Denmark’s gambling market experienced a significant boost in June 2024, with total revenue increasing by 37.0% year-on-year to DKK703m (£81.1m/€94.2m/$103.0m), according to the latest figures from the Danish Gambling Authority, Spillemyndigheden. This growth was largely driven by a substantial rise in sports betting, which saw a notable increase during the Euro 2024 football tournament.

Sports Betting Leads the Growth

Sports betting emerged as the standout performer in Denmark’s gambling sector for June, with revenue soaring by 75.7% year-on-year to DKK271m. A significant portion of this, 64.1%, came from mobile betting, reflecting the growing trend of wagering via smartphones and other mobile devices. The Euro 2024 tournament, which began on 14 June and ran into mid-July, was a major driver of this increase. Although Denmark’s national team was eliminated in the round of 16 after a 2-0 loss to hosts Germany, the tournament still generated significant betting activity.

Online Casino Revenue Nears Record Levels

While sports betting was the highlight of June, online casinos remained the largest contributor to Denmark’s overall gambling revenue. Online casino revenue reached DKK303m, marking a 27.2% increase from the previous year. This figure was just shy of the record DKK310m reported in March 2024.

Slots continued to dominate the online casino segment, accounting for 76.4% of the total online casino revenue in June. Roulette contributed 6.7%, while blackjack accounted for 6.6%. Bingo also made a contribution, generating 3.9% of the gross gaming revenue (GGR) for the online casino vertical.

Retail Gambling Sees Modest Gains

Denmark’s retail gambling sector also saw growth in June 2024. Revenue from physical slot machines rose by 6.6% to DKK97m. Of this total, 79.2% came from gambling halls, with the remaining 20.8% generated by slot machines in restaurants.

Land-based casinos, another key component of Denmark’s gambling market, reported DKK32m in revenue for June, representing a 7.1% year-on-year increase.

Self-Exclusion Statistics Highlight Responsible Gambling Efforts

In addition to the revenue figures, Spillemyndigheden released data on self-exclusion through the Rofus platform. As of June 2024, a total of 50,403 individuals in Denmark have self-excluded from gambling. This includes 33,511 people who have opted for lifetime exclusion and 16,892 who have chosen temporary exclusion. The country’s gambling support helpline, StopSpillet, also recorded 32 calls in June, primarily from men aged between 26 and 35.

Source:

Euros and icasino drive Denmark gambling revenue up 37% in June, igamingbusiness.com, August 8, 2024.

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Nevada’s gaming industry ended the first half of 2024 on a high note, particularly in Las Vegas, while northern regions faced challenges. The state saw $1.28 billion in gaming revenue in June, a 3.2% increase from June 2023, according to the Nevada Gaming Control Board.

Las Vegas Strip Resilient with 4.2% Revenue Increase

Casinos serving local patrons drove much of this growth, with a 6.2% rise in June and a 9% increase for the second quarter. The Las Vegas Strip showed resilience, with revenue climbing to $758.5 million, marking a 4.2% year-over-year increase and a 4.8% gain for the second quarter.

Downtown Las Vegas also performed well, seeing a 5.8% rise to $66.2 million. The Boulder Strip and Mesquite experienced moderate increases, while Laughlin saw a slight decline. However, northern Nevada did not fare as well, with Reno, Sparks, and South Lake Tahoe all reporting significant drops in revenue.

Michael Lawton, a senior economic analyst for the Control Board, noted that an extra weekend day in June 2024 compared to the previous year contributed to these gains. Las Vegas welcomed nearly 3.5 million visitors in June, a 1.8% increase from the same month in 2023. 

Las Vegas Sees Robust Weekend Occupancy Despite Midweek Dips and Upcoming Hotel Closures

Overall hotel occupancy in June slightly decreased to 85.2%, but weekend occupancy was robust at 91.3%, while midweek occupancy dipped slightly to 82.6%, with convention attendance down 7.9% due to scheduling shifts. The average daily room rate rose by 6.4% to $176, and revenue per available room increased by 6% to nearly $150.

Notably, the closure of The Mirage and Tropicana hotels is set to reduce room availability on the Las Vegas Strip by nearly 5%, leading to higher hotel rates. Recently, CBRE’s director of equity research John DeCree predicted this will benefit mid-tier hotels, driving earnings growth as demand shifts and average daily rates increase.

Moreover, the Las Vegas Strip’s gaming win was notably boosted by a busy events calendar, including performances by Bruno Mars and Lady Gaga, a significant boxing match, soccer matches in the Copa America Tournament, the NHL Draft, and major UFC fights. These events contributed to a 4.3% increase in the Strip’s gaming win.

