Earnings+More - Mar 9: 888 sorry and enjoys record FY21
Mar 9: 888 sorry and enjoys record FY21888 FY, Century Casinos, Full House Resorts Q4, Newlines +MoreHello, on WE+M today:
Sorry seems to be the hardest word… sign up to WE+M 888 FY21
First, an apology: CEO Itai Pazner kicked off the analyst call by apologizing for the £7.8m fine the group received from the UK Gambling Commission last week.
Record breakers: Beyond the failure of its CSR policies and “regulatory headwinds”, Pazner said the group had experienced a record 2021 with its key European markets of UK, Italy and Spain growing 18% “despite marketing restrictions”. Alongside the US, the “growth markets” focus will be on Germany, Netherlands and Ontario.
Levelling out: CFO Yariv Dafna would not give guidance on US losses in 2022, but said he expected to see growth from additional state launches and existing Colorado activity. He said it “makes sense” that 2022 would be “peak losses”, but the markets “should not assume there will be a significant drop in 2023, but after that we expect to see a decline”. Work to do: The group is planning to launch its own brands in the US and said the Sports Illustrated-branded sportsboook would be going live in another three to four states in 2022.
What they said
** Sponsor’s message** Spotlight Sports Group, a world-leading technology, content and media company has announced a significant new partnership with U.S. media giant Advance Local. The agreement sees Spotlight Sports Group deliver customised integrated affiliation tools, free-to-play games and national and localised sports betting content for a select number of Advance Local’s network of digital media and websites. Read more on the story here. To find out more on how Spotlight Sports Group can fully managed, modular solutions for global media at spotlightsportsgroup.com. Earnings in briefCentury Casinos: Q4 net operating revenue was up 27% YoY to $107.3m, adj. EBITDA was up 36% to $24.9m. FY net operating revenue was up 28% to $388.5m, adj. EBITDA was up 102% to $97.9m. Century acquired the Nugget Casino Resort in Reno Sparks, Nevada, for a total price of $195m, which includes 50% of the Nugget Property Company and 100% of the operating company. It expects to close the transaction when it receives its Nevada Gaming license in the next nine to 12 months. The Nugget recorded $33m in EBITDA and $100m in revenues in 2021. Full House Resorts: Q4 revenues of $43.2m vs. $13.3m in Q420, adj.EBITDA of $7.9m vs. $9.8m. FY21 revenues of $90.6m vs. $62.5m, adj.EBITDA rose to $47.2m from $19.7m in FY20. The group expects to complete the construction of Chamonix Casino Hotel Cripple Creek, Colorado by Q223 and said it had received much interest in the sports betting skin in that will be available at the Waukegan, Illinois casino that it is due to open this Summer. The group added that it will have one OSB skin available in Indiana and Colorado from May onwards due to Churchill Downs’ decision to exit the market. NewslinesMack the knife: Genius Sports has signed an official sports data, engagement and integrity partnership with the Mid-American Conference (MAC), an NCAA Division I Conference that sponsors championships in 24 sports. MAC is the first conference to strike such a deal and will get Genius Sports’ full suite of data collection, tracking, fan engagement and marketing solutions. Genius will be reporting its FY results Friday morning EST. Another fine in the wall: The UK Gambling commission has fined Sky Betting and Gaming £1.1m for sending promotional emails to customers who had self-excluded or opted out of receiving marketing. The group’s online casino brand Sky Vegas sent a promotional offer to 41,395 self-excluded customers and 249,159 customers who had unsubscribed from marketing emails. UKGC said the “fine would have been a lot higher had Sky Betting and Gaming allowed any of the self-excluded customers to actually gamble”. Launching Arizona: Betfred has launched its mobile betting app in Arizona. The group has partnered with the We-ko-Pa Casino Resort and is also operational in Colorado, Pennsylvania and Iowa. On socialNyet: No more bets on Russian table tennis in Colorado Non, je ne regrette rien: Jason Robins means business If you sold #DKNG today, just be aware that my team and I are on a mission to make you regret that decision more than any other decision you’ve ever made in your life Calendar
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