The company is implementing the name change as part of its unified branding initiative, which complements the geographic growth and operational improvements achieved during the past year. 

Furthermore, the move is also designed to support the company’s drive to become the first omni-channel gaming company to seamlessly integrate and operate physical casinos with digital solutions. The company’s common stock now trades on the New York Stock Exchange under the ticker symbol ‘BALY’.

The acquisition will allow Twin River to maintain the Bally’s name for the Atlantic City property that it has agreed to purchase from Caesars, pursuant to the previously announced agreement. 

As part of the deal, Twin River agreed to provide Caesars a perpetual license to use the Bally’s brand at its existing Bally’s Las Vegas Hotel & Casino property.

Documenting the impending manoeuvres last month, George Papanier, president and CEO of Twin River, commented: “This is an exciting and transformative moment for our company as we unite the high-quality customer offerings that span our increasingly national footprint under a singular preeminent brand. 

“The Bally’s brand is core to our drive to become the first omni-channel gaming company to seamlessly integrate and operate physical casinos with digital solutions.

“We remain committed to employing our disciplined acquisition strategy, and leveraging regulatory incumbency as well as our retail customer database, to take advantage of the incredible growth potential that an online future offers.”

Bally’s Corporation currently owns and manages nine casinos across five states, a horse racetrack, and 13 authorized OTB licenses in Colorado, and boasts over 3,800 employees, 10,359 slot machines or VLTs, 300 game tables and 1,290 hotel rooms. 

Following the completion of pending acquisitions, which include Tropicana Evansville, Jumer’s Casino & Hotel, Bally’s Atlantic City, Eldorado Shreveport Resort and Casino, and Mont Blue Resort Casino & Spa, the company will own and manage 14 casinos across 10 states.

The post Twin River finalises Bally’s rebrand and ticker change appeared first on CasinoBeats.

For the three month period ending September 30, 2020, the company is expecting consolidated revenues to range from $100m to $130m, with consolidated adjusted EBITDA anticipated to fall in the $30m to $40m boundary.

Due to company wide property closures, the firm saw its second quarter revenue decrease 79.8 per cent to $28.9m from $143.2m a year earlier, with net loss finishing at $23.6m compared to an income of $17.2m year-on-year, and adjusted EBITDA closing at -$10.7m, a 122.6 per cent swing from $47.5m.

For the current quarter, the operator is expecting to be cash flow positive, and says that it will end with liquidity in excess of $360m inclusive of availability under its revolving credit facility. 

Ahead of its official Q3 reporting in either late October or early November, Twin River also elaborated on its aforementioned senior notes offering.

The company intends to use the net proceeds of this offering for general corporate purposes, which could include, in addition to funding operations, acquisitions and other transactions.

Offering a further explanation, Twin River said in a media statement: “The new notes would constitute an additional issuance of Twin River’s existing 6.750 per cent senior notes due 2027 and would be issued under the indenture dated as of May 10, 2019, pursuant to which Twin River previously issued $400m in aggregate principal amount of notes due 2027. 

“Immediately after giving effect to the proposed issuance of new notes, the company will have $525m in aggregate principal amount of notes due 2027 outstanding.”

The post Twin River outlines third quarter financial expectations appeared first on CasinoBeats.

Under the terms of the latter agreement, the Boston headquartered firm has become ‘Official Daily Fantasy Operator’ of the side, as well as becoming the MLB franchise’s first ‘Official Sports Betting Operator’.

“We are proud to grow our presence in Colorado both in announcing our latest deal with the Rockies and also look forward to soon officially opening the doors to our newest retail sportsbook at Mardi Gras Casino and Resort,” explained Matt Kalish, co-founder and president of DraftKings North America. 

“In the short span since launching our top-rated mobile sportsbook app in Colorado this past May, Coloradans have proven to be among our most engaged customers, which makes our deepened connection to the state through these collaborations all the more exciting.”

In addition to in-stadium branding rights, DraftKings is also receiving a license to utilise Rockies trademarks and logos, with the pair also set to collaborate to develop a digital content series featuring Rockies’ player appearances, along with podcasts, live videos and more.

“All of us at the Colorado Rockies are thrilled to take this exciting next step in our longstanding relationship with DraftKings,” noted Walker Monfort, Rockies’ cice president of corporate partnerships. 

