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.

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Internet casino gambling in the United States has a bright future ahead, according to industry experts and executives, who participated in this year’s SBC Summit North America. Despite a range of obstacles that are currently thwarting its expansion and concerns regarding its impact on brick-and-mortar casinos, the overall sentiment from the industry is positive.

Industry Executives Optimistic Despite Sluggish Uptake of iGaming

The progress of legalizing online casino gambling in the US has been slow but still a number of US states, including Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island, and West Virginia, have already introduced it. Despite this slow uptake, industry experts and leaders believe that the future of gambling lies online.

Elizabeth Suever, a vice president at Bally’s Corporation, noted that consumers, particularly millennials, have changed their habits considerably and are more and more reliant on their smartphones for anything from shopping to banking services making their lifestyles predominantly mobile-centric. She added that this is where gambling is going to as well, reported the Associated Press.

However, these positive sentiments do not reflect the state of the market. Despite online sports betting being available in 38 US states and Washington D.C., internet gambling has remained very limited. Even Nevada, the Mecca of gambling, has only introduced online poker and no online casino games.

Controversy Amidst Hope: Addressing Concerns in US Online Gaming Expansion

Shawn Fluharty, president of the National Council of Legislators from Gaming States, highlighted that there is a significant disparity between the extensive growth of sports betting following the US Supreme Court’s landmark decision in 2018 and the next-to-non-existent expansion of online casino gaming. However, he also expressed optimism about the eventual uptake of igaming. 

Brandt Iden, a vice president at Fanatics Betting & Gaming, echoed this sentiment. He commented on how important it is to embrace online gaming for the industry as a whole in order to be successful. He also stressed that the industry has to make efforts to educate legislators regarding the benefits of legalized online platforms compared to illegal offshore gambling websites.

The industry’s stance may be positive, but there are still many concerns regarding the negative implications of the spread of iGaming across the US. These include fear of increased addiction rates and the cannibalization of revenues from physical casinos.

However, online gambling supporters argue that iGaming can complement traditional casinos and stimulate economic growth. Adam Glass, an executive at Rush Street Interactive, highlighted that there is a potential for new job openings and synergy between online and offline gaming operators.

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The plan to establish Petersburg, Virginia, as the state’s fifth city to host a casino has inched one step closer to realization. The odds have increased as the Virginia Senate cleared a bill that would possibly greenlight a casino in the city.

Senate Bill 628 seeks to redefine the criteria for a host city and discard the existing population threshold. Additional adjustments to tax-exempted real estate, poverty and unemployment rate criteria could make a Petersburg casino something more than just a dream.

Senate Bill 628 has some influential backers, increasing its chance of success. Proposed by Senate President Pro Tempore Louise Lucas and Senator Lashrecse Aird, the bill continues the legacy of Morrissey and Del. Kim Taylor who previously championed the cause.

Senate Bill 628 Secured Unanimous Support in the Senate

Senate Bill 628 received unanimous support from the Senate Finance and Appropriations Committee earlier this week. Now, the bill has also cleared the Senate, securing the approval of all 40 Senators.

After passing the Senate by a landslide, the measure will now go to the House of Delegates. If passed it would move to Governor Glenn Youngkin’s desk for final approval. While Youngkin has not been very vocal on his thoughts on the matter, many believe that he would sign the bill into law.

If so, this would potentially end a several years-long battle to allow Petersburg to have a casino. The initial proposal was launched in 2021 but failed to gain much support. Since then, several efforts have been made to turn Petersburg into a gambling destination.

In the meantime, the Petersburg City Council allowed City Manager John Altman to inquire about potential interest from casino operators.

In December 2022, the Petersburg City Council voted in favor of a contract with The Cordish Companies to build a $1.4 billion casino resort facility. However, this agreement attracted a lot of animosity, which is why the Petersburg City Council now plans to instead hold a competitive bidding process.

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In a significant move, a Mississippi House committee successfully advanced the Mississippi Mobile Sports Wagering Act, paving the way for the legalization of online sports betting in the state. The bill aims to tap into the burgeoning demand for mobile sports wagering, addressing concerns about the thriving black market dominating the sector.

