Canada
MGM Resorts International Reports Third Quarter 2021 Financial And Operating Results
MGM Resorts International reported financial results for the quarter ended September 30, 2021.
“We delivered another strong quarter led by our domestic operations resulting in new historical Adjusted Property EBITDAR records for our Las Vegas Strip and U.S. regional segments. These results demonstrate the continued robust demand for our gaming entertainment offerings across the U.S. and the effectiveness of our operating model,” said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International. “The completion of our asset light strategy will allow us to simplify our corporate structure and bolster our liquidity. I am also excited about our long-term growth prospects, including: BetMGM, which continues to establish itself as a clear leader in U.S. sports betting and iGaming; our selection as Osaka’s partner to build and operate a large-scale integrated resort in Japan; and the announcement of our agreement to acquire the operations of The Cosmopolitan of Las Vegas. The Company remains focused on achieving our vision to be the world’s premier gaming entertainment company.”
“Our strong liquidity position, coupled with our confidence in the long-term recovery of our core business, has allowed us to continue to focus on maximizing long-term shareholder value. To that end, we continued to repurchase our stock in the third quarter, reaching over $1 billion of share repurchases since beginning the program this year,” said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts International. “As we navigate future uses of our capital, we will remain disciplined in maintaining a strong balance sheet, pursuing targeted growth opportunities and returning cash to shareholders.”
Third Quarter 2021 Financial Highlights:
Consolidated Results
- Consolidated net revenues of $2.7 billion, an increase of 140% compared to the prior year quarter. While the current quarter benefited from the removal of mandated operational and capacity restrictions as well as an increase in travel, the prior year quarter was negatively affected by temporary closures at certain properties and operational restrictions due to the COVID-19 pandemic;
- Consolidated operating income was $1.9 billion compared to consolidated operating loss of $495 million in the prior year quarter;
- Net income attributable to MGM Resorts of $1.4 billion compared to net loss attributable to MGM Resorts of $535 million in the prior year quarter;
- Diluted earnings per share of $2.77 in the current quarter compared to diluted loss per share of $1.08 in the prior year quarter;
- Adjusted diluted earnings per share (“Adjusted EPS”)(1) of $0.03 in the current quarter compared to an Adjusted EPS loss per share of $1.08 in the prior year quarter; and
- Consolidated Adjusted EBITDAR(2) of $765 million in the current quarter.
Financial Position & Liquidity
- Consolidated cash and cash equivalents balance as of September 30, 2021 was $5.6 billion, which included $320 million at the MGP Operating Partnership and $331 million at MGM China;
- Total liquidity at September 30, 2021 was $9.8 billion, which included $1.7 billion at the MGP Operating Partnership and $1.7 billion at MGM China, which was comprised of cash and cash equivalents and capacity under the revolving credit facilities at the Company, MGP Operating Partnership and MGM China; and
- At September 30, 2021, principal amount of consolidated indebtedness was $12.7 billion, including $4.2 billion at the MGP Operating Partnership and $3.0 billion at MGM China.
Las Vegas Strip Resorts
- Net revenues of $1.4 billion, an increase of 187% compared to the prior year quarter and a decrease of 8% compared to the third quarter of 2019. While the current quarter benefited from the removal of mandated operational and capacity restrictions as well as an increase in travel, the prior year quarter was negatively affected by temporary property closures at certain properties and operational restrictions;
- Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues(3) of $1.4 billion, an increase of 178% compared to the prior year quarter and a decrease of 10% compared to the third quarter of 2019;
- Adjusted Property EBITDAR(2) of $535 million compared to $15 million in the prior year quarter, and an increase of 21% compared to the third quarter of 2019;
- Adjusted Property EBITDAR margin(2) of 38.7% in the current quarter, an increase of 943 basis points compared to the third quarter of 2019 due primarily to an increase in net revenues and realized benefits of the Company’s cost savings initiatives; and
- Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR(2) of $514 million compared to $21 million in the prior year quarter, and an increase of 17% compared to the third quarter of 2019.
