Canada
AGS Reports Second Quarter 2020 Results
AGS reported operating results for its second quarter ended June 30, 2020 .
“Although casinos started to reopen in the later part of the quarter, we remained disciplined in how we reintroduced cost back into the business, ramping departments that are essential to run our business, such as field service, R&D and manufacturing,” said AGS President and Chief Executive Officer David Lopez . “Initial game performance on EGM units that are in-service has been strong and better-than-expected, which allows us to lean on our strong recurring revenue footprint in this challenging environment. Prior to and even during COVID-19, we were seeing strong initial performance from our new products, such as the Starwall and Orion Rise , as well as continued momentum from our new titles on Orion Portrait and our suite of table game progressives. Given the breadth and depth of our current content portfolio, we believe that the long-term opportunities for AGS remain intact, and that we have ample liquidity and the best-in-class team to navigate through near-term uncertainties.”
Kimo Akiona , AGS’ Chief Financial Officer, added, “Our careful management of expenses and capital expenditures during the casino shutdowns in the quarter in addition to drawing $30 million under the existing revolving credit facility and entering into incremental term loans of $95 million have resulted in a strengthened liquidity position. Although it is hard to predict exactly how the pandemic will continue to impact the macro operating environment, given all of the measures we’ve taken, we believe we are positioned with sufficient liquidity and flexibility to emerge from this a more competitive and more nimble organization.”
Second Quarter 2020 Financial Results
During March and April and continuing through mid- to late-May of the current year, nearly all of our customers closed their operations due to business disruption caused by the global spread of COVID-19 and the actions by governments and businesses to contain the virus. The markets that we serve have been severely impacted, which is the primary reason for the decreases in the metrics noted above, specifically revenues, (loss) income from operations, net loss, Adjusted EBITDA, and Adjusted EBITDA margin.
A limited number of customers reopened in mid- to late-May and through June; by June 30 , approximately 500 of our 650 customers properties in the United States and Canada were partially open. In Mexico , 25 of our 320 customers properties were partially open as of June 30 .
Total revenue decreased to $16.8 million , primarily due to decreased gaming operations revenue and unit sales in our EGM segment.
Gaming operations revenue, or recurring revenue, decreased to $10.2 million compared to $53.6 million in the prior year period, primarily related to our leased EGMs and Table Products that were impacted by closed casinos. This decrease was slightly offset by increased revenue in our Interactive segment.
Net loss of $42.6 million increased year-over-year from net loss of $7.6 million in the prior year, primarily due to the decrease in EGM and Table Products revenue, partially offset by decreases in expenses that were a result of management’s actions taken to decrease spending amid COVID-19, including employee furloughs, a reduction in force, and salary reductions. Additional savings resulted from the Company’s focus to reduce expenses, primarily in sales and marketing activities, professional fees, and delayed development expenses.
Total Adjusted EBITDA (non-GAAP)(1) decreased to a loss of $1 .2 million compared to $35.7 million in the prior year period, driven by decreases in our EGM and Table Products segments and slightly offset by growth in our Interactive segment.
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NorthStar Gaming Holdings Inc. announced a series of enhancements to its NorthStar Bets online betting platform. The latest product innovations are crafted to elevate and consistently surpass the expectations of NorthStar Bets customers, reinforcing the Companyās position as the definitive premium choice in the gaming industry.
āWe are excited to roll out a broad range of product enhancements to our customers. Innovation has always been a core value for NorthStar as we seek to maintain a best-of-breed platform that evolves alongside changing preferences and emerging technologies. We focus on upgrades that will differentiate us in the marketplace, simplify the customer experience, and reinforce our premium positioning,ā said Michael Moskowitz, Chair and CEO of NorthStar.
NorthStarās product innovation strategy can be summarized by two complementary propositions. āIncrementally Betterā refers to ongoing, often small-scale improvements aimed at optimizing such attributes as reliability, trust, speed, simplicity, and performance. āFundamentally Differentā means targeting efforts on features or offerings that are highly valued, drive customer loyalty, and set NorthStar apart from competitors.
Product enhancements recently introduced by NorthStar include the following:
ā¢ Strengthened Casino section. A new streamlined navigation simplifies the user experience, while NorthStarās selection of games and titles has doubled since the start of 2024.
ā¢ NorthStar Elite Blackjack. A bespoke branded table crafted to exceed the exacting standards of VIP players, embodying the premium experience that defines NorthStar Bets.
ā¢ Sports Insights 2.0. Overhaul of industry-leading sports content vertical with new features, statistics, design, and user experience, launched on NorthStarBets.ca.
