Malta, and the UK.

Xace to Accelerate Its Growth in the EU 

Thanks to the new certification, the pioneering payment provider that offers segregated and named business accounts, along with local and cross-border payments and the Forex exchange market, is expected to speed up its growth across the European Union. 

The fresh license from the prestigious body responsible for regulating banking, financial institutions, payment institutions, insurance companies and insurance intermediaries, investment services companies, company services providers and pension schemes, among others, will further improve Xace’s reputation, turning it into a critical player in the iGaming market.

The company has already proven to be an unrivaled payment provider in the industry thanks to its dedicated account management, business development, and customer support with expanded gaming backgrounds in Europe, the UK, and North America. 

Since its inception, Xace has been determined to simplify the way financial transactions are done in the gaming world. The new MFSA license will be used to strengthen its commitment to meeting the specialized payment needs of the iGaming industry. 

The latter is often met with a series of hardships tied to conventional financial institutions. Accordingly, the new license will not only mark a fresh beginning for Xace but also for the entire iGaming industry across the Old Continent by providing access to a more stable payments and business account solution.

“Uniquely Positioned” to Enhance Its Offering 

Commenting on the news of the new license, Xace’s group chief executive officer, David Hodkinson, enthusiastically spoke about their clear mission “to offer an effective alternative to traditional banking for the iGaming sector” while reiterating the unique position that the MFSA license has now given them. 

Namely, Hodkinson explained the license will allow them to improve their offering of premium, trustworthy payment solutions to both European and Maltese gaming companies.

At the same time, Xace Europe’s chairman, Roderick Psaila, who was also actively involved in obtaining the license, called it “a milestone” while explaining the iGaming industry was in desperate need of financial providers that are stable, secure, and reputable. 

Psaila also took the opportunity to thank the MFSA for “their diligent and efficient contribution” during the application procedure, calling them a robust regulator with approachable guidance.

MFSA can grant, refuse, cancel or suspend licenses given to financial institutions and impose administrative penalties on the same entities under certain circumstances.

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The Rank Group released its latest interim results, uncovering details regarding its progress over the six months ended December 31, 2023. The company referred to the period as H1 2023/24, with results pointing to an increase in net gaming revenue (NGR) year-over-year. Besides financial data, Rank Group released details regarding its expectations for 2024 in key markets.

Focusing on the UK, John O’Reilly, the company’s chief executive, explained that the business is positioned well for further growth, boosted by the upcoming regulatory changes within the retail gambling sector in the country. The changes are expected to come into effect at some point this year, according to the company, possibly around the summer. “These reforms cannot come soon enough in enabling us to modernize our proposition to better meet our customers’ expectations,” added O’Reilly.

“We are well positioned to optimize the opportunities afforded by the UK Government’s planned land-based regulatory reforms which will hopefully be implemented through the passing of secondary legislation in the summer of 2024.“

John O’Reilly, chief executive of The Rank Group

Last year, the Gambling Act review white paper was released, outlining a number of suggestions that are expected to completely overhaul the gambling industry across the country. Among the proposed changes are the implementation of limits for online slots, changes in the ratio of B and C gambling devices, as well as implementation of affordability checks, among other improvements.

Yet, so far the government hasn’t set a deadline for the implementation of the changes, while consultations with stakeholders on certain topics are still ongoing. Ultimately, the review of the Gambling Act 2005 is expected to ensure that the laws in the country fit the digital age.

The Company Posts Strong Results Despite Challenges

When it comes to financial results, Rank Group posted £362.6 million ($460 million) in NGR for H1 2023/24. This figure, compared to the £338.9 million ($430 million) reported for the corresponding period a year ago, showed an increase of 7%. Additionally, Rank Group confirmed that its operating profit for the latest trading period was £16.2 million ($20.6 million).

“Whilst it remains a challenging economic environment, we are positive about the future and expect LFL operating profit for the year ending 30 June 2024 to be in line with our expectations,“

reads a statement released by The Rank Group

While the company acknowledged that the economic environment remains challenging, it was still optimistic about its future performance. Rank Group said that it anticipates its upcoming financial results for the year ending June 30, 2024, to coincide with its initial expectations.

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In February last year, the female-focused online gaming platform, Betty, launched its services for customers in Ontario, Canada’s largest province. The launch came after the operator secured a license from the Alcohol and Gaming Commission of Ontario (AGCO), the gambling regulator in the province. Throughout last year, Betty raised a total of $7 million.

Now, after a new pre-series A funding led by CEAS Investments, the new female-focused online casino confirmed it raised $5 million. As noted, the achievement comes ahead of Betty’s Series A round. Globally recognizable companies, including Powerhouse Capital, HappyHour and Courtside Ventures participated in the latest funding round.

