United Kingdom-based Flutter merged its US business with FanDuel in 2018 and increased its stake to 95% in 2020, which left Boyd with a minority share.

Meanwhile, after a lengthy legal battle, Fox Corporation retains an option to acquire up to an 18.6% stake in FanDuel by 2030 at a $4.5 billion valuation.

Flutter Expects $65M Annual Savings

The 5% acquisition will include $1.55 billion for equity and $205 million for commercial-term adjustments.

Flutter and Boyd will extend their collaboration partnership through 2038, revising market-access agreements in several states, including Iowa, Indiana, Kansas, Louisiana, and Pennsylvania. For these states, Boyd will receive a fixed fee.

Flutter anticipates that with the adjusted agreements in those states, it will be able to save $65 million annually, starting July 1, 2025. Although the company expects leverage to increase temporarily, it remains committed to its target debt-to-EBITDA ratio of 2.0-2.5x.

Beyond cost efficiencies, securing 100% ownership of FanDuel, which the company claims holds the top spot in sports betting and iGaming, gives Flutter complete control over one of its most important assets.

This will allow the company to simplify its corporate structure, streamline decision-making, and fully consolidate FanDuel’s financial results. At the same time, the acquisition removes potential future tensions with minority interests and profit-sharing.

Furthermore, the acquisition also supports Flutter’s broader strategy of improving margins and responding to global cost pressures. Recently, the company announced job cuts in the UK and a $875 million share buyback program to optimize its capital structure.

Additionally, to protect margins, the company announced that FanDuel will introduce a surcharge of $0.50 per bet in Illinois as a response to recent tax hikes in the state.

The transaction is expected to close in the third quarter of 2025, pending regulatory approvals.

FanDuel Dominates U.S. Sports Betting

Owning 100% of FanDuel is also significant for Flutter as the operator dominates the US sports betting market.

In its announcement, Flutter claims the platform holds 43% market share in sports betting across the US. That figure is supported by an H2 Gambling Capital (via Reuters) report.

H2 Gambling Capital estimates FanDuel’s market share to be 44%, with a lead of 10% over rival DraftKings.

The latest state-level revenue data further highlights FanDuel’s dominance in major sports betting markets:

• New York: 44% market share, ahead of DraftKings’ 34%.
• New Jersey: 45% vs. DraftKings’ 29%.
• Ohio: 33.9%, narrowly ahead of DraftKings’ 30.4%.
• Illinois: 37% vs. 30% for DraftKings.
• Michigan: 46.5% vs. 26% for DraftKings.

FanDuel’s in a Tight Race for Top iGaming Spot

While it’s not as dominant in iGaming as in sports betting, FanDuel still claims it holds the top spot in a tightly contested battle with DraftKings and BetMGM.

However, the figure of 27% that it quotes in its Boyd Gaming announcement includes market share for PokerStars, which Flutter also owns.

In New Jersey, FanDuel Casino holds the top spot with a 22.1% market share. DraftKings trails closely with19.4%, while BetMGM took 13.2%.

In Michigan, FanDuel and BetMGM have traded the top position throughout 2025. BetMGM took the top spot in May, while the previous month, FanDuel was the winner.

The difference between the two in total revenue in 2025 is less than $2 million. For context, both operators generated over $67 million in May alone.

Pennsylvania does not report revenue by each operator individually but by retail casinos, which hold the licenses.

The latest figures show that Hollywood Penn National casino, under which DraftKings, BetMGM, Fanatics, and Hollywood Casino operate, had a 37.3% market share. Meanwhile, Valley Forge, the license partner of FanDuel and Stardust, had a 22.1% share.

Given Stardust’s minimal footprint in New Jersey, FanDuel likely holds around a 20% share in the state. That will likely put it either slightly ahead or close behind one of DraftKings or BetMGM (based on Hollywood Casino and Fanatics’ performance in other states).

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GAN

Robert Shore has been appointed as vice president of investor relations and capital markets at GAN, where he will bring more than 15 years of experience in corporate finance, investor relations, and Wall Street research.

In the newly created role, Shore will lead the group’s investor relations and capital markets efforts, including strategic engagement with the investor community and analysts around the company’s positioning in the digital gaming space.

Dermot Smurfit, chief executive officer of GAN, commented: “Bobby is a seasoned professional with extensive experience in corporate finance and investor relations, along with a proven track record on Wall Street.

“We believe his strong gaming experience and deep-rooted relationships within the industry will be extremely valuable as we continue to increase our visibility with institutional investors and propel GAN to the next level.”

Valley Forge Casino Resort 

Ron Bailey has been names vice president and general manager of Valley Forge Casino Resort, where he will be charged with leading overall strategy and oversee day-to-day operations of the property, which includes 850 slot machines and 50 table games.

