Monthly Archives: April 2020

Encore Boston Harbor ready to limp back into the game

One can imagine that the feeling casino operators are experiencing due to the coronavirus-forced lockdown is similar to that felt by a prison inmate who knows that he’s about to be released, but who still doesn’t have a specific date for the end of his incarceration. The line continues to shift as state leaders revise their orders, and nothing is clear – only the assertion that, eventually, casinos will be set free. When that happens, Wynn Resorts’ Encore Boston Harbor in Massachusetts will be ready to welcome gamblers, but they won’t find that it’s business as usual.

In Maine, the stay-at-home order was just extended until the end of May, except for certain activity – gambling isn’t one. In Florida, the stay-at-home order will be lifted as of May 4, except for Broward, Miami-Dade and Palm Beach counties. Coincidentally, the three counties that enjoy the most gambling activity. Massachusetts was going to give state residents a get-out-of-jail-free card for May 4, but that has now been pushed back to May 18, much to the frustration of everyone in the state.

Still, everyone has made it this far, so waiting a couple more weeks isn’t the worst that could happen. Unless, of course, you’re a business not able to generate any income. Encore, which had started to rule the local casino scene before COVID-19 popped in, has seen its revenue nosedive. In March, the property reported gross gaming revenue of $20.5 million, which was a drop of more than 50% over the previous month’s figures. April is going to be even worse, with zero revenue expected. For a property that was just getting broken in and counted on the revenue to cover startup expenses, the financial impact has been heavy.

If May 18 rolls around and Massachusetts Governor Charlie Baker agrees to let things start to return to normal, Encore still won’t be out of the woods. Its plan for relaunching operations includes a number of measures that will prevent a run on gaming tables and slot machines for a while, impeding its ability to start capturing large chunks of revenue. For example, when patrons are able to step back onto the property, they will most likely find a couple of inconveniences, such as no valet service and an obligatory temperature check as they pass through the doors.

UFC 249 brings stacked card to Playsugarhouse.com & Betrivers.com

New Jersey, Pennsylvania, Indiana – April 28, 2020 – The rescheduled UFC 249 has retained its main event, added some fights and produced a strong betting card for its May 9 event in Jacksonville, Florida.

Tony Ferguson remains the favorite against Justin Gaethje in the main event at BetRivers.com and PlaySugarHouse.com sites, although the line has tightened somewhat.

Ferguson is -167 and Gaethje is +155 for this fight, a battle for the interim lightweight title. Top-ranked Ferguson had been -190 and fourth-ranked Gaethje +155 for the original April 18 match-up, which was canceled because of coronavirus concerns.

With 17 combined post-fight performance bonuses, Ferguson and Gaethje have thrilled fans like no other duo over the last several years, defeating the likes of Donald Cerrone, Anthony Pettis and Edson Barboza.

Gambling Industry Announcement and Partnership Roundup – April 30, 2020

In the fast moving world of gambling, sometimes you might miss news that could be important to you. To make sure you’re all caught up on gaming industry news, be it online or brick and mortar, we’re rounding up the some of the announcements and partnerships from the last week that you might have missed.

Betsoft announces partnership with Campeón Gaming Partners

Betsoft Gaming, one of the world’s premier producers of high-quality iGaming content, is proud to announce a partnership deal with Campeón Gaming Partners.

The agreement will see Betsoft Gaming integrate a wide selection of its top-performing titles within Campeón Gaming Partners’ brands to further build audience numbers across multiple jurisdictions.

PAGCOR in a slump as revenue slashed by 50%

Things have come a long way for the Philippine gaming regulator in the past month and a half. The Philippine Amusement and Gaming Corp. (PAGCOR) initially thought that it would enjoy an upswing in casino revenue this year, even as the coronavirus was furthering its brazen attempt at world domination. Of course, it didn’t take long to realize that its projections weren’t in sync with what was really going on, and the regulator admitted that there was little chance of hitting its revenue goals for the year. Based on the latest figures presented by PAGCOR, the first quarter of the year indicates that there’s a long road to recovery ahead.

The Philippines went on lockdown, just like virtually all of the world, because of the global health pandemic. PAGCOR was forced to halt gambling operations at the casinos under its umbrella as a result and, according to the numbers it just presented, net income for the first quarter of the year dropped by almost 50%. That revenue came in right at $15.44 million, representing a 49.9% year-on-year hit. The gross income was around $31 million, and the regulator is obligated to split its take evenly with the federal government.

With the shutdown orders expected to remain in place until the middle of May, the odds of a quick recovery get even longer. Half of the second quarter of the year will see zero gaming action, possibly resulting in PAGCOR producing even bleaker results at the end of the period. Andrea Domingo, the organization’s chairwoman, put it best when she said, “We can only expect recovery when we are allowed to resume operations. No operations, no revenues.”

Gross gaming revenue from the casinos PAGCOR controls fell 5.72% for the quarter, reaching just $340 million. That includes operations at the ten casinos under PAGCOR’s Casino Filipino brand – located in Angeles, Bacolod, Cebu, Davao, Iloilo, Mactan, Malate, Mimosa, Olongapo, and Tagaytay – and also the 33 satellite venues found scattered throughout Luzon.

Becky’s Affiliated: Rory Credland reveals his vision for ICE North America digital

As 2020 pushes forward, more and more digital events are emerging, either as a replacement for what would have been an in-person conference or as a stand-alone event to keep the gambling industry connected while under lockdown.