Legislators Aim To Protect Existing Businesses

While brick-and-mortar sportsbooks have been legal in Mississippi for some time, online betting has been conspicuously absent, partly due to fears that it might impact the revenue streams of the state’s physical casinos. However, with the growing prevalence of illegal offshore sports betting platforms, legislators recognize the need to regulate and capitalize on the lucrative market.

The Mississippi Mobile Sports Wagering Act, championed by Republican Rep. Casey Eure of Saucier, mandates that online gambling companies enter into contracts with brick-and-mortar establishments. The move is poised to bring substantial tax revenue to the state, with estimates surpassing $25 million annually. This approach should also guarantee that brick-and-mortar stores remain competitive.

Despite provisions to protect existing businesses, critics have raised concerns about protecting smaller casinos in rural areas, which do not benefit from the safeguards envisioned in the bill. Many fear that the ease of online gambling would dissuade many bettors from traveling, negatively impacting such establishments and their surrounding businesses.

A Legal Betting Alternative Will Curb Black Market Wagering

Rep. Eure contends that legalizing mobile sports betting will significantly diminish the illegal market, preventing it from siphoning funds out of the state. Mississippi currently occupies the leading position among US states in online black market sports betting searches. Eure emphasized that Mississippi lost approximately $3 billion yearly in illegal bets, while these funds could instead be taxed and used to cover vital expenses.

Once you legalize mobile sports betting, you do away with a lot of that illegal market. Across the US each year, illegal betting sites see about $64 billion in wagers. Mississippi makes up 5% of that market.

Rep. Casey Eure

GeoComply Solutions Inc., a geolocation data company, revealed millions of instances where mobile devices in Mississippi accessed legal sports betting sites in neighboring states. Tennessee and Louisiana, adjacent to Mississippi, have legalized online sports betting since 2020 and 2022, respectively, and have achieved significant success. Rising interest among the populace means that regulated online wagering in Mississippi is a matter of time, prompting legislators to try and capitalize on the trend as quickly as possible.

The bill has cleared the committee stage and now awaits consideration by the full House. If successfully passed into law, Mississippi would join the growing number of states leveraging online sports betting to boost revenues and provide residents with a safe, sustainable alternative to black market operators. However, lawmakers must gather the political will to push on with reforms and ensure that bettors receive all necessary protections.

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Sports betting has emerged as the front-runner in the race to legalize gambling in Georgia, overshadowing discussions on casinos and horse racing. 

Lt. Gov. Burt Jones Foresees Smooth Sailing for Sports Betting

Lieutenant Governor Burt Jones, a staunch supporter of sports betting, believes it should be an “easy lift” compared to other forms of gambling, reported The Macon Telegraph. Jones, who introduced a sports betting bill in 2020, asserts that sports betting enjoys more popularity than casinos and horse racing among Georgians.

The recent legislative session saw a significant development when former Georgia Chief Justice Harold Melton opined that sports betting could be legalized without amending the state’s constitution. Melton categorized sports betting as akin to a lottery game, allowing oversight by the Georgia Lottery Corp., already incorporated into the constitution in 1992.

Despite this, divisions emerged among lawmakers regarding the best approach. Some favored a constitutional amendment to involve Georgia voters in the decision, while an alternative Senate measure aimed to include sports betting in the constitution. Both measures were defeated, postponing any decision until 2024.

Georgia’s Upcoming Legislative Session Poised for Sports Betting Breakthrough

Lt. Gov. Jones anticipates that the Senate will lead the charge on sports betting in the upcoming legislative session, with the Metro Atlanta Chamber once again throwing its weight behind the cause. The chamber, closely aligned with Atlanta’s professional sports teams, sees legalized sports betting as a catalyst for increased fan engagement.

Marshall Guest, senior vice president of the Metro Atlanta Chamber, emphasized the potential economic benefits, citing that 38 states have already legalized sports betting since a 2018 US Supreme Court decision granted states that authority.

Lawmakers are considering various avenues for legalization, with State Rep. Ron Stephens advocating for a constitutional amendment. Stephens argues that the tax benefits of sports betting make the constitutional amendment route more appealing, even though it requires a two-thirds majority vote in both the House and Senate.