Prior to joining Valley Forge Casino Resort, Bailey served as vice president and general manager at Boyd Gaming’s Sam’s Town Hotel & Casino in Shreveport, Louisiana.

In addition, he also previously held the position of assistant general manager at The Orleans Hotel & Casino in Las Vegas.

“Ron is a seasoned executive with a strong track record of success and diverse experience from multiple gaming properties and jurisdictions,” noted Ted Bogich, executive vice president of operations at Boyd Gaming Corporation.

“Under Ron’s leadership and with our talented team at Valley Forge Casino Resort, we expect to see continued growth for the property and exceptional service for our guests.”

Receptional

Bedfordshire based digital marketing agency Receptional has announced the additions of Jack Rose and Dean Rowland to its board of directors.

Rose has taken on the role of operations director, overseeing the day-to-day running of the business to support its clients. Rowland joins as business development director to oversee new business and marketing to drive growth.

Justin Deaville, Receptional’s managing director, commented: “Jack has been a valued member of our team for several years. He has been a keystone of our culture and has contributed enormously to the team’s personal and commercial growth. He is both liked and respected. I’m delighted he has agreed to join the board.”

Adding: “I’m excited Dean will be joining Receptional as a director. He has worked for some
of the world’s most successful agencies – OMD, Havas, Publicis, and MullenLowe
Group – so he has loads of relevant experience.

“He’s going to fit in well with the rest of the team; during the interview process, his
commitment to culture stood out. He is creative, yet analytic; ambitious but thoughtful. And his drive matches ours.”

Jamul Casino

Jamul Casino has announced that Theresa Grady has been promoted to chief financial officer, where she will be charged with adding oversight of the compliance, procurement, and cash and club services department to existing responsibilities

Grady’s advancement comes after almost four years with the casino as its former director of finance, where she was highly involved in building the casino‘s finance, audit, vendor payments, payroll, and count operations teams, as well as helping spearhead the completion of a recent refinance in January 2021.

“I love working in the tribal gaming setting—it’s unique, challenging, and ever-changing.  I have especially loved working with the Jamul Tribe for the past several years,” Grady said.

“The tribe has a relatively young casino, but has been able to establish it as a respected leader in the San Diego gaming industry. Being a part of helping the tribe grow and prosper by creating this stable platform for future generations has been very rewarding.”

Everi

Everi has announced that E. Miles Kilburn, chairman of the board of directors, has informed the company of his intention to retire and will not stand for re-election at the 2021 annual meeting of stockholders, which will be held on May 19, 2021.

Subsequently, the board has appointed CEO Michael Rumbolz to become chairman upon Kilburn’s retirement, as well as naming Ronald Congemi, a member of the board for the last eight years, as lead independent director, effective immediately.

The board says that it intends to review the opportunity to fill the open director position created by Mr Kilburn’s retirement “through the addition of a new director that would continue to advance the gender, cultural and professional diversity of its current composition and that would bring additional gaming, financial technology, digital and leadership experience to the board”.

Potawatomi Hotel & Casino

The Forest County Potawatomi Community, owners of the Potawatomi Hotel & Casino in Milwaukee, has named Sheryl Schnering as interim CEO/general manager of the property.

Schnering, who replaces Rodney Ferguson in the position, has worked at the property for 13 years and currently serves as the CFO, a role occupied for the last six years.

“Sheryl has been an integral part of our team at Potawatomi Hotel & Casino for well over a decade. She has been with us throughout our growth and has helped us successfully navigate through this pandemic,” said Ned Daniels Jr, chairman of the Forest County Potawatomi Community.

“Sheryl has been nothing short of exceptional during her tenure at Potawatomi Hotel & Casino, and we know that success will continue while we transition to the next era of our operations.”

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The results followed what was a “record 2023” according to CEO Keith Smith, however, a combination of a “severe winter” diminishing the Midwest & South segment and “increased pressures” in Las Vegas led to drops in both revenue and net income. 

Publishing its first-quarter financial results for 2024, Boyd Gaming declared revenues of $960.5m, while net income dropped by 31.64 per cent to $136.5m (Q1 2023: $199.7m). 

The firm’s adjusted EBITDAR also took a hit, falling by 9.97 per cent from the previous year to $330.5m (2023: $367.1m). 

Smith stated: “After a record 2023, the first quarter of 2024 was a challenging start to the year. Severe winter weather had a significant impact on our Midwest & South segment early in the quarter while we also experienced increased competitive pressures in the Las Vegas Locals market. 

“However, throughout our business, many of the positive trends from the fourth quarter continued into the new year. By focusing on our disciplined operating and marketing strategies, we have been able to maintain strong operating margins.”