“Expanding on our current deal for daily fantasy sports will only enhance what we’ve built with DraftKings up to this point. Tying our brand to an early industry leader in the new frontier of legalised sports betting will be a great new endeavour for both parties.”

Furthermore, the DraftKings Sportsbook at the Mardi Gras Casino is to also debut, following an agreement inked in July which saw a temporary sports betting venue become accessible.

The retail sportsbook in the Twin River property is set to be equipped with more than 40 televisions, large video boards dedicated to displaying odds, several self-service betting kiosks and a full-service American sports bar and restaurant.

“The new DraftKings retail sportsbook location is the perfect addition to their mobile betting access we launched earlier this summer,” added George Papanier, president and CEO of Twin River Worldwide Holdings. 

“The space has over 40 large TVs and multiple odds boards, a large full-service bar with 22 seats, a VIP area, and a great new menu featuring American pub-style fare with a Colorado twist, including our famous short rib stacker with house-made chips, an artisan BLT with a poached egg, and carnitas tacos. There is nothing like it in Black Hawk and we are excited to become Colorado’s new home for all sports.”

The post DraftKings to debut Mardi Gras venue amid Colorado Rockies agreement appeared first on CasinoBeats.

The agreement will secure the firm a market access to operate an online casino in New Jersey via a multi-year agreement, pending regulatory approval.

theScore Bet anticipates launching its online casino product in the region during the second half of 2021, subject to securing applicable licensing and regulatory approvals from the New Jersey Division of Gaming Enforcement 

Under the terms of the agreement, Twin River will receive a percentage of revenue derived from theScore Bet’s operations in the Garden State, subject to certain annual minimum guaranteed amounts, an upfront fee, and renewal fees if applicable. 

The agreement spans an initial term of ten years, extendable by a five-year renewal term at theScore’s option and a further five-year renewal term upon mutual agreement of both parties.

“The addition of an online casino offering to our award-winning and truly differentiated mobile sports betting platform broadens our reach and deepens our strong portfolio of assets,” said John Levy, founder and CEO of theScore. 

“This is yet another step towards providing theScore’s media and betting patrons with a completely holistic and tightly integrated media and gaming experience.”

Commencement of the partnership is contingent on Twin River’s pending acquisition of Bally’s Atlantic City Hotel and Casino in Atlantic City and obtaining the necessary regulatory licenses and approvals.

The group detailed it’s $25m Bally’s acquisition in April, with the transaction seeing Caesars Entertainment receive $6m, and Vici Properties gain the remaining $19m, in a deal which also saw the operator acquire Eldorado Shreveport Resort and Casino in Louisiana and the MontBleu Resort Casino and Spa in Lake Tahoe, Nevada for $155m from Eldorado Resorts.

“We are excited to partner with theScore and to provide our Atlantic City guests with a highly-personalised igaming experience,” added George Papanier, President and CEO of Twin River. “We look forward to working with them and engaging our guests as they leverage this new, exciting platform.”

Twin River has previously inked New Jersey facing partnerships alongside Sporttrade and Esports Entertainment Group for sports betting, and PointsBet regarding online casino.

The post theScore secures New Jersey online casino market access via Twin River appeared first on CasinoBeats.

Subsequently reopening on a staggered basis between May 21 and June 17, the group notes “strong demand and significantly improved margins,” particularly in Biloxi and Delaware, for the month of June contrasted with 2019’s figures. In the former of those regions overall revenue was up two per cent from June 2019.

Due to the aforementioned shutdowns revenue for the second quarter of 2020 decreased 79.8 per cent to $28.9m from $143.2m a year earlier.

Net loss for the second quarter was $23.6m compared to an income of $17.2m year-on-year, with adjusted EBITDA finishing at -$10.7m, a 122.6 per cent swing from $47.5m.

George Papanier, president and CEO of Twin River, explained “We were thrilled to have welcomed back our valued team members and loyal customers at all of our properties to safe and secure environments that meet or exceed CDC safety guidelines. Since reopening, where we have been permitted to operate under fewer capacity restrictions with more amenities, we are seeing strong demand.

“On a comparable basis, Hard Rock Biloxi and Dover Downs achieved strong adjusted EBITDA performance and significant margin improvement while complying with state regulated reductions in gaming capacity. These positive margin trends are continuing into July, giving us confidence that we can sustain a level of the increased operational efficiencies.

