Sportsbook Attracts US$92m in October
Boosted by the launch of DraftKings and FanDuel online sportsbooks, Indiana's online and retail handle in October nearly tripled from the previous month
Indiana is a unique market because it has so many large markets without legal sports betting so close to its borders
INDIANA SPORTS BETTING
"Indiana is quickly becoming a star among legal sports betting markets in the US," Dustin Gouker, lead analyst for
PlayIndiana.com. "Indiana is so far ahead of its neighbours in Illinois, Ohio, Kentucky, and Michigan, that the Hoosier State is well on its way to establishing itself as the gambling capital of the Midwest."
Indiana's retail and online sportsbooks combined to collect $91.7m in bets in October, up 161 per cent from $35.2m in retail bets in September, according to official report released Friday. Te handle, 45 per cent of which came from football bets, yielded $11.5m in adjusted gross revenue for the sportsbooks, up 34 per cent from $8.6m September. October's win generated $1.1m in tax revenue for the state.
BetRivers Sportsbook, under the French Lick Resort license, was joined by heavyweight DraftKings, under the Ameristar Casino license, in early October as the first to launch their virtual windows. FanDuel, the largest online sports betting brand in the US, which is operating under the Blue Chip Casino license, launched later in the month. Te three online sportsbooks combined to take in $48.01m in bets — 52 per cent of the state's total handle — which netted $4.2m in gross receipts. DraftKings led the way by posting a $39.4m handle,
Third quarter up 22 per cent but Century misses estimates
Canada
Century Casino reported that its operating revenue increased by 22 per cent to $52.9m in the third quarter, driven by a rise in Canadian revenue of 41 per cent to $22.06m. Earnings from operations were $3.5m, an increase of eight per cent from the three months ended September 30, 2018.
“Operations at Century Mile continue to ramp up and we are pleased with the revenue generated at the property, which is in line with our expectations. We continue to analyse the cost structure, staffing levels and efficiencies of Century Mile to achieve the margins we expect, which is normal during the first phase of
followed by BetRivers ($6.3m), and FanDuel ($2.4m). Much of that is new money, too. DraftKings reported last month that 58 per cent of its Hoosier State registrants have been new customers. And there is plenty more growth to be had. In Pennsylvania, for instance, about 75 per cent of all bets are made online. In New Jersey, online bets account for about 85 per cent of the state's handle.
"Online sports betting is a key accelerator in the growth of any legal sports betting jurisdiction that offers it," Gouker said. "But Indiana's potential online market is particularly substantial. Indiana does not require out-of- state bettors to register in person at a retail sportsbook, so out-of-state residents simply need to cross the state line to place a bet."
And Chicago-area residents are already crossing the state line in droves. Horseshoe Hammond, near Chicago, generated an Indiana-best handle of $10.7m, which was up from $8.98m in September. Tat yielded $1.7m in gross receipts, which was up from $2.1m. Horseshoe Casino - Hammond was followed by Hollywood Casino - Lawrenceburg near Cincinnati ($6.9m in bets, up from $5.2 m; $843,970 win) and Ameristar Casino in East Chicago ($6.8m handle, up from $5.4m in September; $1m win).
operations," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. "We look forward to closing the Eldorado Acquisition and see some short-term low-cost measures that we can implement to improve performance.”
On June 17, 2019, the company entered into a definitive agreement to acquire the operations of Isle Casino Cape Girardeau, Lady Luck Caruthersville and Mountaineer Casino, Racetrack and Resort from Eldorado Resorts for $107m, financed through a new credit facility. Simultaneous with the closing of the Acquisition, VICI Properties will acquire the real estate assets of the three properties for approximately $278m and the company will enter into a triple net lease agreement with VICI for the three casino properties.
Colorado
Reno-based operator Monarch Casino & Resort now expects its Monarch Casino Black Hawk expansion project, including the hotel, expanded casino, restaurants and public areas, to be fully open in Colorado in the first quarter of 2020. Te remaining remodelling of some areas of the existing casino is expected to be completed in the second quarter of 2020. Te company paid $76m when it acquired Monarch Casino Black Hawk, formerly Riviera Black Hawk Casino, in 2012. Te work includes upgrades to the interior, which were completed in August 2015, and additional work to tie the two buildings together, that will be performed in the fourth quarter of 2019, demolition of the original garage, and upgrades to the exterior of the existing facility to match the design of the master planned expansion.
NEVADA – Caesars Entertainment saw its revenues increase by 2.3 per cent to $2.24bn in the third quarter of 2019 driven by growth across all of the company’s business verticals and favourable hold in Las Vegas. It reported a loss of $359m although the quarter was described as ‘solid.’
Gaming revenues were up by 17 per cent due to $37m of favourable year-over-year hold in increased gaming volumes. Total gamming volumes increased two per cent year-over-year. Table revenue was up 2.5 per cent led by baccarat up 18 per cent and slot revenue was up 1.7 per cent. Las Vegas cash hotel revenues grew 8.1 per cent year-over-year, making the highest third quarter Las Vegas cash hotel revenue in company history.
Tony Rodio, CEO of Caesars Entertainment, said: "We are pleased to have delivered solid financial results in the third quarter with net revenue growth across all business verticals, despite headwinds across our portfolio. Revenue performance was driven by our Las Vegas region due to increased consumer demand, with particular strength in the hotel business which continues to outpace prior years across properties. Coupled with corporate expense reductions, this led to strong adjusted EBITDA growth as well as margin expansion."
“We are very pleased that we were able to deliver these strong results in the third quarter despite headwinds across our portfolio, including road closures in Indiana, which impacted visitations at Hoosier Park and Indiana Grand, also the temporary closure of the Colosseum at Caesars Palace and rooms at Harrah's Las Vegas for renovation,” he added.
US – Everi Holdings’ Board of Directors has appointed Atul Bali to the Board. Mr. Bali, whom the Board has determined satisfies the criteria as an independent director for the purposes of New
York Stock Exchange rules. His appointment expands the size of the Board to eight members.
We are delighted to welcome Atul to Everi and believe his distinguished record of board service, leadership and entrepreneurial experience make him an ideal addition to the Company’s Board of Directors,” said E. Miles Kilburn, Chairman of the Board of Everi. “Atul’s wealth of experience in online gaming and global sports betting, as well as his tenure in lottery and payments businesses, will serve the Company well. We look forward to benefiting from his counsel and expertise, as we continue to focus on the growth opportunities and executing our strategies that will take Everi to the next level of performance for all our stakeholders.”
NEWSWIRE / INTERACTIVE / MARKET DATA P29 NORTH AMERICA
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