Supporters highlight the potential tax revenue, earmarked for Georgia’s popular HOPE Scholarships and Pre-Kindergarten programs, as a compelling reason to move forward with sports betting legalization. Advocates believe that emphasizing these educational and community benefits could sway the necessary two-thirds majority in an election year.

While some have floated the idea of combining sports betting, casinos, and horse racing into a single constitutional amendment, skeptics like Stephens argue that such a comprehensive approach might be overly ambitious. As Georgia gears up for another legislative session, the push for sports betting legalization appears stronger than ever.

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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.  

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A year after receiving approval for a grand 43-story casino-resort on the iconic Las Vegas Strip, billionaire entrepreneur Tilman Fertitta’s ambitious plans are slowly taking shape. Recent filings with Clark County reveal that Fertitta Entertainment, under the stewardship of the casino magnate, has submitted a slew of permits related to the 6.2-acre site at the southeast corner of Las Vegas Boulevard and Harmon Avenue.

Fertitta’s Team Advances with Essential Permits for Las Vegas Casino-Resort

The proposed resort, set to be an upscale paradise, has faced delays since its approval in October last year. However, the Las Vegas Review-Journal reported that these recent filings indicate that Fertitta’s team is gearing up for significant progress. The permits include plans for a base podium, essential for the resort’s construction, and an initial phase for a state-of-the-art parking garage. Additionally, modified plans feature the incorporation of pickleball courts, catering to the diverse entertainment needs of future patrons.

The site, formerly home to the Travelodge motel, was acquired by Fertitta in June 2022 for a staggering $270 million, marking his determination to expand his Las Vegas empire. The Tex Mex Tequila Bar & Grill and souvenir shops that once graced the area have made way for Fertitta’s vision. Despite the slow pace, Fertitta’s spokesperson remains tight-lipped, that currently there are no updates about the project.

The proposed casino resort’s strategic location, nestled amid luxurious venues like Aria, Paris, and Vdara, underscores the need for meticulous planning. Fertitta aims to ensure that his establishment stands out among its esteemed neighbors. Furthermore, Fertitta’s venture in the Strip complements his existing interests. He holds a 6.1% stake in Wynn Resorts.

Fertitta Adapts to Economic Uncertainties in Vegas Venture

Fertitta’s cautious approach appears to align with the challenging economic climate. The current uncertainties in the market, from escalating inflation to soaring raw material costs, have prompted Fertitta Entertainment to adopt a prudent strategy. Observers note that Fertitta is wisely waiting for a more favorable economic environment before diving headlong into the ambitious project. The company’s cautious stance seems to be validated by the economic challenges currently faced by the commercial real estate sector.

Fertitta Entertainment’s dedication to Nevada is evident through its recent acquisition of the Hard Rock Hotel & Casino Lake Tahoe, subsequently rebranded as a Golden Nugget property. This move adds to the entrepreneur’s burgeoning portfolio, which already includes the renowned Golden Nugget in downtown Las Vegas and another in Laughlin. While the specifics of Fertitta’s grand vision for the Strip remain shrouded in mystery, the recent permit filings signal a promising step forward. Fertitta’s casino-resort project could soon become a dazzling jewel adorning the ever-vibrant Las Vegas skyline.

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Prominent tribal gaming operator Mohegan proudly celebrates the 10th anniversary of its highly acclaimed loyalty program, Momentum. This milestone underscores Mohegan’s unwavering dedication to enhancing the gaming experience for its loyal patrons. The Momentum program has steadily evolved to offer many exclusive benefits and will continue to grow as the operator expands its global footprint.

Momentum Has Steadily Grown in Scope and Ambition

Mohegan’s Momentum loyalty program is more than just a rewards system. It is a token of appreciation from Mohegan to its players. One of its standout features is that it is free, with no membership fees or hidden costs. Players can easily enroll and become part of this exclusive community, unlocking significant perks and privileges.

Over the years, Mohegan has continuously enhanced the Momentum loyalty program. It extends beyond the gaming floor and includes perks like reserved parking privileges. Mohegan corporate marketing VP Erica Tessier Hunt noted that the program demonstrated the operator’s unwavering bond with its guests and would continue to improve.

