Connect with us

Gambling in the USA

Red Rock Resorts Announces Second Quarter 2020 Results

Published

on

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.

Gambling in the USA

New Trade Association Launches Unprecedented Effort to Strengthen Responsible Online Gaming, Promote Best Practices

Published

on

New Trade Association Launches Unprecedented Effort to Strengthen Responsible Online Gaming, Promote Best Practices

 

The Responsible Online Gaming Association (ROGA), an independent trade association launched by seven of the largest U.S. legal mobile gaming companies, will actively promote a new industry-wide best practices charter, overseen by one of the world’s foremost experts in the field of responsible gaming (RG).

This unprecedented effort will be led by Dr. Jennifer Shatley, a deeply respected responsible gaming executive with more than 25 years of experience in the industry. She will serve as ROGA’s full-time Executive Director, and her role will be to facilitate widespread education to all relevant parties on the subject of responsible gaming.

ROGA will embark on a series of initiatives under Dr. Shatley’s direction. These include research, consumer and industry responsible gaming education and awareness, promoting responsible gaming best practices, an independent data clearinghouse, and an independent certification program.

Demonstrating their commitment to this endeavor, initial member companies – who together represent more than 85% of the legalized online sports betting and iGaming industry – have pledged more than $20 million in support of ROGA’s mission in year one. ROGA’s member companies include BetMGM, bet365, DraftKings, Fanatics Betting and Gaming, FanDuel, Hard Rock Digital, and PENN Entertainment.

“I am humbled, honored, and excited to be selected to lead ROGA during this important period of growth in legalized mobile gaming. Many of America’s largest legal mobile gaming operators will be establishing a framework that helps to aid in responsible gaming education and awareness. Together, our members will work alongside researchers, experts, regulators and stakeholders to promote responsible online gaming and maximize our efforts to support additional responsible gaming education and awareness. By coming together with a clear set of objectives, ROGA and our members will work to enhance consumer protections and help provide easier and more efficient access to responsible gaming tools for consumers to enjoy the entertainment of online gaming,” said Dr. Shatley.

Continue Reading

Compliance Updates

Play’n GO awarded Pennsylvania license 

Published

on

Play’n GO awarded Pennsylvania license 

 

Play’n GO has continued on its upward trajectory in North America by landing its latest US iGaming licenses and will soon supply its award-winning content portfolio to operators and players in Pennsylvania and Delaware

These licenses are the fifth and sixth obtained by the Swedish gaming giants in the USA, following New Jersey, Michigan, West Virginia, and Connecticut.

Play’n GO have taken a dual-pronged approach to its strategy in North America, with these US licenses being complimented by the company’s success north of the border in Canada, where Play’n GO was one of the first suppliers to be licensed to supply slot games in the province of Ontario.

Although early in its American journey, Play’n GO games such as Piggy Blitz, make regular appearances in the top 15 most popular titles in all of North America*.

Magnus Olsson, Chief Commercial Officer for Play’n GO, said: “Play’n GO content is the most conducive to player retention across the industry. With player acquisition costs sky high in the US, we’re pleased to be able to offer operators in Pennsylvania access to our content which will keep players coming back for more.

“We are determined to be the number one casino gaming supplier in every regulated market in the world, and given that we are thriving in more than 25 jurisdictions around the world where we have a license, we fully expect a similar success story in Pennsylvania in the coming years.”

Play’n GO is set to release more than 50 online slot titles in 2024 and is active in more than 25 regulated jurisdictions worldwide, including Ontario, New Jersey, Michigan and West Virginia in North America.

Continue Reading

Gambling in the USA

Lightning Box concocts scientific experiment with new release Experi-MENTAL

Published

on

 Light & Wonder, Inc. (NASDAQ and ASX: LNW) (together with its subsidiaries, “Light & Wonder” or “L&W”) announced the launch of its new game, Experi-MENTAL, stacked with features, modifiers and a clash with the mad scientist.

Experi-MENTAL has two in-game features to enhance the overall player experience.

This 3×5 title, exhibits the distinctive Expanding Wild Feature, which can award huge prizes for players should the Wild Brain symbol expand and replicate by five times during the Free Games round.

When players enter the mad scientist’s lab, they will stumble across the Upgrading Feature, which zaps the 9, 10, J, Q, K or A symbols into high-paying icons, including Test Tubes, Power Switch, Cat, Pug or Man. The wins are then accumulated and paid out once the reels have stopped spinning.

The Barrel Pick Feature can radio-activate the feature by awarding an extra 15 Free Games, as players are presented with highly dangerous barrels with an unknown material.

A meter appears when players select a barrel, with a red area and a green area in view. Landing on the meter’s green area ensures the Free Games round is triggered and additional games are awarded but landing in the red zone activates only the round itself.

The classic Free Games mode is unlocked when Scatter symbols appear, with five Scatters granting the maximum of 10 Free Games and the Barrel Pick Feature. During the round, Free Games can be retriggered at any time.

Experi-MENTAL is set to go live with Caesars in New Jersey, Michigan and Ontario initially, and will be available at a later date to customers of Light & Wonder’s industry-leading OPENGAMING™ platform.

 Michael Maokhamphiou, Studio Director at Lightning Box, said: “Experi-MENTAL is one Wacky slot game, and we believe it can propel our slots onto the next level.

 “During this game, players can unlock some new features, which add a dramatic element to this slot and classic round that are a cornerstone of Lightning Box’s portfolio. We are in no doubt will love taking on the mad scientist in this epic title.”

 Rob Procter, VP of Game Development at Light & Wonder, said: “2024 is going to be a big year for Lightning Box and the launch of Experi-MENTAL gives players the opportunity to showcase this thrilling game.

 “With a variety of different features exhibited on this captivating title, it sets Lightning Box apart from its competitors, ensuring the player experience is unrivalled.”

Continue Reading

Trending

GamingAmericas.com (part of HIPTHER) is your one-stop portal for the latest news, insights, and analyses in the gaming industry across the Americas. From legislative updates and market trends to interviews with industry leaders, we provide a comprehensive look at the dynamic landscape of both online and land-based gaming. Whether you're a stakeholder looking to stay ahead of the curve or a gaming enthusiast eager for reliable updates, GamingAmericas.com has got you covered. Follow us on social media and subscribe to our newsletter for real-time updates and exclusive content. Make informed decisions and stay ahead in the game with GamingAmericas.com.

Disclaimer: All the information provided is for educational and entertainment purposes only. Always check your local laws before participating in any gaming activities.

Copyright © 2018 – 2024, HIPTHER. All Rights Reserved.