Gambling in the USA
Caesars Entertainment Reports Fourth Quarter and Full Year 2019 Results

Received Stockholder Approval for Merger with Eldorado Resorts
Caesars Entertainment Corporation reported fourth quarter and full-year 2019 results as summarized in the discussion below, which highlights certain GAAP and non-GAAP financial measures on a consolidated basis.
Fourth Quarter Highlights
- Fourth quarter net revenues increased 2.6%, or $54 million, from $2.12 billion to $2.17 billion.
- Fourth quarter income from operations increased 77.0%, or $77 million, from $100 million to $177 million.
- Fourth quarter net income/(loss) decreased $502 million, from income of $198 million to a loss of $304 million.
- Non-GAAP adjusted EBITDA increased 2.8%, or $16 million, from $567 million to $583 million.
- Non-GAAP adjusted EBITDA, excluding Rio, increased 3.4%, or $19 million, to $572 million.
Full Year Highlights
- Full year net revenues increased 4.2%, or $351 million, from $8.39 billion to $8.74 billion.
- Full year income from operations decreased 16.4%, or $121 million, from $739 million to $618 million.
- Full year net income/(loss) decreased $1.50 billion, from income of $303 million to a loss of $1.20 billion.
- Non-GAAP adjusted EBITDA increased 4.2%, or $97 million, from $2.31 billion to $2.41 billion.
“Caesars Entertainment delivered another quarter of solid operational performance,” said Tony Rodio, President and Chief Executive Officer of Caesars Entertainment. “Caesars’ results were largely driven by the strong demand at our Las Vegas properties, excellent cost controls, and the addition of sports betting in several states which drove increased visitation. In addition, our focus on costs and operating efficiencies across the company contributed to the excellent performance.” he added.
Additional Developments
Completed Sale of the Rio All-Suite Hotel & Casino
On December 5, 2019, the Company announced it has completed the previously announced sale of the Rio All-Suite Hotel & Casino for $516.3 million. Caesars will continue to manage and operate the Rio for a minimum of two years through a lease agreement, and the property will remain part of the Caesars Rewards network during the term of the lease.
Stockholders Approve Merger of Caesars Entertainment and Eldorado Resorts
On November 15, 2019, Caesars Entertainment and Eldorado Resorts, Inc. announced that at separate Special Meetings of Stockholders, their respective stockholders approved certain actions in connection with the Company’s proposed merger with Eldorado Resorts, Inc. (the “Merger”). The transaction is expected to be consummated in the first half of 2020 and remains subject to the receipt of certain regulatory gaming and other approvals, and other closing conditions.
Sale of Harrah’s Reno
On January 15, 2020, Caesars Entertainment and VICI Properties Inc. announced an agreement to sell Harrah’s Reno for $50 million. The proceeds of the transaction shall be split 75% to VICI and 25% to Caesars. Under the terms of the agreement, Caesars will continue to operate the property upon closing of the transaction, which will allow Caesars to cease operations at the property during the second half of 2020.
Basis of Presentation
Certain additional non-GAAP financial measures have been added to highlight the results of the Company. “Hold adjusted” results are adjusted to reflect the hold we achieved compared to the hold we expected. See the table at the end of this press release for the reconciliation of non-GAAP to GAAP presentations.
This release also includes the indicators ADR and RevPAR. See Supplemental Information in this release for information regarding how we define ADR and RevPAR. Our definition and calculation of ADR and RevPAR may be different than the definition and calculation of similarly titled indicators presented by other companies.
Financial Results
Caesars views each property as an operating segment and aggregates such properties into three regionally-focused reportable segments: (i) Las Vegas, (ii) Other U.S. and (iii) All Other, which is consistent with how Caesars manages the business. The results of each reportable segment presented below are consistent with the way management assesses these results and allocates resources, which is a consolidated view that adjusts for the effect of certain transactions between reportable segments within Caesars. “All Other” includes managed, international and other properties as well as parent and other adjustments to reconcile to consolidated Caesars results.