Regional Operations
- Net revenues of $925 million, an increase of 66% compared to the prior year quarter and a decrease of 1% compared to the third quarter of 2019. While the current quarter benefited from the removal of mandated operational and capacity restrictions as well as an increase in travel, the prior year quarter was negatively affected by temporary property closures at certain properties and operational restrictions;
- Adjusted Property EBITDAR of $348 million, an increase of 139% compared to the prior year quarter, and an increase of 29% compared to the third quarter of 2019; and
- Adjusted Property EBITDAR margin of 37.6% in the current quarter, an increase of 886 basis points compared to the third quarter of 2019 due primarily to an increase in revenues and realized benefits of the Company’s costs savings initiatives.
MGM China
- Net revenues of $289 million, an increase of 517% compared to the prior year quarter and a decrease of 61% compared to the third quarter of 2019. The prior year quarter was more significantly impacted by travel and entry restrictions in Macau as well as other operational restrictions related to the pandemic than in the current quarter;
- VIP Table Games Hold Adjusted MGM China Net Revenues(3) of $272 million, an increase of 403% compared to the prior year quarter and a decrease of 61% compared to the third quarter of 2019;
- Adjusted Property EBITDAR of $7 million compared to a loss of $96 million in the prior year quarter, and a decrease of 96% compared to the third quarter of 2019; and
- VIP Table Games Hold Adjusted MGM China Adjusted Property EBITDAR(2) loss of $2 million compared to a loss of $93 million in the prior year quarter, and $170 million in the third quarter of 2019.
Recent Developments
On September 26, 2021, the Company entered into an agreement to acquire the operations of The Cosmopolitan of Las Vegas (“The Cosmopolitan”) for cash consideration of $1.625 billion, subject to customary working capital adjustments. Additionally, at closing, the Company will enter into a lease agreement for the real estate assets of The Cosmopolitan. The Cosmopolitan lease will have an initial term of 30 years with three subsequent ten-year renewal periods, exercisable at the Company’s option. The initial term of the lease provides for an initial annual cash rent of $200 million with a fixed 2% escalator for the first fifteen years, and thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year, subject to a cap of 3%. The transaction is expected to close in the first half of 2022, subject to regulatory approvals and other customary closing conditions.
Adjusted Diluted Earnings Per Share
The following table reconciles diluted earnings (loss) per share (“EPS”) to Adjusted EPS (approximate EPS impact shown, per share; positive adjustments represent charges to income):
|
Three Months Ended September 30, |
2021 |
2020 |
|||||
|
Diluted earnings (loss) per share |
$ |
2.77 |
$ |
(1.08) |
|||
|
Property transactions, net |
0.01 |
0.01 |
|||||
|
Gain on consolidation of CityCenter, net |
(3.23) |
— |
|||||
|
Non-operating items: |
|||||||
|
Loss related to equity instrument |
0.10 |
— |
|||||
|
Change in fair value of MGP swaps |
— |
(0.01) |
|||||
|
Foreign currency loss on MGM China senior notes |
0.01 |
— |
|||||
|
Income tax impact on net income adjustments(1) |
0.37 |
— |
|||||
|
Adjusted diluted earnings/(loss) per share |
$ |
0.03 |
$ |
(1.08) |
|||
|
(1) |
The income tax impact includes current and deferred income tax expense based upon the nature of the adjustment and the jurisdiction in which it occurs. |
Las Vegas Strip Resorts
Casino revenue was $423 million for the third quarter of 2021 compared to $189 million in the prior year quarter, an increase of 123%, due primarily to the impact of COVID-19 in the prior year period.
The following table shows key gaming statistics for Las Vegas Strip Resorts:
|
Three Months Ended September 30, |
2021 |
2020 |
|||||
|
(Dollars in millions) |
|||||||
|
Table Games Drop |
$ |
917 |
$ |
498 |
|||
|
Table Games Win |
$ |
251 |
$ |
108 |
|||
|
Table Games Win % |
27.4 |
% |
21.6 |
% |
|||
|
Slots Handle |
$ |
3,863 |
$ |
1,944 |
|||
|
Slots Win |
$ |
369 |
$ |
183 |
|||
|
Slots Win % |
9.6 |
% |
9.4 |
% |
|||
Rooms revenue was $403 million for the third quarter of 2021 compared to $138 million in the prior year quarter, an increase of 192% due primarily to an increase in REVPAR(4) as a result of increased occupancy at our properties, the removal of mandated capacity restrictions, and increased travel in the current quarter.
