Wire EMEA
Rank Buoyed by Spain and Online
Rank Group, the operator of Grosvenor Casinos and Mecca Bingo in the UK, saw gaming revenue fall by 72 per cent in its third quarter.
Rank’s land-based business was almost completely wiped out in Q3 2020, 98 per cent down on the three months to March 31 last year.
UK CASINO OPERATIONS
Holland - Clarion promises historic iGB Live! Clarion Gaming, organisers of iGB Live! and the co- located iGB Affiliate Amsterdam (September 28 to October 1, RAI Amsterdam) has confirmed details of new business-centric at-show features which have been created to meet the needs of the iGaming and Affiliate communities. The features comprise the iGB Slots Pavillion, iGB eSports Streamers and MATCH!/VIP Programme.
Expanding on the addition of new content and features to the iGB Live! experience, iGB Live! portfolio director Naomi Barton said: “The Slots Pavilion will comprise one central marketplace featuring operators, both new and established games studios, aggregators and platforms as well as affiliates. Key trends that will be explored include the evolution of hybrid slot games that blend skill and chance as a strategy to engage with new generations of younger players including those who play in groups.
“Alongside the Slots Pavilion, delegates will have access to the iGB eSports Streamers activation, which will showcase the critical role streamers play in the affiliate and core eSport betting sector. The MATCH!/VIP Programme is an initiative that’s been developed to connect the right buyers with the right sellers/suppliers in a live environment and in order to facilitate productive business networking.”
Croatia - EGT Int. grows footprint with Adria EGT Interactive has agreed a partnership with Adria Casino Croatia under the Senator's brand.
Todor Zahariev, the Managing Director of EGT Interactive, commented: "Senator is a well-known brand in Croatia with an impressive reach on the market. We are certain that the well-known portfolio of EGT games in Croatia will additionally support the growth of the online brand of Senator and bring great results for both of us. "
Dimitar Deskoski, CEO at SENATOR Croatia, commented: ”We are happy to expand our collaboration with EGT Interactive to an exciting iGaming market and we believe that together we can achieve the best results and ensure the growth of our companies, both in the Croatian and international market.”
France - PandaScore appoints PandaScore has strengthened its team with the appointment of Oliver Niner as Head of Sales who will play a significant role in driving growth through securing new
client partnerships. Niner has extensive industry experience having held roles at Betgenius, Marathonbet, PIMS SCA and Atlas IAC.
P10 WIRE / PULSE / INSIGHT / REPORTS
Rank Group, the operator of Grosvenor Casinos and Mecca Bingo in the UK, saw gaming revenue fall by 72 per cent in its third quarter with land- based almost completely wiped out at 98 per cent down on the three months to March 31 last year.
During the quarter all UK venues were closed. In Spain, nine Enracha venues were open and operating by the end of Q3 and experiencing strong customer demand, albeit under very strict capacity restrictions. Digital delivered sequential quarterly NGR growth on Q2, LFL up three per cent and the total, including Stride, rose four per cent. Te focus remains upon growing Digital NGR and Rank expects a return to year-on-year growth in Q1 2021/22.
In Q3, Grosvenor Digital NGR was down two per cent, compared to Q2. Mecca Digital continued to improve, with Q3 NGR up four per cent on Q2. Stride NGR was up seven per cent on Q2. Yo continued to accelerate, with NGR up 10 per cent on Q2.
John O'Reilly, CEO of Rank, commented: "We have ended Q3 broadly where we expected to be
Codere puts forward liquidation plan to stay afloat until reopenings
Spain
Spanish gambling giant Codere has reached an agreement with creditors to invest €225m, giving it breathing space until its businesses fully reopen following the COVID closures.
However, the agreement sees creditors take control of Codere's operating business in a restructuring deal that will see Codere move into liquidation. Shares in the operator fell by 12 per cent to €1.08 after news of the announcement broke. Ownership of the operating business will transfer to a new holding company, with bondholders taking a 95 per cent share.
Codere shareholders will take just a five per cent stake stake. Tey will though be given the
and are now very focused on the reopening of our UK venues from 17 May alongside continuing to drive digital NGR growth.
“Our business has inevitably been heavily impacted by the pandemic but, with the strong support and dedication of our colleagues, we are now very much looking forward to reopening our casino and bingo venues, welcoming back our customers and providing the great entertainment and omni-channel service in a COVID safe environment we know they enjoy.”
Te Group ended the quarter with total cash and available facilities of £89.8m, comfortably achieving its minimum liquidity covenant of £50m. During the quarter the Group received a £13.4m duty refund following the Supreme Court's decision in favour of another taxpayer on the treatment of free gaming chips.
Te amount of deferred rent has reduced to £13.9m from £17.3m at 31 December 2020. Since the quarter end, the Group completed the sale of its Blankenberge casino in Belgium and received the associated £25m of cash sale proceeds, further bolstering cash reserves.
right to receive up to 15 per cent of a valuation greater than €220m in any future sale of the company that takes place within a period of 10 years.
Codere said the new agreements 'already have majority shareholder support' adding: “With the implementation of this restructuring, which will foreseeably be concluded at the beginning of the fourth quarter of the year, Codere hopes to ensure the future of the company – thanks to the trust of its bondholders in the group’s perspectives, in its management team and in the more than ten thousand employees that make up the organisation.”
As well as seeing €225m invested into the company, €350m worth of debt will be transformed into equity. An extension of at least three years of the current maturities was also agreed in September 2026 and November 2027.
Isle of Man
Real Luck Group and its subsidiary companies doing business as Luckbox, a leading provider of licensed, real money esports betting, welcomes the announcement by the International Olympic Committee (IOC) to launch the Olympic Virtual Series.
Te IOC announced that it has partnered with five international sports federations for the first- ever, Olympic-licensed event for physical and non-physical virtual sports. Taking place ahead of the Olympic Games Tokyo 2020, the Olympic Virtual Series ("OVS") will begin on May 13, 2021 through June 23, 2021. Te OVS will mobilise virtual sport, esports and gaming enthusiasts from around the world in order to reach new Olympic audiences and meet the objectives of the IOC's Olympic Agenda 2020+5, while also encouraging the development of physical and non-physical forms of sports.
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