Data, technology and broadcast company Genius Sports released today its fourth quarter and full year 2022 financial report, posting an impressive increase in revenue and a significant drop in the group’s net loss.

Quarterly and Full-Year Revenue

Genius Sports generated $105.34 million in revenue in the fourth quarter and $341.03 million in the full year ended December 31, 2022, posting increases across all its divisions both in the quarterly and full-year readings.

Commenting on the results, Mark Locke, co-founder and chief executive officer of Genius Sports, outlined the company’s success in delivering on its forecast in each quarter as a display of its “commitment to executing the financial and strategic plan” set forth at the start of 2022.

We remain relentlessly focused on balancing investment in our highest growth initiatives, while still demonstrating the unique operating leverage of our business model.

Mark Locke, co-founder & CEO, Genius Sports

Mark Locke is convinced that in 2023, the company should be able to capitalize on its global competitive position and “capture the immense opportunity” ahead of it.

Across the divisions, Betting Technology, Content & Services was up 21.5% in the quarter and 18.1% in the full twelve months; Media Technology, Content & Services increased by 50.4% in Q4 and 71.2% in full-year 2022; and, Sports Technology & Services contributed to the total with an increase of 8.6% in Q4 and 31.9% in the year.

Adjusted EBITDA, Net Loss

Adjusted EBITDA in Q4 was $2.66 million, up 121% year-over-year, while for the full year 2022, it was $15.79 million, a nine-fold increase as compared to 2021. Both group revenue and group adjusted EBITDA exceeded Genius Sports’ guidance of $340 million and $15 million, respectively.

Group net loss in Q4 was $127.72 million, up two-and-a-half times from $53.29 million in Q4 2021. For the full year, the group’s net loss fell by 69.4% to $181.64 million ($592.75 million in 2021).

Our expectation of nearly tripling our Group Adj. EBITDA and generating free-cash-flow in the second half of 2023 is the direct result of a cost base that does not need to grow in line with revenues moving forward.

Nick Taylor, CFO, Genius Sports

Based on the 2022 results and current performance, Genius Sports maintained its 2023 revenue and adjusted EBITDA guidance of $391 million and $41 million and expects to generate positive free cash flow in the second half of the year.

“With $159m of total cash on our balance sheet, zero debt financing, and our legacy warrants now removed, our shareholders are well positioned to capture the benefits of profitability and cash flow acceleration,” Taylor concluded.

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The consortium behind the proposal to build a casino resort on Coney Island released renderings of the future building and amenities if they win one of the three available downstate casino licenses.

Casino, Hotel, Convention Hall

The consortium comprising Global Gaming Solutions (GGS), Legends Global Planning, Saratoga Casino Holdings, the Chickasaw Nation, and Thor Equities revealed Friday their plans for the casino resort it would build on the island that is home to the team from Minor League Baseball (MiLB), the Brooklyn Cyclones.

Named “The Coney Island Casino Resort & Resort Entertainment District Brooklyn,” the project will build just steps away from the Brooklyn boardwalk and beach a new casino with a Las Vegas-style entertainment hall showing visitors performances by top entertainers, a sleek hotel behind the casino and a nearby convention hall to fill the void for a large venue for business events in southern Brooklyn.

The consortium including the co-founded by the New York Yankees and the Dallas Cowboys sports and entertainment firm, Legend Global Planning, initially announced its plans to apply for one of the state’s three available land-based casino licenses in upstate New York in November last year.

Commenting on the project, Robert Cornegy, a former Brooklyn councilman and a consultant with the consortium, outlined the seamless way the new buildings will “blend in with the boardwalk and streetscape,” adamant that the casino resort that, if approved, will appear in-between the aquarium and the Cyclones ballpark will supercharge the boardwalk.

The casino project will also create new jobs for the Coney Island area, serving as a display of the consortium’s “responsibility to bring economic development to underserved communities,” Cornegy pointed out.

Competition Will Be Strong

Gaining the approval for the Coney Island casino resort will be anything but a walk in the park as there is intense competition for the three available upstate casino licenses from other gaming operators, including Bally’s, MGM Resorts, the Seminole tribe, Wynn Resorts, and Caesars Entertainment.

Bally’s is proposing a casino on the Trump Organization’s public golf course at Ferry Point, MGM Resort is part of a consortium with Genting/Resorts World that is expected to submit a bid to expand their offerings to include table games, Mets’ owner Steve Cohen, is eyeing a casino near the team’s stadium in Queens, Wynn Resorts and the Steve Ross-Related Companies is vying for a casino at Hudson Yards, and Caesars, in partnership with the landlord SL Green is targeting a casino in Times Square.

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