June also marked the end of Nevada’s fiscal year, with the state achieving a record $15.8 billion in gaming revenue, a 4.4% increase from the previous fiscal year. This marks the third consecutive year of record-breaking gaming revenue for the state. The Las Vegas Strip, in particular, saw its gaming revenue rise by 6.1% to $9.1 billion, accounting for 57.4% of the state’s total.

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Macau’s casino revenue amounted to MOP17.69 billion (£1.74 billion/€2.04 billion/$2.21 billion) in June 2024, marking the lowest monthly total since November 2023. This figure represents a 16.4% increase from MOP15.21 billion in June 2023, 14.1% lower than the MOP20.19 billion reported in May 2024.

June’s Performance Analysis

June’s revenue drop comes after May 2024 reported the highest monthly total since the pre-pandemic period, buoyed by the Labour Day Golden Week holiday, which typically drives up visitation. Despite analysts predicting a year-on-year increase of at least 17.5%, June traditionally remains the weakest month for gaming in Macau.

Due to strict travel restrictions, COVID-19 significantly impacted Macau’s gaming revenue throughout the pandemic. However, since these measures were lifted in January 2023, the market has been recovering, showing regular double-digit monthly growth.

Year-to-Date Performance

For the first half of 2024, Macau’s total casino revenue reached MOP113.75 billion, a 41.9% increase from the MOP80.14 billion recorded during the same period in 2023. However, this is still 23.9% lower than the MOP149.50 billion reported for the first half of 2019, before the pandemic.

June’s revenue was influenced by several factors and the month included only one public holiday, the Dragon Boat Festival on June 10th. Additionally, investment banks attribute the revenue decline to the Euro 2024 football matches and typical seasonal trends, which likely diverted some attention away from the casinos.

Performance of Major Casino Operators

Later this month, leading casino operators in Macau will report their first half-year results, which are expected to show robust growth based on strong Q1 performances.

• Las Vegas Sands: Reported a 39.6% increase in revenue to $2.96 billion in Q1 2024, with $1.81 billion from Macau operations, up 41.6% year-on-year.
• SJM Holdings: Exclusive to the Macau market, saw a 73.0% rise in Q1 revenue to HK$6.90 billion.
• Melco Resorts & Entertainment: Reported a 55.2% increase in Q1 revenue to $1.11 billion, with City of Dreams being the top performer at $550.9 million.
• MGM Resorts International: Recorded an all-time high in China revenue at $1.06 billion in Q1 2024, contributing to a 13.2% increase in total group revenue to $4.83 billion.
• Wynn Resorts: Posted a 30.8% rise in Q1 revenue to $1.86 billion, driven by $998.6 million from Macau operations, accounting for 53.6% of the group’s total.

Macau’s June gambling revenue highlights the ongoing challenges and volatility in the region’s gaming market despite overall growth and recovery since the lifting of COVID-19 restrictions. As major operators prepare to release their H1 results, the industry remains optimistic about continued recovery and growth in the latter half of the year.

Source:

Macau’s June GGR reaches $2.21B, down 12.4% m-o-m, agbrief.com, July 1, 2024.

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On July 31, the Nevada Gaming Control Board (NGCB) revealed in its newest earnings report that Nevada’s gambling income decreased on a monthly and annual basis during June of this year.

Slots as the main source of income once again

Looking at the total profit for the said month, it was calculated at $1.25 billion. However, compared to profit of $1.28 billion in June last year, this was down 2.3%, and compared to revenue of $1.29 billion for May 2023, it was also down 3.1%. However, looking at the Las Vegas area alone, income in the Clark County area reached $1.07 billion, and income from the Las Vegas Strip was $727.3 million.

What’s important is that slots are once again the main source of gambling income in Nevada, with their income of $836.2 million, which is 0.3% less than the previous year. In addition, of the total slots revenue, multi-denomination slots generated $486.2 million in revenue and penny slots collected $255.2 million.

As for the counter, table and card games, their income fell 6.5% to $409.6 million. Of the total revenue from table, counter and card games, blackjack generated the most income of $104.0 million, followed by baccarat at $100.5 million, although it experienced a 29.8% year-over-year decline. Then there was the income from sports wagering, which was presented as part of the aforementioned games, which was also lower by 60.1%, and was calculated at $9.5 million.

The newest results also show, compared to figures for the last 12 months to June 30, 2023, a rise in total gambling profits reported at non-restricted casino locations in Nevada.

