MGM's Revenues up 10 per cent in 2019
MGM Resorts revenue increased by four per cent in Q4 to $3.2bn with full year revenues, net revenues increasing by 10 per cent to $12.9bn in 2019
"We are proud of the progress we made during 2019 as we took important steps to evolve our organisation," said Jim Murren, outgoing Chairman
US CASINO OPERATIONS
MGM Resorts saw its revenue rise by four per cent in the fourth quarter of the year to $3.2bn with full year revenues, net revenues increasing by ten per cent to $12.9bn in 2019, although it warned of 'several headwinds' that would restrict revenue growth in 2020.
Consolidated operating income increased to $3bn compared to $336m in the prior year quarter. Te current year quarter included a $2.7bn gain related to the Bellagio real estate transaction but also saw a decrease in tables games revenues driven by Far East baccarat at the company's domestic resorts and the inclusion of $24m in insurance proceeds in the prior year quarter. Excluding Circus Circus Las Vegas, which was sold in December 2019, and the impact of the insurance proceeds, consolidated Adjusted EBITDAR increased three per cent compared to the prior year quarter. Revenues in Las Vegas were up by four per cent to $1.4bn whilst regional was up by 15 per cent and included $50m in net revenues from Empire City Casino, which was acquired on January 29, 2019, and $68m in net revenues from MGM Northfield Park's operations, which was acquired from MGP on April 1, 2019.
"We are proud of the progress we made during 2019 as we took important steps to evolve our organisation," said Jim Murren, now the outgoing Chairman and CEO of MGM Resorts.
Century Casinos partners with Circa Sports Colorado
Colorado
Century Casinos has partnered with Circa Sports Colorado as one of its Internet Sports Betting Operators in Colorado. Te company, through a subsidiary, and Circa Sports have submitted applications with the State of Colorado to obtain the necessary licenses prior to May 1, 2020.
Te Circa Sports mobile sports betting app will operate in association with one of the Colorado Master Licenses for sports wagering held by the company's subsidiaries.
"We are excited to be at the forefront of sports betting in
"However, our fourth quarter results were below our expectations, primarily due to lower than expected hold, weakness in Far East baccarat, and certain one-time items. All other dimensions of our business in Las Vegas performed on or ahead of plan. For full year 2019, we generated strong consolidated net revenue and Adjusted EBITDAR, which increased 10 and six per cent, respectively, year over year. We are also executing on our stated MGM 2020 plan, which is realising material cost savings and revenue enhancements and transforming the way we operate to position MGM Resorts for future growth and long-term value creation. Finally, we were pleased to return more than $1.3bn to shareholders in the form of dividends and buybacks in 2019."
Mr. Murren concluded: "Looking ahead, we remain focused on monetising our remaining owned real estate assets, which we expect will allow us to invest into high growth initiatives such as Japan and sports, as well as continue to further fortify our balance sheet and return capital to shareholders." MGM Resorts expects several headwinds in calendar year 2020. As a result of the increased volatility in the business due to coronavirus as well as the market-wide weakness in Far East baccarat in Las Vegas, MGM Resorts believes it is appropriate to withdraw its fiscal 2020 full year financial targets.
Colorado with our partners at Century Casinos," said Derek Stevens, CEO of Circa Sports. "Colorado has proven to be an ideal place to mark the official expansion of Circa Sports outside of Nevada with its pro- growth regulatory environment.
“Furthermore, the Colorado Division of Gaming has done an excellent job to ensure a seamless application and launch process,"
Mr.Stevens concluded.
Te Sportsbook Cooperation Agreement with Circa Sports is a 15-year agreement that includes a market access fee, a share of net gaming revenue and a minimum revenue guarantee payable to the Company each year. Te app is expected to launch on or about May 1, 2020.
US
Intralot Inc. and Sportradar have reached agreement on a sports betting partnership for the US market. Under the terms of the deal, Sportradar will provide Intralot with all of its pre-match and live data requirements, including the official data feeds from all major US leagues. In turn, Intralot will supply this data to lotteries in the US including Washington DC, Montana, New Hampshire and New Mexico. “Intralot is a leader in the US lottery market and renowned sportsbook operator around the world,” said Neale Deeley, VP of US Sales and Gaming, Sportradar. “We are delighted at the confidence INTRALOT has in our ability to deliver high quality betting services and we look forward to powering Intralot’s sportsbook operations in the US.”
As EVP, Strategy and Corporate Development, Fabio will be responsible for IGT’s Strategy, Mergers and Acquisitions and Competitive Intelligence functions.
“Fabio Celadon is an important member of the senior leadership team at IGT,” said Marco Sala, IGT CEO. “I look forward to his continued contributions in this new role.”
US – Chris Johnston has been named CEO of Bulletproof. A strong leader with a diverse background across several industries, in recent years Chris has been integral in driving
Bulletproof growth while leading the company’s sales organisation.
This change will mark a new chapter in this company’s story, with a future led by those who have helped build it over its 20-year history. Long time Chief Executive Officer and Co-Founder of Bulletproof, Steven Burns, will be stepping down as CEO and taking on the role of Chairman/Advisor. In his new role, he will continue to be a trusted advisor to the senior leadership team.
NEWSWIRE / INTERACTIVE / MARKET DATA P31
US – The Washington state House of Representatives has voted overwhelmingly to introduce sports betting by a vote of 83-14 in favour. An emergency amendment saw the sports betting bill HB-2638 brought to the floor but the clock is ticking on whether it will become a reality before the legislature adjourns next month, due to a short legislative session with 2020 being an election year.
The legislation would allow 29 tribal casinos to renegotiate their compacts with the state to add forms of sports betting inside their casinos but they won’t allow sports betting to be launched at privately owned card rooms or racetracks.
Whilst the nearest tribal casino is 30-minute drive from the Emerald City, Nevada-based Maverick Gaming, which has been buying card rooms in the state in anticipation of sports betting being approved, has many much closer.
Over the past year, Maverick has acquired 19 of Washington’s 44 card rooms. It is likely to challenge its exclusion from the sports betting party.
US – Fabio Celadon has taken a new role as Executive Vice President, Strategy and Corporate Development for IGT. Fabio will continue to report directly to IGT CEO Marco Sala as a member of
the Company’s senior leadership team. NORTH AMERICA
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