In its recent trading news, the Rank Group has highlighted a significant 6% year-on-year increase in income for the third quarter, reaching an impressive £182.3 million. This growth trajectory shows the company’s solid performance across its digital and land-based gaming sectors.

Land-Based Revenue Overview

The Grosvenor venues continue to lead in terms of revenue generation for the Rank Group. Despite showing a modest growth rate of 3% in Q3, these venues remain a cornerstone of the company’s revenue stream. The increase in visitor numbers by 5% has contributed to a notable 2% rise in average weekly net gaming revenue (NGR) at Grosvenor, aligning with Rank’s strategic goal of achieving £7.0 million weekly NGR from its Grosvenor venues business.

On the other hand, the Mecca bingo venues have experienced a remarkable 12% earnings surge. This growth can be attributed to a combination of increased visitor numbers, which rose by 5% from last year, and a substantial 7% rise in spending per visit. Notably, this surge in gain coincided with strong trading periods during Mother’s Day and Easter weekends, indicating robust consumer engagement with Mecca’s offerings.

The Rank Group’s success extends beyond the UK, with its Enracha venues division in Spain witnessing a commendable 9% revenue increase, amounting to £10.0 million. This international growth underscores Rank’s ability to capitalize on diverse market opportunities and expand its global footprint.

Digital Growth and Operational Enhancements

Digital revenue saw a significant uptick of 6%, totaling £55.0 million in Q3. The UK digital sector experienced a 4% revenue increase, while Spain witnessed an impressive 20% year-on-year growth. Mecca’s digital net gaming revenue (NGR) surged by an impressive 21% in the UK, showcasing the strong performance of its digital gaming offerings. However, Grosvenor’s digital NGR saw a marginal 1% rise, attributed to a weaker gaming margin stemming from significant customer wins.

To further enhance its digital operations, Rank implemented a new content management system for its Mecca and Grosvenor online platforms during Q3. This system aims to improve operational efficiency and facilitate rapid market responsiveness for customer proposition enhancements.

Looking at the year-to-date performance, Rank Group’s income for the nine months ending in March reached a substantial £544.9 million, marking an impressive 8% increase compared to the previous year. This robust performance is driven by the continued growth of Grosvenor and Mecca venues, along with positive digital revenue trends.

As the fiscal year progresses, Rank anticipates that its strong performance will persist, with operating profit expected to align with market expectations for the year ending June 30. This outlook is bolstered by ongoing operational enhancements and strategic initiatives aimed at maximizing revenue potential.

CEO John O’Reilly said: “We continue to make good progress across both our venues and online businesses. Q3 trading is very much in line with the board’s expectations. Performance continues to improve. We have the very important land-based reforms from the government’s white paper to look forward to, which we hope to start implementing in the coming months.”

Stake Sale in Passion Gaming

Rank has announced its decision to divest its stake in Passion Gaming, an Indian online rummy business. While the financial terms of the deal remain undisclosed, Rank has emphasized that the transaction represents a significant strategic move for the company’s portfolio optimization.

Source: ”Spain and Mecca Bingo revenue surges as Rank hails Q3 progress”, igamingbusiness.com, April 18, 2024.

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GambleAware, the leading commissioner of gambling harm prevention and treatment services in the UK, suggested that the broad public supports the controversial affordability checks. The measure, originally outlined in the Gambling Act white paper, seeks to introduce frictionless checks that would prevent at-risk players from overspending.

However, gambling industry campaigners have suggested that the checks would make gambling unsustainable for many players, potentially even hurting the horseracing sector. On the contrary, GambleAware suggested that the public actually supports the measure.

Citing recent polling, the charity suggested that three in five adults (57%) support enhanced financial risk checks. People impacted by a loved one’s gambling, on the other hand, were much more likely to support the measure, with data showing that 76% of affected others believe gambling companies should be held responsible for gambling problems.

In the meantime, 63% of respondents said that they believe that affordability checks would reduce the number of problem players.

For reference, the polling was conducted by Ipsos and saw the public opinion specialist survey 4,170 British adults.