Per segment, gaming revenues declined for consecutive years in Q1, coming in at $634.1m (2023: 664.3m), as did room revenue with $48.9m (2023: $50m), while Boyd’s food & beverage segment saw a slight uptick to $72.6m (2023: $71.6m). 

Representing the only segment to publish two figures of growth, online revenues came in at $146.2m, an increase of 19.05 per cent on the previous year’s $122.9m. 

This growth was attributed to the firm’s sports betting partnership with FanDuel, heralding the operator as the “nation’s leading online sports betting company”. 

Per region, Las Vegas revenues, as aforementioned, suffered throughout the first quarter, witnessing a 6.07 per cent drop to $225.6m (2023: $240.2m). Boyd stated that, in addition to “competitive pressures”, reduced pedestrian traffic in downtown Las Vegas led to this dip. 

Meanwhile, the Midwest & South region struggled early-on in the quarter due to the “severe winter”, but did pick up as the months went by and temperatures rose. Midwest & South revenue stood at $500.8m, a 2.22 per cent drop from 2023’s $512.2m. 

The operator’s Sky River Casino in northern California helped the firm gain growth in its Management & other segment, showcasing year-over-year increases of 7.17 per cent to $34.4m (2023: $32.1m).  

Smith added: “Our significant cash flows and strong balance sheet allow us to continue returning capital to our shareholders through our ongoing share repurchases and quarterly dividend programs. Looking ahead, we remain confident in our ability to successfully navigate the current environment and deliver value to our shareholders.”

The company paid a quarterly cash dividend of $0.17 per share on April 15, and, as part of its share repurchase programme, repurchased $105m in shares of its common stock during Q1. 

As of March 31, 2024, the company had approximately $221m remaining under the current share repurchase authorization, while publishing cash on hand of $283.5m with a total debt of $2.9bn.

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CEO and President Keith Smith noted that Boyd has been able to deliver strong results in the fourth quarter of 2023 and across the full year thanks to a “diversified portfolio, consistent core customer trends and solid returns” from property investments.

Publishing its financial results, Boyd Gaming declared a Q4 revenue of $954.4m, an increase in comparison to the $922.9m reported in Q4 2022. For the full year, the operator reported revenues of $3.7bn, up from $3.6bn in the previous year.

Per segment in Q4, gaming generated revenues of $647.1m (Q4 2022: $653.9m), food & beverage revenues were $75.5m (Q4 2022: $74.1m) and room revenue stood at $50.6m (Q4 2022: $50.1m).

Online benefited from the introduction of sports betting in Ohio, coming in at $124.1m (Q4 2022: $89.7m). Management fee was $22.3m (Q4 2022: $16.7m) and other was $34.9m (Q4 2022: $38.4m).

Net income at the end of the quarter stood at $92.6m, down in comparison to Q4 2022’s $172.7m, while net income for 2023 came in at $620m compared to 2022’s $639.4m.

Total adjusted EBITDAR for Q4 was $355.5m in comparison to $360.1m in Q4 2022. For the full year, total adjusted EBITDAR was $1.4bn, up slightly from the prior year.

Smith commented: “The fourth quarter’s strong performance was a fitting conclusion to another record year for our company. Our fourth-quarter and full-year results were driven by our diversified portfolio, consistent core customer trends and solid returns from our recent property investments.” 

Per property segments in Q4, Las Vegas Locals revenue came in at $235.1m (Q4 2022: $240.9m) with an adjusted EBITDAR of $120.4m (Q4 2022: $125.9m). Both of these figures were consistent with each of the last two quarters.

Downtown Las Vegas revenue stood at $63.3m (Q4 2022: $62.4m) with an adjusted EBITDAR of $27.6m (Q4 2022: $27.8m). Boyd highlighted “particularly strong results at the recently expanded Fremont”.

Midwest & South revenue was $497.9m (Q4 2022: $496.5m) with an adjusted EBITDAR of $190.6m (Q4 2022: $188.4m). Managed & Other was driven by strong results at Sky River Casino, with revenue of $34.1m (Q4 2022: $33.3m) and an adjusted EBITDAR of $24.4m (Q4 2022: $23.5m).

As of December 31, 2023, Boyd Gaming had cash on hand of $304.3m and total debt of $2.9bn.

Smith continued: “Our management teams continued to demonstrate their ability to efficiently manage the business, achieving property-level operating margins above 40 per cent for both the fourth quarter and full year. 

“And as part of our balanced approach to capital allocation, we returned more than $475m to our shareholders in 2023 while investing in our properties and maintaining the strongest balance sheet in our company’s history. Looking ahead, we remain confident in our ability to continue delivering profitable growth and creating long-term shareholder value.”

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Boyd Gaming

Boyd Gaming has strengthened its management and structure with the promotion of four senior executives – Steve Thompson, Steve Schutte, Ted Bogich and Ward Shaw – effective immediately.