SBC’s Digital Summit is taking place this week, next week we have iGaming NEXT’s “The Big Reset” kicking off May 4-6, the Virtual Mare Balticum Gaming Summit on May 7th, followed by Clarion’s ICE North America Digital May 11-15, a replacement for what would have been an in-person event in New Orleans.

“Unfortunately, we had to move ICE North America’s physical event to next year so we didn’t want to just leave it at that, we want to be able to still bring elements of the ICE North America that we were intending to do this year online and provide that to the industry”, Clarion’s Event Director Rory Credland shared.

Sports betting legend Billy Walters to be released early from prison

Legendary sports bettor (and convicted felon) Billy Walters is reportedly heading home after securing early release from prison.

Earlier this week, social media was abuzz after a Las Vegas television journalist reported that Walters, who was sentenced to five years in prison in July 2017 after being convicted of securities fraud, wire fraud and conspiracy, would be released from prison by the end of this week.

On Wednesday, both ESPN and the Las Vegas Review-Journal reported that Walters would be released from the Federal Prison Camp in Pensacola, Florida – the same institution that once housed disgraced NBA ref Tim Donaghy – on Friday or Saturday. Walters will reportedly be allowed to serve the remainder of his sentence from his home in Carlsbad, California.

The 73-year-old Walters was supposed to have been eligible to apply for a home confinement transfer in January, based in part on his age, as well as the fact that he’s served more than half his sentence and the fact that his crime didn’t involve violence.

UK gambling charity to get £9m from operators’ screwups

UK gambling operators’ regulatory failings are now helping to fund problem gambling charities, while the National Lottery has committed £600m to backstop charities and other organizations impacted by the COVID-19 pandemic.

On Wednesday, the UK Gambling Commission (UKGC) announced that it was donating £9m to the industry-funded responsible gambling charity GambleAware. The UKGC’s donation is intended to ensure that the charity can continue to provide treatment and support for individuals who suffer gambling harm during the pandemic lockdown.

While the UKGC’s own research indicates that gambling participation has decreased since the lockdown began, the regulator said there is “evidence that some people are increasing their use of certain gambling products such as online slots, poker, casino gaming and virtual sports.”

The UKGC noted that the £9m came from the £27m in financial penalties it has imposed on its online and land-based licensees since the start of this year. GambleAware announced last week that it had exceeded its annual fundraising target of £10m for the first time but CEO Marc Etches said he wasn’t about to say no to the extra cash “at this uncertain time.”

Churchill Downs’ closed casinos spoil online race betting surge

Casino and betting operator Churchill Downs Incorporated (CDI) lost $23.4m in the first quarter of 2020 as online race betting growth failed to offset the pandemic-related closures of its gaming venues.

Figures released Wednesday show CDI generated revenue of $252.9m in the three months ending March 31, a 4.7% decline from the same period last year. Worse, the company reported adjusted earnings falling 26% to $55.3m and booked a net loss of $23.5m versus an $11.6m profit in Q1 2019.

The net loss was blamed on a $12m non-cash impairment of its Presque Isle Downs and Casino in Pennsylvania, plus a $7.6m after-tax expense related to some Midwest Gaming interest rate swaps plus, you know, the whole pandemic thing.

CDI CEO Bill Carstanjen said the company’s strong balance sheet – buoyed by drawing $675.4m from its revolving credit facility last month – would help it ride out “at least the next 12 months,” by which time the COVID-19 storm will have hopefully passed.

Hard Rock Int’l granted five-month delay on Spanish casino project

Casino operator Hard Rock International’s peril-fraught Spanish integrated resort project has hit yet another delay due to the COVID-19 pandemic’s impact on the company’s finances.

On Tuesday, Spanish media reported that HRI had requested a five-month delay of its deal to purchase land near the Catalan city of Tarragona on which the company plans to develop its €2b Hard Rock Entertainment World resort.

Land issues have plagued HRI’s Spanish ambitions for years, but March saw HRI work out a deal in which a state-run firm known as Incasòl would buy the land from its current owners for €120m, after which HRI would have until May 5 to acquire the land from Incasòl for the same price. Failure to meet that deadline would result in the government pulling the plug on this oft-delayed project.

However, like nearly all casino operators, HRI has seen its operations halted as governments across the globe ordered the closure of all non-essential businesses to minimize further COVID-19 transmission. Last week, HRI CEO Jim Allen told CNBC that it would likely take a full year before his company was able to ‘ramp up’ its business back to where it was pre-pandemic.

Switzerland okays two new online casinos, preps sports resumption

Switzerland’s online casino market will soon have two new sites on offer, while the government has also signalled the imminent return of local sports on which bettors can wager.

On Wednesday, the Swiss Federal Council announced that Casino Lugano and the Casino du Lac Meyrin in Geneva have been granted the right to add online casino gambling to their product mix. The two casinos’ sites and game technology will still require the approval of the Federal Casino Commission (ESBK) before they can launch.

The two casinos are the sixth and seventh casinos to have been granted online approval and the first outside the country’s German-speaking cantons. Casino du Lac is run by French operator Groupe Partouche, which struck a Swiss deal with live casino specialists Evolution Gaming in January and a game content deal with iSoftBet just last week.

The Lugano property is operated by Casinos Austria International – now part of the Sazka Group – which also runs the Grand Casino Kursaal Bern that received its online diploma last November.