GambleAwar Supports Frictionless Checks

GambleAware’s chief executive officer, Zoë Osmond, said that her team urges the government to not miss opportunities to introduce “robust preventive measures.” While GambleAware acknowledges that affordability checks should be frictionless and properly implemented, it also believes that they are a necessary measure.

By prioritizing preventative action and ensuring the industry take some responsibility for protecting individuals against unaffordable losses, we can mitigate the detrimental impact of problem gambling on individuals and society as a whole.

Zoë Osmond, CEO, GambleAware

Nicola Jaques, family support worker for the Beacon Counselling Trust in Preston, and an affected other of gambling harms, also commented on the matter, highlighting the devastating effects gambling harm could have on families. 

Safeguards like these financial risk checks are so important because they would help protect not only the person experiencing problems with gambling, but also those around them. Anyone can experience gambling harm and it affects far more than just one person.

Nicola Jaques, family support worker, Beacon Counselling Trust

GambleAware is the organization behind the United Kingdom’s National Gambling Support Network (NGSN). The charity recently reported that the helpline received over 52,000 calls in 2023 – a figure representing a year-on-year rise of 24%.

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The Rank Group released its latest interim results, uncovering details regarding its progress over the six months ended December 31, 2023. The company referred to the period as H1 2023/24, with results pointing to an increase in net gaming revenue (NGR) year-over-year. Besides financial data, Rank Group released details regarding its expectations for 2024 in key markets.

Focusing on the UK, John O’Reilly, the company’s chief executive, explained that the business is positioned well for further growth, boosted by the upcoming regulatory changes within the retail gambling sector in the country. The changes are expected to come into effect at some point this year, according to the company, possibly around the summer. “These reforms cannot come soon enough in enabling us to modernize our proposition to better meet our customers’ expectations,” added O’Reilly.

“We are well positioned to optimize the opportunities afforded by the UK Government’s planned land-based regulatory reforms which will hopefully be implemented through the passing of secondary legislation in the summer of 2024.“

John O’Reilly, chief executive of The Rank Group

Last year, the Gambling Act review white paper was released, outlining a number of suggestions that are expected to completely overhaul the gambling industry across the country. Among the proposed changes are the implementation of limits for online slots, changes in the ratio of B and C gambling devices, as well as implementation of affordability checks, among other improvements.

Yet, so far the government hasn’t set a deadline for the implementation of the changes, while consultations with stakeholders on certain topics are still ongoing. Ultimately, the review of the Gambling Act 2005 is expected to ensure that the laws in the country fit the digital age.

The Company Posts Strong Results Despite Challenges

When it comes to financial results, Rank Group posted £362.6 million ($460 million) in NGR for H1 2023/24. This figure, compared to the £338.9 million ($430 million) reported for the corresponding period a year ago, showed an increase of 7%. Additionally, Rank Group confirmed that its operating profit for the latest trading period was £16.2 million ($20.6 million).

“Whilst it remains a challenging economic environment, we are positive about the future and expect LFL operating profit for the year ending 30 June 2024 to be in line with our expectations,“

reads a statement released by The Rank Group

While the company acknowledged that the economic environment remains challenging, it was still optimistic about its future performance. Rank Group said that it anticipates its upcoming financial results for the year ending June 30, 2024, to coincide with its initial expectations.

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The California Nations Indian Gaming Association (CNIGA) announced its unwavering opposition to two proposed sports wagering initiatives, marking a united front against what they deem as deceptive measures. 

CNIGA Chairman Raises Alarms Over Deceptive Sports Wagering Initiatives

CNIGA Chairman, James Siva, expressed concerns about the initiatives, highlighting their disingenuous nature. Chairman Siva stated during a press conference in Sacramento that the proponent of the measures was attempting to divide and conquer tribes by pushing an initiative that sought to legitimize illicit offshore operators and put their governments at risk.

The 52-member coalition, representing federally recognized tribal governments and associate members, is dedicated to preserving and protecting Indian gaming on federally recognized Indian lands. Their firm stand against the sports wagering initiatives stems from a commitment to safeguarding tribal sovereignty and integrity.

In a letter addressed to Eagle1 Acquisition Corp. executives Kasey Thompson, Reeve Collins, and petition signer Ryan Tyler Walz, CNIGA, along with 28 individual tribes, urged the proponents to withdraw their initiatives immediately. The letter emphasized the strong opposition from more than half of California tribal nations, condemning the proposals as offensive and deceptive.