Thompson has been promoted to the role of Chief Administrative Officer after previously serving as Executive Vice President, Operations for Nevada. He has held several senior executive positions at Boyd since joining in 1983.

In his new role, he will be responsible for several key corporate functions, including Procurement, Administration, Design & Construction, Corporate Social Responsibility, Corporate Communications and Race and Sports.

Replacing Thompson as EVP, Operations for Nevada is Schutte, who was previously Senior Vice President, Operations for Las Vegas Locals properties. Schutte will also be responsible for Corporate Slot Operations, Food and Beverage, and Hotel Operations.

Schutte has been SVP, Operations since joining Boyd in 2014 and has 30 years of experience in the gaming industry.

Bogich has been promoted to Chief Operating Officer, after previously serving as Executive Vice President, Operations for the Company’s Midwest & South region. He has been with Boyd since 2004 and will now manage the company’s 28 properties nationwide, whilst also retaining oversight of Corporate Marketing, and Slot Analytics and Strategy.

Succeeding Bogich is Shaw, who previously oversaw operations in Missouri, Illinois, Indiana and Ohio as Senior Vice President, Operations. He has been with the company since 2018 and has 25 years of gaming industry experience.

Keith Smith, President and CEO of Boyd Gaming, commented: “These appointments strengthen our management structure and help position Boyd for today’s dynamic and fast-changing environment.

“Each of these four accomplished executives has played a critical role in our company’s success, and through their expanded roles we will further leverage their talent and expertise as we continue to drive long-term growth and efficiencies throughout our operations.”

Seminole Hard Rock

Seminole Hard Rock has appointed Elena Alvarez as Senior Vice President of Marketing and Brand Partnerships for Seminole Gaming and Hard Rock International.

In this new role, Alvarez will be responsible for the development of brand activations and integrating assets across Hotels, Cafes, Retail, and Casinos including overseeing the development of new revenue-generating platforms. 

She will also continue to oversee the global marketing of the Cafe division of Hard Rock International.

Alvarez has been with Hard Rock since 2005 and has held key sales and marketing roles in the Europe, UK and US Hard Rock Cafe divisions. In 2019, following a move to the US, she was promoted to Vice President of Global Sales and Marketing for the Cafe division.

“I couldn’t be more excited to take this next step in my journey with Hard Rock and Seminole Gaming with the support of our incredible leadership and marketing team,” said Alvarez.

“I’ve had the privilege of building my career with the iconic Hard Rock brand and I’m excited to continue in an era of excellence for Hard Rock and Seminole Gaming through impactful brand partnerships for our guests and fans.”

Jeff Hook, Executive Vice President of Marketing/CMO of Seminole Hard Rock Support Services, added: “Elena is an essential senior marketer with a proven track record elevating the Hard Rock brand for our Cafe division that includes spearheading F&B innovation and initiating and evolving the company’s successful multi-faceted partnership with Lionel Messi. 

“With nearly 20 years of experience at Hard Rock alone, we have the utmost confidence that Elena will continue to elevate the Hard Rock and Seminole Gaming brands in new and exciting ways.”

Light & Wonder

Light & Wonder has appointed Oliver Chow as the company’s Executive Vice President, Chief Financial Officer and Treasurer. 

Since August this year, Chow has served as Interim CFO for Light & Wonder. He has also held the role of Senior Vice President of Corporate Finance.

Commenting on his new role, Chow said: “It is a privilege to be appointed as Light & Wonder’s CFO. I’m excited to work with the Company’s leadership and Board to execute on our clear strategy and build on our strong financial profile. I am looking forward to supporting the organisation to further enable growth, margin expansion, and financial execution.”

Before joining Light & Wonder in October 2022, Chow worked for five years in senior-level roles, including as CFO, for Aristocrat. He has also held financial roles with Universal Pictures, Deluxe Entertainment Services and JPMorgan Chase. 

Matt Wilson, CEO of Light & Wonder, added: “After a thorough search by the Board and the leadership team, I’m pleased to appoint Oliver as our CFO. Over the last four months, we’ve all been impressed with Oliver’s ability to seamlessly step into the role of Chief Financial Officer.

“With more than 15 years of entertainment and gaming leadership experience and deep financial expertise, Oliver was the candidate best positioned to lead us forward. His attention to detail, combined with his willingness to take on a wider variety of challenges within the organisation with ease, has made us resolute in our decision.”

IGT

After 29 years with IGT, the company’s Senior Vice President and Chief Accounting Officer Tim Rishton has announced will retire at the end of 2024. 

From January 1 next year, David Morgan will succeed Rishton as SVP and Chief Accounting Officer, with Rishton supporting a leadership transition until the date of his retirement.

