West Virginia Gaming News

A New Jersey landmark, Caesars, YGAM & 100 Club: The week in numbers

Each week,CasinoBeats breaks down the numbers behind some of the industry’s most interesting stories. Today we take a look at a Caesars referendum campaign, New Jersey hitting landmarks, a Tesla powered underground tunnel and the 100 Club.

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Buoyed by the July reopening of casinos, retail sportsbooks and racetracks, New Jersey’s gaming market returned to a situation more resembling normality, although PlayNJ analysts assert that a full rebound will still take some time.

As major sports also began to return to screens across the US, sportsbooks in the Garden state posted their best performance since February with online casinos soaring past the $2bn landmark in lifetime revenue.

July’s $87.5m in online casino and poker revenue was up 122.5 per cent from $39.3m in July 2019 and topped the $85.9m revenue record set in May, yielding $13.1m in state and local taxes.

Online casinos and poker have now generated $2.01bn since the industry launched in November 2013, producing $302.3m in state taxes.

Golden Nugget takes its online dominance to another month with $31.4m in revenue, ahead of Resorts Digital’s $18m and $15.2m recorded by Borgata.

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Gaming Innovation Group has lauded second quarter mitigation efforts, via cost control programs combined with pivots in markets to drive growth in casino, as the firm raises 2020 guidance.

Acknowledging a delay in onboarding new clients due to the short term COVID-19 effects, following its switch to become a fully independent B2B provider after the divestment of the B2C segment earlier in the year, the firm anticipates revenue for continued operations of €48m-€53m, with an EBITDA of €12m–€15m.

Subsequently, guidance for 2020’s continued operations have increased with revenue expected between €52m-€55m, with an EBITDA of between €12m–€15m.

Making the update in its latest quarterly financial report, GiG reported revenue of €16.7m, representing a 47 per cent increase from €11.3m after continually lauding its B2C divestment to Betsson Group for €33m with the deal including operator brands Rizk, Guts, Kaboo and Thrills.

Gross profit for the quarter was €15.9m, a rise of 43 per cent from €11.1m and EBITDA reached €2.8m (2019: €1.5m), however, employee numbers decreased from 709 to 487 year-on-year.

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Caesars Entertainment has launched its ‘Caesars For Danville‘ referendum campaign and committee, ahead of a November ballot regarding the firm’s proposed $400m casino resort to open in three years.

Ahead of Danville natives voting on the project, which received unanimous approval from Danville City Council, subsidiary Caesars Virginia vows to create 900 construction jobs and 1,300 operational jobs, in addition to bringing over $34m annually in additional gaming tax revenue to the city should the green-light be issued.

The resort will include at least 300 hotel rooms, full-service spa, pool, casino gaming floor, a 2,500 live entertainment theatre, 35,000 square feet of meeting and convention space and a number of bars and restaurants.

Furthermore, Caesars has also announced the four co-chairs of the ‘Caesars for Danville’ campaign committee, with those named as Delegate Danny Marshall, Mayor Alonzo Jones, Dr Tiffany Franks of Averett University and Tammy Wright-Warren (a minority investor in the project).

Planning to break ground in late 2021 or early 2022, the development is aiming to transform the old Dan River Mills Schoolfield site and create a tourism engine for Danville and the region.

Unison and Young Gamers and Gamblers Education Trust have rolled-out a partnership that will see members of the trade union provided with expert training on gambling and gaming-related harms.

Designed to build digital resilience, YGAM says that the workshops will cover key information on gaming and gambling in the UK.

The resources are designed to provide members with the tools needed to safeguard young people from the potential risks of gambling and gaming-related harm.

This includes lesson plans, activities, signs to look out for and information on where to go for advice and support. Due to the COVID-19 pandemic, YGAM has accelerated the digital transformation of its training so it can be delivered online.

Unison has over 1.3 million members, across the both the public and private sectors, and has initially organised for YGAM to run several national sessions. It is hoped that this will be followed up with a host of regional training.

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The under construction $4.3bn Resorts World Las Vegas has gained necessary approval from the Clark County Commission to proceed with plans for an underground passenger tunnel.

Construction proposes a passenger station and tunnel that will connect the venue to the Las Vegas Convention Center campus via Elon Musk’s transportation system, in all-electric Tesla vehicles, in under two minutes.

The decision comes after land-use application and design plans were submitted for the tunnel and passenger station to the Board of County Commissioners on June 1.

Lauding an important milestone, the decision moves the project into the next phase of the permitting process, with construction anticipated to begin by the end of this year.

The Resorts World Las Vegas passenger station will offer direct access to the heart of the resort’s dining, retail and nightlife offerings, as well as convenient access to the Las Vegas Strip.

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Launched in 2019 to give a voice to the industry on a range of key issues, the CasinoBeats 100 Club tackles the tricky questions and shares members’ views across the CasinoBeats network.

Relaunching after a COVID-19 hiatus, the 100 Club is looking for new members. To apply to join this exclusive group of gaming industry professionals, register your interesthere.

Featuring an unpublished list of 100 influencers from across the sector – comprising key executives from operators and suppliers, gaming platforms, marketing agencies, legal and other professionals – the 100 Club takes part in regular single-question surveys intended to gauge the view or mood across the industry on a specific news story, trend or hot topic.

Members of the 100 Club can select their preferred answer anonymously but those wishing to contribute further can also submit additional comments for publication.

Source: casinobeats.com