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DoubleDown Interactive Reports Fourth Quarter and Full Year 2023 Financial Results

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DoubleDown Interactive, a leading developer and publisher of digital games on mobile and web-based platforms, announced its unaudited financial results for the fourth quarter and year ended December 31, 2023. The Company’s consolidated financial results for the three- and twelve-month periods ended December 31, 2023 include 61 days of contributions from European iGaming operator, SuprNation, which was acquired by the Company on October 31, 2023.

Fourth Quarter 2023 vs. Fourth Quarter 2022 Summary:

  • Revenue was $83.1 million in the fourth quarter of 2023 compared to $76.2 million in the fourth quarter of 2022. Revenue contributed by SuprNation totaled $4.3 million for the 61 days the Company owned and operated the business. Revenue exclusive of the contributions from SuprNation increased 3% year over year to $78.8 million.
  • Operating expenses declined to $47.5 million in the fourth quarter of 2023 from $321.4 million in the fourth quarter of 2022, primarily reflecting the one-time, non-cash goodwill and intangibles impairment of $269.9 million incurred in the fourth quarter of 2022.
  • Adjusted EBITDA was $36.2 million for the fourth quarter of 2023, an increase from $24.7 million for the fourth quarter of 2022, primarily due to higher revenue and lower cost of revenues and sales and marketing expenses, partially offset by higher general and administrative expenses. Adjusted EBITDA margin increased to 43.5% in the fourth quarter of 2023 from 32.4% in the fourth quarter of 2022.
  • Net income was $25.5 million, or earnings per fully diluted common share of $10.27 ($0.51 per American Depositary Share (ADS)), in the fourth quarter of 2023, compared to a loss of $(194.4) million, or a loss of $(78.47) per fully diluted common share ($(3.92) per ADS), in the fourth quarter of 2022. Note each ADS represents 0.05 share of a common share.
  • Average Revenue Per Daily Active User (ARPDAU) for the Company’s social casino/free-to-play games increased to $1.24 in the fourth quarter of 2023 from $0.98 in the fourth quarter of 2022 and $1.06 in the third quarter of 2023.
  • Average monthly revenue per payer for the social casino/free-to-play games increased to $279 in the fourth quarter of 2023 from $227 in the fourth quarter of 2022 and $245 in the third quarter of 2023.

In Keuk Kim, Chief Executive Officer of DoubleDown, said: “Our fourth quarter results, which include a 3% year-over-year increase in core social casino revenue to $78.8 million and a 46% increase in Adjusted EBITDA to $36.2 million, highlight our best-in-class ability to monetize our loyal players combined with our disciplined approach to user acquisition and R&D spend which drives consistent profitability and strong free cash flow. We continue to deliver strong engagement metrics for our flagship social casino game DoubleDown Casino, as ARPDAU and average monthly revenue per payer rose 26% and 23%, respectively, compared to the 2022 fourth quarter. As a result, cash flows from operating activities were approximately $30 million in the fourth quarter.

“Our acquisition of SuprNation in the fourth quarter marked our entrance into the European iGaming market and we are moving quickly on a range of initiatives to scale the business which will be our initial focus before we turn to optimizing the cash flow generated by this business. These initiatives include increasing marketing investment and leveraging our legacy of marketing and product expertise to grow SuprNation’s market share in its core U.K. and Sweden markets.

“We place a primary focus on being capital efficient as reflected in our strong Adjusted EBITDA margins and free cash flow generation. At 2023 year-end, cash and cash equivalents and short-term investments net of current borrowing were approximately $235 million, which is equivalent to approximately $4.75 per ADS. Our strong net cash position and consistent ability to generate attractive free cash flow provides the Company with significant flexibility to evaluate further opportunities to deploy capital that would continue to expand our business in gaming categories with attractive addressable markets and where our operating discipline would ultimately deliver additional free cash flow and create new value for our shareholders.”

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Plaza Hotel & Casino to celebrate summer with Friday night fireworks

