Wire NORTH AMERICA
Caesars’ Casinos Break Q4 Records
Caesars Entertainment has reported revenues of revenues of $9.6bn in 2021, up from $3.6bn in 2020, with 31 of the company’s 52 properties setting Q4 records.
Caesars’ digital segment in Q4 generated $116m of net revenue and an adjusted EBITDA loss of $305m.
US OPERATIONS
US - Churchill Downs to buy Peninsula Pacific Churchill Downs has agreed to buy Peninsula Pacific Entertainment for $2.485bn, giving the company Peninsula’s assets in Virginia and New York as well as the operations of its Sioux City casino property.
The deal will include the del Lago Resort and Casino in New York, the Colonial Downs Racetrack and six Rosie’s Gaming Emporium venues across Virginia, with an agreement in place for Peninsula to build five additional Rosie’s venues in Virginia. It will also include the licence to build a large gaming resort in the state, called the Dumfries project and the licence to develop ONE Casino and Resort, a $565m Richmond property.
The transaction is expected to significantly expand the geographic footprint of Churchill Downs Live and its historical racing entertainment venues. The transaction is dependent on usual and customary closing conditions, including the Company obtaining approvals from the Virginia Racing Commission, the New York State Gaming Commission, and the Iowa Racing and Gaming Commission.
US - Zitro appoints Mooberry Zitro is expanding its presence in the US and Canadian markets as it welcomes Derik Mooberry as the new CEO of Zitro USA. Derik will be responsible for overseeing the
development of Zitro’s U.S. and Canada business, leading the company’s expansion strategy in these regions. Mike Magrisi will continue to lead all commercial operations and technical service as Vice President of Sales and Service, reporting directly to Derik Mooberry.
US - Inspired launches online content with GAN GAN is the latest content aggregation platform to deploy Inspired's online gaming content, giving Inspired access to GAN’s operator network in multiple US states.
“Multiple top iGaming operators in the US use GAN’s platform and we are excited to collaborate with the GAN team,” said Brooks Pierce, President and Chief Operating Officer of Inspired. “We are in the early innings of rollout in the US digital gaming industry and having GAN as a platform partner broadens our market access. Demand for our content remains strong and we are looking forward to ramping our online slot portfolio and distribution.”
“Inspired’s games have had strong performance in the US, and we are excited to include their proven popular content in the GAN library,” said Dermot Smurfit, Chief Executive Officer of GAN. “Our Super RGS system has the potential to work with any US operator including non-platform clients and we are delighted to release Inspired content to other iGaming states and customers on the roadmap in 2022 and beyond.”
P20 WIRE / PULSE / INSIGHT / REPORTS
Caesars Entertainment has reported revenues of $9.6bn in 2021, up from $3.6bn in 2020, with 31 of the company’s 52 properties setting a record for the highest fourth quarter EBITDA, while 35 set a record for the highest Q4 EBITDA margin.
In Las Vegas, demand trends remained strong throughout the quarter, leading to an all-time fourth quarter record of $494m in adjusted EBITDA, excluding real rent payments. EBITDA improved 33 per cent versus the fourth quarter of 2019 and margins improved 1,000 basis points to 48 per cent. Total occupancy for Q4 was 86 per cent with weekend occupancy at 94 per cent and midweek occupancy at 83 per cent.
Te fourth quarter produced net revenues of $2.6bn versus $1.6bn for the comparable prior- year period. Te year produced a net loss of $1bn compared to a net loss of $1.8bn for the comparable prior-year period.
Adjusted EBITDA in the quarter, excluding Caesars Digital was $886m, up 30 per cent versus Q4 of ’19 on a same-store basis. Operating results reflect new fourth quarter records for adjusted EBITDA and adjusted EBITDA margin in both our Las Vegas and Regional segments. Caesars Entertainment has exceeded its stated synergy target from its July 2020 merger with Eldorado Resorts. Caesars Sportsbook is currently live in 22 states and jurisdictions, 16 of which offer mobile wagering.
IGT to install 175 cashless machines for Missouri Lottery
Missouri
IGT Global Solutions Corporation has signed a three-year contract extension with long-time partner, the Missouri Lottery, which extends the existing agreement until June 30, 2025.
As part of this new agreement, IGT will deploy 175 new cashless GameTouch 28 self- service vending machines, expanding the lottery’s retailer base and allowing for a more dynamic user experience among players. IGT will also support the lottery’s launch of IGT’s proprietary Cash Pop draw game that offers flexibility for operators and
Tom Reeg, Chief Executive Officer of Caesars Entertainment, said: “Our quarterly operating results reflect new fourth quarter records for adjusted EBITDA and adjusted EBITDA margin in both our Las Vegas and Regional segments. Caesars Sportsbook continues to exceed our expectations for new customer registrations, deposits and market share, especially in recently launched jurisdictions.”
“Despite an increase in COVID-19 cases in late December and into January, we remain encouraged by booking trends into 2022 and beyond. While group attrition remains elevated, we began to see conventions return to Las Vegas in the back half of ’21, and the segment represented approximately 10 per cent of occupied room nights, a dramatic improvement versus the first half of ’21. In Q4 ’21, we booked a record $160m of new business in the group segment company-wide.
“Turning to our regional markets, operating results remained strong, especially in markets not impacted by COVID restrictions, construction disruption or property closures. Adjusted EBITDA, excluding New Orleans, Caesars Atlantic City and Lake Charles increased 28 per cent versus 2019, with margins improving by 750 bps to 34 per cent. On a same- store sales basis, we achieved the highest Q4 EBITDA and EBITDA margin in the regional segment in the history of the company.”
players with its easy-to-play mechanics.
“Te Missouri Lottery has trusted IGT and its industry- leading innovations to help responsibly grow our sales and fund public education in the state for more than 30 years,” said May Scheve Reardon, Missouri Lottery Executive Director. “Including Cash Pop in our game portfolio is the latest example of how IGT has continually guided us through the evolving lottery industry. Tis exciting new game will allow our players to customise their game play for personalised experiences unlike any other on the market. Additionally, expanding our retailer base with IGT’s GameTouch 28 vending machines will provide more convenience to our players.”
Wisconsin
Te Forest County Potawatomi’s tribal casinos in Wisconsin are looking to launch sports betting by the end of the year following the signature of Governor Tony Evers, approving a new compact. Te tribe runs two casinos in the Menomonee Valley and Forest County plan to launch sports betting first at Potawatomi Hotel and Casino in Milwaukee. Tribe Chairman Ned Daniels Jr. said: “We appreciate Governor Evers and his administration working with us in a government-to-government manner.” Te compact amendment comes shortly after Gov. Evers signed compacts with the Oneida Nation and the St. Croix Chippewa Indians of Wisconsin and will open the door for the Forest County Potawatomi to begin offering sports and event wagering.
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