Max Chiara, Executive Vice President and CFO at IGT, stated: “On behalf of the leadership team at IGT, I congratulate Tim Rishton on an illustrious career. Tim’s leadership, strategic vision, industry knowledge, discipline and integrity will have a lasting influence on our organisation. 

“Tim has been instrumental in helping drive some of the most significant milestones in the evolution of IGT and its legacy companies.”

Morgan joined IGT in 2017 and has served as IGT Vice President and Corporate Controller since 2020.

Chiara added: “Throughout his tenure at IGT, David Morgan has displayed a dedication to process improvement along with strong knowledge and expertise in technical accounting. He is a tremendous professional who will have a positive impact on our accounting and tax group, and our broader organisation as a member of the leadership team.”

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Commenting on the financials, President and CEO Keith Smith stated that the results reflected the value of the operator’s “diversified business model” but the wider outcomes have been affected by a “challenging economic environment”.

Publishing its results, Boyd Gaming reported Q3 revenues of $903.2m, up from $877.3m in Q3 2022. Net income stood at $135.2m ($1.34 per share), down from $157m ($1.46 per share) the previous year.

Total adjusted EBITDAR was $320.8m in comparison to $337.7m in Q3 2022, while adjusted earnings were $137.3m ($1.36 per share) in comparison to $159.2m ($1.48 per share) in the same period last year.

Adjusted EBITDAR and margin performances were a reflection of ‘higher labour, utilities and property insurance costs, with company-wide property-level operating margins of 40 per cent’.

“Quarterly results were impacted by declines in play from our retail customers and ongoing cost pressures, both related to the challenging economic environment.”

Boyd Gaming President and CEO Keith Smith

“Our third-quarter results reflect the value of our diversified business model,” commented Smith.

“Continued strength in play from our core customers, strong results from Sky River and online gaming, and growth in our non-gaming business all contributed to a solid performance in the quarter.

“However, quarterly results were impacted by declines in play from our retail customers and ongoing cost pressures, both related to the challenging economic environment.”

Operationally, gaming revenue declined to $641.2m in Q3 (2022: $668m), while room and food & beverage segments rose year-over-year to $48.7m (2022: $46.7m) and $71m (2022: $67.8m) respectively.

Boyd Gaming accredited the figures to core customer play increasing on a sequential and YoY basis, but this was offset by YoY ‘softness in retail play’ despite business volumes from retail customers across all segments remaining consistent since late 2022.

In terms of the operator’s property segments, Las Vegas Locals revenue stood at $221.8m (2022: $225.8m) with an adjusted EBITDAR of $106m (2022: $111.7m).

Downtown Las Vegas revenue came in at $49.5m (2022: $49.5m) with an adjusted EBITDAR of $15.9m (2022: $17.7m).

Midwest & South revenue stood at $513m (2022: $527.5m) with an adjusted EBITDAR of $190.6m (2022: $211.3m).

“We demonstrated the growth potential of our property reinvestment initiative, delivering record quarterly results at the Fremont following its recent expansion project.”

Boyd Gaming President and CEO Keith Smith

Online operations revenue rose to $90.3m (2022: $52.4m) with an adjusted EBITDAR of $11m (2022: $6.4m), benefitting from strong FanDuel results and the addition of Boyd Interactive, which was acquired in November 2022.

Managed and other business revenue grew to $28.5m (2022: $22.1m), driven by management fees from Sky River Casino, which opened in August 2022.

During Q3, as part of its ongoing share repurchase programme, Boyd repurchased $106m in stock. 

As of September 30, 2023, the company had approximately $426m remaining under current repurchase authorisations, cash on hand of $269.2m and a total debt of $2.9bn.

Smith continued: “During the quarter we continued to leverage our strong free cash flow to pursue a balanced capital allocation strategy that is creating significant value for our shareholders.

“We demonstrated the growth potential of our property reinvestment initiative, delivering record quarterly results at the Fremont following its recent expansion project. And we remain committed to our capital return program, having returned over $1bn to shareholders in the last two years through our ongoing share repurchases and dividends.”

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President and CEO Keith Smith has noted the company is “confident” in its overall business direction despite several land-based property segments undergoing decreases in revenue year-over-year.

Publishing its Q2 results, Boyd Gaming declared revenue of $917m, a 2.5 per cent increase YoY (Q2 2022: $894.5m) with most verticals seeing growth against the previous year.

Gaming revenue, however, was one of the verticals to see a drop YoY, falling by 3.5 per cent to $660.7m (2022: $684.9m). Room revenue fell as well, but only slightly, coming in at $49.8m (2022: $49.9m).

Elsewhere, food & beverage rose to $70.4m (2022: $70.3m) while online improved to $85m, up 49.7 per cent (2022: $56.8m), benefiting from FanDuel’s operations in Ohio and Pennsylvania, as well as Boyd Interactive.