Baseball and hockey wagering income

As for baseball wagering, it collected $14.5 million in profits. However, the loss of profits in other sports segments has meant that this income isn’t as large in total income when looking at the market segment. Furthermore, hockey wagering wasn’t very profitable either as it resulted in a loss of $6.6 million for Nevada operators, while football betting resulted in a loss of $1.6 million. But that’s not all; as $328.000 was also lost in basketball wagers, and betting on other sports collected $3.5 million in income.

Scams schemes as a cause of lost revenue

Earlier in July, Nevada’s gambling watchdog issued a warning about an increase in scams which main target are casinos. The newest scams include people posing as senior casino management officials, with the main goal of deceiving casino workers in order to obtain large amounts of money.

In this regard, just recently, the said scheme caused a major loss of $1.17 million for one gambling operator.

Source: “Nevada gambling revenue dips in June”, IGB, July 31, 2023

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The supplier has entered and won the monthly silverware with two of its titles, Cash Defense, which became the Most Watched Slot and Holy Hand Grenade, which became the Most Streamed Slot in June in the Tier 3 category. The Tier 3 category applies to studios that release one new slot per month, or less.

Both games provide engaging gameplay and captivating mechanics designed to elevate engagement and player satisfaction. Developed by Print Studios’ in-house team of specialists, the games have emerged as some of the hottest titles the month had to offer.

Cash Defense is an innovative slot inspired by the Tower Defense genre and employing traditional slot mechanics. The game comes with 26 paylines and features unique game features, such as Super Spinners, Jumbo Symbol, and Tower Defense Bonus second-screen game to add spice to the gameplay.

Holy Hand Grenade sends you back to Medieval Europe, which is, as Print Studios puts it, “an explosive slot,” a clever play of words on the historical meaning of the artefact and the modern use of the word. Once again, the game is beautifully designed and visually compelling, featuring the Super Spinners mechanic, a bunch of free spins, and the Holy Hand Grenade Feature for even bigger wins.

Commenting on receiving the award, Print Studios’ CCO and Co-Founder Filip Wargeus welcomed the opportunity to see his company and the hard work that has gone into developing both slot games distinguished in the monthly Slot Awards by GamblingNews:

We´re honored to not only have one game but two games winning – a testament to our great team. The awards show that players appreciate the games we put out which means a lot to us.

Print Studios’ CCO and Co-Founder Filip Wargeus

The GamblingNews Awards are granted to slot studios that have developed innovative and successful slot games. The data that GamblingNews uses to determine which the most streamed and watched slots across each category is provided by Casinolytics.

Casinolytics is a data science company that uses machine learning (ML) and artificial intelligence (AI) to power the world’s only Software-as-a-Service (SaaS) for measuring the performance of influencers, casino games, and game providers on live streaming platforms such as Twitch, YouTube, and kick.com.

Since its launch in 2020, Casinolytics has been helping leading brands in the iGaming industry to explore, research, and benchmark the growing live streaming market with AI-powered data and insights. Today, the database consists of over 50 billion minutes of casino game content reach in total. Learn more at casinolytics.com.

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Gaming in Macau registered its first month with a decrease in gross gaming revenue (GGR) on a subsequent basis since all travel restrictions for the Special Administrative Region (SAR) of China have been lifted.

Recovery Slowing Down but Strong

The monthly Games of Fortune statistics report published by the Gaming Inspection and Coordination Bureau (DICJ) revealed that casinos generated GGR of MOP$15.21 billion ($1.89 billion) in June.

The June result is 2.3% down compared to MOP$ 15.57 billion ($1.92 billion) the SAR casino industry registered in May when the market grew by 5.73% on a sequential basis to account for a third consecutive month of growth since February.

In mid-June, JP Morgan Securities (Asia Pacific) issued a note advising investors that, based on seven-day daily run rates, the firm’s previously issued June forecast of between MOP$ 14 billion ($1.74 billion) and MOP$ 14.5 billion ($1.8 billion) “may prove too conservative” and the June tally proved the advisory was spot on.

Among the factors identified for the better daily run rates, JP Morgan analysts outlined the return of live concerts to Macau venues such as the Cotai Expo at The Venetian Macao and Melco Resort’s casino resort Studio City.

“..we would not be surprised if June bucks the weak seasonality to print better than MOP$500 million ($62 million) per day,” analysts Kim and Shi wrote, suggesting that casinos may post strong second-quarter results that would beat the market consensus, pushing up mass GGR and EBITDA to over 80% and 65% of pre-pandemic levels, respectively.

