Gambling in the USA
Las Vegas Sands Reports First Quarter 2020 Results
For the quarter ended March 31, 2020 (Compared to the quarter ended March 31, 2019)
– Greatest Priorities Remain the Safety and Security of Team Members and Guests and Support for Local Communities in Macao, Singapore and Las Vegas
– The Company will Continue Previously Announced Capital Expenditure Programs in both Macao and Singapore
– Strong Balance Sheet Positions the Company Well to Invest in Future Growth Opportunities
Las Vegas Sands Corp. (NYSE: LVS), the world’s leading developer and operator of convention-based Integrated Resorts, reported financial results for the quarter ended March 31, 2020.
“The impact of the Covid-19 pandemic on our business has been unprecedented, and I have never seen anything like it in my over seventy years in business,” said Sheldon G. Adelson, chairman and chief executive officer. “Our greatest priority during this difficult time remains our deep commitment to supporting our team members and to helping those in need in each of our local communities of Macao, Singapore and Las Vegas.
Despite these circumstances, our balance sheet strength will enable us to emerge from this pandemic with all our promising future growth opportunities fully intact. We remain extremely optimistic about an eventual recovery of travel and tourism spending across our markets, as well as our future growth prospects. We are fortunate that our financial strength will allow us to continue to execute our previously announced capital expenditure programs in both Macao and Singapore, while continuing to pursue growth opportunities in new markets.”
Net revenue was $1.78 billion, a decrease of 51.1% from the prior year quarter. Operating income decreased 94.3% to $55 million. Net loss in the first quarter of 2020 was $51 million compared to net income of $744 million in the first quarter of 2019. Consolidated adjusted property EBITDA was $437 million, a decrease of 69.9% from the prior year quarter.
The company paid a quarterly dividend of $0.79 per common share on March 26, 2020. The company has suspended its quarterly dividend program due to the impact of the novel coronavirus (“COVID-19”) pandemic.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased 65.1%, compared to the first quarter of 2019, to $814 million. Net loss for SCL was $166 million, compared to net income of $557 million in the first quarter of 2019.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $131 million for the first quarter of 2020, compared to $141 million in the prior-year quarter. The decrease resulted from our weighted average borrowing cost in the first quarter of 2020 decreasing to 4.2%, compared to 4.6% during the first quarter of 2019.
Our income tax expense for the first quarter of 2020 was $25 million, compared to $85 million in the prior year quarter. The tax rate for the first quarter of 2020 was primarily driven by a 17% statutory tax rate on our Singapore operations.
Balance Sheet Items
Unrestricted cash balances as of March 31, 2020 were $2.60 billion.
The company has access to $3.93 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.
As of March 31, 2020, total debt outstanding, excluding finance leases, was $12.30 billion.
Capital Expenditures
Capital expenditures during the first quarter totaled $320 million, including construction, development and maintenance activities of $241 million in Macao, $33 million in Las Vegas and $46 million at Marina Bay Sands.
Conference Call Information
The company will host a conference call to discuss the company’s results on Wednesday, April 22, 2020 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company’s website at www.sands.com.
About Las Vegas Sands Corp. (NYSE: LVS)
Las Vegas Sands is the world’s pre-eminent developer and operator of world-class Integrated Resorts. We deliver unrivaled economic benefits to the communities in which we operate.
Sands created the meetings, incentives, convention and exhibition (MICE)-based Integrated Resort. Our industry-leading Integrated Resorts provide substantial contributions to our host communities including growth in leisure and business tourism, sustained job creation and ongoing financial opportunities for local small and medium-sized businesses.
Our properties include The Venetian Resort and Sands Expo in Las Vegas and the iconic Marina Bay Sands in Singapore. Through majority ownership in Sands China Ltd., we have developed the largest portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao, Sands Cotai Central and The Parisian Macao, as well as the Sands Macao on the Macao Peninsula.
Sands is dedicated to being a good corporate citizen, anchored by the core tenets of serving people, planet and communities. We deliver a great working environment for our team members worldwide, drive social impact through the Sands Cares charitable giving and community engagement program and lead in environmental performance through the award-winning Sands ECO360 global sustainability program. To learn more, please visit www.sands.com.
SOURCE Las Vegas Sands Corp.
