Industry News
Seminole Tribe of Florida and Hard Rock International Honored with Freedom Award from PACT
The Seminole Tribe of Florida and Hard Rock International have received a Freedom Award from PACT (Protect All Children from Trafficking) at the recent Freedom Awards Benefit at the Prince George Ballroom in New York City. PACT is the new name for the organization formerly known as ECPAT-USA.
Seminole Tribe of Florida member Durante Blais-Billie accepted the award on behalf of Seminole Tribe Chairman Marcellus Osceola Jr. and Councilwoman Mariann Billie, who were both individually recognized at the event. The award was presented by Faith Robles, an indigenous native of Mexico and survivor of human trafficking.
âThe Freedom Awards ceremony is a celebration of the progress weâve made to eliminate child trafficking and exploitation, but also a reminder of the work that still needs to be done. Every day, children in the United States and around the world are robbed of their innocence and forced into unimaginable situations. Weâre honored to be able to count on so many valuable partners to shed light on this issue and raise funds to support our work,â said PACT CEO Lori L. Cohen.
The Seminole Tribe and Hard Rock International are committed to combatting and preventing human trafficking. Seminole Gaming and Hard Rock facilities incorporate PACTâs anti-human trafficking information into their training programs for team members.
In 2022, Hard Rock signed the organizationâs Tourism Child-Protection Code of Conduct, the world’s first and only voluntary set of business principles that travel and tourism companies can implement to prevent sexual exploitation and trafficking of children. Hard Rock also launched the Social Identity Quest, an education program designed to help teens understand the risks of being lured online. Over 1.2 million students have completed the curriculum, which is taught by 60,000 teachers in high schools across 45 states.
In January, Hard Rock expanded action to strengthen the industryâs role in combatting and preventing human trafficking. It expanded its direct support for victims, survivors, and at-risk youth through partnership programs.
âHard Rock is committed to working with our community partners across the country and the world to innovate solutions that help prevent human trafficking,â said Jim Allen, Chairman of Hard Rock International.
Industry News
The Mirage Hotel & Casino to Begin Transformation into Hard Rock Las Vegas on July 17, 2024
Hard Rock International (HRI) announced its plans to cease operations of The Mirage Hotel & Casino as of July 17, 2024, to begin the transformation of the property into the highly anticipated Hard Rock Hotel & Casino and Guitar Hotel Las Vegas (HRHCLV).
Hard Rock will develop a new integrated resort featuring a nearly 700 ft. guitar-shaped hotel towering prominently in the center of the famous Las Vegas Strip.
âWeâd like to thank the Las Vegas community and team members for warmly welcoming Hard Rock after enjoying 34 years at The Mirage. Weâd also like to thank the Unions, community leaders, local and state government organizations and the Gaming Commission for their support and fair negotiations over the past year. Also, we are grateful to MGM for assisting with our transition,â Jim Allen, Chairman of Hard Rock International, said.
âWhile we pause for the incredible transformation of this iconic property, Iâd like to thank all team members at The Mirage for their incredible commitment and helping us provide memorable experiences for our guests. We are planning to host collaborative hiring events with other employers in the Las Vegas community over the coming months. Connecting the thousands of talented Mirage team members who provide outstanding service with new employment opportunities is a top priority,â Joe Lupo, President of The Mirage, said.
HRHCLV is expected to double the current number of jobs at The Mirage for the Las Vegas community, while the renovation of the property will generate over 2500 construction jobs. Hard Rock will pay approximately $80 million in severance packages for eligible union and non-union employees remaining with the property through cessation of operations.
Industry News
Wynn Resorts Limited Reports First Quarter 2024 Results
Wynn Resorts Limited has reported the financial results for the first quarter ended March 31, 2024.
Operating revenues were $1.86 billion for the first quarter of 2024, an increase of $439.2 million from $1.42 billion for the first quarter of 2023. Net income attributable to Wynn Resorts, Limited was $144.2 million for the first quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $12.3 million for the first quarter of 2023. Diluted net income per share was $1.30 for the first quarter of 2024, compared to diluted net loss per share of $0.02 for the first quarter of 2023. Adjusted Property EBITDAR was $646.5 million for the first quarter of 2024, compared to Adjusted Property EBITDAR of $429.7 million for the first quarter of 2023.