Management fees accounted for $17.4m with other revenues at $33.6m (2022: $32.5m) thanks to Sky River Casino performing ahead of expectations.

Net income in Q2 improved by 31.1 per cent YoY to $192.5m (2022: $146.8m), while total adjusted EBITDAR came in at $351.4m, up slightly in comparison to the previous year (2022: $353.9m). Adjusted earnings declined slightly to $161.3m (2022: $163.5m).

As of June 30, 2023, the operator had $260.8m cash on hand and a total debt of $3bn.

Commenting on the results, Smith highlighted Boyd Gaming’s operating model, management teams, and growth initiatives as the reason why the operator delivered solid results in the second quarter of 2023.

The CEO said: “During the second quarter we once again proved our ability to deliver solid results in a challenging environment, thanks to our effective operating model, strong management teams and successful growth initiatives.

“We maintained our focus on building loyalty among our core customers while our operating teams continued to effectively manage expenses throughout the business, achieving strong company-wide margins consistent with recent quarters.” 

Every one of Boyd Gaming’s property segments saw YoY decreases in revenue and adjusted EBITDAR. 

Las Vegas Locals revenue dropped by 2.3 per cent to $230.9m (2022: $236.5m) while adjusted EBITDAR fell to $118.4m (2022: $125.3m), although the operator noted that core customer trends remained solid and operating margins exceeded 50 per cent.

Downtown revenue and adjusted EBITDAR fell slightly to $53m (2022: $53.9m) and $19.7m (2022: $22.1m) respectively as construction at Fremont and Main Street Station caused disruption. However, the company did note that the area is benefiting from visitation growth.

Midwest & South dropped by 3 per cent to $518.8m (2022: $534.9m) while adjusted EBITDAR decreased by 7.8 per cent to $201.8m (2022: $218.9m), but both figures grew in comparison to Q1.

Smith noted that Boyd Gaming is confident in the direction it is travelling in despite the impact seen during the quarter on property revenues.

“Property operating results were impacted by difficult year-over-year comparisons early in the quarter, while overall results were strengthened by our key growth initiatives, including online gaming and Sky River Casino,” the CEO said.

“We remain confident in the overall direction of our business and our ability to create long-term value for our shareholders.”

Boyd Gaming also reported that as part of its ongoing share repurchase program, it repurchased $100m in stock during Q2. The company had approximately $533m remaining under current repurchase authorisations as of June 30.

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The final three month portion of the past year saw revenue rise 4.89 per cent to $922.92m (2021: $879.84m), with net income subsequently following suit after closing at $172.7m (2021: $109.8m). Total adjusted EBITDA reached $360.1m, up 3.68 per cent from $347.3m.

On a regional basis, Boyd’s Las Vegas locals increased 3.68 per cent £240.91m (2021: $236.27m), driven by destination business, non-gaming operations and continued strength in play from core customers.

Downtown Las Vegas increased 16.81 per cent from $53.45m to $62.44m driven by Hawaiian customer segments exceeding pre-pandemic levels, with the Midwest & South up 4.99 per cent to $619.56m (2021: $590.11m). This was primarily down to contributions from online gaming and management fees from Sky River Casino.

Furthermore, Boyd has also detailed progress in advancing its online strategy, with the acquisition of Pala Interactive and heightened FanDuel alliance largely praised.

For the full-year, revenue increased 5.63 per cent to $3.56bn (2021: $3.37bn), with net income reaching $639.4m (2021: $463.8m) and AEBITDA rising fractionally to $1.39bn (2021: $1.37bn).

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “The fourth quarter was a strong conclusion to another record year for our company. We achieved records for revenue and EBITDAR on both a fourth-quarter and full-year basis, as our operating teams remain focused on growing revenues and building loyalty among our core customers while successfully managing expenses. 

“Companywide growth in the fourth quarter was driven by strong performances in our Nevada segments, management fees from Sky River and growth in our online business.”

Adding: “And we continued to return significant capital to our shareholders with nearly $600m in share repurchases and dividends in 2022. In all, 2022 was another strong year for our company, and we remain confident in our operating model and our team’s ability to successfully navigate the year ahead.”

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Following months of preparation and anticipation, as well as a number of twists and turns ahead of the big day, the stroke of midnight on January 1, 2023, saw locals cleared to legally wager.

One of those to debut was Hard Rock International, whose mobile sportsbook grew to an extra state, while a retail offering also debuted as part of a “landmark day”.

Hard Rock Sportsbook officially opened at Hard Rock Casino Cincinnati, which is located inside the Hard Rock Cafe, and saw former Cincinnati Reds star Pete Rose make the first bet via a $100 wager on the team to win the 2023 World Series.

