CasinoBeats: Can you outline the Tropicana product and why it is such a big development for iGP’s Latin American ambitions?

Dirk Camilleri: Tropicana will act as a customised, tailored front-end specifically for partners in LatAm markets. The platform has been built on the back of extensive market research, where the data informed us about what the region is looking for. This is a big development, because the platform will help us enhance our product offering, following the recent launch of our sportsbook product, by increasing cross-sell opportunities with casino and payment methods.

Within Tropicana, the experience across both sportsbook and casino is quite similar, in terms of switching and navigating and the benefits are twofold. When you’re navigating in the casino, we will deploy a sportsbook widget which will present you with a list of ongoing matches, which can generate a payslip in one tap without necessarily moving away from the online casino. Similarly, the widget can show online casino offers and games while the player is using the sportsbook.

We’re very excited about how Tropicana will enhance our LatAm offering and we can’t wait to take it to market. 

CB: What are the biggest customer demands in Latin American markets and how do you build this into your product development?

DC: I think we have to be very mindful of not taking a centralised view of Latin America, and making sure we take a localised approach with our content in each market. We need to focus on providing mobile-friendly platforms and diverse payment options that cater to local preferences.

The different payment methods, such as cash-based solutions and local e-wallets, should be region-specific, and we’re currently looking into the best methods to implement payment solutions in this way. This will allow us to enhance accessibility and the overall user experience.  

CB: What are the key technical considerations for building a localised product in igaming?

DC: Traffic levels differ in each individual market, so it is important to ensure our infrastructure is robust and scalable enough to handle higher volumes. 

Another differentiation between markets can be languages, so you have to be able to provide multilingual support. I’d also come back to my point about integrating local payment gateways, because the technicalities of this can be complex and must be deeply considered. 

CB: Building the Tropicana product offers your clients a template to customise their offerings. Is customisation essential to building a truly localised product?

DC: With the Tropicana template, we have heavily invested in building a frontend which will resonate with the LatAm market. This will allow our clients to focus on tailoring their offering, incorporating local languages, themes, promotions and payment methods, thereby increasing the client’s relevance and appeal to local players. 

We are also working on building targeted promotional and loyalty programs which will encourage players to engage with multiple product lines between the verticals. I think this is absolutely the direction we need to keep moving towards, because customisation is hugely significant when it comes to localising your offering.

CB: What are some of the differences between Latin American markets that you are active in and does this inform some of your technical and development decisions?

DC: The LatAm markets individually exhibit significant differences, in terms of player preferences and technological infrastructure.

For example, while Brazil is expected to be incredibly lucrative when it comes to sports betting, Mexico shows a higher level of engagement in online casinos.

These differences inform our technical and development decisions, and it is important for us to incorporate flexibility within that development so that the playing experience matches up with the expectations of the players.

CB: How do you ensure that your products will resonate with players in those local markets? Is it a case of rigorous testing throughout the development process, or do you gain expertise as you launch products over time?

DC: It has to be a mixture of the two. Games must be tested rigorously before going to market, but you also have to work out which particular games to launch via market research and seeing how player habits are changing over time. 

iGP conducts extensive market research and user testing to gather feedback and refine products before launch. Then, following the launch of those games, we continuously monitor and update the games based on player feedback and market trends.

A proactive and strategic approach to improving games makes sure your products remain competitive in the long-term, so it’s something we always have to keep an eye on.

CB: What is your top tip on how to build an effective, localised product in igaming?

DC: The first step is you have to understand the market you’re going into. Having an experienced team who understands the nuances of your target market is always a good start and then, from that point, you have to prioritise market research and player feedback from the outset. 

There are plenty of other issues you also have to take into consideration. Understanding the cultural differences, preferences and regulatory landscape of the target market is essential.

The third key point when building a localised product is that it has to be adaptable as you go along. You need to incorporate flexibility in the product design to allow for ongoing customisation and updates based on player feedback. This will undoubtedly enhance the product’s relevance and success.

CB: What further plans does iGP have for localised content over the next few months and years?

DC: For iGP, the future is in a number of areas. At SBC Summit in Lisbon this September, we’ll have a number of crypto solutions from platform to front to showcase, where we hope to be joined by an exciting crypto operator to launch in the coming months.

