The recent surge in baccarat volume has economists and industry experts buzzing with optimism about the future of high-end properties along the famed Las Vegas Strip. 

High-Stakes Baccarat Fuels Record Revenue for Las Vegas Strip

According to insights provided by Wall Street analyst John DeCree, the Las Vegas Strip witnessed an unprecedented $905 million in gaming revenue in December alone, marking an 11.2% increase from the same period last year. 

Baccarat, renowned for its popularity among high rollers and international visitors, played a significant role in achieving this milestone. The baccarat win soared to $218.7 million, representing a staggering 50.1% increase compared to previous figures. 

Additionally, baccarat volume reached $839.5 million, the highest post-pandemic level, indicating a robust resurgence in high-stakes gaming.

DeCree emphasized that the notable performance of baccarat in November, coinciding with the inaugural Formula One race in Las Vegas, further solidifies the positive trend for upscale properties. 

DeCree stated that the table win had been buoyed by a strong baccarat win and emphasized that the positive trends in baccarat for both months served as indicators of optimism for higher-end properties on the Las Vegas Strip.

Record Slot Wins and Local Market Surge Propel Las Vegas to Success

The momentum extended beyond baccarat, with slot win on the Las Vegas Strip hitting an all-time high of $446 million, marking a 10.1% year-over-year increase. Notably, despite a slight decrease in hold, the handle reached a remarkable $6.2 billion, setting a new precedent for the region. 

Table win also experienced significant growth, increasing by 12.3% year over year, supported by a 5.5% rise in table drop.

In addition to the Strip’s success, the local market saw a boost in gaming revenue, largely attributed to the recent opening of the Durango Casino & Resort in southwest Las Vegas. 

DeCree noted a 6.5% year-over-year increase in December gaming revenue for local casinos, with the Durango property playing a pivotal role in driving these figures.

The positive performance was not confined to gaming revenue alone. Visitation to Las Vegas saw a 2.7% increase year over year in December, culminating in an annual total of 40.8 million visitors, surpassing the previous year’s figures. Furthermore, average daily room rates on the Las Vegas Strip experienced a notable uptick, rising by 5.8% year over year in December and 12.3% for the entire year.

While the data signals a promising trajectory for the region, DeCree urged caution against drawing definitive conclusions from a single month’s figures. Nevertheless, the overarching sentiment remains optimistic, with analysts eagerly anticipating continued growth and prosperity for Las Vegas’s renowned hospitality and gaming industry.

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Lottery.com reported that its financial position was bolstered thanks to a placement agent agreement with Univest Securities, a boutique full-service investment bank. Under this deal, the latter firm introduced Lottery.com to new investors. This resulted in an initial investment of a million dollars.

According to the official announcement, the funding was provided to Lottery.com in the form of convertible promissory notes and common stock purchase warrants. The company added that this investment comes in addition to the ongoing funding it receives from United Capital Investments Limited.

The money will serve as working capital and allow Lottery.com to restart its core operations, including the Nexus Gaming Platform, WinTogether and the LotteryLink affiliate program.

In addition to that, the money will allow Lottery.com to proceed with the acquisition of Nook Holdings Limited. Lottery.com described Nook as a “pioneering force in the sports, fitness and wellness industry” that offers multiple services, such as business setup support, insurance, VAT registration, and networking opportunities for sports entrepreneurs.

Lottery.com has revisited the terms of its purchased deal and completed the payment of the remainder of the deposit. The Nook acquisition is expected to be finalized by the end of Q1 2024, Lottery.com added. As a part of the acquisition Nook will be rebranded as Sports.com.

Lottery.com representatives commented on the new funding and the company’s ambition for the future. According to chief operating officer Gregory Potts, the new funding marks a “pivotal moment” for his company.

We are focusing on enhancing our technological infrastructure and customer experience, ensuring that as we restart operations, we do so with a system that is robust, scalable, and ready to meet the evolving needs of our users.

Gregory Potts, COO, Lottery.com

Potts added that the support the company receives is not just a financial boost but also a testament to the confidence investors have in Lottery.com.

Matthew McGahan, Lottery.com’s chief executive officer, also commented on the matter, saying that the funding is a reason for celebration. He said that the new investment will be crucial for the company’s 2024 vision.

This marks the beginning of an exciting phase where we recommence lottery operations and develop our sports.com brand. We will continue to lead the way in reinventing the lottery experience, leveraging state-of-the-art technology to offer innovative solutions.

Matthew McGahan, CEO, Lottery.com

McGahan added that the acquisition of Nook will allow his team to create a “true sports incubator” and leverage Lottery.com’s network to “foster growth” for companies and individuals alike.

