WITNESS THE ASCENT OF THE GODS
Connect with us
WITNESS THE ASCENT OF THE GODS
WITNESS THE ASCENT OF THE GODS

Latest News

Monarch Casino & Resort Reports Record Results for Q3 2021

Published

on

 

Monarch Casino & Resort Inc. has reported record operating results for the third quarter ended 30 September 2021.

In the 2021 third quarter, the Company generated net revenue of $111.6 million, an increase of 86.5% from $59.9 million in the prior-year quarter. Casino, food and beverage (F&B), and hotel revenues increased 71.4%, 102.3%, and 162.2% year-over-year, respectively. The increase in revenues was driven primarily by the ongoing ramp up in business at the Company’s hotel and expanded casino in Black Hawk. In the third quarter of 2020, Atlantis and Black Hawk revenues were negatively impacted by pandemic-related capacity and other regulatory limitations which remained in effect following the properties’ reopening.

John Farahi, Co-Chairman and CEO of Monarch, said: “Monarch again delivered record financial results as our third quarter benefited from the strong ongoing pandemic recovery, economic and population growth in Denver and Reno, and the notable impact of the removal of betting limits in Colorado. Our focus on operational excellence and market-leading amenities has enabled us to leverage these tailwinds and drive consistent growth. Labor shortages and wage pressure, as well as supply chain constraints and price inflation, remain headwinds. Atlantis operation in Reno was impacted by unhealthy air quality from the California fires and Nevada’s decision to reinstate indoor mask mandates.

“Net revenue and Adjusted EBITDA in the third quarter of 2021 were $111.6 million and $40.3 million, respectively, reaching all-time highs for the second consecutive quarter, as each of our properties generated record net revenue and Adjusted EBITDA. For the second quarter in a row, we also achieved a record Adjusted EBITDA margin of 36.1%.

Advertisement
Stake - Best Online Casino & Sports Betting Platform

“Our Black Hawk operations are ramping up, and we are working diligently to complete the legacy facility transformation by year-end. This addition will increase casino space by approximately 25% and restaurant seating by approximately 35%. In just a short time, the property has established itself as the leading casino resort in the greater Denver market, and we continue to grow market share. The May 2021 removal of the Colorado table game bet limit and the addition of Baccarat to our table game mix have resulted in an increase in new customer visitation, particularly high value players from across the Front Range. We have been able to manage the labor shortages and operate the hotel, and food and beverage outlets at full capacity on our busiest nights.

“At Atlantis, we continue to see strong demand across all segments of our business and higher customer spend. That said, Atlantis’ results were negatively impacted by the California fires which lowered air quality in the Reno area to unhealthy levels for at least 26 days. We also saw additional negative impact to visitation beginning on July 30, when mask mandates were again instituted across Nevada. Our ongoing investments in the property continue. We intend to commence a complete renovation of the hotel rooms in the first tower beginning early next year, to ensure that we meet the high standards that our guests have come to expect from Atlantis.

“With the Monarch Black Hawk construction project nearing completion, we are evaluating acquisition opportunities where we can fully leverage our development expertise and operational excellence. The Company has the discipline and balance sheet to continue to deploy capital in a manner that consistently builds shareholder value.”

Compliance Updates

PA Gaming Control Board Renews License for Wind Creek Bethlehem Casino

Published

on

 

The Pennsylvania Gaming Control Board (Board) unanimously voted to renew the Category 2 stand-alone casino license of Wind Creek Bethlehem LLC, operator of Wind Creek Bethlehem casino in Northampton County.

In making the decision, the Board determined that Wind Creek Bethlehem LLC had fulfilled the obligations under its previously approved casino operator’s license and therefore qualified to have its license renewed for an additional five-year period.

The decision to renew the license was based on a process utilized by the Board that enables both the operator and the public to provide information relevant to the renewal decision. A public input hearing was held in July 2024 in the casino’s host municipality, the City of Bethlehem, where personnel of Wind Creek Bethlehem submitted exhibits and presented testimony on various aspects of the facility’s operation since its last license renewal was granted. The public was also permitted to provide testimony about the casino and its impact in the community.

In reaching its decision, the Board also received information from local government officials, community groups and the PA State Police, along with the Gaming Control Board’s Office of Enforcement Counsel, Bureau of Investigations and Enforcement, Office of Compulsive and Problem Gaming, and Bureau of Casino Compliance.