The following table shows key hotel statistics for Las Vegas Strip Resorts:
|
Three Months Ended September 30, |
2021 |
2020 |
|||||
|
Occupancy %(1) |
82 |
% |
44 |
% |
|||
|
Average Daily Rate (ADR) |
$ |
181 |
$ |
139 |
|||
|
Revenue per Available Room (REVPAR)(1) |
$ |
148 |
$ |
61 |
|||
|
(1) |
Rooms that were out of service, including full and midweek closures, during the three months ended September 30, 2020 due to the COVID-19 pandemic were excluded from the available room count when calculating hotel occupancy and REVPAR. |
Regional Operations
Casino revenue was $720 million compared to $465 million in the prior year quarter, an increase of 55% due primarily to the impact of COVID-19 in the prior year period.
The following table shows key gaming statistics for Regional Operations:
|
Three Months Ended September 30, |
2021 |
2020 |
|||||
|
(Dollars in millions) |
|||||||
|
Table Games Drop |
$ |
1,080 |
$ |
739 |
|||
|
Table Games Win |
$ |
214 |
$ |
155 |
|||
|
Table Games Win % |
19.8 |
% |
21.0 |
% |
|||
|
Slots Handle |
$ |
6,900 |
$ |
4,360 |
|||
|
Slots Win |
$ |
661 |
$ |
426 |
|||
|
Slots Win % |
9.6 |
% |
9.8 |
% |
|||
MGM China
Key third quarter results for MGM China include:
- Net revenues of $289 million, an increase of 517% compared to the prior year quarter and a decrease of 61% compared to the third quarter of 2019;
- Main floor table games win of $222 million compared to $25 million, an increase of 792% compared to the prior year quarter;
- VIP table games win of $72 million compared to $17 million, an increase of 313% compared to the prior year quarter; and
- Adjusted Property EBITDAR of $7 million compared to a loss of $96 million in the prior year quarter. License fee expense was $5 million in the current quarter and $1 million in the prior year quarter.
The following table shows key gaming statistics for MGM China:
|
Three Months Ended September 30, |
2021 |
2020 |
|||||
|
(Dollars in millions) |
|||||||
|
VIP Table Games Turnover |
$ |
1,800 |
$ |
929 |
|||
|
VIP Table Games Win |
$ |
72 |
$ |
17 |
|||
|
VIP Table Games Win % |
4.0 |
% |
1.9 |
% |
|||
|
Main Floor Table Games Drop |
$ |
1,042 |
$ |
143 |
|||
|
Main floor Table Games Win |
$ |
222 |
$ |
25 |
|||
|
Main Floor Table Games Win % |
21.3 |
% |
17.3 |
% |
|||
Corporate Expense
Corporate expense, including share-based compensation for corporate employees, increased to $112 million in the third quarter of 2021, from $70 million in the prior year quarter, due primarily to an increase in payroll expense as the prior year quarter reflected the impact of temporary closures due to the pandemic. The current quarter also included $18 million in transaction costs.
Unconsolidated Affiliates
The following table summarizes information related to the Company’s share of operating income (loss) from unconsolidated affiliates:
|
Three Months Ended September 30, |
2021 |
2020 |
|||||
|
(In thousands) |
|||||||
|
CityCenter (through September 26, 2021) |
$ |
40,747 |
$ |
(6,041) |
|||
|
MGP BREIT Venture |
38,959 |
38,976 |
|||||
|
BetMGM |
(49,060) |
(9,057) |
|||||
|
Other |
4,465 |
(3,243) |
|||||
|
$ |
35,111 |
$ |
20,635 |
||||
On September 27, 2021, the Company completed its acquisition of the 50% ownership interest in CityCenter and now owns a 100% ownership interest. Accordingly, the Company now consolidates CityCenter in its financial statements and no longer accounts for its interest under the equity method of accounting.
MGM Growth Properties
During the third quarter of 2021, the Company made rent payments to MGM Growth Properties Operating Partnership LP (“MGP Operating Partnership”) in the amount of $211 million and received distributions of $57 million from the MGP Operating Partnership. On October 15, 2021, MGM Growth Properties LLC (“MGP”) paid a dividend of $81 million, of which the Company received $58 million.
MGM Resorts Dividend and Share Repurchases
On November 3, 2021, the Company’s Board of Directors approved a quarterly dividend of $0.0025 per share. The dividend will be payable on December 15, 2021 to holders of record on December 10, 2021.