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In a speech at the Global Gaming Expo (G2E) in Las Vegas, MGM Resorts International CEO Bill Hornbuckle expressed his optimism about the United Arab Emirates (UAE) becoming a hub for casino resorts. 

MGM’s Dubai Casino Project Awaits UAE Approval

Hornbuckle, during his address at G2E, stated that MGM Resorts is actively working on a project in Dubai, in partnership with Wasl Asset Management Group, which could potentially house a casino. He mentioned that the development, which includes MGM, Bellagio, and Aria, is being designed with a flexible space of 150,000 square feet, awaiting the nod from the UAE leadership to introduce gaming into the mix.

This revelation comes amid the UAE’s recent announcement about the formation of its first gaming regulatory agency, the General Commercial Gaming Regulatory Authority (GCGRA), chaired by former MGM CEO Jim Murren. While the UAE has traditionally prohibited gambling under Sharia law, recent indications suggest a paradigm shift. 

JPMorgan analysts also recently suggested that the UAE could approve a gambling framework in 2023. The newly-established regulatory body is believed to be accelerating its efforts.

Hornbuckle expressed cautious optimism, stating that they would love to have a presence in Dubai with a functioning product featuring a casino, but emphasized the need to take things one step at a time. 

MGM and Wynn Prepare for Billion-Dollar Market

The potential market value of the UAE’s gaming industry has piqued the interest of major players. Research analysts have estimated that the UAE’s gaming market could be worth up to $6.6 billion annually in casino revenue, rivaling established markets like Singapore and Macau. MGM Resorts, alongside competitors like Wynn Resorts, is gearing up for a market that could surpass even Singapore, home to two major casinos, including the renowned Marina Bay Sands.

While Dubai seems to be at the forefront of these developments, other emirates are also eyeing the gaming industry. A recent survey conducted by Knight Frank revealed that 59% of respondents believe Abu Dhabi, the capital of the UAE, will eventually have at least one gaming venue, as reported by Skift. Additionally, 58% shared the same sentiment about Dubai, and 48% anticipated integrated resorts in other emirates.

The potential influx of casinos is reshaping the UAE’s tourism landscape. The challenge for other emirates lies in matching Dubai’s infrastructure, including the bustling Dubai International Airport, which serviced more than 66 million passengers in 2022. Hornbuckle remains optimistic about the future, highlighting MGM’s longstanding relationship with Dubai and the company’s readiness to adapt to various scenarios, including equity investments or outright leasing of gaming venues.

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Following its suboptimal performance in Q1, the company posted Q2 revenue of $33.8 million, marking a slight year-on-year decrease from last year’s $35 million.

The company’s B2B revenue plummeted from $14.2 million to $9.9 million because of a decrease in contractual revenue rates. Luckily, the decline in the B2B vertical was offset by an increase in B2C revenue, which increased from $20.8 million in Q2 2022 to $23.9 million in Q2 2023.

The company’s unaudited adjusted EBITDA was $2 million in Q2 2023. This is a noticeable increase from the $1.35 million recorded in Q2 2022.

GAN’s net loss for the period was $18.4 million, a significant year-on-year decline from the $38.3 million the company lost in Q2 2022. Operating expenses for the period were also significantly lower at $32.8 million in Q2 2023 against $62.3 million during the same period last year.

Furthermore, the company reported cash and cash equivalents of $43.4 million as of June 30.

In Q2 2023, GAN’s B2C active customers decreased slightly because of the company’s underperformance in the LATAM region and its decision to leave the Ontarian iGaming market.

In the meantime, the company expanded its presence in the United States, launching its B2B betting technology with WynnBET in six states, namely Arizona, Colorado, Indiana, Louisiana, Tennessee and Virginia. This brings the total number of states where GAN Sports operates to nine.

CEO Smurfit Braces for Improved Performance in H2

GAN’s chief executive officer, Dermot Smurfit, commented on his company’s performance in the second quarter of the year. He praised the execution of the company’s business plan and noted that GAN’s international B2C operations continue to go from strength to strength.

Smurfit also praised the rollout of the company’s GAN Sports division in multiple markets and the progress on the new GameSTACK 2.0 version of the platform. The CEO added that GAN Sports’ presence in nine US states and the company’s international momentum lead him to expect significant improvements in the company’s performance in the upcoming half of the year.

Smurfit also teased that the company has received “indications of interest” from bidders that might seek to acquire a part of GAN or GAN in its entirety. The CEO said that a special committee will evaluate those alternatives.

However, no agreement has been reached as of yet, Smurfit emphasized.

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