Wynn Resorts, the global hospitality, entertainment and gaming company, secured a first-time BB- rating from Fitch Ratings, the leading provider of credit ratings, commentary and research for global capital markets. Announcement about the rating and the stable outlook, applicable for the gaming company along with its related companies, came Tuesday.

Per the leading credit research company, Wynn currently holds a strong portfolio of gaming assets and its recent performance points to further near and long-term growth. Fitch acknowledged the strong performance of the gaming and entertainment company in strategic markets, including Macau and Las Vegas.

Besides strong performance, the provider of credit ratings highlighted Wynn’s future growth drivers such as upcoming investments that can boost its revenue in Macau. The company is set to invest some $2.2 billion over the next decade in Macau, strengthening its offering, a move that may boost its gross gaming revenue. On the other hand, Wynn also plans improvements for its Las Vegas properties throughout this year and in 2025, strengthening further its position in Sin City, Fitch confirmed.

Another strong future growth driver is expected to be the company’s project in the United Arab Emirates. Currently, Wynn holds 40% of the ownership of the project, a massive resort development in Ras Al Khaimah that is expected to have a resounding long-term positive impact on the company.

“The ratings reflect the high-quality portfolio of its gaming assets, the expected improvement in Macau’s gaming market in terms of visitation and gaming activity that is expected to drive further improvement in credit metrics, strong results in Las Vegas, and robust liquidity that should fund near-term capital projects and could lead to further debt reduction,“

reads a statement released by Fitch Ratings

The Company Performed Well in Macau, Las Vegas

According to Fitch, Wynn enjoyed a strong performance in Las Vegas, considering the residing impact of the pandemic. Its high reputation in combination with quality properties enabled the company to attract “a more affluent customer,” and charge higher prices without a negative impact on its occupancies, wrote Fitch.

Although speculations suggest that the pent-up demand will weaken, resulting in a decline in gaming revenues, the credit ratings company explained that this could be offset by an increase in the number of convention customers. Fitch did acknowledge the positive impact of sports events and the recent opening of The Sphere on Wynn’s Las Vegas properties.

Across the ocean, in Macau, Fitch acknowledged the strong recovery of Wynn’s gaming revenues. This recovery also impacted positively on the company’s credit rating. Considering that visitation and gaming revenues are still yet to surpass the 2019 levels, Fitch predicted further growth for Wynn in Macau and strong results in the near term.

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The British Horseracing Authority (BHA) unveiled the launch of the fourth trainer and stable staff survey. The objective is to identify the yard-based issues and help the Industry People Board form a strategy for tackling them.

The survey, commissioned by the Industry People Board, is delivered in partnership with the BHA, the National Trainers Federation (NTF) and the National Association of Racing Staff (NARS). It will see trainers and stable staff contacted by Public Perspectives, an independent research organization. Public Perspectives will provide the survey to trainers and staff across Britain in the following days.

This is notably the fourth time such a survey has been launched, following surveys carried out in 2016, 2018 and 2021.

The Racing Foundation Continues to Invest in the Sector

The BHA added that the study will not only underscore the important issues but will also help the body measure the progress of major initiatives funded by the Racing Foundation. For reference, these initiatives sought to support the recruitment of stable staff, develop the skills of the workforce within the racing sector and encourage greater staff retention.

The BHA also said that the survey is in line with the Racing Foundation’s continued investment in initiatives that seek to drive improvements in the industry’s staff-related matters. Since the first survey in 2016, the foundation has invested over £12 million (approximately $15 million) to address staffing issues.

This latest study will run from November to early January.

The Study Will Help the Industry People Board Form a Strategy

Tansy Challis, the Racing Foundation’s chief executive officer, commented on the matter, saying that her team is happy to once again support the survey. She said that the 2016 survey helped the industry set a baseline from which to measure progress and identify issues.

Unfortunately, the 2021 surveys highlighted ongoing problems within the sector.

We are, therefore, encouraged by the formation of the Industry People Board and its aim to develop a People Strategy.

Tansy Challis, CEO, Racing Foundation

Challis concluded that the data from this year’s study will help the Industry People Board improve its strategy. She hopes that all trainers and stable staff will complete the survey.

Meanwhile, the Industry People Board’s chairman, Neil Hayward, said that the newly-formed body is ambitious on securing a reliable workforce and a working environment the industry can be proud of. While there is much to do, the survey will help his team to make informed decisions and evaluate the impact of current and future initiatives.

