Las Vegas, Ontario, the Netherlands and Australia: the week in numbers
Every week, CasinoBeats breaks down the numbers behind some of the most interesting stories in the industry. A Las Vegas casino development, a class action lawsuit, an update on Dutch market performance and Ontario expectations all feature in our latest round of headlines from last week.
The illegal offering on the Dutch regulated market has been “largely suppressed” since its inception on October 1, 2021, according to Rene Jansenpresident of Saudi Arabia.
Speaking about the 2021 annual report recently published by the Dutch Gaming Authority, Jansen identified the addendum to the reports and said that the drop in illegal casino use was “exactly the intention of the Koa law”.
“People who want to gamble online should be able to do so in a safe and regulated environment,” he said.
“At the same time, the chart shows that overall since October 1, the total number of hours consumers spend on gambling sites has been higher than before October 1. October 1st.
“One explanation could be that the legalization of online gambling has drawn consumer attention to its existence. After all, with the approach of legalization, the media has given a lot of attention to online gambling. And of course there has been a lot of publicity since October 1st.
“At the request of the House of Representatives, the Minister has now announced far-reaching measures against this. The industry itself has also promised advertising restrictions.
Australian law firm Slater and Gordon filed a class action lawsuit against Featured Entertainment Group for what it called “misleading or misleading” representations regarding compliance with regulatory obligations.
The filing, according to Slater and Gordon, was made on behalf of investors who acquired shares between March 29, 2016 and March 16, 2022, who are seeking compensation amid price declines “over 25%, wiping out over A$1 billion of the company’s value”.
This happened in the middle of a Independent Alcohol and Gaming Authority commissioned public inquiry which assesses the suitability of the group to hold a Sydney casino license.
So far, damning revelations have emerged that reveal allegations the group disguised A$900 million in transactions, as well as failures over junket monitoring and anti-money launch protocols. It also led the group’s former managing director and CEO Matt Bekier tendering his resignation.
The launch of private online gaming operators in the Ontario market is expected to create nearly 1,300 additional jobs in the province.
According to a recent report published by Play CanadaFollowing the nascent market, as it stands, 1,295 jobs have been added in Canada in the online gaming sector, with more expected.
Additionally, analysts also said the online casino “will be a much bigger winner for Ontario” than its sportsbook counterpart for the region, which is launching its digital ecosystem today (Monday, April 4).
Citing performance figures across the United States, igaming would generate 153% more revenue for operators and 339% more tax revenue than sports betting last year in states where both are legal.
North American video game services company Interactive Palace confirmed the sale of the company to Boyd Gaming.
The transaction will see NYSE-listed Boyd purchase Pala from its current owners, the Pala Band of Mission Indiansfor a total amount of £170 million.
By acquiring the group, Boyd secures igaming technology comprising a player management system, casino, poker, social casino and poker platforms, as well as integrated sports and a suite of managed services.
Boyd expects to complete the transaction in the first quarter of 2023, subject to customary closing conditions such as regulatory review and approval.
Construction of a new $3 billion entertainment district, housing a casino, retail, hotel and 20,000-seat arena, is to begin in Las Vegas in 2023, the report said. Oak View Group.
This decision follows the acquisition by a development, consultancy and investment company of a 25-acre parcel of land on a large 66.5-acre plot, of which OVG does not have control, which is located next to the planned Brightline high-speed train connecting Las Vegas to Los Angeles.
The facility, which would sit south of the famous Las Vegas Strip, would include an 850,000 square foot arena, casino, hotel and additional entertainment amphitheater.
It is also stated that the focus would be on prioritizing technology, sustainability and green initiatives, with the station also expected to create thousands of permanent and temporary jobs for the surrounding community.
The revenue performance of gaming machines in the Danish market managed to offset the losses of sports betting and online casinos in the first two months of 2022.
In publishing its financial statements for January and February 2022, the Danish Gambling Authority, Spillemyndighedendetailed that Denmark’s total GGR increased by 16% in the first two months of the year to reach DKK 1.05 billion (€141.1 million).
Land-based casinos recorded an increase in revenue to more than 31 million Danish kroner (4.1 million euros), all of which was taken in February due to the opening of the casino sector during this month . The sites were closed for the first two months of 2021 due to pandemic-related lockdown restrictions.
However, the main revenue driver for the first two months was slots – which recorded a significant increase to DKK 131 million (€17.6 million), with DKK 22 million (€2.9 million euros) in January and 109 million DKK (14.6 million euros) in January. February.
Gambling.com saw its revenue grow 51% year-over-year, with the company praising an “encouraging” start to 2022 as the strongest it has ever seen.
Reporting its operating and financial results for the year and the fourth quarter ended December 31, 2021, the group’s revenues totaled $42.3 million compared to $28 million the previous year. Additionally, Adjusted EBITDA increased by 26% to $18.4 million from $14.6 million in 2020, representing an Adjusted EBITDA margin of 43%.
Alongside its year-over-year growth, the group revealed that its fourth quarter revenue “remained constant” at $10.3 million, identical to 2020 figures. In addition, EBITDA adjusted for Q4 was $2.3 million, down 63% from $6.1 million in the same prior year period, representing an adjusted EBITDA margin of 22 %.
Looking into the near future, the company expects total revenue for 2022 to be between $71 million and $76 million, with adjusted EBITDA expected to reach $22 million and $27 million.