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The Plaza Hotel & Casino will celebrate the start of every weekend this summer with a live fireworks show Friday nights at 9:15 p.m., beginning May 24 for Memorial Day weekend through Aug. 30 for Labor Day weekend.
Inspired by the fireworks shows at Disneyland, the Plaza’s Welcome to the Weekend Summer Friday Fireworks will light up the sky above downtown Las Vegas and be part of a festive summer block party atmosphere at the property’s Carousel Bar and rooftop pool deck.
“The Plaza is known for its great fireworks on New Year’s Eve and July 4th, but who says fireworks are only for those holidays?” said Jonathan Jossel, CEO of the Plaza Hotel & Casino. “This summer, we wanted to celebrate and give a gift to everyone downtown by sharing the excitement and fun of our fireworks shows with them every Friday night.”
“Las Vegas is the world’s destination because of all the spectacular attractions that are available here,” City of Las Vegas Mayor Carolyn Goodman said. “The Plaza is adding a new weekly fireworks extravaganza this summer, and everyone is invited to visit downtown Las Vegas and enjoy the show!”
Derek Stevens, CEO and Owner of Circa Resort & Casino said “The weekly fireworks show will amp up Fremont Street’s high-energy atmosphere to a new level. It’s a terrific addition for the entire neighborhood, providing another exciting reason for visitors to come downtown. Huge thanks to Jonathan and the Plaza team for bringing this idea to life. We’ll definitely be enjoying the show every week from Circa’s rooftop lounge, Legacy Club.”
The fireworks shot from the Plaza’s towers will be visible to the thousands of tourists and locals in downtown Las Vegas as well as for miles beyond. Plaza hotel guests will be able to enjoy the fireworks from an exclusive viewing party on its rooftop pool deck where the fireworks will be “ignited” by a special guest pushing a detonator button on an oversized TNT box.
To attract even more people to stay downtown, the Plaza introduced the only all-inclusive hotel room package starting at $125 per person per night. The package includes bottomless drinks, breakfast and dinner, a free bingo session, waived resort fees, and more. Rooms must be booked online by June 30 for a stay June 1 through July 1.
The Friday night rooftop pool party for hotel guests will feature the Frozen Firecracker, a special red, white, and blue cocktail made with strawberry daiquiri, pina colada, and blue lemonade spiked with Don Q Rum. At Carousel Bar the summer party vibe continues every Friday night with a DJ and the specialty cocktail Watermelon Agua Fresca made with Mi Campo tequila, Jägermeister, rose aperitivo, watermelon juice, chamoy, and aloe leaves as a garnish.
“Downtown Las Vegas is already a vibrant, unique, and exciting destination. Our Summer Friday Fireworks paired with our all-inclusive room package and great summertime block party atmosphere at Carousel Bar and the rooftop pool deck will be even more reasons to come downtown this summer,” added Jossel.
The Plaza’s fireworks will be dependent on weather conditions and are subject to change or cancellation.

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Aviatrix and Vibra Solutions Agree Partnership with Focus on Latin America

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Aviatrix, the crash game that’s changing the way online casinos engage their players, has partnered with platform provider Vibra Solutions in yet another move that expands its reach in Latin America.

Aviatrix’s push into Latin America has really picked up pace over recent months and that continues with this deal.

Vibra Gaming has established itself as a major player in the region since it was founded in 2020 and later with the launch of Vibra Solutions in 2022, its platforms and content aggregation division. Now operators using its platform will be able to offer customers Aviatrix.

“We’ve long admired the fantastic work Vibra Solutions is doing in growing our industry across Latin America via innovative product development,” the Latin America Head of Business Development for Aviatrix, Gabriela Novello, said. “By working alongside it, we’re able to bring Aviatrix to more players in the region and together write a new chapter in this ongoing growth story.”

“Our commitment to our operator partners is to provide the very best portfolio of games available,” the Chief Commercial Officer for Vibra Solutions, Federico Saini, said. “Some of those we build ourselves but others we onboard via partnerships like this. Aviatrix is one of the most talked about games in the industry at the moment and we couldn’t be happier to be able to offer it to online brands via our platform.”

Aviatrix’s has enjoyed considerable success in Latin America since it was launched a little over a year ago including being named Rising Star in Casino at the SBC Awards LatinoAmerica.

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PG Soft Set to Sponsor Key SiGMA Americas Event

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PG Soft, a world-class digital mobile games company, is proud to announce its sponsorship of SiGMA Americas set to take place in Sao Paulo, Brazil, from April 23 to 25. The important iGaming event is being hosted at the Transamerica Expo Center.

As a leading event sponsor, PG Soft will benefit from prominent branding opportunities including the PG Soft logo printed on staff shirts and an exclusive PG Soft logo and video content at the registration table.

This commitment highlights PG Soft’s ambition to amplify its presence in Latin America, particularly the Brazilian market. Before expanding into the jurisdiction, PG Soft completed an in-depth research and analysis project for a true understanding of the local players’ preferences, which included consumer behaviour, purchasing habits and regulatory requirements.

PG Soft has been working on developing bespoke and localised games tailored specifically for the Brazilian audience.

“Brazil represents a wonderful opportunity for PG Soft and we’re proud to partner with SiGMA Americas for this influential iGaming gathering,” a spokesperson for PG Soft said. “We place huge importance on producing localised content, features and promotions that not only align with Brazilian player preferences, but also meet the regulatory requirements.”

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