Gambling in the USA
Inspired Generates Revenue of $71.7M in Fourth Quarter of 2020
Inspired Entertainment has generated total revenue of $71.7m and adjusted EBITDA of $34.9m in the fourth quarter of 2020.
These results include a payment from a UK LBO customer related to the company’s contractual revenue share of their value-added tax rebate, which positively impacted revenue by $32.5m and adjusted EBITDA by $31.7 million (in conjunction with third party fees).
Lorne Weil, Executive Chairman of Inspired, said: “October was a stellar month and indicated how quickly we could recover before our land-based businesses went back into lockdown in November and December.”
“Our October monthly revenue of $21.2m and adjusted EBITDA of $6.8m, or 32 per cent of total revenue, was nearly 20 per cent above October 2019 and the highest monthly levels we experienced in 2020, excluding the VAT-related income.
“This follows the general pattern we saw of sequential monthly growth throughout the third quarter 2020 following the second quarter lockdown.
“Importantly, year to year growth in October occurred despite the fact that October performance was impacted by pub curfews in early October and the introduction of tiered closures in the second half of the month.”
The Company’s business across its online virtuals and interactive channels showed strength in the quarter with revenues increasing sequentially from $3m in October to $3.3m in November to $4.2m in December. This reflects year-over-year growth of 89%, 95% and 99%, respectively, over $1.6m, $1.7m and $2.1m in the same months in 2019.
Weil continued: “While the UK is expected to remain on lockdown through the first quarter 2021, based on the UK Prime Minister’s public statement on February 22, and assuming achievement of key goalposts, the UK will ease lockdown restrictions in stages with LBOs reopening in April, pubs and holiday parks reopening in May and an end of the lockdown by June 21.
“By the end of the second quarter 2021, assuming the UK ends its lockdown, we would expect our UK business to be on a run rate similar to where we were in the third quarter 2020 when we generated $17.1m in adjusted EBITDA, excluding VAT-related income, at current exchange rates.”
Weil concluded: “Furthermore, by the third quarter 2021, we expect to have the added benefit of our online business having grown substantially year over year with continuing expectations for growth from that higher starting point due to a strong business development pipeline, including new commercial agreements in existing territories, jurisdictional expansion in North America, Europe and South America and continued strong product development across both Interactive and online virtual sports.
“We also expect to have our holiday park business back to pre-pandemic levels, which was not the case in the third quarter 2020 given local restrictions.
“We’re confident that, as we did last time, we will recover quickly once lockdowns are lifted to emerge from this pandemic even stronger than before with a lower cost structure, improved liquidity, a larger customer base and increased growth opportunities.”
Revo Casino and Social House in Conway, New Hampshire, has held its grand opening on Tuesday.
The Conway property is the latest addition to Revo’s growing presence in New Hampshire, joining locations in Dover, Lebanon, Manchester, and Keene.
Revo Casino and Social House’s new amenities include:
• Rebels: A bold dining experience with a full bar and great game-day energy. Revo’s signature restaurant serves up flavorful dishes like the Rebel Smash Burger, flatbread pizzas, and prime rib, making it the perfect spot to eat, drink and enjoy the action.
• Rebel Stage: Featuring live music every weekend.
• Revo Studio powered by iHeartMedia: An in-house broadcast center featuring live iHeart broadcasts. The studio also drives the Soundtrack of the Revolution, a curated music selection that sets the energy and vibe of the property.
Gaming Highlights: 75 thrilling casino machines, including Ultimate Fire Link Explosion, Huff N Even More Puff, and Devil’s Lock. Table games, including blackjack, roulette, and poker tables.
Speakers and guests at the event included Revo President Aaron Gomes, Executive Director of Mount Washington Valley Promotions Lisa DuFault, and the Mount Washington Valley Chamber of Commerce.
“It’s exciting to open Revo Casino and Social House and see the community’s enthusiasm for our gaming, entertainment and dining options. Beyond entertainment, Revo Casino and Social House will also support nonprofits across the Mount Washington Valley. We’re proud to be part of this community and contribute to its success,” said Gomes.
“This facility will make such an incredible difference for so many nonprofits in the Mount Washington Valley. The support that Revo Casino and Social House provides allows organizations like ours to better serve our communities and care for those in need. The impact is truly life changing,” said Lisa DuFault, Executive Director of Mount Washington Valley Promotions.
Spinomenal, the leading iGaming content provider, has made its US debut after launching an exciting collaboration with a leading operator in the state of New Jersey, and is anticipating many more valuable collaborations with top tier online casinos.
Following impressive growth rates, Spinomenal is making a major move into the New Jersey iGaming market, marking a key step in its global expansion. By entering this crucial U.S. region, Spinomenal will bring its innovative games to a new audience, strengthening its presence and leadership in the iGaming industry.
Spinomenal’s specially selected titles will be going live via Pariplay’s Fusion aggregation platform in the New Jersey market. Some of the outstanding titles being made available for NJ players are Demi Gods II, Majestic Wild Buffalo and Kitsune’s Scrolls.
This marks a major milestone in Spinomenal’s strategic expansion plan, as this debut establishes the company’s initial presence within the New Jersey market, with further growth anticipated across the US iGaming ecosystem. This move underscores Spinomenal’s commitment to expanding its global footprint and further solidifying its position as a leader in the online casino industry.
Lior Shvartz, CEO for Spinomenal commented: “After a decade of establishing and positioning Spinomenal as a leading provider in the iGaming industry, we have now taken a big leap and will provide our exciting content to the esteemed New Jersey audience. We are highly optimistic about entering this prominent market, following the process of obtaining approval from the DGE.”
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