Well Below Pre-Pandemic Levels

The June GGR also represents an increase of 513.9% to MOP$ 2.48 billion ($307.5 million) Macau casinos registered in June in the year prior but is still far below (36.1%) the pre-pandemic 2019 level of MOP$ 23.81 billion ($2.95 billion).

The year-to-date figure stood at MOP$ 80.14 billion ($9.94 billion), posting an increase of 205.1% from MOP$ 26.27 billion ($3.26 billion) accumulated during the first six months of 2022. The YTD result is 46.2% below MOP$ 149.5 billion ($18.54 billion) the industry achieved in Jan-Jun 2019.

Official visitation data showed that Macau saw a daily average of over 70,000 arrivals in June and with an aggregate total of almost 9.44 million for the first five months of the year, the government is expecting a total of more than 20 million tourists to visit the SAR in 2023.

Confident of the continuing recovery throughout the year and beyond, Macau chief executive Ho Iat Seng said that the industry could well achieve a GGR of MOP$ 130 billion ($16 billion) in 2023.

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The recovery of the gambling industry in Macau will continue into June, suggests a Monday note by JP Morgan Securities (Asia Pacific), citing the return of live concerts and its impact on mass market gross gaming revenue (GGR).

Daily Run Rate Increased

Using weekly data, JP Morgan analysts DS Kim and Mufan Shi outlined that the daily run rate for the past seven days increased from MOP$530 million ($66 million) in the prior period to MOP$570 million ($71 million) per day, and compensating to the slower than expected start of the month and bringing the June total GGR to MOP$9.5 billion ($1.18 billion).

Considering the trend since the beginning of June, Kim and Shi believe that their previously issued monthly forecast of between MOP$14 billion ($1.74 billion) and MOP$14.5 billion ($1.8 billion), which translates to between MOP$470 million ($58 million) and MOP$480 million ($60 million) per day, “may prove too conservative.”

“..we would not be surprised if June bucks the weak seasonality to print better than MOP$500 million ($62 million) per day,” Kim and Shi added, pointing out that casinos could post strong second-quarter results and beat the market consensus, with mass GGR and EBITDA recovering over 80% and 65% of pre-pandemic levels, respectively.

Live Concerts Behind the Recovery

JP Morgan analysts see the return of live concerts to the SAR in recent months as one of the major factors stirring the industry recovery, citing the short-term residency at The Venetian Macao’s Cotai Arena of Jacky Cheung.

“It appears the Jacky Cheung concert at Sands’ Venetian continues to attract the right type of – read ‘high-value’ – players, including those from the database of Sands’ sister property Marina Bay Sands,” Kim and Shi wrote in the memo, outlining that this “in turn helps to lift overall industry GGR.”

Hong Kong singer and actor Cheung delivered a series of 12 concerts at the Cotai Expo at The Venetian Macao casino resort between June 2 and June 9. Besides Cheung, there was a series of 14 concerts by Cantopop artist Leon Lai Ming at the casino resort promoted by Melco Resorts, Studio City, spanning across May and the first half of June, as well as several concerts by South Korean K-pop group, Blackpink.

Shi and Kim further wrote that these events “do seem to move the needle for gaming business in Macau – at least thus far – which bodes well for Macau’s mass business to recover well beyond pre-Covid levels, in our view.”

Pointing to the increase in the daily run rate ever since these events took place, Kim and Shi believe that the industry would post another impressive result in June and pick up right where it left in May.

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This comes after the Nebraska Racing and Gaming Commission granted a license to Caesars Entertainment, Harrah’s owners, and the company’s local investors and representatives, the necessary licenses to press on with the opening.

Harrah’s Nebraska to Open Temporary Venue as Construction Lasts

This is going to be the third commercial gaming venue in the state. As the constriction of the property lasts, however, the company will be able to operate a temporary casino out of Platte County Agricultural Park in Columbus. The permanent venue is expected in 2024.

Caesars Entertainment and local investors spent a considerable amount to ensure that the project will come to fruition. The project has cost $75 million and the casino will cover an area of 40,000 square feet. Right now, the casino is supposed to commence operations with 500 slot machines and 20 table games, but expansions may be available later on.

The casino and hotel will be managed separately, with the gaming floor falling within the remit of a local partner whereas the hotel will be run by Marriott International. The temporary property is set to open on Monday, June 12, at 9 am. Harrah’s Nebraska is already looking up to fill various positions and ensure that its project is feasible.

