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Gambling in the USA

Golden Entertainment Announces Q2 2021 Results

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Las Vegas-based gaming company Golden Entertainment has announced its financial results for the second quarter of 2021.

Blake Sartini, Chairman and CEO of Golden Entertainment, said: “Our second quarter operating results demonstrated improvement over our first quarter, as we generated record quarterly levels of revenue, net income and Adjusted EBITDA. These results highlight strong levels of visitation and spend at all of our properties, including The STRAT, combined with the margin improvement we have sustained over the last twelve months.

“During the quarter, we deployed cash generated from operations to repay over $50 million of outstanding debt obligations including $47 million of our term loan. After the quarter ended, we received a $60 million cash payment from Caesars Entertainment, Inc. (Caesars) related to their acquisition of William Hill and have the potential to receive up to an additional $15 million payment from Caesars depending on the sale value for William Hill’s UK business. We appreciate our longstanding relationship with William Hill and look forward to their continued operation of the sportsbooks in our Nevada casinos. After receiving the payment from Caesars, our pro forma LTM net leverage ratio is 3.8x and we expect to continue to reduce our leverage through the end of the year which will provide additional strategic flexibility and position us to return capital to our shareholders.”

Consolidated Results

The Company reported revenue of $292.5 million in the second quarter of 2021 compared to $76.0 million in Q2 2020. Net income for Q2 2021 was $103.0 million, or $3.26 per fully diluted share, compared to a net loss of $78.6 million, or a loss of $2.80 per share, in Q2 2020. Net income for Q2 2021 includes $60.0 million, or $0.53 per fully diluted share, in other non-operating income recognized from the Caesars payment received after quarter end. Adjusted EBITDA was $91.0 million for Q2 2021 compared to Adjusted EBITDA of ($5.5) million in Q2 2020.

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Casinos

Casino revenues were $170.8 million for Q2 2021 compared to $39.4 million in Q2 2020. Casino Adjusted EBITDA was $78.5 million compared to $1.9 million in Q2 2020. Total Casino Adjusted EBITDA margin was 46% for the second quarter of 2021.

Distributed Gaming

Distributed Gaming revenues for the second quarter of 2021 were $121.4 million compared to $36.3 million in Q2 2020. Distributed Gaming Adjusted EBITDA was $24.9 million compared to $0.9 million in Q2 2020. Total Distributed Gaming Adjusted EBITDA margin was 21% for the second quarter of 2021.

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Gambling in the USA

Red Rake Gaming Partners with DraftKings in the U.S.

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Red Rake Gaming Partners with DraftKings in the U.S.

 

Red Rake Gaming, a prominent developer of high-quality online casino content, is excited to announce a new strategic partnership with DraftKings, a leading name in the U.S. sports betting and online gaming industry.

This landmark agreement will see Red Rake Gaming’s innovative and engaging casino games integrated into DraftKings’ platform, offering their extensive player base access to a rich selection of top-performing titles.

The partnership will initially focus on key states, including New Jersey and Pennsylvania including Ontario in Canada, where Red Rake Gaming aims to establish a strong presence and contribute to the vibrant online gaming markets. This collaboration is a significant step in Red Rake Gaming’s broader North American expansion strategy, highlighting its commitment to delivering exceptional gaming experiences to American and Canadian players.

“We are thrilled to partner with DraftKings, a true leader in the U.S. online gaming sector,” said Nick Barr, Managing Director of Red Rake Gaming Malta. “DraftKings’ extensive reach and dedicated player base provide a fantastic platform for us to showcase our innovative games. We are confident that our diverse range of content will resonate well with DraftKings’ players and enhance their gaming experience.”

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This collaboration with DraftKings is one of several strategic alliances that Red Rake Gaming has planned as part of its entry into the U.S. markets of New Jersey, Pennsylvania, and Michigan. By partnering with leading operators in these states, Red Rake Gaming aims to replicate its European success and deliver its captivating gaming experiences to a new audience.

Players across these states can anticipate an influx of engaging and innovative games, characterized by Red Rake Gaming’s trademark high-quality graphics, unique game mechanics, and player-centric features. As Red Rake Gaming continues to expand its footprint in the U.S., it remains committed to pushing the boundaries of online casino gaming and setting new standards in player entertainment.