California Tribal Heavyweights Rally Against Latest Sports Betting Push

The sports betting initiatives, filed on October 27, face significant resistance from tribes, including some of the state’s largest casino operators such as the San Manuel, Pechanga, Graton Rancheria, Agua Caliente, Barona, and Rincon tribes. 

These tribal heavyweights, collectively spending over $220 million in 2022 to defeat a previous sports betting proposal, remain steadfast in their opposition to what they perceive as an attempt to hijack tribal goodwill for personal gain.

The CNIGA also voiced concerns about a plan to transfer offshore assets to tribes, characterizing it as a cynical and deceptive attempt to cleanse illegal offshore online gambling corporations with a track record of illicit activities. They pledged to launch an aggressive campaign against the initiatives, akin to their successful efforts in 2022, resulting in an 82% vote against a similar proposal.

Despite the proponents’ amendments to the initiative, removing language deemed problematic by some tribes, the CNIGA remains resolute in its opposition.

The tribal coalition firmly believes that 2024 is not the right time for sports betting in California, viewing it as a 2026 issue at the earliest. They underscored the importance of tribal sovereignty and the support it enjoys among California voters, reinforcing their commitment to defeating the proposed sports betting measures.

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The international gaming solutions provider, Intralot, released its latest financial update, uncovering details regarding its performance for the third quarter of 2023. Besides Q3 2023, the latest report shared insights regarding the company’s performance for the nine months ended September 30, 2023.

Intralot’s Q3 2023 revenue hit €104.8 million ($114.5 million). This result, compared to the €96.9 million ($105.8 million) reported for the same quarter in 2022, shows that this year, an increase of 8.1% is observed. On the other hand, gross gaming revenue (GGR) for Q3 2022 halted at €88.1 million ($96.2 million), while this year, it increased by 11.9% to €98.6 million ($107.7 million).

EBITDA in Q3 this year increased as well. The new financial update reveals that Intralot’s Q3 2023 EBITDA hit €38.2 million ($41.7 million). A comparison to the €33.0 million ($36 million) posted for the same period in 2022, shows that during the latest trading period, the company has seen growth of nearly 16% year-over-year.

While Q3 2023 revenue increased year-over-year, the results for the first nine months showed a slight decrease. The new financial report confirmed that Intralot’s revenue for the first nine months ended September 30, 2023, halted at €280.0 million ($305.8 million). This result, compared to the €301.7 million ($329.5 million) figure posted for the same period in 2022, shows a decrease of 7.2%.

While revenue decreased for the first nine months this year, GGR increased by 2.2% hitting €262.2 million ($286.3 million). Similarly, EBITDA for the first nine months of 2023 increased by 14.7% year-over-year, hitting €101.0 million ($110.3 million).

The Company Posted Strong Results, Says CEO and Chairman

Sokratis P. Kokkalis, Intralot’s CEO and chairman, spoke about the latest figures, explaining that the “results demonstrate Intralot’s new strengths returning to NET profits, strong EBITDA growth and cash flow generation, hence fulfilling all the goals we have set out.” He outlined that the company recently completed an important Share Capital Increase by raising funds for a total of €135.0 million ($147.4 million). Finally, Kokkalis said: “I would like to thank all the investors who participated and trusted our vision and capability to deliver even stronger results in the future.”

Another important achievement for the company after the recent trading period was the extension of its agreement with OPAP. Announced back in October, the agreement with OPAP was extended from August 2025 until the end of July 2026. Upon announcing the extended agreement, the duo unveiled that two one-year extensions are also possible.

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The Investors Service of the credit rating agency Moody’s has upgraded the credit rating of Melco Resorts & Entertainment, a major Asian casino company. Previously negative, the company’s rating has now been updated to Ba3, signifying its improving stability.

The update comes in the wake of the publishing of the quarterly results of Melco’s City of Dreams operator brand. The Q3 results of City of Dreams were positively impacted by the favorable conditions in the special administrative region of Macau, which continues to recover from the pandemic.