During the third quarter of 2021, the Company repurchased approximately 17 million shares of its common stock at an average price of $39.89 per share for an aggregate amount of $687 million, pursuant to the February 2020 $3.0 billion stock repurchase plan. The remaining availability under the February 2020 $3.0 billion stock repurchase program was $2.0 billion as of September 30, 2021. All shares repurchased under the Company’s program have been retired.
Conference Call Details
MGM Resorts will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of the results followed by a question and answer session. In addition, supplemental slides will be posted prior to the start of the call on MGM’s Investor Relations website at http://investors.mgmresorts.com.
The call will be accessible via the Internet through http://investors.mgmresorts.com/investors/events-and-presentations/ or by calling 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 3239200.
A replay of the call will be available through November 10, 2021. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 10160477. The call will be archived at http://investors.mgmresorts.com.
1.”Adjusted EPS” is diluted earnings or loss per share adjusted to exclude preopening and start-up expenses, property transactions, net, gain on consolidation of City Center, net, loss related to equity instrument, foreign currency loss related to MGM China’s U.S. dollar-denominated debt, and mark-to-market adjustments related to MGP’s unhedged interest rate swaps.
Adjusted EPS is a non-GAAP measure and is presented solely as a supplemental disclosure to reported GAAP measures because management believes this measure is useful in providing period-to-period comparisons of the results of the Company’s continuing operations to assist investors in reviewing the Company’s operating performance over time. Management believes that while certain items excluded from Adjusted EPS may be recurring in nature and should not be disregarded in evaluating the Company’s earnings performance, it is useful to exclude such items when comparing current performance to prior periods because these items can vary significantly depending on specific underlying transactions or events. Also, management believes certain excluded items, and items further discussed in footnote 2 below, may not relate specifically to current operating trends or be indicative of future results. Adjusted EPS should not be construed as an alternative to GAAP earnings per share as an indicator of the Company’s performance. In addition, Adjusted EPS may not be defined in the same manner by all companies and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. A reconciliation of Adjusted EPS to diluted earnings per share can be found under “Adjusted Diluted Earnings Per Share” included in this release.
2.”Adjusted EBITDAR” is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, gain on REIT transactions, net, gain on consolidation of CityCenter, net, CEO transition expense, October 1 litigation settlement, restructuring costs (which represents costs related to severance, accelerated stock compensation expense, and consulting fees directly related to the operating model component of the MGM 2020 Plan), gain related to CityCenter’s sale of Harmon land recorded within income from unconsolidated affiliates, rent expense associated with triple net operating and ground leases, income from unconsolidated affiliates related to investments in real estate ventures, and property transactions, net.
“Adjusted Property EBITDAR” is the Company’s reportable segment GAAP measure, which management utilizes as the primary profit measure for its reportable segments and underlying operating segments. Adjusted Property EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, gain on REIT transactions, net, restructuring costs (which represents costs related to severance, accelerated stock compensation expense, and consulting fees directly related to the operating model component of the MGM 2020 Plan), rent expense associated with triple-net operating and ground leases, income from unconsolidated affiliates related to investments in real estate ventures, and property transactions, net, and also excludes gain on consolidation of CityCenter, net, gain related to CityCenter’s sale of Harmon land recorded within income from unconsolidated affiliates and corporate expense (which includes CEO transition expense and October 1 litigation settlement) and stock compensation expense, which are not allocated to each operating segment, and rent expense related to the master lease with MGP that eliminates in consolidation.
“Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR” and “VIP Table Games Hold Adjusted MGM China Adjusted Property EBITDAR” are supplemental non-GAAP financial measures, that, in addition to the reasons described above for the presentation of Adjusted Property EBITDAR, are presented to adjust for the impact of certain variances in table games and VIP table games’ win percentages compared to the mid-point of the expected ranges. Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR is calculated by applying a win percentage of 30.0% for Baccarat and 21.0% for non-Baccarat games to the respective table games drops for the quarter, which represents the mid-point of the expected ranges of 25.0% to 35.0% for Baccarat and 19.0% to 23.0% for non-Baccarat at the Las Vegas Strip Resorts properties. VIP Table Games Hold Adjusted MGM China Adjusted Property EBITDAR is based on applying a VIP Rolling Chip win percentage of 2.95% to the VIP Rolling Chip volume, which represents the mid-point of the expected normal range of 2.6% to 3.3% for MGM China. Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR and VIP Table Games Hold Adjusted MGM China Adjusted Property EBITDAR are also adjusted for the gaming taxes, VIP commissions, bad debt expense, discounts and other incentives that would have been incurred or avoided when applying the win percentages noted above to the respective gaming volumes.
