Gambling in the USA
Red Rock Resorts Announces Second Quarter 2020 Results
Red Rock Resorts, Inc. reported financial results for the second quarter ended June 30, 2020.
The unprecedented challenges presented by the COVID-19 pandemic have significantly impacted the Company’s business operations.
On March 17, 2020, the Governor of Nevada ordered a statewide shutdown of all nonessential businesses, including casinos, in an effort to reduce the spread of COVID-19. Similarly, the Graton Casino Resort, which is managed by the Company, closed on March 17th. What originally began as a thirty day shutdown in Nevada ended seventy-nine days later.
On June 4, 2020, the Company reopened its Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station properties, together with its Wildfire properties. The Graton Casino Resort also partially reopened on June 18, 2020.
Second Quarter Results:
Net revenues were $108.5 million for the second quarter of 2020, a decrease of 77.5%, or $374.4 million, from $482.9 million for the same period of 2019, due to the closure of all of the Company’s properties, as explained above.
Net loss was $118.4 million for the second quarter of 2020, a decrease of $111.4 million, from a net loss of $7.1 million for the same period of 2019, due to the closure of all of the Company’s properties, as explained above.
Adjusted EBITDA(1) was negative $17.3 million for the second quarter of 2020, a decrease of 115.0%, or $132.5 million, from $115.2 million in the same period of 2019, primarily due to the closure of all of the Company’s properties, as explained above.
Las Vegas Operations
Net revenues from Las Vegas operations were $101.0 million for the second quarter of 2020, a decrease of 77.9%, or $356.7 million, from $457.8 million in the same period of 2019, due to the closure of all of the Company’s Las Vegas properties, as explained above.
Adjusted EBITDA from Las Vegas operations was negative $12.1 million for the second quarter of 2020, a decrease of 111.4%, or $118.1 million, from $106.0 million in the same period of 2019, primarily due to the closure of all of the Company’s Las Vegas properties, as explained above.
Despite the severe impact of the COVID-19 pandemic on our operating results for the three and six months ended June 30, 2020, our Las Vegas properties showed strong performance for the post-reopening period from June 4 through June 30, 2020. As compared to the same period in the prior year, net revenues decreased 23.3%, Adjusted EBITDA increased 46.8% and Adjusted EBITDA margin increased 2,192 basis points to 45.9%, yielding our highest June EBITDA margin ever. The improved operating results were due in large part to our streamlined cost structure. However, these operating trends are based on the limited period that the properties were open in June and there can be no assurance that these trends will continue at our properties that have reopened or recur at our other properties when or if they reopen.
Native American Management
Adjusted EBITDA from Native American operations was $5.2 million for the second quarter of 2020, a 76.3% decrease from $22.0 million in the same period of 2019, primarily due to the temporary closure of Graton Casino Resort.
Balance Sheet Highlights
The Company’s cash and cash equivalents at June 30, 2020 were $270.1 million and total principal amount of debt outstanding at the end of the second quarter was $3.3 billion.
The renowned Mexican operator Logrand has installed Zitroâs new CONCEPT cabinets and a selection of its latest games at the New York Casino in Monterrey.
Building on its global success, the CONCEPT cabinet line stands out for its Magic Lighting, immersing players in a synchronized light display, resulting in a unique sensory experience. Furthermore, the cabinetâs large Screen Deck blends comfort with intuitive functionality, optimizing the experience for players and operational teams.
The installation of the CONCEPT cabinets is complemented by the addition of the medieval-themed multi-game Legendary Sword, in which players can double their prizes through unique mechanics with the help of a magic sword.
On the other hand, Fairyland Quest takes players to an enchanted forest where Magic Mushrooms give access to a different bonus each, while a friendly Fairy will give a special bonus that doubles the playing area.
Juan David Baracaldo, Director of Operations and Product, highlighted: âThe addition of Zitroâs CONCEPT cabinets is a great step to continue offering unique and high-quality experiences to our players. The unique combination of technology, spectacular graphics, and the experience these cabinets offer will further elevate our casinoâs entertainment offering.â
For his part, Johnny Ortiz Viveiros, founder of Zitro, expressed: âWe are very excited to strengthen our partnership with Logrand, a strategic partner that shares our vision of providing exceptional gaming experiences. The new CONCEPT cabinets and games like Legendary Sword and Fairyland Quest are just the beginning of what will transform how players enjoy entertainment.â
Sky River Casino has announced that an Elk Grove resident has won a whopping $511,311 while playing progressive blackjack on March 31, 2025. The Sky River Rewards member hit the big win after playing the table game for less than an hour.