The recovery of the local market also meant an uptake in business. An uptake in the VIP segment suggests that its GGR may return to 36% of the 2019 level by 2024. The current tailwind is exactly what led Moody’s to improve Melco’s rating, Gloria Tsuen, a Moody’s vice president and senior credit officer, confirmed.

According to Tsuen, Melco’s financial leverage should improve “significantly” over the upcoming 12-18 months.

Melco Needs to Work Harder to Reach Investment-Grade Rating

Despite its favorable outlook, Melco is yet to fully recover from the effects of the pandemic and China’s Zero-COVID policy. 2022 saw the company lose a whopping $100 million and face significant business and financial challenges. However, the company is optimistic that 2023 and 2024 will be where it turns things around.

The Asian casino giant expects EBITDA to increase to $900 by the end of the current year and to $1.4 million in 2024.

Tsuen added that a factor her team considered when improving Melco’s rating was its $1.2 billion in cash, which the company can use to address its liabilities. In addition, Tsuen pointed out to Melco’s impressive Macau portfolio which poises the company for quick recovery.

However, Melco will need to demonstrate better results if its rating is to be improved further. Going beyond the serviceable Ba3 result and reaching investment-grade will be a matter of bolstering the company’s EBITDA to at least 4.5x-5x.

However, the reverse is also possible, Moody’s warned, noting that Melco’s rating might be lowered if its adjusted EBITDA returns to 5.5x-6x or if the company’s liquidity weakens. These theoretical factors could potentially impede the company’s recovery and make it unable to reduce debt.

Moody’s isn’t the only agency that trusts in Melco’s ability to recover. Earlier this year, Credit Suisse raised the rating of Melco Resorts to buy, because of a variety of positive catalysts. The better-than-expected recovery in Macau was also Credit Suisse’s reason to improve Melco’s outlook.  

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Wynn Resorts, a leading global hospitality and entertainment company, announced stellar financial results for the third quarter ended September 30, 2023. 

CEO Craig Billings Applauds Wynn Resorts’ Q3 Success and Diverse Portfolio Strength

The company reported operating revenues of $1.67 billion, marking a significant increase of $782.2 million compared to the same period in 2022. Net loss attributable to Wynn Resorts was $116.7 million for Q3 2023, an improvement from the net loss of $142.9 million in Q3 2022.

Wynn Resorts CEO, Craig Billings, expressed satisfaction with the results, emphasizing the ongoing strength across the company’s property portfolio. He attributed the success to outstanding performances at Wynn Las Vegas and Encore Boston Harbor, which achieved a new third-quarter record for Adjusted Property EBITDAR at their combined North American properties.

Billings also highlighted the positive developments in Macau, where the recovery showed progress in mass gaming, luxury retail, and hotel businesses.  The breakdown of operating revenues showed increases at Wynn Palace, Wynn Macau, Las Vegas Operations, and Wynn Interactive, while Encore Boston Harbor experienced a slight decrease compared to Q3 2022. 

Wynn Resorts Navigates UAE Regulations, Progressing Toward 2027 Opening

Looking at the company’s financial position, Wynn Resorts reported cash and cash equivalents of $2.79 billion as of September 30, 2023, and total current and long-term debt outstanding of $11.79 billion. Wynn Resorts also declared a cash dividend of $0.25 per share.

In addition to the financial results, Wynn Resorts discussed its ongoing projects, including the construction of Wynn Al Marjan Island in the UAE. CEO Craig Billings mentioned that regulatory developments in the UAE suggest that Wynn Resorts might face minimal competition in the initial years after the resort’s opening in 2027. He anticipated a possible duopoly or oligopoly with one or two competitors emerging in the market later.

The company is closely monitoring the regulatory environment in the UAE, where former MGM CEO Jim Murren has been named chairman of the gaming authority. The licensing process is progressing, providing clarity for financing sources and allowing Wynn Resorts to move forward with construction financing.

According to JPMorgan analysts, Dubai’s General Commercial Gaming Regulatory Authority (GCGRA) may expedite the introduction of gambling laws, anticipating swift progress for the Wynn Resorts project. While MGM Resorts International eyes a potential non-gaming property in Dubai initially, Wynn Resorts aims to secure a prominent position in the lucrative Middle East market by 2027.