âThe strong momentum we experienced in our business throughout 2023 continued to build during the first quarter with Adjusted Property EBITDAR reaching a new all-time record. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets. On the development front, vertical construction on the hotel tower at Wynn Al Marjan Island is well underway, and we are confident the resort will be a âmust seeâ tourism destination in the UAE. We are excited about the outlook for the Company, and we believe we are well positioned to deliver continued long-term growth,â Craig Billings, CEO of Wynn Resorts Limited, said.
Consolidated Results
Operating revenues were $1.86 billion for the first quarter of 2024, an increase of $439.2 million from $1.42 billion for the first quarter of 2023. For the first quarter of 2024, operating revenues increased $217.5 million, $181.0 million, $49.8 million, and $1.5 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the first quarter of 2023.
Net income attributable to Wynn Resorts, Limited was $144.2 million for the first quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $12.3 million for the first quarter of 2023. Diluted net income per share was $1.30 for the first quarter of 2024, compared to diluted net loss per share of $0.02 for the first quarter of 2023. Adjusted net income attributable to Wynn Resorts Limited was $176.8 million, or $1.59 per diluted share, for the first quarter of 2024, compared to adjusted net income attributable to Wynn Resorts, Limited of $33.3 million, or $0.29 per diluted share, for the first quarter of 2023.
Adjusted Property EBITDAR was $646.5 million for the first quarter of 2024, an increase of $216.8 million compared to Adjusted Property EBITDAR of $429.7 million for the first quarter of 2023. For the first quarter of 2024, Adjusted Property EBITDAR increased $91.3 million, $92.4 million, and $14.7 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $0.3 million at Encore Boston Harbor, from the first quarter of 2023.
Wynn Resorts Limited also announced that its Board of Directors has declared a cash dividend of $0.25 per share, payable on May 31, 2024 to stockholders of record as of May 20, 2024.
Industry News
Bragg Gaming Group First Quarter Revenue Rises 4.2% to EUR 23.8 Million
Bragg Gaming Group, a global B2B content-driven iGaming technology provider, reported record financial results for the first quarter of 2024.
MatevĆŸ Mazij, Chief Executive Officer for Bragg, commented: âWe carried our strong momentum in 2023 into the first quarter, delivering robust growth that underscores the ongoing success of our efforts to transform Bragg into a content-focused iGaming solutions provider across expanding North American and European markets. Year-over-year revenue increased by 4.2% to EUR 23.8 million, largely propelled by organic growth from our current client base, the addition of new customers in multiple jurisdictions, and impressive results from our in-house Wild Streak Gaming casino games studio.
âAlthough gross profit and Adjusted EBITDA saw modest decreases in the first quarter stemming from the extension and renegotiation of our agreement with Entain Plc to provide our PAM platform to BetCity.nl through 2025, we maintain a strong belief in our ability to achieve long-term growth and profitability. Our proprietary and exclusive third-party content continues to gain ground with an increasing number of top-tier operators globally, and we introduced a total of 19 new exclusive titles worldwide in the first quarter of 2024.
âAdditionally, as we continue to make encouraging progress on our strategic alternatives review process, itâs important to emphasize that we are operating the business as usual and remain laser-focused on capitalizing on growth opportunities.
âWith that in mind and in response to the increasing demand and growth in the iGaming marketplace, subsequent to quarter end, we took two significant steps to further fuel our growth initiatives. First, we secured a USD 7.0 million investment through a promissory note, enhancing our balance sheet flexibility as we continue to execute our strategy and explore strategic alternatives to maximize shareholder value.
âSecond, we bolstered our leadership team with the appointment of Neill Whyte as our new Chief Commercial Officer. With over 18 years of iGaming experience and a proven track record of driving growth through successful commercial partnerships, Neillâs expertise will be invaluable as we leverage our extensive content and product portfolio to expand in existing and new markets. This key hire is another testament to how we are scaling our organization for sustained growth and profitability.
âWhile the strategic review process progresses, we remain bullish on the opportunities ahead as the trend of iGaming regulation continues worldwide. We see exciting potential in newly regulating markets like Brazil, Peru and Finland, as well as untapped opportunities in regions like Africa that we are actively exploring.
âThe strategic moves we have made have established Bragg as a vital content provider for premier international iGaming operators, reinforcing our base for reliable and lucrative growth. Equipped with the appropriate strategies, financial resources, and talent, we are well-prepared to maintain our business momentum while pursuing initiatives that foster cash flow growth and deliver increased value to our shareholders.â
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