Author: David Randall

For the three months ending 31 March, Genting Berhad reported a significant revenue increase, reaching RM7.43bn (£1.24bn/€1.45bn/$1.58bn), compared to RM5.82bn in Q1 of the previous year. The group’s revenue growth was driven primarily by its Leisure and Hospitality division, which saw a 35.7% increase. The Plantation division’s revenue rose modestly by 1.6%. The overall revenue surge led to a nearly three-fold increase in net profit for Q1. Additionally, the group’s adjusted EBITDA for the quarter increased by 40.4%. In Q1, the Leisure and Hospitality division’s revenue climbed to RM6.48bn, up from RM4.78bn in 2023. Resorts World Sentosa in Singapore generated…

Hedge-fund billionaire Steve Cohen has unveiled plans for a major development at Citi Field, the New York Mets’ stadium in Flushing Meadows-Corona Park. The $8 billion project, in partnership with Hard Rock International, envisions a new entertainment complex, a live music venue, and a Hard Rock hotel, along with gaming facilities. The development, dubbed Metropolitan Park, aims to enhance the community with 20 acres of new park space, five acres of athletic fields and playgrounds, and a commitment to “climate-ready infrastructure.” This 50-acre project would be located on the current stadium parking lot. However, New York State Senator Jessica Ramos…

Illinois lawmakers discussed the potential tax increase during a 2025 budget meeting over the weekend. Although plans are not yet approved, the proposed hike has already impacted major operators like DraftKings and Flutter. The proposal suggests replacing the current 15% flat wagering tax with a graduated structure. This new tax scheme would range from 20% to 40%, depending on each operator’s adjusted gaming revenue (AGR). Operators with an AGR of $30 million annually would be taxed at 20%. Those reporting more than $200 million in AGR would face a 40% tax rate, a 167% increase from the current rate, making…

DraftKings announced in February 2024 that it would acquire Jackpocket, a leading lottery app, with an expectation to generate up to $340 million in additional annual revenue. The focus is now on integrating Jackpocket into DraftKings’ operations to leverage synergies for sustained growth. By entering the expansive US lottery market, DraftKings aims to enhance customer lifetime value and improve acquisition capabilities. Jackpocket was the most-downloaded digital lottery app in the US in 2023. Jason Robins, CEO and co-founder of DraftKings, stated, “Today we are announcing the completion of our acquisition of Jackpocket and the commencement of our value creation plan.…

In another financially successful year for Paf, revenue increased by 6.9% year-on-year, and net profit rose by 23.0% to €55.1m, marking a new annual record. CEO Christer Fahlstedt expressed satisfaction with these results but cautioned about future profit prospects, particularly due to rising gaming taxes in various markets. In Finland, lottery tax rates increased from 5% to 12% following the end of a temporary reduction. Similarly, Swedish gambling tax rose from 18% to 22%, Estonia from 5% to 6%, and Latvia from 10% to 12%. “We can be happy and proud with the past year,” Fahlstedt stated, attributing part of…

Evans has taken over as group CTO at Allwyn, succeeding Tony Khatskevich, who is transitioning to an advisory role with the Allwyn board and CEO Robert Chvátal. Evans joins Allwyn with extensive experience, having spent five years as group CTO at Bally’s. Before that, he held the same role at Gamesys, acquired by Bally’s in October 2021. His career also includes senior positions at Alibaba/Lazada Group and PropertyGuru Singapore, and he was head of development for the platform at Betfair. “I’m delighted to have been appointed as group CTO of Allwyn,” Evans said. “The company’s commitment to social impact is…

In April 2024, Pennsylvania’s gaming industry generated $504.6 million (€464.8 million/£398.1 million) in revenue, marking a 5.9% increase compared to April 2023, according to the Pennsylvania Gaming Control Board (PGCB). This figure, though lower than the record $554.6 million in March 2024, remains comparable on a daily basis considering March had an extra day. Retail slots continued to be the largest contributor to gaming revenue, though the $205.4 million recorded was a 3.5% decrease from April 2023. The number of slot machines in operation also dropped from 25,555 in April 2023 to 24,890 in April 2024. Parx Casino, the state’s…

Experts have highlighted the importance of sponsorships to sports in Germany, emphasizing the significant loss of funding a ban would cause. This concern was a key factor in rejecting the proposed ban on sports sponsorships. Inka Müller-Schmäh, managing director of the Association of Sports Sponsorship Providers, stressed the need for a legal framework to ensure continued support for German sports through sponsorships. “Sports sponsorship must remain possible, no matter where, when, and how sport takes place and is broadcast,” Müller-Schmäh stated. Challenges in the German Gambling Industry The German market faces significant challenges with the black market, as strict regulations…

March marked the 13th consecutive quarter of growth in US gaming revenue, according to the AGA’s Commercial Gaming Revenue Tracker. This tracker provides state-by-state and cumulative insights into the US industry’s performance, utilizing state revenue reports. In March alone, the revenue reached $6.1 billion, making it the second highest-grossing month ever for the US gaming industry. The first quarter of the year saw 11 states setting new quarterly revenue records for gaming. Among these were New York and Pennsylvania, two of the largest commercial gaming markets in the US. Throughout 2023, a record $14.7 billion was paid to state and…

In the first quarter of 2024, Codere reported a significant decline in revenue, falling from €363.1 million in Q1 2023 to a lower figure, which also saw a decrease in adjusted EBITDA by 26.6%, dropping from €64.4 million to €47.3 million. The company’s consolidated net revenues also saw a reduction, amounting to €185.9 million, a 12.1% decrease compared to €211.5 million in the same quarter the previous year. Despite these decreases, Codere’s financial stability remains intact, with a cash position only slightly adjusted from €107.5 million at the start of the period to €104 million. The company attributes this stability…