Hard Rock Casino Cincinnati has added more than 150 TVs, 33 betting kiosks, and six betting windows, with Rose joined by a number of sporting stars in marking the opening.

Elsewhere, BetMGM has also launched operations in the region via the mobile and retail verticals, adding to the options available for sports betting fans across the Buckeye State.

“Today marks a monumental day of growth for both BetMGM and the sports betting industry,” said Adam Greenblatt, BetMGM CEO. 

“Ohio is home to thousands of passionate sports fans, who now have the opportunity to enjoy first-hand the excitement and benefits of wagering with BetMGM.”

In addition to the mobile app of the state name, customers in the state can also place wagers at a pair of BetMGM retail sportsbooks that are located at MGM Northfield Park and the Great American Ball Park.

Matt Buckley, President & COO of the Midwest Group at MGM Resorts International, noted: “The addition of legalised sports betting at MGM Northfield Park strengthens our reputation as Ohio’s premier entertainment destination. 

“This new amenity will give our guests the ultimate sports viewing experience, while creating more jobs and economic growth for the state.”  

Caesars has also documented its entry into the region, with the group’s sports wagering platform as well as two land-based options available for Ohioans.

Eligible sports fans can now wager while earning Caesars Rewards on the Caesars Sportsbook app or by visiting two new Caesars Sportsbook retail locations that are now accepting bets in the state.

“Caesars Sportsbook is ready to offer a top-of-the-line sports betting experience to Ohioans,” commented Eric Hession, President of Caesars Digital. 

“This launch builds on our legacy in Ohio of treating customers like royalty. We look forward to providing an added level of excitement to the sports entertainment experience, whether they use our mobile app or visit one of our new retail sportsbooks in Columbus or Cleveland.”

In addition to a mobile option, customers can also access a sportsbook offering at Eldorado Gaming Scioto Downs via a number of betting windows and self-service kiosks or the Cleveland Cavaliers’ Rocket Mortgage FieldHouse.

At the NBA arena, the new, 10,355-square-foot sportsbook accepted its first legal sports wagers on new year’s day, with a ceremonial grand opening event subsequently taking place one day later. Caesars is the official sports betting and casino partner of the Cavaliers.

“The launch of legalised sports betting in Ohio and the grand opening of Caesars Sportsbook at Rocket Mortgage FieldHouse is a historic moment for our franchise, Northeast Ohio and the entire state,” explained Cleveland Cavaliers, Rocket Mortgage FieldHouse and Rock Entertainment Group CEO Nic Barlage. 

“It is with great pride and responsibility that we open the first Sportsbook in a sports venue in Cleveland. Located within the heart and fabric of downtown Cleveland and connected to the over 200 events that the FieldHouse hosts each year, this sportsbook will be an asset and amenity for our community, and we’re excited to bring it to life alongside our great partners in Caesars.” 

Furthermore, FanDuel and Boyd Gaming disclosed the launch of the former’s online Sportsbook within the state and the opening of a new retail sportsbook at Belterra Park Cincinnati, while Christine Hoyer, Chief Development Officer for Special Olympics Ohio, kicked off the launch of betJACK in the state by placing the first bet at JACK Cleveland Casino.

The post Operators hail Ohio’s sports betting commencement appeared first on CasinoBeats.

2.75 

Churchill Downs signalled “a significant moment in the evolution” of the company after closing the $2.75bn purchase of substantially all of the assets of Peninsula Pacific Entertainment.

The acquisition, which was first detailed in February of this year, includes all of P2E’s assets and operations in Virginia, New York and Sioux City, Iowa.

Completion followed receipt of customary licensing approvals from the Virginia Racing Commission, New York State Gaming Commission and Iowa Racing and Gaming Commission.

“Today marks a significant moment in the evolution of Churchill Downs Incorporated,” noted Bill Carstanjen, Chief Executive Officer of CDI. 

2023

Caesars Entertainment confirmed that the potential divestment of a Las Vegas asset is no longer a part of company plans after the group backtracked on long-mooted plans.

One year earlier the group noted that such a sale formed part of a larger strategy to reduce the company’s debt load, however, during a Q3 earnings call, and following further talk earlier this year, Tom Reeg, CEO of Caesars, confirmed that this is no longer in the works. 

Despite this, expansion on both the retail and digital front formed a key component of the third quarter breakdown, with Anthony Carano, President and COO, delving into the group’s capital update program.

Renovations in Atlantic City are expected to be finalised during H1 2023, with Louisiana’s Horseshoe Lake Charles, which sees Isle of Capri come ashore, and an expanded casino offering in Pompano, Florida, set to be showcased in December.

Elsewhere, Caesars expects to open temporary casinos in both Danville, Virginia, and Columbus, Nebraska, by the midpoint of next year, with New Orleans property improvements “progressing well”.