“I am also excited to welcome our newest properties in Kansas City, Missouri and Vicksburg, Mississippi which we have rebranded Casino KC and Casino Vicksburg, respectively. Both of these properties experienced robust demand and have generated strong positive cash flow following their reopening and our subsequent acquisition. 

“The Casino KC and Casino Vicksburg properties are a great fit for our portfolio and significantly expand our geographic footprint with assets in attractive markets. We see a lot to build on and look forward to working with the local teams to realise the strategic benefits of this transaction.”

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As certain states and local governments initiate plans to reopen non-essential businesses, Twin River’s strategy encompasses screening of team members and guests upon entrance of the properties, thermal imaging cameras, enforcement of social distancing guidelines, including spacing between VLTs and limited or no table games to start, frequent cleaning and sanitising protocols for all areas, mask protection, and public awareness signage.

Issuing the guidance in its first quarter financial report, Twin River saw its performance for the January – March period significantly impacted upon the mandated shut-down of operations in mid-March as a result of COVID-19.

Noting incremental start-up costs that will temporarily increase as properties reopen, Twin River saw revenue during the quarter drop 9.5 per cent to $109.1m (2019: $120.6m). For the first two months of the year the figure stood at $90.2m, representing a 23.4 per cent rise from $73.1m.

Net loss for the quarter ended at $8.8m, as opposed to an income of $17.5m a year earlier, with adjusted EBITDA down 49.7 per cent to $22m (2019: $43.8m).

Action after the quarter has seen Twin River add three properties to its growing portfolio following agreements made alongside Eldorado Resorts, Caesars Entertainment and Vici Properties.

The operator is to firstly acquire Eldorado Shreveport Resort and Casino in Louisiana and the MontBleu Resort Casino and Spa in Lake Tahoe, Nevada for $155m from the former, as well as Bally’s Atlantic City Hotel and Casino for $25m from Caesars, who will receive $6m, and Vici, gaining the remaining $19m.

George Papanier, president and CEO, explained: “During these times, our highest priority is the health and safety of our team members, customers and communities. We continue to support the actions taken by state and local officials to help slow the spread of COVID-19, including the temporary closure of our properties, and continue to look to provide assistance wherever possible. Our company started the year strong, reporting year-over-year revenue growth of over 23 per cent in the first two months of the quarter. 

“While our full quarter results were meaningfully impacted by the closure of our properties in March, we have taken broad-based actions to reduce expenses and enhance liquidity. Our leadership team has also remained hard at work executing on key strategic growth initiatives, including our recently announced deal to acquire three casinos from Eldorado and Caesars to further expand our geographic diversity and enhance our financial profile. Despite near-term uncertainties, we are confident that our strong balance sheet, liquidity and long-term strategic planning will enable us to emerge from this crisis in an even better position.”

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Boasting approaching 40 casino properties, regulators made the activity legal on May 1, 2020, after votes approved the legalisation of sports betting in November of last year.

DraftKings has broadened its partnership with Twin River Worldwide Holdings to secure its entry into the region, with a sportsbook entity to debut at Mardi Gras Casino in Blackhawk.

This will become the firm’s seventh retail location across the country, with locations in Iowa (Wild Rose – three locations), Mississippi (Scarlet Pearl), New Jersey (Resorts) and New York (del Lago).

“We are thrilled to introduce Colorado’s passionate sports fans to DraftKings Sportsbook, the nation’s favourite mobile and online sports betting platform,” said Matt Kalish, co-founder and president, DraftKings North America. 

“Boasting a wide array of distinct sports categories and daily free-to-play games, customers across the state will always have a number of year-round, skin-in-the-game opportunities to engage with the premier sports betting experience DraftKings prides itself on.”

Roar Digital, the joint venture between MGM Resorts International and GVC Holdings, secured its entry via an exclusive primary skin agreement with the Midnight Rose Hotel and Casino. The agreement allows Roar Digital to offer online sports wagering throughout the state of Colorado under the BetMGM brand.

“We look forward to offering Colorado sports fans the excitement and ease of betting with BetMGM and working alongside Midnight Rose Hotel and Casino to provide top class betting experiences in the state of Colorado,” said Adam Greenblatt, CEO of Roar Digital.  

“With a limited sports schedule currently, it’s the perfect time for new customers to learn how to use our feature-rich sports wagering product, ahead of the return of U.S. sports.”