On top of that, we are adding more and more providers to our aggregator solution,with some big names announcements coming in the coming months, we have been experimenting with AI and have a powerful recommendation engine in the works providing our partner operators true player personalisation.

Beyond that, 2024 is about scalability and refinement, we are fast but could be faster, we are flexible but our ambitions are constantly growing. It has been a busy start to 2024, and I’m proud to say the team I lead are hungry to bring even more to the table in H2.

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This, said the operator, comes complete with improved functionality, a fresh catalogue of “industry leading” games and enhanced integration with the Caesars Rewards program.

“Caesars has a legacy in New Jersey with a history of providing a best-in-class gaming experience,” said Matthew Sunderland, Senior Vice President of iGaming at Caesars Digital. 

“The relaunch of Tropicana Online Casino is an important step in our progression toward providing valued customers with the best igaming products in the industry. 

“We’re confident this new offering delivers an elevated online casino experience with rewards that can’t be matched, similar to the industry-best experiences customers enjoy at Tropicana Atlantic City.”

Available via desktop and Android and iOS download, the Tropicana online gaming entity vows to deliver plays a “wide variety” of titles, including American and European roulette, a diverse collection of slot games from an array of suppliers, live dealer offerings across blackjack, poker and baccarat and a number of “digital classics”.

Furthermore, each bet placed earns tier credits that can be redeemed for exclusive Caesars rewards experiences and discounted getaways at various locations throughout the United States.

“Tropicana online casino enhances the exceptional gaming experience we take pride in bringing to our New Jersey customers every day,” noted Joseph Giunta, Senior Vice President and General Manager of Tropicana Atlantic City. 

“We are pleased to offer our guests the convenience of enjoying their favourite casino games in a fresh and responsible manner, right at their fingertips.”

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Leadership and team members from the group’s resorts in the region, including Tropicana, Caesars, and Harrah’s, made the donation, which will continue to support the organisation’s Teen Center and Steam Lab.

These provide Atlantic City youth, within the ages 13 to 18, with hands-on learning experiences in the fields of hospitality, technology and health.

“The Boys & Girls Club of Atlantic City cannot thank Caesars Entertainment enough for its generosity, both as partners in supporting our organisational mission, but also as it continues to stand as a strong employer-engaged partner, helping up to build the future pipeline of employees in Atlantic City,” said Stephanie Koch, CEO for The Boys & Girls Club of Atlantic City.  

“Thanks to this impact grant, the Club will continue to combat learning loss due to COVID, expanding its academic enrichment offerings with board certified teachers and tutors afterschool, while also building out innovative programming such as our podcast recorded in our very own music studio and hospitality-based training for future jobs at local casinos and restaurants across our 48 blocks.”

The visit to The Boys & Girls Club also included a speaking engagement by Tropicana Atlantic City’s senior vice president and general manager, Jacqueline Grace, who shared her journey. 

“Caesars, Tropicana, and Harrah’s Resort are committed to making a difference in the community in which we serve,” explained Grace. 

“While there are many ways to do this, one of the greatest ways is to offer our time and mentorship to young people in our area, to help inspire the next generation of leaders and difference makers.  

“Additionally, it’s critical to support the wonderful people and organizations who are doing this work, each and every day, including the entire team at The Boys & Girls Club.”

This past month, Caesars Entertainment’s Atlantic City resorts have supported the local community with $40,000 donations, including offering support to The Community Food Bank of New Jersey, in addition to The Boys & Girls Club of Atlantic City.

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The non-cash rent payment agreement is to be applied to existing lease agreements in May, June, July, August, October and a portion of November 2020, with a further potential sale coming in the short term.

PNG, which has entered a deal which is to see the payment of nominal annual rent, is to continue operating Tropicana for two years or until the entity is sold, whichever comes first.

In accordance with the terms of the transaction the real estate investment trust, a PNG real-estate spin-off, is to conduct a sale process with regards to the property, including the casino and hotel business.  

If a definitive agreement for the sale is entered into during the first year of the sale process PNG will receive 75 per cent of the net proceeds above $307.5m, plus certain taxes, expenses and costs.  