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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
Ballyās Interactive, the digital and sports betting division of Ballyās Corporation, announced the official launch of the Bally Bet Sportsbook app in Tennessee, marking its expansion into the tenth state. This milestone comes on the heels of recent successful Bally Bet launches in Massachusetts and Maryland. Sports enthusiasts across the Volunteer State can now revel in the comprehensive offerings of the Bally Bet sportsbook app. With a wide array of betting options, including spread, money line and total bets, as well as in-game betting and same game parlays, Tennessee sports fans will have an unparalleled wagering experience.
ESE Entertainment Inc., a gaming company that provides a range of services to leading video game developers and publishers, has announced that it has acquired Bombee Global Entertainment (Bombee Americas), the North American arm of Bombee Event Production AB, (Bombee), a global production company specialised in live production, special effects, broadcast and event management for the gaming sector. Bombee has successfully collaborated with ESE to bring its premier event production services and world class customer service to North America and beyond. The North American arm of Bombee, Bombee Americas, will continue to grow and scale in this new organisational structure under ESE, while maintaining its entire team and global support.
Matthew Wantman has become the overall champion of the PokerGO Tour PLO Series II presented by PLO Mastermind. Wantman secured the prestigious honor after an impressive showing at PokerGO Studio in Las Vegas, outperforming a talented field of the best PLO players in the world to earn the $10,000 PGT Passport bonus. The PGT PLO Series II featured a series of high-stakes pot-limit Omaha tournaments. Wantmanās consistent performance set him apart from the competition and solidified his spot atop the leaderboard.
Partnerships
SYNOT Games has announced its further expansion into the Colombian market through a partnership with BetPlay. This alliance highlights SYNOT Gamesā commitment to increasing its presence in Latin America and providing its engaging and innovative games to a wider audience. Through this partnership, BetPlayās online platform will feature a curated selection of SYNOTGamesā top-performing titles, including fan favourites like Aztec Jaguar, Diamond Fever, Realm of Lions.
Internet Sports International, a global provider of turnkey race and sportsbook software solutions, announced its partnership with the We-Ko-Pa Casino Resort in Fort McDowell, Arizona. Through this consultancy, ISI is powering the casinoās sportsbook and retail sports wagering operations on its gaming floor with its award-winning system. WKP Sportsbook is currently operating, allowing patrons to elevate their excitement by wagering on their preferred sporting events with up-to-the-minute odds and live action. The automated sportsbook kiosks provide access to a wide range of sports propositions for both the beginner and expert bettor.
Aristocrat Gaming, a leading designer, manufacturer and distributor of regulated slot games, announced it is now a promotional partner for Princess Cruises, one of the worldās most iconic cruise lines. Through this exciting collaboration, Aristocrat Gaming will design innovative gaming experiences for guests onboard Princess ships as well as create promotions with land-based casinos that offer Princess cruises as rewards.
The post Gaming Americas Weekly Roundup ā October 21-27 appeared first on European Gaming Industry News.
Gambling in the USA
NOVOMATIC shines at G2E 2024: A street smart showcase of innovation and engagement
Ā
In line with its commitment to innovation, NOVOMATIC unveiled several ground breaking product launches that left a significant impact on the gaming industry. TheĀ V.I.P. X
Ā cabinet series emerged as one of the main attractions, highlighting models such as theĀ V.I.P. X Royal 1.85,Ā V.I.P. X Dream 3.43, and theĀ V.I.P. X Lounge 2.32. The crown jewel of the presentation was the V.I.P. Galaxy 2.65, setting a new benchmark for luxury cabinets with its perfect blend of comfort and state-of-the-art gaming technology. Featuring high-definition screens and immersive sound systems, the fully adjustable lounge design promises an unparalleled gaming experience, leaving customers eager to introduce these innovations onto their gaming floors.
The unveiling of a new LED wall as part of theĀ DIAMOND XĀ series, including theĀ DIAMOND X 1.55J, showcased the U.S.-style designedĀ Piggy PrizesĀ title. The modern and interactive design sent a clear message: NOVOMATIC Americas has fully arrived, enhancing its reputation for premium entertainment experiences.
Groundbreaking Progressives and a Robust VGT Lineup
NOVOMATIC introduced a variety ofĀ THUNDER CASH GOLDĀ Progressives featuring new titles likeĀ Charming Ladyās Boom CoinsĀ andĀ Red Amazon Explosion. TheĀ Globe Link Xtension Volume 1 & 2Ā also attracted considerable interest, marking a significant impact with several new themes. The excitement surrounding these progressive games was palpable, bolstered by innovative math models and enticing bonus structures.