With Texan prospects once again touched upon, Caesars also offered a little more on an expected “very competitive process” in pursuing a downstate casino licence in New York alongside its SL Green partner.

83.7

Bally’s is to commence an in-house evaluation of loss making North American interactive businesses as the operator looks to hone in on “faster paths to profitability”.

This refocussed effort was disclosed during a third quarter performance update that saw revenue and AEBITDA increases be reported alongside a slight rise in net income.

The former of these financial reporting segments saw the enlarged group report a 83.7 per cent increase year-on-year to $578.24m (2021: $314.77m), which came against a tough macroeconomic environment and foreign exchange headwinds.

3

Three subsidiaries of Australia’s Star Entertainment were officially issued with show cause notices in relation to last month’s much publicised casino licence unsuitability findings.

Shannon Fentiman, Queensland Attorney General and Minister, confirmed the issue to the group, which boasts two properties in the state, with it being believed that “grounds have arisen for taking disciplinary action against The Star”.

These are rooted in the findings of an external review into the company that was undertaken by Robert Gotterson, which saw the firm deemed unsuitable to hold a casino licence within Queensland in developments that mirrored those that had already been encountered further south in New South Wales.

Gotterson found that the company’s business, whose network includes casinos in Brisbane and the Gold Coast, with the licence of the former to be transferred to a near A$4bn development upon completion next year, was operated “in a way that is inconsistent with the achievement of the objectives of the Casino Control Act 1982”.

These show cause notices set out the potential disciplinary actions which may be taken, which range from taking no further disciplinary action to a letter of censure, written directions, a penalty of up to A$100m and licence cancellation or suspension.

170

Boyd Gaming elaborated on the “attractive growth opportunity” presented by igaming across the US after the group closed its $170m Pala Interactive purchase.

The acquisition, which was first announced in March 2022, saw the operator secure igaming technology that includes a player management system; casino, social casino and poker platforms, along with integrated sports and a suite of managed services. 

“Online casino gaming is an attractive growth opportunity for our company, and the acquisition of Pala Interactive provides us with the technology, products and expertise to create a profitable regional online casino business,” explained Keith Smith, President and Chief Executive Officer of Boyd Gaming.

1.51

PENN Entertainment heaped praise on an omnichannel strategy that “continues to drive growth” as well as strong year-on-year interactive gains after the company reported a Q3 that represented “another solid quarter”.

Set against an uncertain economic environment, Jay Snowden, Chief Executive Officer and President, cited a “successful” Kansas retail and online sports betting launch and early Ontarian success as Q3 high points.

The former, said Snowden, “underscores the advantage of our leading omnichannel strategy,” with the Canadian province said to be “benefitting from theScore Bet’s seamless transition to our own fully-integrated, proprietary tech stack”.

Coming almost a month after the company outlined a four-part $850m growth project that spans Illinois, Nevada and Ohio, PENN reported Q3 revenue of $1.62bn, up 7.5 per cent YoY from $1.51bn.

20

Rush Street Interactive cited currency fluctuations impacting international revenue as a key reason in lowering 2022 revenue expectations, as the group CEO Richard Schwartz reflected on the “fantastic progress” made towards profitability through Q3.

This aforementioned ambition has long targeted reaching this EBITDA target by the second half of 2023, which, as Schwartz reaffirmed, will be achieved through “a combination of solid revenue growth, disciplined marketing spend, improving gross margins and modest growth in our corporate G&A costs”.

An analysis of key growth markets offered during a third quarter earnings call followed RSI reporting a 20 per cent revenue increase through Q3 to $148m (2021: $122.9m). 

Despite this, net loss and AEBITDA loss tracked the reverse after closing the period at $22.7m (2021: $18.9m) and $12.5m (2021: $12.2m), respectively.

98.7

LeoVegas witnessed a series of struggles through the year’s third quarter, with revenue, profit and earnings all taking a hit as the operator’s acquisition by MGM Resorts looms closer still.

The former of these reporting segments witnessed a slight one per cent decline to €98.7m (2021: €99.4m), as net profit of €4.12m one year earlier swung to a loss of $10.65m and adjusted EBITDA dropped 62.13 per cent to €7m (2021: €11.51m).

Delving into group revenue on a geographic basis, the Nordics posted a 20 per cent year-on-year increase, with “another good quarter” in Sweden driven by “all-time highs” for the Expekt brand.

However, the online gambling operator noted that Finland “declined substantially”, which is aligned to a change in legislation from the beginning of the year. 

An 18 per cent drop compared to the corresponding period one year earlier was evidenced across the rest of Europe segment, where Germany “continued to negatively impact the region’s sales” while the Netherlands also reportedly slowed development. Elsewhere, the rest of the world also detailed a drop, this time of ten per cent.

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