Adjusted EBITDAR information is a valuation metric, should not be used as an operating metric, and is presented solely as a supplemental disclosure to reported GAAP measures because management believes this measure is widely used by analysts, lenders, financial institutions, and investors as a principal basis for the valuation of gaming companies. Management believes that while items excluded from Adjusted EBITDAR may be recurring in nature and should not be disregarded in evaluation of the Company’s earnings performance, it is useful to exclude such items when analyzing current results and trends. Also, management believes excluded items may not relate specifically to current trends or be indicative of future results. For example, preopening and start-up expenses will be significantly different in periods when the Company is developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within the Company’s resorts, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period. In addition, management excludes rent expense associated with triple net operating leases and ground leases. Management believes excluding rent expense associated with triple net operating leases and ground leases provides useful information to analysts, lenders, financial institutions, and investors when valuing the Company, as well as comparing the Company’s results to other gaming companies, without regard to differences in capital structure and leasing arrangements since the operations of other gaming companies may or may not include triple net operating leases or ground leases. However, as discussed herein, Adjusted EBITDAR should not be viewed as a measure of overall operating performance, considered in isolation, or as an alternative to net income, because this measure is not presented on a GAAP basis and excludes certain expenses, including the rent expense associated with the Company’s triple net operating and ground leases, and are provided for the limited purposes discussed herein.
Adjusted EBITDAR, Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR and VIP Table Games Hold Adjusted MGM China Adjusted Property EBITDAR should not be construed as alternatives to operating income or net income, as indicators of the Company’s performance; or as alternatives to cash flows from operating activities, as measures of liquidity; or as any other measure determined in accordance with generally accepted accounting principles. The Company has significant uses of cash flows, including capital expenditures, interest payments, taxes, real estate triple net lease and ground lease payments, and debt principal repayments, which are not reflected in Adjusted EBITDAR, Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR, or VIP Table Games Hold Adjusted MGM China Adjusted Property EBITDAR. Also, other companies in the gaming and hospitality industries that report Adjusted EBITDAR, Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR, or VIP Table Games Hold Adjusted MGM China Adjusted Property EBITDAR information may calculate Adjusted EBITDAR, Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR, or VIP Table Games Hold Adjusted MGM China Adjusted Property EBITDAR in a different manner and such differences may be material.
A reconciliation of GAAP net income (loss) to Adjusted EBITDAR is included in the financial schedules in this release.
3.”Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues” and “VIP Table Games Hold Adjusted MGM China Net Revenues” are additional supplemental non-GAAP financial measures that are presented to adjust Las Vegas Strip Resorts net revenues and MGM China net revenues for the impact of certain variances in table games and VIP table games’ win percentages compared to the mid-point of the expected ranges, as described in footnote 2 above. Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues and VIP Table Games Hold Adjusted MGM China Net Revenues are also adjusted for the VIP commissions, discounts and other incentives that would have been incurred or avoided when applying the win percentages noted in footnote 2 above to the respective gaming volumes. Management believes Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues and VIP Table Games Hold Adjusted MGM China Net Revenues present consistent measures in providing period-to-period comparisons and are useful measures in assisting investors evaluating the Company’s operating performance. Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues and VIP Table Games Hold Adjusted MGM China Net Revenues should not be construed as alternatives to GAAP net revenues, as indicators of the Company’s performance, or as any other measure determined in accordance with generally accepted accounting principles. Reconciliations of GAAP net revenues to Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues and VIP Table Games Hold Adjusted MGM China Net Revenues are included in the financial schedules in this release.
4.REVPAR is hotel revenue per available room.
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BCLC reminds adults to gift responsibly this holiday season
With the holiday season in full swing, BCLC is reminding British Columbians to gift responsibly and scratch lottery products from their shopping lists for kids.
“Scratch & Win tickets can make great stocking stuffers for the adults in your life, but they’re not for kids,” said Ryan McCarthy, BCLC’s Director of Player Health. “The research shows that children who have early encounters with gambling are four times more likely to develop riskier gambling behaviour as they grow up. While people are out shopping for those last-minute gifts, BCLC wants adults to be aware of the potential risks associated with gifting lottery products to children and to consider safer alternatives.”