During the fourth quarter of 2019, net revenues increased $54 million as compared to 2018 driven by growth in all business verticals, with significant growth in Las Vegas due to healthy consumer demand and a higher cash customer mix. Other U.S. net revenues increased $18 million year over year primarily due to growth in Iowa and Indiana as a result of our new sportsbooks and better results in Atlantic City. All Other net revenues decreased $4 million year over year, primarily due to lower gaming volumes in the UK, offset by one-time payments to CIE for early terminations of WSOP licensing agreements. Across all of our casino properties, hold had a favorable impact of $5 million to $10 million this quarter compared to the prior year, and was $10 million to $15 million above our expectations.
During the year ended December 31, 2019, net revenues increased $351 million as compared to 2018 driven primarily by the acquisition of Centaur in July 2018, strong Las Vegas results and favorable hold. These positive factors were offset by lower gaming volume at our Atlantic City properties as a result of increased competition and inclement weather across some of our properties. Across all of our casino properties, hold had a favorable impact of $60 million to $65 million this year compared to the prior year and was $30 million to $35 million above our expectations.
During the fourth quarter of 2019, income from operations increased $77 million primarily due to a $54 million increase in net revenues in the fourth quarter of 2019 compared with 2018, as explained above. The decrease in operating expenses of $23 million also contributed to the increase of income from operations. The decrease in operating expenses was primarily due to a decrease in depreciation and amortization expense of $24 million, due to high accelerated depreciation in 2018 related to certain renovation projects in 2018, and lower impairment charges related to goodwill compared to 2018 and lower impairment charges related to tangible and other intangible assets related to Horseshoe Hammond in 2019. These decreases were partially offset by an increase in property, general, administrative and other primarily due to expenses related to payroll and our sports partnerships.
During the year ended December 31, 2019, income from operations decreased $121 million compared with 2018 due to an increase in operating expenses of $472 million offset by an increase in net revenue of $351 million in 2019 compared with 2018, as explained above. Operating expenses increased $223 million as a result of our acquisition of Centaur in 2018. Impairment of tangible and other intangible assets increased by $406 million due to the recognition of impairment charges in 2019 related to land and buildings and gaming rights. These increases were partially offset by a decrease of $151 million in depreciation and amortization expense, excluding Centaur, primarily due to higher depreciation expense in 2018 from disposals of property and equipment related to renovation projects at certain Las Vegas properties and accelerated depreciation of assets.
During the fourth quarter of 2019, net income/(loss) attributable to Caesars decreased $502 million from net income of $198 million to net loss of $304 million due to an increase in other loss of $627 million primarily due to a change in the fair value of the derivative liability related to the conversion option of CEC’s 5.00% convertible senior notes maturing in 2024 (the “CEC Convertible Notes”), offset by an increase of $43 million in tax benefit and an increase of $77 million in income from operations, as explained above.
During the year ended December 31, 2019, net income/(loss) attributable to Caesars decreased $1.5 billion from net income of $303 million to net loss of $1.2 billion due to an increase in other loss of $1.38 billion primarily due to a year over year change in the fair value of the derivative liability related to the CEC Convertible Notes. In addition, a $44 million change in the fair value of disputed claims liability related to Caesars Entertainment Operating Company, Inc.’s emergence from bankruptcy in 2017, and an increase in interest expense of $24 million as a result of our failed sale-leaseback financing obligations also contributed to the decrease of net income/(loss) attributable to Caesars. Income from operations also decreased $121 million in 2019 compared with 2018, as explained above. These were partially offset by an increase of $20 million in tax benefit.
During the fourth quarter of 2019, adjusted EBITDA improved $16 million as compared to 2018 driven primarily by the increase in revenues explained above and excellent cost controls across the properties and corporate office, including a reduction in payroll and professional services expenses. This increase was offset by continued investments in sports sponsorships. Across all of our casinos, hold had a favorable impact of $0 to $5 million year over year and was $5 million to $10 million above our expectations. Excluding the performance at Rio, adjusted EBITDA improved $19 million to $572 million as compared to 2018.