Should a deal be reached during the second year of the sale process the casino operator will receive 50 per cent of the proceeds, subject to the terms and conditions in the Tropicana purchase agreement. GLPI will receive all proceeds from any sale occurring after the initial two years.

Furthermore, GLPI has also provided an update to the collection of April 2020 rents for its portfolio of the real estate for 44 gaming and related facilities.

While all of the company’s tenants’ properties were closed in mid-March as a result of COVID-19 related precautions, GLPI collected 98.6 per cent of contractual April rent, including amounts paid by Penn National.

Peter Carlino, GLPI’s chairman and CEO, commented: “GLPI believes its collaborative and mutually beneficial outcome with Penn National provides us and our investor base greater visibility and predictability for rent receipts over the remainder of 2020.  

“We are also grateful to our credit facility lenders for their support in facilitating the transaction with Penn National in a manner that acknowledges the unforeseen circumstances and that represents a unified spirit of cooperation to overcome the challenges presented by COVID-19.”

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First reported by Vital Vegas, Penn National, which also counts Las Vegas’ M Resort Spa Casino as part of its stable, could be set to recoup as much as $700m from the potential sale. 

Taking a chunk out of long-term debt in the region of $11bn, the anticipated sale price, which Vital Vegas sources say is well underway with an offer already accepted, represents a significant increase from the $360m price agreed almost four years ago with Tropicana shareholders, the largest of which is a partnership between Onex and Alex Yemenidjian.

Boasting a 50,000 square foot casino with over 1,000 gaming positions and a sportsbook, the property also boasts 1,500 guest rooms and in excess of 100,000 square feet of exhibition space.

Continuing the latest trend of US organisations monetising land-based assets, this follows MGM Resorts International maintaining its asset-light strategy, designed to focus on core business as well as maximising value for its shareholders.

This saw the firm offload the real estate assets of the Bellagio to Blackstone for $4.25bn, with an affiliate of Treasure Island owner Phil Ruffin also recently securing the $825m purchase of Circus Circus Las Vegas.

Last year following the sale of the Rio All-Suite Hotel and Casino by Caesars Entertainment to a company controlled by a principal of Imperial Companies, analysts of investment bank Union Gaming stated that the deal could spike a flurry of activity in Las Vegas.

“In spite of the uptick in recent M&A activity over the past two years, there still could be up to four or five more potential Las Vegas asset sales within the next 12 months,” stated John DeCree, analyst at Union Gaming.

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Delivering an enlarged group, affording JPJ ownership of its technology platform and operations together with a reduced reliance on third party providers, the deal will see £240m payable in cash upon completion, with a further £10m to Gamesys shareholders 30 months later and 33.7m new shares set to be issued.

Set to be renamed Gamesys Group, JPJ praises the diversified brand portfolio and international expansion opportunities afforded as a result of the proposed purchase, which it expects to complete in this year’s third quarter.

Included as part of the deal are content and brand licences, including Virgin Games, Virgin Casino, Monopoly Casino, and Heart Bingo, with Virgin Bet and LiveScore site among those not included.

JPJ lauds the platform for international growth with “globally recognised brands in Virgin and Monopoly,” the former of which has a US-based casino-focused offering available in New Jersey in partnership with Tropicana.

Neil Goulden, executive chairman of JPJ, explained: “This acquisition marks an important transformational step in JPJ’s growth, providing significant benefits for shareholders, employees and customers.

“For shareholders, we expect the acquisition to deliver earnings accretion in the first full financial year of ownership, while our employees will benefit from the combination of two companies with a strong commitment to responsible gaming, and where the greater scale will further enhance our product development and technology capabilities.

“Our customers will also now have an even greater choice of major brands and different games, all on one platform, creating a truly leading UK and international operator. The rationale for the acquisition of Gamesys is based on growth and both teams – at JPJ and our new colleagues joining us from Gamesys – are excited and motivated by the great opportunity which lies ahead.”

Three key strategic benefits set that JPJ believes will be created as a result of the purchase are “a diversified portfolio of leading consumer brands, greater operational control through proprietary technology; and a complimentary executive and operational team”.

The latter of those proposes that Lee Fenton, chief executive of Gamesys, occupies a similar role in the enlarged group, and he added: “I am very excited to join the enlarged group as CEO. This is a strategically important transaction that adds scale and combines complementary capabilities as the competitive and regulatory environment continues to evolve.

