It only took the Petersburg City Council two and a half minutes to unanimously approve a move asking the Petersburg Circuit Court to sanction a referendum to bring casino gaming to the city. The decisive 7-0 vote occurred Monday morning, marking another vital milestone in the high-profile casino project’s path to fruition.

City Officials Wasted No Time

On 9 July, the Virginia Lottery Board, which oversees the state’s gaming industry, sent a letter to the city administration approving Petersburg’s request to hold the referendum. The City Council’s subsequent meeting, held at the Petersburg Public Library, saw only one citizen in attendance, with the rest of the audience comprising city staff, media, and police acting as security.

Vice Mayor Darrin Hill, representing Ward 2, where the proposed casino resort will launch pending voter approval in November, proudly launched the motion to approve the action. Fellow councilors wasted no time, and in two and a half minutes, the resolution was on its way to the courthouse. Petersburg Circuit Court Judge Dennis Martin signed the motion a few hours later.

Following this vote, Petersburg’s court has until 16 August to approve the referendum in time for it to appear on the 5 November ballot. The referendum will ask voters whether they approve of a new casino gaming establishment in the City of Petersburg providing gambling services. The ballot will provide “yes” and “no” checkboxes for voters to indicate their decision.

The Casino Project Remains on Track

The Cordish Companies, a Maryland-based casino developer, and Virginia-based Bruce Smith Enterprise have partnered to invest $597 million into this project, featuring a casino, hotel, and entertainment complex on 92 acres of land just off Wagner Road in southern Petersburg. This investment includes a temporary casino the group plans to build onsite should the referendum pass, with hopes of opening by the end of 2025.

According to various stakeholders, the project should significantly bolster Petersburg’s economy, providing employment opportunities for roughly 7,500 people, with an average annual compensation of $70,000, including benefits and tips. The city takes the place of Richmond as one of Virginia’s five approved casino locations after Richmond voters rejected gambling in two different referenda.

As Petersburg moves closer to a potential casino future, stakeholders and residents will be closely watching the outcome of the upcoming vote. Following a successful referendum, the state’s general assembly will have one final vote, signaling an official start for the project and potentially bringing economic growth, job creation, and increased tourism to the area.

The post Petersburg Casino Project Maintains Momentum appeared first on Keno Wizard.

There are a few red flags surrounding how the Nevada Gaming Control Board (NGCB) handles confidentiality. People are worried that this might affect the transparency and answerability of the state’s very profitable casino industry. 

Confidentiality Laws Hinder Public Scrutiny of Nevada’s Casinos

Licensing and regulating casinos in Nevada is the duty of the NGCB. It works under laws that make all inquiry files confidential. Critics argue that this provision in the Nevada Revised Statutes does not promote openness within an industry where billions are made.

The Enforcement Division together with the Investigations Division at NGCB perform critical activities like background checks on those seeking licenses as well as looking into crimes committed within or against any gaming establishment licensed by them. Unfortunately, these processes remain undisclosed owing to NRS 463.120 which states that anything connected with gaming inquiries should be kept secret, reported The Las Vegas Review-Journal.

David Cuillier, director of the Brechner Freedom of Information Project, has pointed out that confidentiality laws are problematic. According to Cuillier, such exceptions to open records laws – often aimed at shielding corporate secrets – diminish accountability and thwart public scrutiny. These exceptions, he said, have gradually chipped away at open record laws since the 1970s, making it much harder to get information.

The “confidentiality clause” has been a major point of contention in many high-profile cases. One of them was in regard to Scott Sibella who used to work as an executive with MGM Grand and Resorts World. During the Sibella investigation, when The Las Vegas Review-Journal requested public records concerning the case, the NGCB declined.

One of the things that has been pointed out as frustrating is the lack of openness. For example, Robert “RJ” Cipriani says he informed state agents years ago of unlawful gambling operations in certain casinos but they did nothing about it. 

Equally important, media coverage has been stifled as well in cases such as the one against Steve Wynn for sexual harassment and the unsolved murder of Benjamin “Bugsy” Siegel.