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Additionally, a public hearing was held in Harrisburg to permit Board members to further question Wind Creek Bethlehem LLC representatives about any remaining issues prior to voting on the renewal.

Since its opening in May 2009 through September 2024, Wind Creek Bethlehem has generated over $7 billion in revenue from the play of retail slot machines and table games, sports wagering and iGaming, and has returned to the Commonwealth a total of $2.9 billion from tax revenue, assessments and fees. Wind Creek Bethlehem currently operates 2318 slot machines, 202 table games and a 20-table poker room while providing employment to 2242 persons directly or through third-party tenants in the events center, food and beverage outlets or retail stores. 94% of those employees are Pennsylvania residents.

Continue Reading

Compliance Updates

PrizePicks Awarded Fantasy Sports Licenses in Delaware and Missouri

Published

on

 

PrizePicks, the largest daily fantasy sports operator in North America, announced it has been awarded Daily Fantasy Sports Operator Licenses in Delaware and Missouri. The company will launch Arena, its innovative peer-to-peer fantasy sports contest, in both states.

“We are proud that Arena has been approved in every state where it has been submitted. We’ve seen strong player adoption to date and we look forward to replicating our success in these new markets with a fun gaming experience. We’d like to extend our gratitude to the Delaware Division of Gaming Enforcement, the Delaware Lottery, and the Missouri Gaming Commission for their thoughtful collaboration,” said PrizePicks CEO Mike Ybarra.

Arena offers a unique leaderboard style peer-to-peer gaming experience, allowing players to compete for prizes against one another. Participants are grouped based on their number of entries and experience level. Since launching in January, players on Arena have built over 20 million peer-to-peer lineups. With these new state launches, Arena will now be available in 15 states across the US.

Continue Reading

Latest News

BetRivers Introduces PropPacks, an Innovative Feature for the NBA Season

Published

on

 

For many sports lovers, one of the great joys has been opening a pack of player cards to see which professional athletes were inside.

This NBA season, the team at Rush Street Interactive Inc., which operates the BetRivers Sportsbook, plans to replicate that experience with the unveiling of PropPacks. The simplicity of the new digital game, combined with the chance for large payouts, will appeal to both seasoned bettors and those new to sports betting.

Customers who wager $10 or more on qualifying Same Game Parlays (SGPs) will randomly receive up to three PropPacks per game, at no extra charge, from one or both teams in the game. If the relevant NBA players score over the point totals on the card, then the bettors win! There are props for 20+, 30+, 40+, and 50+ with higher prizes for each threshold.

There are three tiers of player cards; bronze, silver, and gold. Bronze cards are the most common, with Gold being the rarest. Gold cards offer the highest potential prizes, with a potential maximum jackpot prize of $10,000 in Bonus Credits.

Advertisement
Stake - Best Online Casino & Sports Betting Platform

“PropPacks, which is exclusively available on RSI’s platform to BetRivers Sportsbook players, will give NBA fans an additional thrill by offering extra bonus opportunities on their SGP bets. The player card game makes watching the action even more exciting by offering bettors at all levels, from those placing a bet for the first time to experienced sports wagerers, more ways to win from existing SGP bets at no additional cost to our bettors. PropPacks reinforces our dedication to put our players first by creating value for them while elevating the betting experience in fun and exciting ways,” said Richard Schwartz, CEO at RSI.

In addition to the PropPacks promotional game, RSI’s sportsbooks will have a full suite of promotional offers this basketball season, including NBA Parlay Insurance and a pre-season NBA Futures Bet & Get offer. Players can download the BetRivers app and click “Promotions” to view the full offering.

“PropPacks is a game changer and, as we head into the NBA season, we are very excited to offer a unique and innovative product that you can only find at the BetRivers Sportsbook. We are giving customers more chances to win bonuses and prizes, ultimately enriching the bettor experience and providing more value back to our loyal players,” Schwartz said.

BetRivers Squares is back for another season and will be offered on all NCAA College Basketball games. Qualifying Same Game Parlay bets of $10 or more on a game earns the customer a square, at no extra charge, with a $25 wager resulting in two squares and a bet of $50 or more worth three squares.

Advertisement
Stake - Best Online Casino & Sports Betting Platform
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.