“The enlarged group’s combined brand portfolio, strategically aligned operating structure, technology capabilities and exceptional combined talent base will create significant opportunities for growth in the market.”

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With net revenue jumping 17.6 per cent to $704.6m (2018: $599.2m), gross operating profit saw a tumble of 29.6 per cent from $123.5m to this year’s $87m.

First opening to the public on the same day last year, Wednesday 27 June, initial reports suggested that the introduction of Ocean Casino Resort, at the former Revel, and Hard Rock, on the Trump Taj Mahal site, would drive down profits, despite adding more jobs and hotel rooms, which has thus far been the case.

The figures, released by the New Jersey Division of Gaming Enforcement, show that the two new entries reported operating losses for the period, with it suggested that the expensive process of attempting to attract individuals through their doors has taken its toll.

For the first quarter of the year Hard Rock posted a $6.1m loss, contrasted to Ocean Casino Resort’s $10.3m, with across the board operating profit declines only bucked by Resorts Casino.

Its 79.8 per cent swing, driven by a slightly small showing last year, saw it reach $3m from $1.6m, as Borgata retained its place as market leader despite a 12 per cent dip, with its operating profit coming in at $39.7m (2018: $45.1m).

Bally’s earned the unwelcome honour of seeing the largest percentage decline of the nine land-based establishments, with its operating profit falling from $6.2m to $2.8m, a 54.4 per cent decline.

Of the rest Caesars fell 13.6 per cent to $10.8m (2018: $12.5m), Golden Nugget is 5.6 per cent down to $9.4m (2018: $10m), Harrah’s reached $16.5m (a 41.9 per cent dip from $28.4m) and Tropicana declined 5.3 per cent to $16.5m (2018: $17.4m).

Looking at the internet only entries, Resorts Digital saw a huge swing from a $815,000 loss in 2018 to $1.8m this year, while Caesars Interactive Entertainment NJ dropped 5.7 per cent, as it reached $2.74m from $2.9m.

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For the three months to September 30, net revenue for the Garden State’s combined land-based and online casino sector topped out at $919.9m, up 17.8 per cent on the $781.2m posted in the corresponding period in 2017.

However, the quarterly increase included a total contribution of $178.5m from Hard Rock and Ocean Resort. Without these new openings, year-on-year performance across the state’s gaming industry actually declined by more than five per cent.

Modest quarterly profits at the two new venues could do nothing to halt the decline in gross operating profit across the AC properties, with the period recording a more than 15 per cent fall, down to $213.7m from $252.3m a year prior.

Borgata remains the market leader in terms of net revenue, recording $235.2m in the 12-weeks to September 30, a year-on-year fall of 4.4 per cent. Profit also dropped at Borgata, down a whopping 21.7 per cent to $63.2m in the quarter.

Golden Nugget was the only property to post a year-on-year growth in the quarter, seeing revenues climb by 3.8 per cent to $67.6m, while gross operating profit rose 6.6 per cent to $13.6m.

For the year to date, the picture is similar. Total net revenue for AC for the nine months to September 30 rose 6.4 per cent overall, to $2.2bn. Again, the contribution of new boys Hard Rock and Ocean Resort was enough to tip the numbers into the black. Without the two new entrants, year-on-year YTD total net revenue actually fell, by more than 2.5 per cent.

And once again, the fledgling contributions from Hard Rock and Ocean Resort to the industry’s gross operating profit was not enough to deliver an increase, with overall GOP down nearly 10 per cent year on year, to $508.7m.

Golden Nugget continued to buck the wider trend however, posting an 8.4 per cent YTD increase in net revenue, to $191.4m, and a 27.2 per cent year-on-year jump in GOP, to $37.9m.

These latest results follow the recent trend in Atlantic City, which has seen declining land-based revenue boosted by the blossoming online sector.

The bigger picture will change long term, with many properties having recently launched – or preparing to launch – on-property sportsbooks that will surely give the overall sector a significant boost.

Key also will be the ongoing performance of Hard Rock and Ocean Resort properties and their online operations. If these two are enjoying a honeymoon period after the summer’s launches, then casino revenue trends for the new venues will likely soon follow the wider trend – downwards.