Michael Green who works as an associate history professor at UNLV explained why records have been kept secret from public knowledge until now. When the legislature established the Board back in the 1950s its main purpose was fighting organized crime within gambling houses. Hence these rules were put into place similar to those valid for police investigations requiring levels of proof while maintaining confidentiality too.

However, Cuillier urges for more transparency as he believes that if people do not have access to what they need from government agencies – especially regarding casinos which generate billions every year – then suspicion will start creeping back into everyone’s minds concerning the integrity of the sector.

The post Nevada Gaming Control Board Maintains Secrecy Amidst Calls for Transparency appeared first on Keno Wizard.

Hard Rock Casino Northern Indiana has once again secured its spot as the top-earning casino in the state, marking an impressive 25 consecutive months at the pinnacle of the Indiana Gaming Commission’s (IGC) revenue charts.

Matt Schuffert Credits Diverse Factors for Hard Rock Casino’s Impressive November Win

According to data released on December 12 by the IGC, Hard Rock Casino Northern Indiana reported a substantial win of $37.2 million in November, showcasing a notable 5.1% increase compared to the same period in 2022 when it raked in $35.4 million.

The Gary-based gaming, dining, and entertainment destination not only maintained its stronghold but also contributed significantly to the state’s overall casino win, accounting for nearly 20% of the $190.8 million total revenue for November 2023.

Matt Schuffert, president of Hard Rock Casino Northern Indiana, attributed the ongoing success to a combination of factors, reported The Times of Northwest Indiana.

Schuffert remarked that the continued growth, driven by a robust entertainment calendar, new gaming products, and seasonal food and beverage menus, is truly remarkable.

Hard Rock’s dominance extended beyond the slot machines, where it boasted a state-leading play totaling $253.6 million and a win of $25.8 million. This performance surpassed the figures from November 2022, where the casino recorded $23.3 million in slot wins on $235.5 million in play.

Notably, the Gary casino also led the state in table game play, primarily baccarat, with an impressive $48.6 million, securing the top spot in table wins with $11.4 million. 

To put this achievement into perspective, more money was wagered at Hard Rock’s table games in November than the combined tables of the three other Northwest Indiana casinos, totaling $40.6 million.

Horseshoe Casino Faces 11.3% Drop in November, Losing Former Leadership in Indiana

In contrast, the state’s former earnings leader, Horseshoe Casino in Hammond, experienced a decline, ranking third in the state with $22.8 million in win — a notable 11.3% decrease from November 2022. Other major players, such as Ameristar Casino in East Chicago and Blue Chip Casino in Michigan City, also saw declines of 13.3% and 3%, respectively.

Meanwhile, the popularity of sports wagering among Hoosiers reached new heights, with the statewide online and retail sports wagering handle reaching $513.7 million in November, compared to $452.3 million in the same period in 2022. As the year draws to a close, Hard Rock Casino Northern Indiana remains optimistic, with plans to conclude 2023 on a high note, featuring a free New Year’s Eve concert on their Hard Rock Café stage headlined by Sugar Ray.

The post Hard Rock Casino Maintains Dominance in Indiana’s Gambling Scene appeared first on Keno Wizard.

Leading global payments provider Paysafe has published its Q3 results, reporting increased financial results for the third quarter of the year. The company, which just penned a major agreement with Fanatics Betting and Gaming, is optimistic about its continued momentum.

In Q3, Paysafe reported revenue of $396.4 million, up 8% year-on-year. This increase represents a 5% increase on a constant currency basis, the company added. This figure notably marks the fifth consecutive year-on-year quarterly revenue growth.

In addition, the company reported adjusted EBITDA of $116.1 million for the period, which equates to an increase of 22%, or an increase of 18% on a constant currency basis.

Adjusted net income for the period was $35.3 million, or $0.57 per diluted share. For comparison, the company recorded an adjusted net income of $29.2 million, or $0.48 per diluted share in the prior-year period.

Net loss for the period was $2.5 million, or $0.04 per diluted share. This figure is more than double what the company recorded in Q3 2022 when it posted a net loss of $1 million, or $0.02 per diluted share.

In addition, Paysafe reported a total payment volume of $35.1 billion, which represents an increase of 8%. This figure notably excludes embedded wallet-related volumes of $3.9 billion and $10.4 billion in the third quarter of 2023 and 2022, respectively.

