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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FanDuel Casino
Wazdan Strengthens US Footprint with FanDuel Pennsylvania Launch
Wazdan has continued to accelerate its North American expansion after going live with FanDuel Casino in Pennsylvania through Light & Wonder’s aggregation platform.
The latest launch marks another important milestone in Wazdan’s growth strategy across regulated US markets, extending the supplier’s partnership with one of North America’s leading online gaming brands. The rollout follows Wazdan’s successful launch with FanDuel in Ontario and Michigan earlier this year and further reinforces the developer’s commitment to delivering engaging gaming experiences to players across the region.
As part of the initial Pennsylvania deployment, FanDuel Casino players will gain access to two of Wazdan’s popular titles, 12 Bells and Hot Slot: 777 Crown. The first wave of content will be followed by additional game releases across several subsequent launch phases, steadily expanding Wazdan’s presence on the operator’s platform.
Powered by Light & Wonder’s industry-leading aggregation technology, the integration provides Pennsylvania players with seamless access to Wazdan’s innovative slot portfolio, renowned for its engaging gameplay and player-first mechanics.
The launch represents another key step for Wazdan, building on the company’s established presence across regulated markets.
Magdalena Wojdyla, Head of Account Management at Wazdan, said: “Launching with FanDuel in Pennsylvania marks another significant step in strengthening our North American footprint and further builds on a successful partnership with one of the industry’s most recognised operators.
“FanDuel’s strong brand, extensive reach and deep understanding of its player base make it an excellent strategic fit for Wazdan. We are delighted to expand our collaboration into another key regulated jurisdiction and look forward to delivering additional content to Pennsylvania players in the months ahead.”
The post Wazdan Strengthens US Footprint with FanDuel Pennsylvania Launch appeared first on Americas iGaming & Sports Betting News.
Delaware North
Ember Ignites Delaware North’s Next Chapter in Digital Gaming with New Jersey Launch
Delaware North, a global hospitality and entertainment company with a portfolio of casinos and other gaming venues, announced the launch of Ember Casino in New Jersey, marking the first phase of a broader rebrand of the company’s gaming business under a unified brand identity.
The New Jersey debut represents the first step in this transformation as Delaware North transitions its existing digital gaming operations from the Betly brand to Ember across current and future markets. Additional brand integrations and market expansions are planned throughout the year as Ember becomes the unified identity for the company’s gaming portfolio.
“Ember represents the next chapter for our gaming business. We are building a connected platform that integrates our digital and brick-and-mortar expertise, creating a seamless experience for players while positioning us for long-term growth in highly competitive regulated markets,” said Jason Gregorec, president of gaming for Delaware North.
New Jersey, one of the nation’s most established and competitive iGaming markets, serves as the launchpad for Ember’s broader rollout strategy. In 2025, online casinos in the state generated nearly $2.9 billion in gross gaming revenue, reflecting continued growth in internet gaming. The performance underscores the scale and opportunity within the sector as Ember enters the market.
As part of the launch, Ember is introducing a Play to Earn promotion designed to reward early player engagement. Players who register and participate will have the opportunity to earn entries for a chance to win a Toyota GR86, a Ford Mustang or a Ford Bronco, with a series of vehicle giveaways planned during the platform’s initial launch period. The promotion introduces players to the new Ember experience while reinforcing the brand’s focus on engagement and value.
Ember Casino is powered by leading online gaming platform and services provider Playtech. The platform features Playtech’s responsible gaming solutions, including BetBuddy, along with a diverse portfolio of content that includes slots and live dealer games, supported by high-quality streaming and real-time gameplay designed to deliver an engaging and reliable player experience.
In recent months, Delaware North has expanded relationships with leading online gaming content providers, including IGT, White Hat Studios, and Light and Wonder, leveraging those partnerships to support the Ember launch in New Jersey and future markets. The company also works with Vegas Kings for platform design and AquireBet for user acquisition and experience optimization.
“Our mission has always been to deliver exceptional experiences. These partnerships are fueling our expansion in the digital gaming space with the same level of precision, personalization and innovation our players have come to expect,” said Lee Terfloth, chief interactive gaming officer for Delaware North.
Delaware North’s broader gaming portfolio includes properties across seven states and Australia, including the superregional Southland Casino Hotel in Arkansas. The company also serves as developer and gaming and hospitality consultant for the Catawba Nation’s $1 billion casino resort project in North Carolina.
The launch of Ember Casino in New Jersey positions Delaware North for sustained growth in digital gaming, uniting its hospitality legacy with a modern, scalable online platform built for expansion across regulated markets.
The post Ember Ignites Delaware North’s Next Chapter in Digital Gaming with New Jersey Launch appeared first on Americas iGaming & Sports Betting News.
Gambling in the USA
SkillOnNet rolls out Ready Play Gaming slots in Ontario, Canada and Mexico
SkillOnNet has launched Ready Play Gaming’s slot portfolio across Ontario, Canada and Mexico, with additional international markets planned to follow later this year.
The content is now available across SkillOnNet’s iGaming brands including PlayOJO, PlayUZU, Slingo, Mega Casino and LuckyNiki.
Titles going live include Ready Play Gaming’s Reel Jackpots series, including Reel Bingo and Reel Triple, which the studio describes as “soft slot” experiences aimed at the bingo generation.
Jani Kontturi at SkillOnNet said: “We are proud to welcome Ready Play Gaming as we continue to strengthen our global content offering with innovative and high-performing studio partners. In a crowded market, they’ve focused on building games with personality and strong entertainment value, and we believe that’s exactly the kind of content today’s players respond to.
Christoph Härtel, COO at Ready Play Gaming said: “Partnering with SkillOnNet is a major milestone for Ready Play Gaming as we continue to expand our international footprint. SkillOnNet’s strong presence in regulated markets and extensive operator network make them an ideal partner to help bring our games to even more players globally.”
The post SkillOnNet rolls out Ready Play Gaming slots in Ontario, Canada and Mexico appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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