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Gambling in the USA

BetMGM Ranked #16 on Fortune Media and Great Place To Work’s 2024 Fortune Best Workplaces in Metro New York

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BetMGM announced that Great Place To Work and Fortune magazine have recognized the operator as one of this year’s Best Workplaces in New York. The leading sports betting and iGaming operator landed at No.16 and secured the spot on the prestigious list by surpassing rigorous benchmarks, establishing itself as one of the best workplaces among companies headquartered in the New York region. About 92% of employees surveyed said that BetMGM is a great place to work, 35% points higher than the average U.S. company.

“Landing on this prestigious list is a reflection of BetMGM’s ongoing commitment to fostering a great work environment. I am honored to lead an organization filled with dedicated and talented employees who have created a place where people feel welcomed and supported,” Adam Greenblatt, CEO of BetMGM, said.

To determine the Fortune Best Workplaces in New York List, Great Place To Work collected nearly 140,000 confidential survey responses from employees at eligible companies. Via the Trust Index Survey, employees shared honest feedback about their experience by responding to 60 statements about the employee experience and answering two open-ended questions. To be eligible for the list, companies must be Great Place To Work Certified and headquartered in the New York region.

Some other figures from the survey revealed that 96% of BetMGM employees were made to feel welcome when they joined the company and 94% of employees surveyed are proud to tell others that they work at BetMGM.

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“Congratulations to the Best Workplaces in New York. As the business landscape is disrupted — from AI, global conflict, and market pressure — companies who have built a reservoir of trust with their employees will be more resilient and, ultimately, more successful,” Michael C. Bush, CEO of Great Place To Work, said.

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Gambling in the USA

Diamondhead Casino Corporation Retains Colliers to Assist with Marketing and Financing

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Diamondhead Casino Corporation has announced that it has retained Colliers to assist the Company in marketing and financing the development of its Diamondhead, Mississippi Property and/or to sell all or part of the Diamondhead Property. Colliers has prepared marketing materials to market and promote the Property and is now in the process of soliciting interested parties.

The Company owns, through its wholly-owned subsidiary, Mississippi Gaming Corporation, an approximate 400-acre tract of land on Interstate 10 in Diamondhead, Mississippi. The property fronts Interstate 10 for approximately two miles and fronts the Bay of St. Louis for approximately two miles. Over eighteen million vehicles pass the site yearly. The property is already zoned as a Special Use District-Waterfront Gaming District, which permits the development of a casino resort. In addition, the Mississippi Gaming Commission has granted Mississippi Gaming Corporation Gaming Site Approval on a fifty acre site located on the east side of the property.

Patrick Slagle, Vice President of Colliers in Washington, D.C., said: “We believe the Diamondhead site is one of the best remaining gaming sites in the entire country. Its location on Interstate 10, between Biloxi and New Orleans, coupled with the accessibility to the site provided by nearby airports makes it one of the most easily accessible gaming sites in the country. It is a 400-acre blank slate with over two miles of waterfront and ready to be developed as a mixed-use resort with a casino as an anchor and a two mile boardwalk. We know of nothing comparable and no other opportunity of this nature in the industry. With over eighteen million vehicles passing the site annually on Interstate 10, it is an ideal gaming location. The Gulf Coast region of the United States where this casino would be located, is one of the fastest growing gambling markets in the United States. We look forward to finding the perfect match for this outstanding location.”

Under its agreement with Colliers, the Company is free to continue discussions with other interested parties. Unless extended by the parties, the Agreement will terminate at the end of this year.

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The Company also announced that its subsidiary, Mississippi Gaming Corporation (MGC), had entered into a Settlement Agreement with Cooperative Energy, a Mississippi Electric Cooperative, which had filed an eminent domain action against MGC, for $1,000,000 million in return for easements along the northern portion of the property. In October of 2023, Mississippi Gaming Corporation received $845,378 as part of the settlement amount. The parties are working on the wording of the easements. Once the easements are finalised and signed, Cooperative Energy will pay MGC the remaining amount due of $154,622.

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