Finally, the company reported that net leverage declined to 5.1x as of September 30.

The Company Maintains a Strong Momentum

In addition to publishing its financial results, the company highlighted some of its most notable financial achievements in the third quarter of the year. These included the authorization of a $50 million share repurchase program.

Paysafe also continued its sales transformation and advanced priorities across client experience and product innovation. The company continued to drive improvements to its wallet portfolio, improving both merchant and end-customer experience.

Paysafe also received a number of accolades, including the Best Digital Wallet award at The Digital Banker’s Global Payments Innovation Awards 2023. The payments specialist was also named Payment Provider of the Year by Gambling.com and the American Gambling Awards. It was also included in CNBC’s list of the best digital financial technology companies in the world.

Paysafe’s chief executive officer, Bruce Lowthers, commented on the results, saying that Paysafe continued to build momentum through Q3. He noted that the company recorded double-digit growth from its e-commerce solutions and classic digital wallets.

These results reaffirm that the execution of our playbook is working and providing the foundation for us to deliver on our strategic initiatives and commitment to achieving our mid-term growth targets.

Bruce Lowthers, CEO, Paysafe

Lowthers thanked his team for its hard work which made these results possible.

This year also saw Paysafe supply payment solutions to The Mill Adventure and Betr, among other companies.  

The post Paysafe Maintains Its Momentum, Posts Favorable Q3 Results appeared first on Keno Wizard.

Caesars Entertainment, a leading player in the gaming industry, has seen a 14.37% decline in its shares over the past month, primarily due to recent cybersecurity challenges and concerns about economic headwinds. However, following meetings with Caesars executives at the Global Gaming Expo (G2E) in Las Vegas, Stifel analyst Steven Wieczynski published a report reiterating a “buy” rating, suggesting substantial room for growth.

Short-Term Challenges Present Ongoing Difficulties

A recent ransomware attack posed a significant cybersecurity challenge for Caesars, forcing the operator to pay $15 million to the group known as “Scattered Spider.” Fortunately, this expense was covered by a cyber insurance policy, helping to mitigate the impact on the company’s financials. However, the attack’s damage had negative consequences extending beyond monetary damage.

Concerned customers filed lawsuits against Caesars, alleging the operator failed to protect sensitive customer data. The company admitted that the breach could have leaked information regarding its loyalty rewards members, like driver’s licenses and social security numbers. Such data could pose significant identity theft risks in the wrong hands, causing substantial discontent among affected clients.

Additionally, concerns about a possible recession and labor disputes in Las Vegas, where the company operates, have contributed to weakness in the stock. A Las Vegas union representing 53,000 hospitality workers voted in favor of a strike, which could coincide with significant events on the Strip. However, Caesars is working hard to resolve this crisis and avoid disruptions.

Caesars Retains Its Growth Potential

As a result of these challenges, Caesars Entertainment stock (NASDAQ: CZR) has declined 14.37% over the past month. However, Stifel analyst Steven Wieczynski’s recent report remains optimistic regarding the company’s prospects, raising its price target to $80. Wieczynski is confident that Caesars boasts strong fundamentals and remains on track to reduce its outstanding debt by at least $1 billion this year.

Despite worker protests, demand on the Las Vegas Strip remains robust, and Caesars’ continued investments into the growing iGaming and sports wagering segments should pay significant dividends. July saw the operator make its first foray into the Puerto Rico market, challenging BetMGM’s position in the region. These positive developments present potential catalysts for improving share prices and long-term success.

We believe the market continues to discount the long-term free cash flow potential of Caesars’ brick & mortar business.

Steven Wieczynski, Stifel analyst

Caesars’ recent cybersecurity woes and broader economic uncertainties significantly impacted the company’s share price. However, robust fundamentals mean these challenges should not have a lasting impact, increasing the likelihood of the company’s stocks rebounding. While challenges remain, Caesars Entertainment’s strategic positioning within the gaming industry could pave the way for future growth and value creation for shareholders.

The post Caesars Entertainment Shares Dip, but Maintains Its Potential appeared first on Keno Wizard.