However, despite the brick-and mortar casino woes, the online sector and sports betting more generally, give the New Jersey industry genuine and renewed grounds for optimism.

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For the year to date, internet gaming win in the Garden State climbed to $242.7m, a 18.9 per cent against the same period in 2017.

New entrants Hard Rock and Ocean Resort continue to perform solidly, the former now posting more than $1m internet win since launch, while the latter has already recorded a healthy $595,293.

All participants within the region’s internet gaming market bucked the recent trend of unpredictability, as across the board increases contributed to an total of $26.7m for October, subsequently topping up the year-to-date revenue to $242.7m

The Golden Nugget was again the dominant force within the market, seeing a 57.6 per cent increase to $9.6m (2017: $6.1m), ahead of the Borgata whose fractional boost saw October come in at $4.3m.

It wasn’t such good news for the region’s land-based property’s, with an eight per cent overall increase to $200m almost solely aligned to the two relatively new entrants to the Atlantic City boardwalk.

Hard Rock Hotel Casino and Ocean Resort saw decreases from the previous month’s showing, recording revenues of $23.2m and $13m respectively, with only the Tropicana seeing an increase of the previously established entity’s, nudging 2.1 per cent year-on-year to $25.1m.

Borgata continued on its trend of being the dominant market leader taking $50.7m, an 8.1 per cent drop from 2017’s $55.2m, with Harrah’s (-21.7 percent to $23.7m) and Caesars (-21.4 per cent to $20.2m) having the unwelcome honour of seeing the largest percentage declines.

New Jersey’s sports wagering scene brought in revenues of $11.6m for October, a significant 51 per cent drop from September’s $24m, as Resorts Digital ($5m) and Meadowlands Racetrack ($3.5m) maintained the status of being the state’s dominant leaders.

Total gaming revenue for the month came in at $2.38bn, a 6.3 per cent increase from 2017’s $2.24bn.

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The nine incumbents of the regions brick-and-mortar operations reported total casino win of $231.9m for the month, representing a 7.7 per cent increase year-on-year, reports the New Jersey Division of Gaming Enforcement (NJDGE).

However, of the seven established entity’s that were in operation this time last year, only the Tropicana saw an increase, of just half a percentage point to $29.9m.

The Borgata once again took the lion’s share of the market, coming in at $60.5m (2017: $69.9m, -13.5 per cent), trailed by Harrah’s $27m (2017: 31.3m, -13.7 per cent), Caesars £22.9m (2017: 29.8m, -23.3 per cent), Golden Nugget $18.2m (2017: 18.8m, – 3.2 per cent), Bally’s $16.6m (2017: $17.8, – 6.5 per cent) and Resorts $15.7m (2017: 17.7m, -11.2 per cent).

Contributing to total gaming revenue of $281.6m (2017: $235.8m, +19.5 per cent), the Garden State’s newest entries continued their solid performances, and perhaps stole the thunder of their more established competitors.

Hard Rock Hotel and Casino saw its land-based revenue come in at $25.9m, whilst Ocean Resort followed up August’s $19.6m with $14.9m for the following month.

New Jersey’s unpredictable igaming market rolled into another month, with Golden Nugget’s $9.2m (2017: $5.7m, +62.6 per cent) seeing it dominate the market, ahead of the Borgata who rose 7.6 per cent from $4.2m to $4.5m.

Caesars Interactive recovered from August’s torrid 21.6 per cent decline to post figures of $4.1m (2017: $3.4m, +21.5 per cent), in contrast to Tropicana, who along with Resorts Digital saw its internet gaming win decrease for the month, to $3.3m (-2.5 per cent yoy) and $3.4m (-4.5 per cent yoy).

The commencement of the NFL season had the expected results on the state’s sports betting revenues, with the overall $23.9m of revenue dominated by Resorts Digital ($8.5m) and Meadowlands Racetrack ($7.2m).

Fellow racetrack Monmouth Park came in at $2.2m, narrowly edged out by Borgata ($2.5m), with Ocean Resort ($1.2m) and Golden Nugget ($1.1m) the only other entity’s to break the $1m barrier.

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