Further entrants into the region have seen Rush Street Interactive, through partnership with JP McGill’s Hotel & Casino, located in Cripple Creek, launch BetRivers.com, with Gambling.com also approved to provide sports betting services.

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2005

The Parliamentary All-Party Betting and Gaming Group has announced that it has launched its own review of the Gambling Act 2005, coming ahead of a similar undertaking that was to be fronted by the Department of Digital, Culture, Media and Sport.

Motivated by the Conservative Party’s 2019 General Election manifesto statement that ‘the Gambling Act is increasingly becoming an analogue law in a digital age.’ The APBGG has decided to launch its review of the legislation and contemplate what future changes may be needed in order to keep the law relevant to the technical and social changes that have occurred since its implementation.

The review will take into consideration written evidence from industry stakeholders whilst holding various meetings with experts from all sectors of the industry and supporting organisations.

5,000

Concerns have been voiced by the European Gaming and Betting Association that new temporary restrictions in Sweden could in-fact do more harm to consumer protection than actually provide help to those who might need it.

Restrictions put forward yesterday by the country’s Social Security Minister Ardalan Shekarabi include temporary weekly loss and deposit limits of SEK5,000 (€458) per week for customers as well as making it mandatory for players to set limits on playing time.

Acknowledging that the proposals are part of a series of measures designed to enhance consumer protection, a stance which it “strongly supports”, the EGBA points towards potential black market uptake as a key sticking point.

“Given that the measures will take effect on June 1 and expire at the end of 2020, we also question the effectiveness of the measures in protecting customers during the coronavirus,” the trade association states.

155

Twin River Worldwide Holdings is to add three properties to its growing portfolio following agreements made alongside Eldorado Resorts, Caesars Entertainment and Vici Properties.

The operator is to firstly acquire Eldorado Shreveport Resort and Casino in Louisiana and the MontBleu Resort Casino and Spa in Lake Tahoe, Nevada for $155m from the former, as well as Bally’s Atlantic City Hotel and Casino for $25m from Caesars, who will receive $6m, and Vici, gaining the remaining $19m.

Adding a combined 3,318 slots, 2,092 hotel rooms, 176 table games and in addition to 6,000 square feet of convention space to its portfolio, Twin River anticipates closing the Shreveport and Mont Bleu transactions in the first half of 2021.

The Bally’s transaction is expected to be finalised in late 2020 or early 2021, subject to receipt of FTC and gaming regulatory approvals, financing and other customary closing conditions.

115,149

Evolution Gaming has praised a solid financial start to the year, with momentum continuing into 2020’s second quarter as global lockdown measures coupled with a paused sporting calendar sees increasing numbers drawn into the live segment.

Continuing to initiate COVID-19 mitigation efforts as a main priority of the group, Evolution stresses that “extensive measures” have been implemented which have seen changes in working processes and routines result in continuing operations.

Regarding studio operations, the firm is operating fewer than normal across its portfolio, with its Georgia and Spain-based entities temporarily shut down and traffic subsequently managed across other territories.

Maintaining an objective of improving its year-on-year margin level, Evolution has seen first quarter revenue amount to €115,149 (£100,876), representing a 45 per cent jump from €79,297 (£69,468).

10.5

GambleAware has revealed that for the first year it has exceeded the charity’s minimum target of £10m in voluntary donations, receiving £10.5m.

These figures come after details of the donations for the 12 months ending 31 March 2020 were published. The funding provided by the industry enables GambleAware to commission a coherent, coordinated and efficient system of prevention and treatment to keep people across England, Scotland and Wales safe from gambling harms.

Marc Etches, CEO of GambleAware, explained: “For the tenth year in a row, we have seen an increase in donations, which means for the first time, we have been able to meet our minimum target of £10m.

“Commissioning a coherent, coordinated and efficient system of prevention and treatment requires the strategic distribution of sufficient funding, guided by appropriate expertise underpinned by effective partnership working.”

The post Swedish objections, UK review and casino purchases: The week in numbers appeared first on CasinoBeats.

Meeting expectations put forward in a preliminary release one month ago, revenue for the quarter increased 17 per cent to $130.4m (2018: $111.4m) with Dover Downs continuing to exceed expectations after contributing $27.6m.

