Canada

Monarch Casino & Resort Reports Record First Quarter Financial Results

Published

2 years ago

April 21, 2023

Monarch Casino & Resort Inc. has reported record Net revenue and Adjusted EBITDA for the first quarter ended March 31, 2023.

John Farahi, Co-Chairman and CEO of Monarch, commented: “Our 2023 fiscal year is off to a strong start as the operating momentum builds at Monarch in Black Hawk, Colorado. In Reno, the first quarter results were materially impacted by unprecedented weather disruptions in Northern California, which is a key feeder market for Atlantis. Net revenue and Adjusted EBITDA grew to all-time first quarter records of $116.6 million and $36.5 million, respectively. The Company’s performance in Black Hawk was a primary driver in generating a healthy consolidated Adjusted EBITDA margin of 31.3% in what is historically our slowest quarter of the year in both markets.

“In Black Hawk, we continued to expand market share. All revenue categories, including casino, food and beverage and hotel continued their growth and we believe Monarch Black Hawk has yet to realize its full potential.

“At Atlantis, our primary focus remains the ongoing enhancement of the property. We believe, our newly installed casino carpet has revitalized the casino floor. The redesign and upgrade of the hotel rooms in the second tower is on schedule for an anticipated completion before Memorial Day 2023.

European Gaming Congress 2024 (Warsaw, Poland)

“With our strong balance sheet and free cash flow, Monarch remains ideally positioned to evaluate and act on potential acquisitions where we can employ our development and operating disciplines to drive long-term value for our stockholders. In the mean-time, we will continue to invest in our existing properties and remain committed to returning capital to stockholders. In the first quarter of 2023, we paid a one-time cash dividend of $5.00 per outstanding share of common stock. In the second quarter of 2023, we will pay cash dividend of $0.30 per outstanding share of common stock and we intend to continue to make quarterly payments as part of the previously announced annual cash dividend of $1.20 per share.

Summary of 2023 First Quarter Operating Results

In the first quarter of 2023, the Company generated net revenue of $116.6 million, an increase of 7.7% from $108.3 million in the prior year same quarter. Casino, food and beverage (F&B), and hotel revenues increased 6.5%, 12.6%, and 1.8% year over year, respectively. The revenue increase was driven primarily by the ongoing growth in business at Monarch Black Hawk.

Selling, general and administrative (SG&A) expenses for the first quarter of 2023 were $25.1 million compared to $24.2 million in the prior-year period, driven primarily by increases in utility expense and repair and maintenance expense. As a percentage of net revenue, SG&A expense decreased to 21.5% compared to 22.3% in the prior-year period. Casino operating expense as a percentage of casino revenue increased to 37.7% during the first quarter of 2023 from 35.6% in the prior-year period, primarily due to increased labor expense. F&B operating expense as a percentage of F&B revenue decreased to 74.8% during the first quarter of 2023 from 79.6% in the prior-year period due to an increase in average check and improved cost management. Hotel operating expense as a percentage of hotel revenue increased to 41.3% in the first quarter of 2023, compared to 38.0% in the same period a year ago, primarily due to a decrease in average daily rate and an increase in labor expense.

Income from operations for the first quarter of 2023 increased 8.5% compared to the same period last year. Net income decreased 2.5% compared to the same period last year and diluted EPS decreased 2.2% due primarily to an increase in the effective tax rate, which varies based on the amount of the excess tax benefit on stock compensation. The Company generated first quarter 2023 Adjusted EBITDA of $36.5 million, an increase of $2.1 million, or 6.2%, over the same period a year ago.

Canada

Playson signs agreement with Light & Wonder in global distribution deal

Published

17 hours ago

January 30, 2025

George Miller

playson-signs-agreement-with-light-&-wonder-in-global-distribution-deal

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The award-winning game studio will deliver titles to players in the UK, Canada and Latin America

Playson, the accomplished digital entertainment supplier, has forged a major global content deal with Light & Wonder to significantly enhance the reach of its extensive games portfolio.

This landmark agreement will enable Light & Wonder’s expansive operator network across the UK, Canada, and Latin America to gain access to Playson’s engaging offering.

UK-based operator Dazzletag Entertainment Ltd was the first to go live with the studio’s creative releases last month, with SUPERCHARGED CLOVERS: HOLD AND WIN and 3 POTS RICHES: HOLD AND WIN launched across its online casino brands.

Light & Wonder’s content marketplace is utilised by some of the biggest operator brands from across the globe, providing them with access to more than 3,500 games from a host of third-party studios to allow them to build personalised, mobile-ready player experiences and stay ahead of regulatory changes.

The partnership signifies the strength of Playson’s reputation as a respected and highly sought-after provider to operators globally, as the rising demand for its games looks set to take the studio to new heights for 2025.

Blanka Homor, Sales Director at Playson, said: “Our deal with Light & Wonder is a major milestone in our strategic roadmap, as we embark on the next chapter of our global growth. This agreement expands our reach and allows us to deliver our appealing titles to new operators and players.

