Interviewed on Bloomberg Daybreak: Middle East, Murren said that the US-based operator was confident Osaka would be leading the line when Japan finally confirms the three IR locations.

“We believe Osaka will be the first IR location,” said Murren. “The government is very anxious to get the World Expo 2025 site in Osaka developed soon,” he said, adding that this would give Osaka the edge over the other two IR locations – none of which have been officially confirmed.

Referring to the anticipated invitation to submit interest in developing and operating an IR site in Japan, Murren confirmed that MGM would respond to a Request For Proposals should the opportunity arise. “MGM is going to be one of the bidders for the RFP,” he said.

“I am confident Osaka will be one of the three (IR sites) and I am working hard for MGM to be the IR operator in Osaka,” Murren reiterated.

“We’re meeting with Japanese companies and hope to form a Japanese consortium. We’re trying to outwork our competitors a little bit, so well see.”

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Boyd and FanDuel, with hopes of further strengthening their partnership, have outlined plans to open sportsbooks at three additional Boyd Gaming properties in the Midwest: Diamond Jo Casino in Dubuque, Iowa; Blue Chip Casino Hotel and Spa in Michigan City, Indiana; and Belterra Casino Resort in Florence, Indiana. 

The new retail location has been placed between the Cashier’s Cage and Big Wheel Bar. It features three betting windows, six video displays including a large video wall, 11 self-service IGT PlaySports betting kiosks and one sports ticker.

FanDuel will provide its proprietary risk and trading technology that leverages the IGT PlaySports platform.  

The new sportsbook will take bets on a number of US sports, including baseball, soccer, football, basketball, golf, boxing, motorsports racing, and more.

The new FanDuel Sportsbook, the first in the Midwest, opened its doors to the public last week with Football Hall of Famer and Minnesota sports legend John Randle placing the ceremonial first bet as part of a ribbon-cutting ceremony. 

The firm also operates the sportsbook at Boyd Gaming’s Valley Forge Casino Resort in King of Prussia, Pennsylvania, and recently launched mobile sports betting in Pennsylvania in partnership with Boyd Gaming.

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During the company’s annual general meeting, Star Chairman John O’Neill revealed to investors that the group is preparing to commit to an AU$2bn master-plan for the expansion of its Star Gold Coast complex “in return for certainty around maintaining the Gold Coast as a one casino city.”

O’Neill confirmed that the development of the complex would include a $100 million revamp of the Gold Coast Convention and Exhibition Centre. 

The operator has also committed to the completion of its $2 billion Broadbeach Island  plan which proposes five additional towers on top of the existing The Star Grand and The Darling as well as a major revamp of its Sheraton Grand Mirage resort which is on the Gold Coast’s Southport Spit.

“The Star’s position has always been – we support investment in tourism assets on the Gold Coast – but the Gold Coast market is too small for two casinos,” O’Neill said.

“We are not alone in this assessment of the market. The introduction of another local casino competitor would force us to defend our local market share at the expense of driving incremental growth in interstate and international tourism.”

Earlier this year, Las Vegas headquartered hotel and casino corporation Caesars Entertainment pulled out of the race to secure approval to develop a second resort on Australia’s Gold Coast. 

Caesars had communicated its decision to the Queensland Tourism Department, with its director general Damien Walker adding that it had been informed that “this decision was a result of internal company changes, and not the attractiveness of the Gold Coast market as an investment opportunity.”

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Gathering stakeholders from all corners of Europe, the event’s new Portuguese destination will shine a light on key developments and prevalent issues within the casino sector, among many other industries. 

One nation set to be placed under the spotlight at the Summit is Switzerland. Wolfgang Bliem, CEO at Grand Casino Luzern, spoke to CasinoBeats about Swiss online casino gaming and the operator’s push to bring land-based activity back to pre-pandemic levels. 

CasinoBeats: Can you give us a brief oversight of the Money Gaming Act and the framework that oversees the casino sector in Switzerland?

Wolfgang Bliem: In 1998, the Swiss parliament approved Switzerland’s first casino law, whereupon the Grand Casino Luzern was granted a casino licence in 2001. The Gaming Act was then revised in 2019, incorporating the requirements for online casinos. This was another major milestone. 

The Gambling Act regulates all forms of gambling. The aim is to protect players from gambling addiction, ensure fair games and transfer revenues to the old-age and survivor’s insurance scheme (pensions). The casino sector is monitored by the Swiss Federal Gaming Board, which issues licences, monitors gaming operations and enforces measures to combat illegal games.

CB: How important is it that Swiss regulators take action to strengthen protections against the black market?

WB: It is very important that the Swiss Federal Gaming Board takes measures to strengthen protection against the black market in the casino sector. Illegal providers are not controlled by the Swiss authorities, offer no protection against gambling addiction and manipulation and pay no taxes or duties in Switzerland. In addition, black market providers circumvent gambling addiction prevention regulations, which increases the risk of gambling addiction.