During the year ended December 31, 2019, adjusted EBITDA improved $97 million as compared to 2018 due to strong Las Vegas results and the acquisition of Centaur in July 2018, offset by competition in Atlantic City and increased investments in sports sponsorships. Across all of our casinos, hold had a favorable impact of $40 million to $45 million year over year and was $20 million to $25 million above our expectations.
About Caesars:
Caesars Entertainment is one of the world’s most diversified casino-entertainment providers and the most geographically diverse U.S. casino-entertainment company. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment’s resorts operate primarily under the Caesars®, Harrah’s® and Horseshoe® brand names. Caesars Entertainment’s portfolio also includes the Caesars Entertainment UK family of casinos. Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. Caesars Entertainment is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. For more information, please visit www.caesars.com/corporate.
ABBIATI Casino Equipment
Abbiati Casino Equipment and Hawkins Holdings Form Strategic Alliance to Expand Presence Across the Americas

Abbiati Casino Equipment, a globally recognised leader in premium casino equipment and technologies, announced a strategic partnership with Hawkins Holdings to strengthen its presence across North and South America. As part of this initiative, seasoned gaming executive Roger Hawkins has been appointed Brand Ambassador and Strategic Consultant for the Americas.
With more than 20 years of executive leadership in the global casino and gaming industry, Hawkins will spearhead the company’s efforts to expand its footprint throughout the Western Hemisphere. His role will include market development, strategic partnerships, regulatory positioning, and the promotion of Abbiati’s legacy of Italian innovation, craftsmanship, and integrity.
“This partnership is about more than market entry – it’s about building deeper awareness, driving product adoption, and reinforcing Abbiati’s commitment to quality across every pit and poker room in the hemisphere,” said Hawkins.
Giorgio Abbiati, CEO of Abbiati Casino Equipment, said: “We have proudly served clients in the Americas for many years, but the time is right to deepen our focus. Roger’s knowledge of our products and his insight into the market make him the ideal partner to lead this next phase.”
The post Abbiati Casino Equipment and Hawkins Holdings Form Strategic Alliance to Expand Presence Across the Americas appeared first on Gaming and Gambling Industry in the Americas.
Gambling in the USA
Gaming Americas Weekly Roundup – June 16-22

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
PrizePicks announced it has been Certified by Great Place To Work for the first time — a prestigious recognition based on employee feedback about their experience working at the company. Great Place To Work is the global authority on workplace culture, employee experience and leadership behaviours proven to drive business performance. According to Great Place To Work research, job seekers are 4.5 times more likely to find a great boss at a Certified workplace. Team members at Certified companies are 93% more likely to look forward to coming to work and are twice as likely to feel they are paid fairly and have equal opportunities for advancement.
The Michigan Gaming Control Board has issued cease-and-desist orders to five illegal online gambling operators—BoVegas Casino, BUSR, Cherry Gold Casino, Lucky Legends and Wager Attack Casino—after discovering they were targeting Michigan residents without proper licenses. These operators are violating Michigan’s Lawful Internet Gaming Act, the Michigan Gaming Control and Revenue Act, and the Michigan Penal Code. The MGCB’s investigations found that these sites have been accepting wagers and deposits from Michigan residents on sports events, slots, blackjack and other casino games—all without the oversight and safeguards required by law. Players using these platforms face unreliable payouts, unfair gaming practices and have no legal recourse in case of disputes.
ZOOT, a sweepstakes gaming platform bringing video game sensibilities to iGaming entertainment, announced it has raised $6 million in seed funding led by CoinFund, one of the world’s first cryptonative investment firms, with participation from Griffin Gaming Partners to expand the current US-focused business to a global-facing, stablecoin-driven one. The investment further grows the opportunities for instant, borderless payments in digital entertainment as stablecoin adoption surges past $239 billion in circulation, with payment giants like Visa and PayPal racing to integrate crypto rails for faster, cheaper transactions. ZOOT is building an iGaming platform that pioneers a new approach to iGaming that combines the engagement of video games with the efficiency of blockchain-based payments.