âOur progressive table games and slot machines continue to be really hot here at Sky River Casino. Our players have had an impressive number of life-changing jackpots and our winning streak continues. We look forward to the next big win and welcome adults near and far to visit to explore and enjoy our high-energy atmosphere, lively promotions, exciting gaming, and unparalleled dining experiences,â said Michael J. Facenda, President of Sky River Casino.
The lucky local guest plans to use her winnings to renovate a kitchen and build a house back home.
âWithout question, the best part of my job is watching our valued members and guests experience jaw dropping wins like this one. We all share in the incredible excitement that is absolutely contagious and can be felt throughout the casino,â said Charleen Ripley, VP of Casino Operations for Sky River Casino.
Gambling in the USA
BMM INNOVATION GROUP SHOWCASES ITS SUPPORT FOR TRIBAL SOVEREIGNTY AT INDIAN GAMING CONFERENCE & EXPO MARCH 31 – APRIL 3 AT SAN DIEGO CONVENTION CENTER
Company to sponsor, attend, and speak at the San Diego, California show.
BMM Innovation Group (âBMM,â âBIG Group,â or âBIGâ), a technology conglomerate focused on product compliance testing, cybersecurity solutions, and virtual training for the global gaming industry, today announced its sponsorship and participation in the Indian Gaming Associationâs (âIGAâ) annual IGA Conference & Expo, March 31-April 3 at the San Diego Convention Center.
With over three decades of experience supporting Tribal gaming, BIG will be on-site as sponsors, speakers, and attendees to reinforce the Companyâs steadfast commitment to Tribal sovereignty and self-regulation.
Proud Partners in Tribal Progress
The BIG Groupâs Chairman, President, and Chief Executive Officer Martin Storm said, âBMM proudly partners with Tribal governments, Tribal casinos, and Tribal gaming equipment and technology suppliers to advance Tribal sovereignty, self-determination, and economic development. We are honored to continue supporting the growth and integrity of Tribal gaming through our trusted product compliance services, world-class training and virtual education, and our cybersecurity solutions to protect Tribal enterprises.â
BMMâs long-standing relationships with Tribal gaming suppliers and regulators are at the heart of its mission. As active members of IGA and other key Tribal organizations, BIG is committed to elevating Tribal voices and ensuring Tribal interests remain at the forefront of industry growth.
BIG Group Shares Thought Leadership on Conference Panels and Trainings
- In addition to sponsoring and attending, the BIG Groupâs expert thought leaders will speak and provide in-person training at the conference:
- Tuesday, April 1 at 9 am: Innovation vs. Regulation: Keep Pace with Emerging Gaming Technologies â Sean Mason, Senior Director of Tribal Services
- Tuesday, April 1 at 4 pm: Gaming and Cyber Risk Best Practices â Mitigate Risk and Sleep Better at Night â Heather Lee, Senior Director of Sales for BIG Cyber
- Wednesday, April 2 at 9 am: Level III Commissioner Certification Training â Peter Nikiper, Director of Technical Compliance
Unmatched Expertise in Product Compliance and Certification
As a trusted testing laboratory for Tribal gaming jurisdictions across North America, BMMâs focus is fairness, integrity, and security in every gaming environment. IGA attendees are invited to connect with BMM experts to learn more about the Companyâs comprehensive product compliance programs.
Education & Training for Long-Term Success
BIG continues to empower Tribal gaming employees through exclusive education and training programs, including free access to RG24seven Virtual Training. These knowledge-sharing initiatives are designed to support responsible gaming, regulatory compliance, and the long-term sustainability of Tribal gaming operations.
Cybersecurity Solutions Tailored for Tribal Gaming
The BIG Group is focused on bolstering cybersecurity defenses for Tribal enterprises through its BIG Cyber services, which includes penetration testing, vulnerability assessments, PCI:DSS evaluations, and a host of managed security services featuring CYREBROâs Security Operations Center, KnowBe4âs security awareness training, and Maxxsureâs risk management platform.
-
Latest News3 days agoA247 Launch in Brazil Powered by Delasportâs Turnkey Solution
-
Canada5 days agoPlaynetic granted Ontario supplier license
-
Latest News5 days agoAC Milan Announces New Partnership with Reals
-
Latest News5 days agoAll set for the start of the 2025 edition of BiS SiGMA Americas
-
Latest News4 days agoBMM TESTLABS PROMOTES DANIEL MAGARINOS TO SENIOR DIRECTOR, GAMING â LATAM
-
Gambling in the USA4 days agoSky River Casino Guest Wins Half-million Dollars Playing Progressive Blackjack
-
Latest News4 days agoOKTO Sets New Standards in Digital Payments at BIS SIGMA Americas
-
Canada4 days agoELK Studios Expands Partnership with SkillOnNet to Ontario Market