Despite the positive financial results and promising future developments, Wynn Resorts’ stock experienced a 5% decline in after-hours trading. Investors are likely reacting to broader market dynamics and considerations beyond the Q3 performance.

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The global gaming and entertainment company, MGM Resorts International, released its latest unaudited financial report, revealing details regarding its performance for the third quarter of 2023. The new report covers the three-month period ending September 30, 2023, revealing strong growth of consolidated net revenues. Overall, MGM Resorts posted consolidated net revenues of $4 billion. This result, when compared to the corresponding period in 2022, represented an increase of 16%.

The company explained that the strong growth was the result of the outstanding performance of MGM China in light of the lifted COVID restrictions in Macau. The strong performance of MGM China was able to partially offset the impact of the cyberattack against the company that disrupted its Las Vegas and regional operations. Additionally, MGM China’s performance helped cushion the impact of the dispositions of The Mirage, as well as Gold Strike Tunica.

In its trading update, the company revealed that net revenue for its Las Vegas Strip Resorts decreased by 8% to $2.1 billion. Regional operations for Q3 this year also marked a decrease with revenues down 5% to $925 million. In contrast, MGM China’s revenues for the latest trading period soared. According to the recent report, MGM China’s net revenues hit $813 million, up by a staggering 829% when compared to the $87 million result from Q3 in 2022.

The Company Enjoys Progress in Osaka

Besides the strong performance of MGM China, MGM Resorts reminded of its progress in the Asia region. In Q3 this year, the company was able to finalize the certification process in Japan by signing an Implementation Agreement for its integrated resort in Osaka. This marked a major step for the project in the region.

Further details within MGM’s recent report reveal that its operating income for Q3 this year hit $370 million. In contrast, for the same period in 2022, the company posted an operating loss of $1.0 billion. According to MGM, the positive result this year comes after an increase in its net revenues in combination with decreasing amortization expenses.

After the Cyberattack, MGM Is Stronger than Before

Jonathan Halkyard, MGM Resorts’ CFO and treasurer, revealed that the company continues to explore options for share repurchases as an “attractive opportunity” to return value to its shareholders. “Year-to-date, we have repurchased approximately $1.7 billion in stock. Our buyback program totals $6.2 billion since the beginning of 2021, reducing our share count by over 30%,” he explained.

“We started the quarter with great momentum across our businesses. While we were faced with a difficult cybersecurity issue in September, our employees rose to the occasion with incredible resilience and determination.“

Bill Hornbuckle, CEO and president of MGM Resorts

Bill Hornbuckle, MGM Resorts’ CEO and president, explained that the company started Q3 with a positive momentum. He acknowledged that in September, MGM was impacted by an unprecedented cybersecurity issue. However, according to Hornbuckle, the company’s dedicated team of experts showed resilience that helped it overcome the incident. He added that after the incident, MGM emerged stronger than before.

Hornbuckle spoke about the solid performance of MGM China that helped offset the negative impact of the cybersecurity issue. Focusing on the future, he said that the company is looking forward to the upcoming F1 Grand Prix in Las Vegas and the debut of the MGM Collection with Marriott Bonvoy.

In Q3 2023, MGM posted a net income of $161 million, compared to a net loss of $577 million for the corresponding period last year. The recent trading update revealed that consolidated adjusted EBITDAR in Q3 this year was $1.1 billion.

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Bally’s Corporation’s third-quarter trading report revealed consistent growth across most metrics, reflecting its successful efforts to adapt to rising industry challenges. The United Kingdom is emerging as an increasingly significant market for the renowned US gambling group despite the country’s ongoing regulatory changes. Such successful financial results should set the stage for further growth in the European market.

Recent Results Indicate Impressive Momentum

In an update to investors, the NYSE-listed company unveiled group-wide revenues of $632.5 million, marking a 9.4% year-on-year increase compared to Q3 2022’s $578.3 million. Bally’s International Interactive was one of the most significant contributors, reporting revenues of $243.9 million, a 7.2% rise from the previous year’s $227.6 million. The group’s UK operations were pivotal to this success, achieving a remarkable 13.1% increase.