ā¢ Enhanced Sportsbook.
a. Dynamic Navigation:āÆThe latest innovation introduces a feature that streamlines navigation, quickly guiding users to top sports and events, minimizing the steps required to place a bet.
b. Personalized Prop Bets:āÆAn advanced AI-driven algorithm analyzes individual betting patterns to generate customized prop bets that are tailored to each customerās betting history.
c. Intelligent Parlay Suggestions:āÆThis intuitive functionality also appears on the bet slip, where companion bets are offered to enhance single bets, enabling customers to effortlessly create logical parlays at the point of the bet decision.
āTodayās announcement offers a preview of the innovation fueling our 2024 strategy. Our product team is executing an ambitious roadmap that balances incremental advancements with groundbreaking features, all meticulously crafted to elevate the attributes our customers value most-reliability, performance, and simplicity,ā said Dean MacNeil, VP of Product & Managed Services at NorthStar.
āAs a premium brand, we strategically harness innovation to amplify our appeal to high-value customers, solidifying our distinct advantage in the industry. By consistently enhancing the customer experience, we reaffirm our commitment to delivering a premium service that drives strong customer satisfaction and earns their loyalty.ā
British Columbia Lottery Corporation (BCLC)
IGT Launches its Second Omnichannel Wide Area Progressive Game in Canada, Money Mania Slots
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International Game Technology PLC announced that it recently launched its second omnichannel Wide Area Progressive (WAP) game for Canada, Money Mania slots. The game is currently available on British Columbia Lottery Corporationās (BCLC) PlayNow.com site and at 22 BCLC-governed casinos throughout British Columbia. IGT is the only supplier in the world to offer omnichannel jackpot games with shared jackpot liquidity across the land-based, online and mobile versions of the games.
āWe know our players love the excitement that the Powerbucks games offer, so BCLC is thrilled to launch IGTās Money Mania ā another title that draws upon the same opportunity for cross-channel jackpots. Both BCLC and IGT are passionate about bringing innovative games to players and fueling responsible growth in the industry. We also recognize that BCLC is in a unique position with our ability to offer cross-channel experiences for players. Whether players choose to play Money Mania at the casino or online, weāre confident this is another game theyāll love,ā said Dan Beebe, BCLC Chief Operating Officer.
IGTās Money Mania is a proven multi-level progressive (MLP) game that features player-favorite game mechanics and multiple base-game themes. The game includes a $100,000 top-level āMoney Jackpotā and a fast-growing, fast-hitting second-level WAP jackpot ā āMania Jackpotā. With a jackpot-reset value of $4000, the gameās āMania Jackpotā is designed to hit frequently, especially with land-based, online and mobile gameplay all simultaneously feeding the jackpot meter.
āIGTās Money Mania omnichannel WAP game is designed to frequently deliver mid-to-large-size jackpots, drive cross-channel gameplay and engage BCLC players online and in casinos. Like Powerbucks, IGTās Money Mania is at the forefront of jackpot innovation and supports IGTās commitment to and leadership in omnichannel content and innovation,ā said David Flinn, IGT SVP Sales, Canada, South and Central America.
BCLC was the first gaming operator in the world to offer an omnichannel jackpot game when it partnered with IGT for the 2016 launch of Powerbucks slots. Since then, IGTās Powerbucks has remained one of the top-performing games in Canada and has minted more than 50 millionaires across the country.
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BCLC has launched PROLINE ā a first-of-its-kind digital retail sportsbook ā across all B.C. lottery terminals.
PROLINE offers the most popular sports-betting options previously available on BCLCās Sports Action, as well as other new offerings. In addition to Toto, Oddset 2-outcome, Oddset 3-outcome, money line, point spread, totals and props, single-event betting and dynamic odds will be offered for the first time at retail locations.
āThis is an exciting evolution for BCLC and for sports bettors across the province. PROLINE offers an updated and innovative sports betting experience and is the pivotal next step for BCLC in offering exciting new sports products to our valued players,ā Dan Beebe, Chief Operating Officer at BCLC, said.
To play, players will have to download the new BCLC PROLINE app on their phone, create their digital bet slips in the app and receive an app-generated QR code, which they can bring to any lottery retail location to scan and receive a printed ticket. As added flexibility, players can also create their PROLINE bets on their laptops or tablets through the PROLINE website.
BCLC is also planning for other new sports-betting experiences in the months ahead, which will include enhanced betting experiences at B.C. bars and pubs and exciting new offerings at B.C. casinos around the province.
BCLC is the official sports betting partner of the Vancouver Canucks, Abbotsford Canucks, Vancouver Warriors, BC Lions and the 11th Grey Cup, which takes place at Vancouverās BC Place on November 17.
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