“The launch of our titles across Dazzletag’s two brands is a great start, and we are confident this relationship will further elevate our presence in the ever-evolving online casino space.”

Steve Mayes, Senior Director of Partnerships at Light & Wonder, said: “We are delighted to be working with such a highly respected digital entertainment provider and deliver their portfolio to our network. This strengthens our commitment to offering operators the best game releases available.

“We look forward to other successful launches in 2025, as we continue to support our operators with diverse content.”

The post Playson signs agreement with Light & Wonder in global distribution deal appeared first on European Gaming Industry News.

Canada

NorthStar Gaming Announces $43.4 Million Long-Term Debt Financing

Published

17 hours ago

January 30, 2025

GamingAmericas.com

northstar-gaming-announces-$43.4-million-long-term-debt-financing

NorthStar Gaming Holdings Inc. announced that the company has, subject to final approval of the TSX Venture Exchange, entered into a credit agreement (the “Credit Agreement”) in respect of a senior secured first lien term loan facility providing for loans in an aggregate principal amount of up to $43.4 million CAD (being the approximate equivalent of $30,000,000 USD) (the “Credit Facility”) to be made available by Beach Point Capital Management LP (“Beach Point”). Playtech plc (“Playtech”) and certain Playtech subsidiaries have agreed to provide credit support for certain obligations under the Credit Facility. The Credit Facility represents a significant milestone for NorthStar, strengthening its balance sheet and enabling the Company to continue to accelerate its growth initiatives.

“This is a pivotal moment for NorthStar, marking the largest financing in our history. This Credit Facility strengthens our balance sheet and directly supports our ability to scale operations and drive the business towards profitability with a single-minded focus. We are grateful to Beach Point Capital Management for their trust in our strategy and vision. We are also thankful for Playtech’s steadfast partnership which was instrumental in securing this funding, reinforcing their value both strategically and as a technology provider,” said Michael Moskowitz, Chair and CEO of NorthStar.

“Beach Point has deep experience investing across the gaming sector and is excited to partner with NorthStar to support their strategic initiatives. The online gaming sector has been growing rapidly, and this investment reflects our confidence in the Company’s leadership, market potential, and ability to deliver long-term sustainable growth. Likewise, we value the partnership with Playtech, who are contributing their leading technology, global reach, and strategic vision towards NorthStar’s continued success,” said Gabriel Fineberg, Managing Director at Beach Point.

The purpose of the Credit Facility is to support NorthStar’s continued growth by significantly strengthening the Company’s balance sheet. The Company will use the proceeds of loans made pursuant to the Credit Facility: (i) to repay the aggregate $9.5 million CAD principal amount (plus accrued interest) loaned to the Company by Playtech pursuant to unsecured, interest-bearing promissory notes dated April 25, 2024, September 13, 2024 and December 16, 2024; (ii) to fund an interest reserve account in respect of the Credit Facility in an amount equal to $7,000,000 CAD; (iii) for working capital and general corporate purposes; and (iv) to pay transaction costs in connection with the Credit Facility.

The post NorthStar Gaming Announces $43.4 Million Long-Term Debt Financing appeared first on Gaming and Gambling Industry in the Americas.

Blanka Homor Sales Director at Playson

Playson strengthens Canadian footprint with Titanplay partnership

Published

3 days ago

January 28, 2025

GamingAmericas.com

playson-strengthens-canadian-footprint-with-titanplay-partnership

Playson, the established digital entertainment supplier, has secured its latest partnership in Canada after launching its games portfolio with rising iGaming operator Titanplay.

After obtaining its Ontario licence and going live in June earlier last year, Titanplay has made impressive strides in a short space of time with its online casino offering resonating with players across the province.

The agreement sees Playson support Titanplay’s ongoing expansion across Ontario with the supplier’s industry-renowned Hold and Win portfolio now available on the operator’s website, integrated via Relax Gaming’s aggregation platform.

Titles including Coin Strike: Hold and Win, Diamonds Power: Hold and Win and Pink Joker: Hold and Win will enable players to enjoy a feature-led, captivating gameplay experience and expand Titanplay’s rapidly expanding portfolio.

Playson’s latest tie-up underlines its intent of further establishing its brand within Ontario after successfully entering the Canadian province back in 2022. The provider’s industry-renowned portfolio continues to drive long-term value for operators worldwide.

Blanka Homor, Sales Director at Playson, said: “We are proud of the footprint we have established in Ontario with local players truly appreciating the Playson experience. Partnering with an exciting name in the region like Titanplay allows us to accelerate our progress and bring our premium offering to an increased pool of players.

“We look forward to gauging the response from Titanplay enthusiasts and watching this partnership grow from strength to strength.”

Titanplay management commented: “At Titanplay, we pride ourselves with working with industry-renowned names and partnering with Playson seamlessly fits into our plans of becoming a household name in Ontario and across Canada.

“Our portfolio will undoubtedly be elevated by Playson’s Hold and Win collection, offering players a dynamic offering of feature-filled, graphically advanced titles.”

The post Playson strengthens Canadian footprint with Titanplay partnership appeared first on Gaming and Gambling Industry in the Americas.