According to Betty, the new cash injection will seek to improve its live operations and propel customer engagement. Moreover, the company said that the capital will help upgrade its platform from the current version, Midnight 1, to Midnight 2, promising exceptional experiences.

“Betty, the female-focused online casino, announced today that it has raised $5 million in pre-Series A funding led by CEAS Investments as the company approaches its upcoming Series A round,“

reads a statement released by HappyHour

As a female-focused online casino, Betty remains dedicated to engaging with female audiences, delivering unrivaled experiences and unique entertainment. Additionally, the platform dedicates resources to community-based play, gamification and transparency. Standing out from the competition, Betty retains female players at a rate that is three times higher when compared to its competitors.

The Online Casino Benefits from Best Practices in the iGaming Sector

Robin Reed, HappyHour’s Managing Partner, highlighted Betty’s efforts to engage with and retain female players while ensuring exceptional experiences via its quality platform. Finally, he said: “It’s a privilege to support their growth, both in terms of capital and product expertise, and we look forward to continuing on this exciting path together.”

“Betty has a clear vision and plan to differentiate themselves in the market by prioritizing female online slot players and by building an in-house platform.“

Robin Reed, managing partner at HappyHour

Salim Mitha, Powerhouse Capital’s managing partner and former EVP for Playtika, added that Betty currently leverages some of the best practices for the online gambling sector. According to him, the company’s success is evident thanks to those practices. Finally, Mitha said Betty leverages this extensive knowledge and strategies, allowing it to benefit from increased revenue and customer engagement.

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Financial services giant Macquarie has thrown its weight behind Genius Sports Limited, a sports betting data provider, with an optimistic Outperform rating. The move comes as the company positions itself at the forefront of the surging wave of NFL betting, driven by factors such as regulatory changes, the widespread embrace of sports betting, a shift towards in-game wagering, margin expansion, organic expansion, and strategic mergers and acquisitions.

Chad Beynon of Macquarie Predicts Genius Sports Shares to Double in One to Two Years

Macquarie analyst Chad Beynon outlined the catalysts contributing to Genius Sports’ potential growth, emphasizing its role as a vital contributor to sports fan engagement. Beynon envisions a doubling of the company’s shares over the next one to two years, attributing this growth to the significance of Genius Sports’ player statistics, artificial intelligence (AI) data, and its capacity to bring this data to life.

The report predicts a robust growth trajectory for the North American online sports betting market, estimating a Compound Annual Growth Rate (CAGR) of 24% through 2026, culminating in a gross gaming revenue of $22 billion. Macquarie suggests that Genius Sports is well-positioned to outpace this growth curve, driven by increased event utilization, the introduction of new products, and the expanding popularity of in-game betting.

A noteworthy factor working in favor of Genius Sports is the secure revenue stream guaranteed by the National Football League (NFL), projected to reach a substantial $126 billion from its media and TV deals. According to Beynon, Genius Sports now stands at the technological epicenter of the NFL’s rising tide, positioning itself as a crucial player in the sports betting landscape.

Genius Sports’ Stock Surges 2.27% After Macquarie Sets Ambitious $11 Price Target

To quantify their bullish outlook, Macquarie has set a price target of $11 on Genius Sports, representing a 77.4% upside from the current closing price of $6.20. This valuation is based on a 15X multiple of the 2026 EBITDA estimate and a free cash flow yield of 4.7%.

In response to Macquarie’s endorsement, Genius Sports experienced a 2.27% surge in premarket trading, reaching $6.30. This positive momentum comes on the heels of a year that has seen the company’s stock climb by an impressive 73.67%, further solidifying its position as one of the top-performing sports wagering equities.

Last month, Genius Sports reported a substantial 29.3% increase in Q3 revenue, reaching $101.7 million, leading to an upward revision of its full-year guidance. 

With growth across all segments, including a notable 34.1% rise in the betting technology division, the company’s year-to-date revenue has surged by 21.3%, totaling $285.8 million, prompting an adjusted full-year guidance of approximately $412.0 million in group revenue and $53.0 million in group adjusted EBITDA.

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BGaming, the renowned iGaming content provider, has left an indelible mark on 2023, surpassing all expectations with a year characterized by exponential growth and groundbreaking innovations.

As the curtains draw on this remarkable chapter, let’s delve into the key highlights that defined the compay’s stellar journey.

Global Gaming Revenue Soars

BGaming’s financial prowess has taken center stage, witnessing a staggering 95% surge in Global Gaming Revenue (GGR). This meteoric rise underscores the provider’s vision to launch top-tier gaming experiences that resonate with players across the globe.

The numbers speak volumes – a remarkable 102% increase in wagers placed and partnerships with over 400 new casinos. BGaming’s influence has rippled through the iGaming landscape, solidifying its position as a provider of choice for both operators and players alike.