Bally’s UK market share centers around the Gamesys Group, which the company acquired for over $2 billion in October 2021. This strategic move allowed the gambling giant to operate brands like Jackpotjoy, Virgin Casino, and Monopoly Casino. In September, Bally’s launched its branded online casino app, further bolstering its UK presence.

We believe that Bally’s brand will drive revenue and profit growth and build brand equity in the UK market.

Robson Reeves, Bally’s CEO

In a recent earnings call with investors, CEO Robson Reeves was confident that the company would sustain to exceed its current levels, hoping for even better Q4 performance. This quarter’s solid financials should allow the company to pursue growth opportunities in select international markets while reinvesting in its core UK and Asia businesses.

Flexibility Remains Paramount for Sustained Growth

Bally’s has maintained its impressive UK market share expansion despite the country’s ongoing regulatory changes. The UK Gambling Commission and the DCMS are currently engaged in consultations with stakeholders regarding the ongoing White Paper review. While more stringent affordability checks and KYC compliance requirements could impact revenues, Bally’s timely preparations allowed it to thrive.

Despite the company’s increasing focus on overseas projects, Bally’s maintains its leadership position in the USA. The gambling giant’s newest Chicago casino recently had a stellar debut, attracting over 80,000 visitors and generating approximately $6.7 million in revenue. Continued investments in promising projects across several states suggest that Bally’s will attempt to balance its core regions to achieve optimal results.

CEO Reeves was optimistic regarding the company’s long-term success, noting investments in its C&R segment should pay off in 2024 and bolster long-term profitability. Working within the UK’s tight restrictions has caused substantial innovation in customer onboarding and retention, reducing cost per acquisition and boosting deposit rates. These insights should benefit Bally’s other segments and help it stand despite rising competition.

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Bally’s Chicago Casino, housed within the historic Medinah Temple, has made an impressive debut in the city’s bustling River North neighborhood. Despite being in operation for just three weeks, the casino attracted over 80,000 visitors and generated approximately $6.7 million in revenue, according to data released by the Illinois Gaming Board.

Bally’s Chicago Emerges as State’s Second-Busiest Casino

The figures, while promising, place Bally’s Chicago as the second-busiest casino in the state, trailing behind Rivers Casino in Des Plaines, which reported a substantial $41.5 million in revenue for September. However, Bally’s revenue places it in the middle of the pack among the state’s 15 casinos, showcasing a strong potential for growth.

Bally’s Chicago, which opened its doors on September 9, transformed the historic Medinah Temple into a vibrant gambling venue, featuring 800 slot machines, 56 gaming tables, a central bar, two restaurants, and a coffee shop. The casino’s soft launch was marked by a ribbon-cutting ceremony attended by Chicago Mayor Brandon Johnson and other city officials.

Soo Kim, Chairman of the Board of Directors at Bally’s Corporation, expressed optimism about the casino’s future despite the initial challenges faced during the early phase of operation in a statement for The Chicago Tribune. He stated that it was early days and they were still in the phase where they were working out the kinks, acknowledging the “whispered offering” and traffic disruptions downtown as challenges during the casino’s first month.

One of the notable aspects of Bally’s Chicago’s opening was the unexpectedly younger crowd at the table games, indicating a shift in the demographic compared to other Bally’s properties. Soo Kim expressed enthusiasm about the opportunity to introduce gaming to downtown Chicago, aiming to change the perception of the area as a viable location for such entertainment.

Bally’s Chicago Temporary Casino Soars, Promising Lucrative Future Returns

The temporary casino, operational until 2026, aims to generate between $15 million and $25 million in earnings this year, according to projections. In September alone, Bally’s Chicago contributed approximately $868,000 in state taxes and $695,000 in local taxes, with the city expecting nearly $70 million in total revenue from the casino in 2023, including a one-time $40 million upfront payment from Bally’s.

Looking ahead, Bally’s Chicago has ambitious plans for the future. The Rhode Island-based company won a competitive bid last year and intends to build a $1.74 billion permanent casino at the site of Tribune Publishing’s Freedom Center printing plant in River West by 2026. Mayor Brandon Johnson expressed confidence in Bally’s ability to meet its long-term projections, envisioning an annual tax revenue of $50 million from the Medinah location and $200 million per year from the permanent site.

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