The VGT product range received special emphasis, particularly with the Street-Smart-themed area dedicated to highlight the themes and flexible assortment of cabinet styles for markets in Illinois, Pennsylvania, West Virginia, Puerto Rico, and Georgia. This dynamic showcase reinforced NOVOMATICās commitment to providing leading solutions in performance and player appeal within the VGT sector. Featuring bothĀ NOVOLINEĀ andĀ Magic HDĀ customer favorite themes, this area showed the new game mixes onĀ DIAMOND X 2.32, BLACK EDITION II 3.27 & BLACK EDITION II 1.49J, V.I.P. X Lounge 2.32Ā andĀ FUNMASTER 2.27. Specifically in Illinois, featuring theĀ Magic HDĀ game mix consisting of the Overlay Magic Play Lock & Spin feature, and the newĀ Poker3Ā multi-hand video poker mix.Ā NOVOLINEĀ games were shown on theĀ Black Edition II 1.49JĀ cabinet with popular games likeĀ ULTRA BOOSTĀ andĀ Money PartyĀ themes. Georgia Skill showed three new game titles in theĀ Magic HDĀ mix while more new titles lined the streets of the NOVOMATIC booth.
Advancements in Sports Betting and Casino Management
In addition to its product line, NOVOMATIC showed their cutting-edge sports betting kiosks including theĀ ActionBook Edge 1.43J, andĀ ActionBook Plus 2.27Ā models. With advanced graphics and rapid processing capabilities, these kiosks offer operators unmatched flexibility and performance. The premiere of the award-winningĀ NOVOVISIONĀ casino management system was another highlight, leveraging biometric technology for enhanced player recognition and streamlined operations. Already acknowledged as a āBest CMS/Software Productā at the European Casino Awards, this system generated significant buzz regarding its potential to revolutionize the gaming landscape.
Industry Recognition for Creative and Commercial Success
The combination of NOVOMATICās innovative product launches and captivating booth design earned widespread acclaim. The company was recognized for its Street-Smart booth, praised for creativity, interactivity, and the memorable experiences it fostered. Industry experts and attendees alike hailed NOVOMATICās presence at G2E 2024 as one of the most impactful.
Alexander Merwald, CEO at NOVOMATIC Americas, stated, āG2E 2024 was an incredible success for NOVOMATIC. We were proud to showcase the V.I.P. X cabinet series ā Our āStreet Games, Street Smartā focus resonated strongly, as we demonstrated how our tailored solutions meet the real-world needs of both casino and VGT operators. The response from customers reaffirmed NOVOMATICās position as a leader in delivering innovation, performance, and market-specific strategies for North America.ā
Thomas Schmalzer, VP of Global Sales, and Product Management at NOVOMATIC AG, added, āThe product diversity and innovation showcased at G2E 2024 have been enthusiastically received by both operators and players. Our V.I.P. X series and extensive range of progressives reflect our unwavering commitment to delivering premium solutions to the global market.ā
With new partnerships established and product placements secured at G2E 2024, NOVOMATIC is primed to expand its market presence across North America. The success at this yearās expo signifies a vital step forward in the companyās mission to set the standard for gaming entertainment.
Century Casino & Hotel Caruthersville
Century Casinos Announces Opening Date for New Land-Based Century Casino & Hotel Caruthersville, MO
Ā
Century Casinos Inc. announced that its new land-based casino and hotel in Caruthersville, Missouri will open on November 1, 2024.
This news follows the Missouri Gaming Commissionās approval to transfer the Century Casino & Hotel Caruthersville gaming license from a temporary pavilion to the new land-based location.
The new Century Casino & Hotel Caruthersville will have 599 slot machines and nine live table games, a 50% increase in gaming positions compared with the temporary location. The number of hotel rooms will double to 74. The construction of this new land-based casino and hotel started in December 2022 and will be finalized on time and on budget with an estimated project cost of $51.9 million, which has been funded by VICI Properties Inc. (VICI). VICI will own the real estate improvements associated with the Caruthersville project, which will become part of the Companyās triple net master lease agreement with subsidiaries of VICI. Annual rent under the lease will increase by approximately $4.2 million.
The opening of the new land-based casino will be celebrated with a ribbon-cutting event at 11:30 a.m. Central Time on Friday, November 1, and a flurry of activities over the opening weekend.
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