The leading online gaming operator in Latin America and Spain, Codere Online, released its preliminary second quarter financial results. On Thursday, the company unveiled details regarding its performance for the second quarter ended June 30, 2023, reporting strong growth of average monthly active players along with an increase in net gaming revenue.

Judging by the latest results, Codere Online’s net gaming revenue (NGR) hit €39.1 million ($41.4 million). This result, when compared to the Q2 2022 result of €29.2 million ($31.7 million), marked an increase of 34%. The company provided a breakdown of the NGR posted for the second quarter of 2023, revealing that its revenue in Mexico increased year-over-year by 51% to €18.0 million ($19.5 million) while its Spanish revenue soared by 24% to €17.5 million ($19 million).

In contrast, Codere Online’s Colombia NGR marked a decrease. The online gaming operator revealed that its Colombian revenue halted at €2.1 million ($2.3 million), down by 5% when compared to Q2 2022. The company posted revenue of €1.4 million ($1.5 million) for all other regions, up by 40% year-over-year.

When it comes to the average monthly active players, Codere Online posted strong results as well. Overall, the company reported 125,800 average monthly players in Q2 2023. That figure compared to the Q2 2022 result of 104,600, marked an increase of 20%. Not unexpectedly, the company posted strong growth of average monthly active players in Mexico that increased 54% year-over-year, while in Spain, an uptick of 20% was observed.

The Company’s CEO and CFO Are Excited with the Recent Results

Oscar Iglesias, Codere Online’s CFO, was delighted about the recent results and said: “We continue delivering strong revenue growth, despite a lower level of marketing investment, on the back of strong brand recognition, higher quality customers and continued improvement in our product offering.” Acknowledging the strong results, he said that the company expects to continue to exceed its initial expectations and post net revenue growth of 7% for 2023.

“We’re glad to present a strong set of second quarter results and to continue building upon the momentum from the first quarter.“

Aviv Sher, CEO of Codere Online

Aviv Sher, Codere Online’s CEO, was similarly excited about the latest results. He explained that the company continues to benefit from the positive momentum gained during the first quarter of the year. Sher highlighted the exceptional growth in revenue which comes during a period that has fewer sporting events.

Additionally, he explained that Codere Online’s casino product enjoyed strong growth and helped contribute 54% of the total revenue for Q2 2023. Finally, Sher was excited to see the company’s soaring revenues in Spain, as well as Mexico.

The post Codere Online Maintains Positive Momentum with Q2 2023 Results appeared first on Keno Wizard.

Global B2B online gaming technology supplier, Bragg Gaming Group, released today its financial report for the first business quarter of 2023, posting an impressive performance across all key metrics.

Increases across All Key Metrics

Bragg Gaming Group posted for the first three months of 2023 revenue of €22.9 million ($25.2 million), up 18.1% from €19.4 million ($21.3 million) registered in the first quarter of 2022. Q1 2023 revenue was down 3.4% compared to €23.7 million ($26.1 million) the group reported in Q4 2022.

Commenting on the results, Bragg’s chief executive officer Yaniv Sherman outlined that the quarterly results were influenced by “growing contributions from higher margin proprietary and exclusive third-party games, and platform solutions” which contributed to a total of “170-basis point year-over-year improvement” in the company’s gross profit margin.

Q1 2023 gross profit of €12.2 million ($13.4 million), up 22% to €10.0 million ($11.0 million) in Q1 2022, contributed to Q1 2023 gross profit margin of 53.5%, up from 51.8% in Q1 2022. The quarterly gross profit figure was helped by a change in the group’s product mix towards turnkey PAM customers, managed services and proprietary content.

Adjusted EBITDA in the first quarter of 2023 was €3.9 million ($4.3 million), posting an increase of 28.1% year-over-year (€3.0 million ($3.3 million) in Q1 2022), and Adjusted EBITDA margin also improved, from 15.7% in Q1 2022 to 17% in the reported quarter now.

The higher gross profit and lower corporate, professional and sales and marketing costs, which were partially offset by increases in total employee costs, depreciation and amortization, and IT and hosting costs, resulted in a net loss of €0.5 million ($0.6 million) for the quarter, down from €0.7 million ($0.8 million), or 28.6%, for Q1 2022.