We appreciate the time and effort taken by those who respond to the survey. The better the response rate the more detailed a picture we have about what is happening to, and what matters to, the industry’s workforce.

Neil Hayward, chair, Industry People Board

In September, British horseracing authorities launched a probe into the public’s feelings about the controversial affordability checks.

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Ontario’s iGaming market remains stable as demonstrated by the market’s unaudited second quarter results. Data from iGaming Ontario shows that players in the Canadian province have wagered a total of $14.2 billion (around USD 10.4 billion) during the period, not counting any promotional wagers and bonuses.

For reference, this number represents a slight growth from Q1 when the industry recorded $14 billion in wagers.

The $14.2 billion wagers resulted in a total gaming revenue of $540 million (approximately USD 397 million), representing a slight decrease from Q1 when the gaming revenue sat at $545 million. This figure includes total cash wagers and does not take into account operating costs and other expenses.

Further data shows that the majority of the reported revenue was generated by the casino vertical, which includes slots, bingo and table games. Casino gaming accounted for $11.9 billion of the total wagers in the Canadian province and $407 million of the total gaming revenue.

The sports betting vertical, meanwhile, saw players wager $1.9 billion. This, in turn, resulted in revenue of $118 million. Lastly, the peer-to-peer poker vertical accounted for $397 million in wagers and $16 million in gaming revenue.  

There Were 943K Active Accounts

The reported figures reflect the business of Ontario’s 47 legal operators and 71 gambling websites. iGaming Ontario also reported that there were 943,000 active accounts during the second quarter of the year.

The agency clarified that “active accounts” are all accounts with cash and/or promotional activity and emphasized that the total number of accounts does not represent the total number of players since certain gamblers play with multiple accounts.

The average monthly spend per active player was $191 (USD 140), according to official data.

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Super Group has published its Q1 2023 results, providing insights into its performance during the first three months of the year. The gaming and betting group, which operates the famous Betway brand, saw its revenue remain stable while losses plummeted.

Super Group reported revenue of $364.2 million (converted to USD, current rates). This represents a modest 1% year-on-year increase driven by the growth in the EMEA region. However, revenue declines in the Asia-Pacific region and Ontario prevented the company from experiencing a sharp revenue increase.

Loss after tax was $2.04 million in Q1 2023, which, according to Super Group, “included a non-cash charge of $2.37 million related to the increase in fair value of a liability for a call option granted to a third-party to purchase the B2B division of Digital Gaming Corporation.” For reference, Super Group acquired said division in January 2023.

Super Group noted that the loss after tax of $175.59 million recorded in Q1 2022 included costs associated with Super Group’s partnerships and its 2022 public listing.

Super Group’s operational EBITDA in Q1 2023 was $37.33 million, representing a sharp decline from Q1 2022. The company attributed the decline to a $17.86 million loss in the US.

The gambling giant shared that its monthly active customers in Q1 2023 were 3.5 million, representing a 34% YOY increase.

The company concluded the quarter with $265 million in cash and cash equivalents, which translates to a slight 3.3% YOY decline. Super Group attributed the reduction to various factors, including a loss of $6.56 million because of currency fluctuations.

Super Group’s Leadership Is Satisfied with the Results

Super Group’s chief executive officer, Neal Menashe, commented on the results. He praised his team for delivering “another solid quarter” and added that the company will continue to drive revenue and profit growth.

Menashe noted that March saw Super Group record record-breaking monthly net gaming revenue with an operational EBITDA margin of over 20%. According to him, this is a “strong reminder” of the group’s operating leverage.

We are confident that we will continue to build on another strong quarter across iGaming and sports betting across the world.

Neal Menashe, CEO, Super Group

Meanwhile, Alinda van Wyk, Super Group’s chief financial officer, said that the results highlight the upsides of continued investment in growth.

Our balance sheet remains robust and gives us a very strong foundation to continue to scale our business. We are always optimizing our cost efficiencies, further enhancing future profitability.

Alinda van Wyk, CFO, Super Group

At the beginning of 2023, Super Group finalized the acquisition of the iGaming and online sports betting company DGC.

In other news, a Super Group shareholder just sued Sports Entertainment Acquisition Corp, which allegedly withheld information about its merger with Super Group.

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