While Scratch & Win tickets are among the most common ways kids can be introduced to gambling, children are increasingly exposed to various online forms, such as gambling streams.
“With the convergence of gaming and gambling, youth are becoming more exposed to gambling content in online spaces like streaming sites, where creators are able to live-stream their own gambling, usually while playing online slots and instant games,” said Dr. Luke Clark, Director for Gambling Research at UBC. “Our research at the UBC Centre for Gambling shows that a higher frequency of watching online gambling streams is associated with a more positive attitude towards gambling and a high intention to gamble in the future.”
In B.C., it is illegal to sell lottery products to anyone under the age of 19 and BCLC encourages adults to have conversations with the kids in their lives about the risks associated with gambling.
“Open and honest conversations are crucial when it comes to navigating childhood exposure to gambling,” said McCarthy, who shared the following tips to adults:
- Monitor for gambling-related lifestyle changes. For example, developing a positive attitude towards gambling or a preoccupation with video games or streaming sites.
- Be a positive role model. Exhibit safer gambling behaviour and talk about the risks.
- Limit exposure. Monitor kids’ online activities and discourage engagement with gambling content. Explain how gambling is based on chance.
Jackpot Digital Inc., a leading provider of innovative dealerless electronic poker gaming solutions, has announced that the Alcohol and Gaming Commission of Ontario (AGCO) has approved the Company to be licensed as a registered Gaming Related-Supplier (the “Supplier License”) under the Gaming Control Act in the Province of Ontario.
This significant achievement allows Jackpot Digital to enter one of the most dynamic and rapidly growing regulated gaming markets in North America. The Supplier License authorizes Jackpot Digital to supply its electronic table games to Ontario’s gaming venues, including casinos and other regulated gaming facilities.
Jackpot Digital’s flagship product, the Jackpot Blitz electronic table game system, offers a modern, dealerless, player-friendly solution that integrates traditional multiplayer poker games with cutting-edge digital technology. The Supplier License will enable the Company to offer its innovative gaming solutions to operators throughout Ontario, driving new revenue opportunities and enhancing player experiences.
“Receiving AGCO’s approval is a major milestone. This approval provides us with the opportunity to offer our top-tier electronic gaming systems to operators throughout all of Ontario, positioning us for further growth in one of the world’s most robust gaming markets. We are excited to bring our innovative products to Ontario’s gaming community and continue our commitment to providing exciting, technology-driven entertainment experiences,” said Jake Kalpakian, CEO of Jackpot Digital.
Play’n GO, the world’s leading casino entertainment provider, has announced further expansion of its Canadian operations via a partnership with leading operator PointsBet in the province of Ontario.
The Swedish-founded gaming giant’s games will now be available to PointsBet players in the Canadian province, meaning classic titles such as Book of Dead, Rich Wilde and the Tome of Madness, and Reactoonz will now be available on the PointsBet platform.
The province of Ontario regulated online casino gaming in 2022, which saw Play’n GO enter the Canadian market for the first time. The company expanded into the province of Quebec earlier this year, and, as of June 2024, is also a proud member of the Canadian Gaming Association.
Magnus Olsson, Chief Commercial Officer at Play’n GO, commented, “Back in 2022, I said that “North America is right at the top of Play’n GO’s priority list, and Ontario is just the first step we plan to take”. This partnership with PointsBet shows we have yet to take our foot off the gas. We’ve proudly watched our games become instant hits in our two and a half years in the Ontarian region, and we have no plans to slow down any time soon.
“It’s exciting to team up with a fellow Canadian Gaming Association member in PointsBet, and we can confidently say that we are working towards the same goal of a safe, regulated industry that is focused on player entertainment. We’re looking forward to working closely together following this milestone announcement.”
Scott Vanderwel, Chief Executive Officer at PointsBet, shared “Play’n GO has built a strong reputation for delivering high-quality game content, and we’re thrilled to bring their titles to our platform. At PointsBet, our focus is on providing a safe and engaging entertainment experience for our players, and it’s clear that Play’n GO aligns with those values. Canadian casino enthusiasts recognize PointsBet as a trusted leader in iGaming, and this collaboration further enhances the exceptional experience we offer.”
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