New competition in the New England market, and the associated increases in marketing and promotional activity, continued to negatively impact revenue in the fourth quarter at Twin River Casino Hotel, however, the company noted that they have moderated and revenue has shown signs of stabilisation. 

Tiverton Casino Hotel, which opened in September 2018, is said to have continued to demonstrate marked resilience in the face of the aforementioned new regional competition with the Hard Rock Hotel & Casino Biloxi remaining strong.

Net income fell 39.7 per cent during Q4 to $13.3m (2018: $22.1m), and adjusted EBITDA rose to $40.2m, representing an 8.7 per cent increase from $36.9m. Overall gaming revenue grew 5.6 per cent to $88.5m from $83.8m.

On a full-year basis revenue was up 19.7 per cent to $523.5m (2018: $437.5m), net income dropped 22.8 per cent to $55.1m (2018: $77.1m) and adjusted EBITDA increased less than one percentage point to $167.1m. Gaming revenue rose 12.2 per cent from $327.7m to $367.9m.

Speaking at the publication of its preliminary results, George Papanier, president and CEO of Twin River, explained: “I am very pleased with the results of the fourth quarter which reflect the continued stabilisation in the New England market following the entrance of new competitors and strong performance across our broader portfolio. We expect this momentum to continue into 2020 which is reflected in our full year 2020 guidance.

“We’re excited about the progress we’ve made as we continue to transform the company. Over the last year or so, the steps we’ve taken to strategically and opportunistically grow and diversify the company, have created significant shareholder value, returned meaningful capital and leave us well positioned for long-term growth.”

Twin River also reaffirmed 2020 guidance, with adjusted EBITDA for the year to be approximately $180m, an increase of eight per cent over the same period in 2019. Furthermore, the company anticipates that its annualised run-rate for Adjusted EBITDA coming out of 2020 will be approximately $190m. 

Guidance is based on current plans and expectations, contains a number of assumptions and includes the impact of its pending acquisition of properties in Kansas City, Missouri and Vicksburg, Mississippi from Eldorado Resorts, which it expects to complete in the second quarter pending regulatory approval.

The post Twin River praises Dover Downs’ financial impact appeared first on CasinoBeats.

Revenue projections for both periods is expected to soar past the previous year totals, with Q4 anticipated to hit $129.4m – $131.4m (2018: $111.4m) which in turn could help its FY figure reach $522.6m – $524.6m (2018: $437.5m).

Net income is pencilled to decline from 2018’s 22.1m to between $12.1m – $14.7m, with a similar results expected on a full year basis from $71.4m to $53.9m – $56.5m.

Group adjusted EBITDA could see slight increases for both time-frames with anticipations of $38.6m – $41.6m (2018: $37m) and $165.5m – $168.5m (2018: $165.7m) set.

For the fourth quarter of 2019, Rhode Island operations are estimated between $69m – $70m of revenue, in the region of $15.8m – $17.1m of net income and $28.4m – $30.4m of adjusted EBITDA. 

Biloxi and Dover operations are estimated to finish at between $31m – $31.4m and $27.4m – $27.8m of revenue, respectively, $3.7m – $4.4m and $1.7m – $2.3m of net income and $8.6m – $9.6m and $5m – $6m of adjusted EBITDA for the same period.

George Papanier, president and CEO of Twin River, explained: “I am very pleased with the results of the fourth quarter which reflect the continued stabilisation in the New England market following the entrance of new competitors and strong performance across our broader portfolio. We expect this momentum to continue into 2020 which is reflected in our full year 2020 guidance.

“We’re excited about the progress we’ve made as we continue to transform the company. Over the last year or so, the steps we’ve taken to strategically and opportunistically grow and diversify the company, have created significant shareholder value, returned meaningful capital and leave us well positioned for long-term growth.”

Furthermore, the company has also given a financial outlook for the year ending December 31, 2020, as Twin River estimates adjusted EBITDA to be approximately $180m, an approximate increase of eight per cent over the midpoint of the preliminary range for the same period in 2019. The firm anticipates that its annualised runrate for adjusted EBITDA coming out of 2020 will be approximately $190m.

Guidance is based on current plans and expectations, including a number of assumptions and includes the impact of its pending acquisition of properties in Kansas City, Vicksburg, Mississippi, and Missouri from Eldorado Resorts, which should be finalised early in the second quarter of 2020 pending regulatory approval in the latter.

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