Behind every success story is a dedicated team, and BGaming is no exception. With its team growing from 120 to 200 employees, the company has harnessed the power of collective expertise to drive innovation and achieve unprecedented milestones.

Customization Mastery

BGaming’s prowess in customization has been a game-changer. Over 100 games, including exclusive releases like Doddy and Hadzy for Stake.com, and Betsson Plinko for Betsson, showcase the studio’s ability to tailor experiences that captivate audiences and elevate partner operators.

The year witnessed the launch of 36 new adventures, each contributing to BGaming’s diverse portfolio. Games like Bone Bonanza, Beast Band, Merge Up, Gemhalla, Dice Bonanza, Mice, and Magic Wonder Spin, and Sweet Rush Megaways showcased innovation and creativity at its finest.

The company’s foray into artificial intelligence was marked by the development of hits like Alien Fruits and Wild Chicago. With AI contributing to 90% of these creations, the studio demonstrated its prowess in leveraging cutting-edge technology for unparalleled gaming experiences.

Its global footprint expanded into new markets, including Greece, Romania, Brazil, Colombia, Peru, Chile, Mexico, and Spain . Strategic partnerships with industry giants like Casimba Games, Playtech, Salsa Technology, and Betvictor have been announced, and we believe that many more similar ones will land in 2024.

Looking back on this year, Maria Ostrovtsova, CEO at BGaming, said: “BGaming has continued to outdo itself and grown massively throughout 2023. We faced new challenges and celebrated many unforgettable milestones. BGaming’s achievement in the realm of streaming is something that stands out for us. We reached more than 16 million players each month and were awarded seventh place in Casinolytics’ stats. More than 75% of all streamers worldwide have streamed our content, making us third in LatAm in terms of reach.“

Kate Puteiko, CMO at BGaming, added: “This year, BGaming has been focusing on standing out in the saturated market, with so many talent studios producing engaging content. As a result, we have delivered numerous outstanding projects that have taken our studio to a new level, including our artistic collaborations at ICE London, SBC Barcelona, and SiGMA Malta, something we will continue into next year.”

Source:

”BGaming celebrates impressive 2023 fuelled by streaming and customisation success”. European Gaming. December 21, 2023.

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The Mohegan Tribal Gaming Authority recently released its fourth-quarter fiscal results ending 30 September 2023, showcasing notable strides in revenue diversification despite inconsistent results across some metrics. The company’s dedication to its customers and employees also set it apart from the competition, as management remained confident in its 2024 prospects, placing significant hope in its new and planned venues. 

Some Setbacks Offset Record Revenues

The overall net revenue for Mohegan operations surged to $444.3 million, marking a commendable 7.6% increase in year-on-year comparisons. This increase contributed to a record 2023 consolidated net revenue of $1.67 billion, reaffirming the company’s successful strategy. Adjusted EBITDA, likewise, fell just short of 2022’s full-year record of $403.9 million, settling at $399.9 million for 2023.

However, a more comprehensive look into individual metrics reveals that income from all operations experienced a 24% decrease, totaling $48 million. Even more stark was the net income attributable to Mohegan, which saw a 116% decline, resting at -$19.9 million. Additionally, adjusted EBITDA for all operating results witnessed a decrease of $11.7 million, amounting to $88 million.

Individual Venue Results Remain Mixed

These results are primarily due to the inconsistent performances of individual properties. Mohegan Pennsylvania was among the best-performing venues, offsetting the 3% decline in net revenue to $62.8 million with a 4% increase in adjusted EBITDA and a 4% upsurge in general net income. However, other resorts faired noticeably worse.

Niagra Resorts’ 5% increase in net revenue to $88.7 million did not reflect across other metrics as adjusted EBITDA decreased by 21% to $14 million, while net attributable income plummeted by 59% to $5 million. Mohegan Sun fared even worse, with net revenue shrinking by 5% to $224 million and Adjusted EBITDA falling off a cliff, dropping 134% to $56 million. 

Mohegan Is Optimistic Regarding Its Prospects

Despite rising revenues, significantly higher operating costs left Mohegan with a net loss of $18.8 million for the quarter, a sharp decline from Q4 2022’s $29.6 million net income. However, company management remained confident in its direction as CEO Raymond Pineault was optimistic regarding Mohegan’s foray into online gaming and the success of its new venues.

We were exceptionally pleased with the performance of our digital team. We are also extremely excited about the opening of our newest venture, Mohegan INSPIRE, and the property’s ability to drive additional growth for the organization.

Raymond Pineault, Mohegan Gaming & Entertainment CEO

The company’s diversified approach and the recent strategic initiatives remain vital focal points in navigating the gaming landscape, ensuring resilience and sustained growth despite the dynamic market conditions. Mohegan has demonstrated its ability to capitalize on its investments, so 2024 should hopefully bring enduring success for the tribal operator.

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