We are proud of what we have offered the past ten years… and look forward to future enhancements to Momentum that will… offer unparalleled experiences.

Erica Tessier Hunt, Mohegan corporate marketing VP

At the heart of Momentum lies the concept of Momentum Dollars, an exclusive currency players can accumulate as they engage with Mohegan’s offerings. Patrons can redeem these Momentum Dollars for wide-reaching rewards, ranging from tangible goods to services and luxury experiences. Such a dynamic system encourages players to keep returning, knowing their loyalty is truly valued.

Mohegan Remains Dedicated to Delivering Outstanding Service

The operator will celebrate Momentum’s anniversary with several new member-only events. These gatherings offer a unique opportunity for players to connect, share experiences, and enjoy special perks. Such initiatives are crucial for player retention and align with Mohegan’s proactive, customer-focused mindset. The operator’s 2023 Hot Summer Fun Celebrations proved a smashing hit, cementing its leadership position.

Momentum will soon reach far overseas as Mohegan prepares to launch its newest $5 billion resort in Incheon, South Korea. This remarkable project should launch before 2024 and feature world-class amenities, promising a fusion of luxury, entertainment, and convenience. The venue’s newly announced leadership team promised to provide the same high-quality service and perks synonymous with the Mohegan brand.

By offering exclusive benefits, hosting member-only events, and recognizing player loyalty, Mohegan ensures that its customers have more than just a gaming experience. They have a lasting connection with a brand that values and appreciates them. As the journey continues, Mohegan remains dedicated to making Momentum even more rewarding for the years to come.

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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.

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The developer and designer of equipment and services catering to the global gambling sector, PlayAGS, enjoyed strong growth after posting record-breaking Q4 2022 results in March. Now, the positive momentum gained by the company grows further as it celebrated another record-setting period, judging by its second quarter 2023 results.

PlayAGS’ latest trading update was released Thursday and highlights the performance of the company for the three months ended June 30, 2023. The total revenue reported by PlayAGS for the aforementioned period hit $89.8 million. This result, when compared to the $76.6 million result figure from the same period in 2022, marks a solid increase of 17.3%.

A breakdown provided within the latest trading update reveals a strong performance of the company’s three business segments: Interactive, Table Products and EGM. The biggest revenue growth was observed for PlayAGS’ Table Products, with revenue hitting $4.4 million, up by 25.1% when compared to the corresponding period in 2022.

Similarly, EGM revenue for the second quarter of this year increased. While in Q2 2022, EGM revenue halted at $70.5 million, this year, it soared by 17.3% to $82.7 million. Last but not least, PlayAGS’ Interactive business saw an increase in revenue to $2.8 million, up by 5.8% from the $2.6 million result from Q2 in 2022.

Besides record revenue, the second quarter of 2023 brought an increase in EBITDA. The recent report released by PlayAGS reveals that total adjusted EBITDA for Q2 2023 increased to $39.6 million, up by 16.0%, when compared to the Q2 2022 result of $34.1 million.

Earlier this year, PlayAGS strengthened its C-suite with the appointment of Robert Ziems as chief legal officer. The expert joined the company’s senior management team, bringing more than two decades of experience.

The Company Anticipates Further Growth

Kimo Akiona, PlayAGS’ chief financial officer, shared his excitement about the strong performance of the company for the second quarter of 2023. He explained that PlayAGS has seen strong growth for the first half of the year. At the same time, Akiona predicted that the company will maintain the positive momentum and deliver excellent results through the end of the year.

“Our record-setting second quarter financial performance clearly demonstrates the strength of our products, team members, and strategy, which is creating significant momentum within all three segments of our business.“

David Lopez, CEO and president at PlayAGS

David Lopez, PlayAGS’ CEO and president, explained that the record-setting results reaffirm the strong strategy and products the company leverages. Additionally, he highlighted the dedication of PlayAGS’ team. According to Lopez, the combination of all those factors helped the company gain and keep a positive momentum. Finally, the CEO and president predicted further growth for PlayAGS throughout 2023 and beyond.

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