Partnerships
Maverick Games has launched sports betting operations in Ontario, through a partnership with Delasport. Maverick Games will offer Ontarian players a premium sports betting experience, built on Delasport’s superior technology and known for its unique innovative features that players love including personalisation, recommendations, gamification, quick bets, player engagement features and more. Maverick Games is the second brand to launch on Delasport’s technology in Ontario, with another full turnkey brand set to go live soon. Delasport also recently unveiled its innovative sports betting jackpot network game, SuperPot.
International Game Technology PLC announced that it recently signed a new, three-year sports betting technology agreement with Boyd Gaming Corporation. Under the terms of the agreement, IGT’s award-winning PlaySports platform will continue powering Boyd Gaming’s retail and mobile sports betting offering in Nevada through August 2028. The new agreement builds on IGT and Boyd Gaming’s long-standing sports betting technology partnership that started in 2018. In addition to using the IGT PlaySports platform, Boyd Gaming will continue to offer IGT’s PlaySports Kiosks at its 10 retail betting locations across Nevada.
The post Gaming Americas Weekly Roundup – June 16-22 appeared first on European Gaming Industry News.
Catawba Nation Chief Brian Harris
Catawba Two Kings Casino Resort Rising in Kings Mountain as First Year of Construction is Completed

Significant construction has been completed during the first year of work on the $1 billion Catawba Two Kings Casino Resort in Kings Mountain, N.C., a site off Interstate-85 only 35 miles from Charlotte and close to the South Carolina border.
Construction on all aspects of the project is in full swing, with the foundations for the casino complex and hotel completed several months ago, the casino complex at its full height and expanding horizontally, and steel continuing to rise for the 24-story, 385-room hotel. The hotel tower framing is now 10 stories high, with an additional floor being added nearly every week. At completion, the hotel will be connected to the casino complex.
The casino complex includes the introductory casino on the first level, three levels of covered parking, a back-of-house level and top level with the main casino floor and restaurants. The introductory casino, set to open in spring 2026, will include 1350 slot machines, 20 table games, a 40-seat restaurant, a bar, sports betting kiosks, and Lucky North Rewards desk.
The introductory casino will replace the current temporary (prelaunch) casino, which continues to grow in popularity as it nears its fourth anniversary on July 1.
The main casino complex is targeted to open in 2027. It will be about 2 million square feet and feature:
• 4300 slot machines
• 100 table games
• 11 dining outlets, including a steakhouse, Italian restaurant, marketplace with six venues, café, and grab-and-go outlet
• A players lounge
• 11 bars, including a center bar and sports bar
• A 2700-space parking garage built under the casino complex and 800 surface parking spaces
The project has created hundreds of construction jobs. Upon completion, the casino resort will employ an estimated 2200 regional residents and citizens of the Catawba Nation.
“This casino resort will be an economic game changer for Catawba citizens and a force to drive the economy of Cleveland County and the City of Kings Mountain. This project is a testament to our resilience, our commitment to self-sufficiency, and our determination to build a better future for ourselves and our future generations,” Catawba Nation Chief Brian Harris said.
Harris noted the temporary casino is contributing to many community and charitable organizations in the region, and that will only increase as the full casino resort opens.
The project is being led by the Catawba Nation Gaming Authority under Vice President Trent Troxel, with Yates-Metcon as the construction general contractor; Delaware North as the gaming management, development and hospitality consultant; and SOSHNY Design architects.
“Once again, I want to thank the Cleveland County, City of Kings Mountain, federal and state leaders who have supported the Catawba Nation’s efforts develop the casino resort in its ancestral lands in North Carolina,” Harris said.
Work has also been completed on two key infrastructure projects for development of the permanent casino resort that were funded by the Catawba Nation: doubling the size of the Dixon School Road Bridge over I-85 near the casino entrance and installing new sewer lines near the casino.
The post Catawba Two Kings Casino Resort Rising in Kings Mountain as First Year of Construction is Completed appeared first on Gaming and Gambling Industry in the Americas.
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