At the end of the quarter, Bragg Gaming Group had cash and cash equivalents of €15.1 million ($16.6 million) and net working capital, excluding deferred consideration of €7.7 million ($8.5 million). At the end of the previous quarter, December 31, 2022, those figures were €11.3 million ($12.4 million) and €6.6 million ($7.3 million), respectively.

Maintains Full-Year Revenue and EBITDA Guidance

Bragg Gaming reiterated its revenue and Adjusted EBITDA guidance for the full-year 2023, expecting revenue of €93-€97 million ($102.2-$106.6 million) and Adjusted EBITDA of €14.5- €16.5 million ($15.9-$18.1 million), representing increases of 10% and 20%, respectively.

“We continue to make consistent progress in scaling the distribution of our new in-house developed and exclusive third-party content, launching with an additional six operators in three North American markets and eight operators in five European markets to date in 2023, including our first entry with new proprietary content in Pennsylvania, Mexico, Italy and Belgium,” Sherman continued with his comments.

Just recently, Bragg announced an agreement with Rush Street Interactive (RSI) that allowed its gaming content and solutions to go live in Pennsylvania via the BetRivers and PlaySugarHouse brands and further expand the group’s US presence, while April saw the business launch content with Caliente Interactive in Mexico and partner with GAMOMAT for content in Italy.

The post Bragg Posts Record Q1 Results, Maintains Full-Year Guidance appeared first on Keno Wizard.

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.

The post GiG Maintains 2022’s Momentum with Impressive Q1 Financials appeared first on Keno Wizard.

The deal marks another significant milestone in the Swedish-based company’s expansion efforts. Gaming Corps is confident that a diverse selection of titles will appeal to new audiences and help GOAT Interactive maintain its leading market position. The operator was likewise enthusiastic regarding the new partnership, hoping to build a long-term mutually beneficial relationship.

The Developer Brings a Rich and Modern Portfolio

Gaming Corps’ content will initially be available via GOAT Interactive-owned B2C brand Premier Bet. The operator maintains a substantial presence in over a dozen African countries like Ghana, Angola, Cameroon, Tanzania, and Senegal and soon plans to expand to Togo. Faced with diverse cultures and tastes, Gaming Corps must ensure its content speaks to as broad an audience as possible.

Luckily for the game developer, its expansive and engaging portfolio is more than up for the task. The deal with GOAT Interactive primarily focuses on the developer’s Crash and Mine content, but a broader range of titles will also be available. The studio’s top games, like Jet Lucky 2 and Penalty Champion, are bound to leave an impression on the new audience, but the rest of the roster should also make an impression.

Gaming Corps’ portfolio already has a proven track record of success, so the transition to a new market should be relatively seamless. A solid selection of lightweight arcade titles features premium gameplay and appealing visuals, while branded versions of the football Mine game will optimize local appeal.

The Deal Will Aid Both Companies’ Expansion Efforts

The new partnership should substantially benefit both parties. Owing to its rapidly growing presence in the African market, GOAT Interactive needs to keep its current user base engaged while reaching out to new audiences. Director of casino at GOAT Interactive Karen Hope lauded Gaming Corps for their exciting and modern titles and expressed a desire to strengthen their newly formed partnership.

We see this studio as an exciting long-term strategic partner as we build loyalty on a hyper-local level across our product offering, numerous markets, and audiences.

Karen Hope, GOAT Interactive director of casino

Gaming Corps likewise gains access to a brand new region and the opportunity to cement its position as one of the leading iGaming developers. Gaming Corps head of commercial Danielle Calafato was optimistic that the company’s developing market-minded portfolio would resonate with new audiences and match all their requirements.

We… look forward to customizing our content in order to give Premier Bet’s players the localized experience that is so unique to our offering.

Danielle Calafato, Gaming Corps head of commercial

The deal with GOAT Interactive is the developer’s second high-profile achievement in 2023. In January, the company successfully launched in Belgium thanks to a partnership with local iGaming brand Napoleon. Gaming Corps intends to maintain this significant momentum and plans further expansion in Greece and the Netherlands, so the company will likely continue to make headlines.

The post Gaming Corps Maintains Momentum with African Expansion appeared first on Keno Wizard.