Industry News
The Stars Group Provides Business Update
The Stars Group Inc. today provided a general business update, including an update on its year-to-date performance and the recent coronavirus outbreak.
“We are pleased with the performance of our business so far this year, which has seen continued strong underlying momentum within our UK and Australia segments, and a sequential improvement in our international segment from the fourth quarter of 2019,” said Rafi Ashkenazi, Chief Executive Officer of The Stars Group. “Overall, we are so far performing ahead of our expectations and currently expect to see strong year over year growth in revenues for the first quarter,” continued Mr. Ashkenazi.
Revenues within The Stars Group’s International segment are slightly ahead of the prior year period on a constant currency basis, while the UK segment has experienced continued strong underlying trends alongside operator favorable sporting results, leading to strong growth in revenue year over year.
“Outside of our strong performance so far this year, the recent outbreak of the coronavirus pandemic (COVID-19) has resulted in the cancellation or postponement of major sporting events globally. We are closely monitoring the continued impact of the coronavirus, and the health and safety of our employees and customers remains our top priority, as we implement our business continuity plans and continue to observe and comply with local mandates and guidelines across our global offices. Our employees are working remotely to ensure that our customers can continue to enjoy our products, and while we currently still offer a broad range of betting options for our customers, any sustained outbreak resulting in the further postponement or cancellation of major sporting events could have a material impact on our sports betting revenue in the near term,” continued Mr. Ashkenazi.
“Notwithstanding, while it remains difficult to predict the scope, timing and length of the current sports postponements and cancellations, our business is online only with a global geographic reach and a majority of revenues (62% in 2019) generated from poker and gaming. We therefore remain confident in our ability to continue driving revenue growth in the years ahead, despite the inevitable disruption in the sports industry during 2020,” concluded Mr. Ashkenazi.
As at December 31, 2019, The Stars Group had cash and cash equivalents of $321 million, and subsequently prepaid $100 million of its USD first lien term loan in February. In addition, The Stars Group has access to its revolving credit facility, among other potential sources of liquidity, that together with its current cash and cash equivalents, provides approximately $1 billion of liquidity.
SOURCE The Stars Group
Seminole Gaming / Hard Rock International have been selected as a US Best Managed company for the fourth consecutive year. The award, sponsored by Deloitte Private and The Wall Street Journal, recognizes the achievements of U.S. private companies and the successes of their management teams.
“We are proud to be selected a US Best Managed Company in this prestigious program for the fourth year in a row. This is continued recognition for our leaders and team members around the world who create a great place to work and build a career, while providing a memorable guest experience across Hard Rock and Seminole Hard Rock casinos, hotels, resorts, cafes and Rock Shops,” Jim Allen, Chairman of Hard Rock International and CEO of Seminole Gaming, said.
US Best Managed Companies is part of a global Deloitte Private program. Honorees are selected by an external panel of judges who evaluate applicants based on strategy, ability to execute, culture, governance, and financial performance. They join an ecosystem of organizations from more than 44 countries.
1spin4win, a renowned provider of online casino games, announced the launch of its new network promotion, “Treasure Hunt”. Set to run from June 1 to 9, 2024, this thrilling event invites players on an enchanting adventure across 11 captivating games, with a total prize pool of €20,000 waiting to be claimed.
The nine-day “Treasure Hunt” promotion is designed to significantly enhance player interest and engagement, boost GGR and betting volume, and elevate the brand image of participating online casinos. Players will have the chance to win one of 515 randomly awarded cash prizes, adding an extra layer of excitement to their gaming experience.
Each bet placed during the promotion can result in a maximum of one prize, with no limit on the number of prizes a player can win. Notably, all prizes are deducted from the GGR prior to invoicing, ensuring a smooth and transparent process for operators.
The “Treasure Hunt” promotion features a stellar lineup of participating games, including Sun Treasure, Lucky Robbery, Cash the Gold Hold and Win, Cash the Gold, Mega Cash the Gold, Hold the Gold, Book of Corsairs, Lucky Jane & Aztec Book, Lucky Jane in Egypt, Lucky Gold Miner and Dolphin’s Wealth.
To cater to a global audience, all participating titles support 16 fiat and cryptocurrencies, including EUR, USD, BTC, ETH, LTC and USDT.
The post 1spin4win Unveils “Treasure Hunt” Network Promotion for Online Casinos appeared first on European Gaming Industry News.
Allwyn announced the appointment of Ifor Evans as its new Group Chief Technology Officer. Ifor will replace Tony Khatskevich, who, after six years of dedicated and exemplary service, has decided to move from his current role as Group Chief Technology Officer and become an Advisor to the CEO and Board of Directors. In this role, Tony will focus on offering strategic counsel on innovation, technology, IT and security matters. Ifor will take up the CTO role at Allwyn on 1 June 2024.
Ifor is an accomplished CTO with over 25 years of extensive experience in software engineering, systems and data architecture, IT management and project leadership. He joins Allwyn from Gamesys PLC/Bally’s Corp, where he has been Group Chief Technology Officer since 2019 and where he developed, maintained and operated highly capable gaming platforms.
Prior to Gamesys, he held the role of Group Chief Technology Officer (Southeast Asia) for Lazada, part of the Alibaba Group, working in Singapore. He also established Lazada eLogistics (LEL) as a separate entity within the Lazada Group, and led a team of over 400 individuals to create and implement a comprehensive technology strategy.
Robert Chvátal, CEO of Allwyn Group, said: “We are delighted to welcome Ifor as our new Group Chief Technology Officer to continue enhancing the innovation of the lotteries we operate. Allwyn wants to make its lotteries even more entertaining and attractive to new audiences, and in doing so have even more of a positive impact on society.
“Ifor is a dynamic business leader who has an excellent track record of delivering technology solutions across the gaming and IT sector. He has exceptional strategic capabilities, proven operational effectiveness and strong experience in our markets.
“I would also like to take the opportunity to thank Tony for his exceptional contribution and commitment to Allwyn over the past six years. He played a pivotal role in establishing a strong technology function for Allwyn, and conceived and led technology initiatives that have helped to drive innovation across the Group. In addition, Tony played a key leadership role in Allwyn’s winning bid in the UK and management of the transition. I’m very pleased that we will continue to benefit from Tony’s wisdom, knowledge, ideas and warm personality in his new role, where he will continue to help us to fulfil our business growth and ambitions.”
Ifor Evans said: “I am delighted to have been appointed as Group Chief Technology Officer of Allwyn. The company’s commitment to social impact is evident across its global footprint. I look forward to helping the team to develop even better lotteries and new game formats through the power of cutting-edge technology and future thinking.”
The post Allwyn Appoints Ifor Evans as Group Chief Technology Officer appeared first on European Gaming Industry News.
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