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Future of The Palms Hangs in the Balance NORTH AMERICA


US - PointsBet picks Evolution for Live Casino Evolution Gaming has been selected by PointsBet for its rollout of Live Casino services in the US online gambling market. Commenting on the partnership, Seth Young, Chief Innovation Officer at PointsBet, stated: “We are thrilled to partner with Evolution Gaming to launch Live Casino technology in US jurisdictions, where we plan to offer our proprietary online casino platform. The addition of Evolution Live Casino extends the appeal of PointsBet’s premium product in the rapidly growing US market.”


Sebastian Johannisson, Chief Commercial Officer at Evolution Gaming, added: “Evolution’s Live Casino portfolio offers PointsBet a rich mix of world-leading online Live Casino games including classic table games, online Poker variants that are big favourites with US players, and our new generation of award- winning, record-breaking game show games. In addition, PointsBet will have the option of exclusively branded dedicated tables and environments, should they require these.”


Originally founded in Australia, PointsBet is currently operational in New Jersey, Indiana, and Iowa, offering both online and land-based sports betting. PointsBet entered the US market in July 2018 when it gained a commercial licence to operate as an online corporate bookmaker in New Jersey and commenced taking bets in the Garden State in January 2019. Since then, PointsBet has built a national footprint by entering into a number of other agreements to expand US operations into other states, subject to the passing of enabling legislation.


US - First Everi games for LotoQuebec Everi Digital has begun delivering its online gaming content to Lotoquebec.com via its proprietary Remote Game Server (RGS). Everi partnered with Scientific Games’ OpenGaming ecosystem to bring its land- based games to Quebec players online. This partner-operator collaboration launched with six of Everi’s player popular titles including Star Magic, Vortex, Tiger 7’s, Double Jackpot, Smokin 777, and Meltdown, all offered in both French and English with additional titles to follow the initial launch.


“Everi is delighted to extend our Games and FinTech partnership with Lotoquebec.com to bring our high- performing game content that dominates in land-based casinos and is a proven performer with our other leading online partner-operators to online players in Pennsylvania and New Jersey,” said David Lucchese, Everi. “This partnership demonstrates our continued Digital expansion and reaffirms our commitment to leveraging our RGS platform to provide our world class slot games to the growing community of online players in Quebec and beyond.”


“Everi’s diverse library of gaming content, from its award-winning stepper titles to its compelling video slots, augments our expanding lineup of entertaining online content which serves our players in Quebec,” said Charles Major, Senior Director, Products and Innovation, at Lotoquebec.com. “We believe the addition of Everi’s content will help us expand our audience and deepen engagement with our community of online players. We are excited to debut Everi’s content and look forward to future releases that will further enhance the entertainment experience.”


P22 NEWSWIRE / INTERACTIVE / MARKET DATA


Red Rock Resorts CEO, Frank Fertitta, disclosed that he is unsure if four of the company’s casinos, including Te Palms and Texas Station, will reopen


Red Rock revealed during the earnings call that the second quarter of 2020 was the most challenging it has faced in the 40- plus-year history of the company


NEVADA OPERATIONS


During a second-quarter earnings call, Frank Fertitta, Chairman and CEO of Red Rock Resorts told analysts that he did not know if or when the company was to reopen any of its closed properties, including its Las Vegas Palms resort.


Te Palms, Texas Station, Fiesta Henderson and Fiesta Rancho have yet to reopen as Red Rock seeks to achieve approximately US$150m in cost reductions. Red Rock opened 16 of its 20 properties on June 4, having shuttered all locations on March 17.


Red Rock reported net revenues of $108.5m, down $482.9m in the prior quarter, adjusted EBITDA of negative $17.3m, down from $115.2m in the prior quarter, and an EBITDA margin decrease to negative 15.9 per cent for the quarter. Te results equate to a 77.5 percent drop in revenue for the second quarter, but also means that its reopened properties in Las Vegas had been performing well in the second quarter, with cash flow and margins higher than the year prior thanks to a streamlined cost structure.


During the closure period, Red Rock has reviewed and assessed every property in every department. Based upon that review, it has sought to streamline its cost structure, including significantly reducing salaries for senior executives across the company, refining and


Galaxy Gaming acquires Progressive Games Partners


Nevada


Galaxy Gaming, a developer and distributor of casino table games and enhanced systems, has closed its previously announced acquisition of all of the equity interests in Progressive Games Partners. PGP owns the exclusive worldwide online rights to a comprehensive suite of proprietary casino table games, including Galaxy’s.


Te transaction is strategically advantageous to Galaxy as it increases the company’s exposure to the iGaming market. Te transaction is also attractive financially as it eliminates the distribution fee that Galaxy pays to PGP on Galaxy-owned games and


optimising business processes, which led to staff reductions both at the property and corporate levels, reducing costs related to outside services through termination or renegotiation of vendor and other agreements. Te company has further suspended quarterly dividends, eliminated non- essential capital spending for the remainder of the year and is opening properties in a phased approach to maximise flexibility in meeting demand.


"Trough these actions we will become a much leaner and more efficient company and remain confident in our ability to permanently achieve the approximate $150m in cost reductions on the annualised run rate basis we referenced on our previous earnings call," stated Mr. Fertitta.


Te company kept its full-time employees on its payroll through the shutdown — costing the company $72m. However, the Red Rock has still cut a significant number of jobs, with Mr. Fertitta acknowledging that the workforce has been cut in half since the beginning of the crisis.


Red Rock revealed during the earnings call that the second quarter of 2020 was the most challenging it has faced in the 40-plus-year history of the company, a period that also saw the loss of its President, Rich Haskins in an accident on July 4.


gives Galaxy additional iGaming licensing revenue from several popular titles owned by other licensors. Te Company expects the transaction to be immediately accretive to earnings per share.


Todd Cravens, Galaxy’s President and CEO stated:. “Our casino clients in the physical world have been very hard-hit by the COVID-19 crisis and are generally struggling to get back to business levels they enjoyed before the lockdowns.


“By contrast, the iGaming business was a significant beneficiary of the shutdown, with US revenues in the second quarter increasing 250 per cent over the prior year. We believe more US states will consider legalising iGaming as a way to prevent tax revenue losses that occur when brick-and-mortar casinos are closed.”


Connecticut


Foxwoods Resort Casino generated slot revenue of $30.5m for the month of July 2020. Tis results in a $7.6m direct payment to the State of Connecticut.


Te resort continues to see positive feedback and adherence from guests and team members on its extensive safety measures, including temperature checks, mandatory face masks, plexiglass installations and 24/7 sanitisation of the property.


“COVID-19’s impact continues to be felt by most industries and gaming venues, but we are encouraged by guest response and traffic, and we feel our calculated and thoughtful approach in reopening Foxwoods in phases is the right move,” said Jason Guyot, Interim CEO and SVP of Resort Operations.”


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