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Monarch Casino & Resort Reports Record Results for Q3 2021

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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%.

“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.”

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Bragg Gaming Expands U.S. Content Footprint with Fanatics Casino Tri-State Launch

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Bragg Gaming Group has announced the launch of its newest games and Remote Gaming Server (RGS) technology with Fanatics Casino across New Jersey, Michigan and Pennsylvania.

Fanatics Casino is America’s fastest growing online casino and is available in Michigan, New Jersey, Pennsylvania, and West Virginia on iOS, Android, and desktop. Players are invited to dive into a world of thrills as Fanatics Casino brings the casino floor directly to a customer’s fingertips, whether on-the-go or in front of a computer. Players can explore a wide array of classic and modern casino games, including slots, blackjack, roulette, progressive jackpots and video poker. Each game is crafted to deliver authentic casino action, ensuring endless entertainment.

Players in these states will benefit from access to Bragg’s full catalog, including titles from Bragg’s in-house proprietary content development studios, a roster which includes Atomic Slot Lab and Indigo Magic and Wild Streak Gaming, all through Bragg Gaming’s Remote Games Server (RGS) technology, delivered via the Bragg HUB platform.

In addition, titles from Bragg’s multiple studio partners, including Incredible Technologies, Bluberi, King Show Games, and Sega Sammy Creation will also be available to players in all three regulated markets along with top-performing titles like “Cai Fu Emperor Ways” and “Queenie” and a host of other elevated content from Bragg’s Atomic Slot Lab studio.

This roster of studio partners, which is constantly being updated, now also includes Boomerang Studios, Four Leaf Gaming and Reflex Gaming, who will all launch titles on the Bragg RGS later this year.

This expansion is the latest step in Bragg’s drive to deliver engaging and game-changing content to players across the North American market.

The launch supports Bragg Gaming’s strategic goals by accelerating the growth of utilization of Bragg’s exclusive and proprietary content, and the diversification of revenue through expansion into North American markets.

Matevz Mazij, CEO Bragg Gaming Group commented: “With its history of connecting sports fans with merchandise they love and with sports betting and the strong cross sell between sports betting and iGaming, this launch represents a great opportunity to showcase Bragg’s amazing titles across the three biggest iGaming markets in the US.”

“We look forward to developing our relationship as a key partner of Fanatics Betting and Gaming in the North American market as we continue the roll-out with regular new game releases planned.”

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Kieron Shaw, Manager of Fanatics Casino Games Content, said: “We’re thrilled to partner with Bragg Gaming Group to bring their diverse and engaging iGaming content to our players in New Jersey, Michigan, and Pennsylvania.”

“This collaboration is a significant step in our strategy to expand our iGaming offerings and capitalize on the substantial growth projected for these key markets. Bragg’s impressive catalogue, including titles from Wild Streak Gaming and their third-party studio partners, along with their innovative promotional tools, will undoubtedly enhance the gaming experience for our users and help us springboard our presence across these important states.”

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Abbiati Casino Equipment and Hawkins Holdings Form Strategic Alliance to Expand Presence Across the Americas

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Abbiati Casino Equipment, a globally recognised leader in premium casino equipment and technologies, announced a strategic partnership with Hawkins Holdings to strengthen its presence across North and South America. As part of this initiative, seasoned gaming executive Roger Hawkins has been appointed Brand Ambassador and Strategic Consultant for the Americas.

With more than 20 years of executive leadership in the global casino and gaming industry, Hawkins will spearhead the company’s efforts to expand its footprint throughout the Western Hemisphere. His role will include market development, strategic partnerships, regulatory positioning, and the promotion of Abbiati’s legacy of Italian innovation, craftsmanship, and integrity.

“This partnership is about more than market entry – it’s about building deeper awareness, driving product adoption, and reinforcing Abbiati’s commitment to quality across every pit and poker room in the hemisphere,” said Hawkins.

Giorgio Abbiati, CEO of Abbiati Casino Equipment, said: “We have proudly served clients in the Americas for many years, but the time is right to deepen our focus. Roger’s knowledge of our products and his insight into the market make him the ideal partner to lead this next phase.”

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Evolution Enters Rhode Island Through Extended Partnership with Bally’s Corporation

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Evolution Enters Rhode Island Through Extended Partnership with Bally’s Corporation

 

Evolution announced a new partnership agreement with Bally’s Corporation. The agreement strengthens Bally Casino’s offering in Rhode Island, with a wide-ranging portfolio of Evolution’s slot titles, and establishes Evolution’s footprint in Rhode Island, a key milestone in its US growth strategy.

In a historic first, Evolution is now live in Rhode Island with its online slot games from its renowned slot brands NetEnt, Red Tiger and Big Time Gaming. This milestone marks Evolution’s entry into the state and establishes a presence in all seven US states which currently offer online casino gaming.

Also, under the terms of the agreement, Evolution has also introduced exclusive Bally’s branded live dealer Blackjack tables in New Jersey and Pennsylvania. These dedicated tables offer a seamless user interface integration with the Bally Bet Casino app, and will provide a premium, personalised player experience which showcases the distinctive Bally brand. In addition to these live dealer games, Bally players in New Jersey and Pennsylvania will enjoy an expanded collection of the newest and most exciting cutting-edge slot titles.

Jacob Claesson, Chief Executive Officer Evolution North America, commented: “This agreement represents a significant step forward for both Evolution and Bally’s Corporation. We’re thrilled to deepen our collaboration with Bally’s by delivering world-class gaming experiences and extend our reach into Rhode Island, a first for Evolution. This partnership showcases our shared commitment to driving innovation and providing exceptional entertainment for players.”

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