Meanwhile, Nebraska has seen a mounting interest in casinos with WarHorse Casino Lincoln opening back in September and the Grand Island Casino at Fonner Park launching in December. The quick succession in openings is indicative of the state’s increased and sustained interest in gaming as well as the liberalization of the activity.

Expansion in Nebraska’s Casino Landscape Continues

WarHorse is presently to also expand its reach with a new $300 million project, the WarHorse Casino Omaha at Horsemen’s Park, which will be forthcoming either later this year, or as a more likely timeline puts it – in 2024. The fact that there have been so many casino projects recently is not surprising at all.

The state voted to back commercial gaming during the November 2020 election and essentially expanded racetrack casinos to Vegas-style casino resorts that feature slots, sports betting and table games, a major stride forward for the state which has long pushed back against the idea of expanding regulated gambling in any capacity. Things are now changing with Harrah’s Nebraska almost on the horizon.  

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Melco Cyprus has received an extension of its target opening date for its City of Dreams Mediterranean to June 30, 2023, still within its earlier stated target date of Q2 2023. When transitioned from the current temporary casino to the permanent venue the resort with gambling is expected to be the largest integrated destination resort in Europe as well as the most highly sought location.

While construction continues, the company is currently operating three permanent satellite casinos and a temporary casino which will cease to exist when the main site opens its gaming floor.

According to a report in the local Cyprus Mail, the operator is well aware of the outsized impact a successful integrated resort will have on helping to develop the island’s tourism industry which was one of the main reasons it was approved to become the first and only casino resort on the island when a license was approved in 2017. Other operators may apply for future tenders after a 30-year moratorium expires on the granting of additional licenses.

The acknowledgment of the operator’s responsibilities to the Cypriot community was expressed by senior vice president of casino sales and marketing, Grant Johnson at a recent event that marked the 5-year anniversary of the first-ever casino license issued in the country since it was divided by a UN Blue Zone from the Turkish-occupied northern part of the country following a 4-week war in 1974.

Illegal Casinos Operate Outside of Cyprus-Proper

Several casinos operate in northern Cyprus, in a sort of gray zone seemingly exempt from Turkey’s strict laws against gambling. Other pop-up and temporary casinos also operate briefly in the Blue Zone where laws have been easily manipulated and unlicensed operators can scoop in loads of cash before being shut down by laws that are difficult to enforce and prosecute.

At the event, 57 of the original employees of the licensed operation were awarded plates to commemorate their early service to the resort. Johnson said that Melco would continue to work toward assuring the country would become a global business and entertainment destination.

“Melco Cyprus is managing the temporary casino in Limassol and three satellite casinos in Nicosia, Ayia Napa, and Paphos, while at the same time developing the City of Dreams Mediterranean resort-casino, a project that aspires to be a game-changer in the island’s tourism industry,” according to an announcement from the company.

Speaking directly to team members at the event, Johnson said: “Five years ago, City of Dreams Mediterranean was a distant dream, but now we are just months away from opening.

“You have helped us grow this organization and another 2,500 colleagues will soon join our team and follow in your footsteps,” he added.

He also noted that the company and team seek to help create a sustainable future for Cyprus.

Former President Visited in February

Last month, Melco hosted former Cyprus president Nicos Anastasiades at the Limassol resort.

Anastasiades said at the time: “The creation of a multi-thematic resort was one of the government’s goals since we know that its creation would contribute towards enriching our tourist product, increasing tourist arrivals and creating new jobs, with obvious benefits for the Cypriot economy.”

According to a recently released Unaudited Fourth Quarter 2022 Earnings Statement and comments by the company’s director, Lawrence Ho, the company is currently struggling with pandemic-induced losses but the temporary casino in Cyprus has surpassed 2019 revenues and City of Dreams Manila is catching up. The company was also granted a new 10-year concession for its gambling and entertainment properties in Macau.

For all outfits Cyprus operations, the company had operating revenue of US$28.7 million during the fourth quarter of last year, compared to US$22.4 million in the fourth quarter of the previous year. The company’s fourth quarter Adjusted EBITDA of US$10.5 million for Cyprus operations nearly doubled those of the previous quarter.

The company kept $5 of every $100 put into slots in the last quarter of 2022 compared to $5.10 in 2021 bit volume was up this year from$30.5m in Q4 2021 to $38m in the fourth quarter of 2022,

Source: Cyprus can become a global tourism and entertainment destination, Cyprus-Mail, March 5, 2023

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