Illegal gambling activities deprive the state of significant tax revenues that could be used for old-age and survivor’s insurance. Increased measures against the black market therefore safeguard the integrity of the market and protect both players and the economy.

CB: Can you give us more details on some of the successful impacts of the ring-fenced model being utilised in Switzerland? 

WB: The ring-fenced model applied in Switzerland has had several positive effects. It has increased security and fairness in the casino sector by only allowing land-based licensed operators to offer gambling services. This has led to better protection for players, as all operators are subject to strict regulations and controls. The model has also helped to secure revenue for the state and keep illegal providers out of the market. This has generated considerable revenue, which is exclusively used for the old-age and survivor’s insurance.

CB: Have you had any success in cross-selling and transitioning land-based players to the online space? What type of challenge does this provide? 

WB: We launched mycasino.ch in 2019. During the pandemic, we had to close the casino for several months and many of our players switched to the online platform. We proactively supported this switch with various promotions. In addition, the Grand Casino Luzern brand has created trust among online players.

We were able to benefit from the first-mover advantage and remain the most successful online casino in Switzerland with a market share of one-third. On the other hand, the number of visitors to brick-and-mortar casinos has not yet returned to pre-pandemic levels. That is why we are now trying to get online players excited about land-based casinos again with our cross-selling measures. 

We offer our guests various promotions and events and have our own loyalty club “myclub” in our land-based operations. This comprises different levels and players receive different benefits depending on their level. We also offer more special events in all areas. In combination with our fine-dining restaurant, there are attractive opportunities for cross-selling activities in all directions. 

Not all players want to play on both sales channels and the challenge is to find the right offers and the right player segments. The high-rollers in both segments are usually reluctant to switch sides and the best cross-selling opportunities are in the middle player segment. We are also increasingly offering cross-divisional special events. For example, online players are invited to an event at the Grand Casino Lucerne.

CB: How crucial is it that you continue to diversify your slots offering to keep players engaged? Are there any key trends when it comes to game preferences in Switzerland? 

WB: The Grand Casino Luzern offers a variety of different slot machines from over 10 providers. The classic reel machines from a Swiss manufacturer, which have been in use for over 20 years, are still popular. As a special feature, we offer a roulette table that can be played directly at the gaming table, at terminals in the casino or via our online casino mycasino.ch. The global trend in slots towards larger screens, branded gaming content and immersive gaming experiences also applies to Switzerland.

CB: Can you tell us what you are looking forward to and why the SBC Summit in Lisbon is such a key event on the calendar? 

WB: The SBC Summit in Lisbon is an important event in the calendar as it brings together industry experts and leaders from across the gambling and sports betting industry. I am looking forward to the networking opportunities where I can make valuable contacts and form new partnerships. The summit will also provide a platform for sharing knowledge and best practices through presentations and panel discussions with leading experts. 

I am honoured to be one of the speakers and look forward to learning from my peers during the event.

CB: Finally, what else can we expect to see from Grand Casino Luzern in the coming months, ahead of the event and beyond? 

WB: The Grand Casino Lucerne has been repeatedly voted the best casino in Switzerland and is the market leader in the online segment. With excellent positioning in all three segments (online casino, land-based casino and F&B), targeted and specific promotions are being planned and will leverage cross-selling on the one hand and synergies on the other. The granting of the concession for another 20 years last year allows us to consider corresponding investments in the modernisation of our land-based casino.

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The deal will see OPTX’s roster of AI-powered igaming tech solutions integrated into every Bally’s proprietary across the US, aiming to elevate gaming experience across its venues with analytics and player engagement tools. 

Brooke Fiumara, Co-CEO at OPTX, commented: “The chance to collaborate with an industry titan such as Bally’s is truly humbling. Serving as the Enterprise Al partner for Bally’s is not only an honour but also a significant responsibility.

“Introducing an operational forward tool to the enterprise holds immense significance as it empowers the organisation to fully harness the capabilities of AI through OPTX’s award-winning operational functionality.

“By adopting such a tool, the enterprise gains a strategic advantage in leveraging AI technologies and operational efficiencies across various aspects and all levels of its operations.”

As a part of OPTX’s tech offering, Bally’s venues will benefit from slots and table games analytics and recommendations, slot dispatch and player development integration.

“OPTX’s growth over the past five years instils confidence in our commitment to innovation, making us the most advanced tool in the industry,” said Rukku Rupanagudi, CTO at OPTX.

“We are thrilled to embark on this transformative journey with Ballys, where OPTX’s technical capabilities will play a pivotal role in shaping the future of casino operations.”

The rising influence of AI in igaming was the focus of a recent pre-CasinoBeats Summit feature with Casumo’s Cristina Turbatu, in which she explained how AI will have a ‘pivotal impact’ on the future of the industry. 

Commenting on the tie-up with OPTX, Dan Cherry, SVP of Gaming Operations at Bally’s Entertainment, added: “OPTX does a remarkable iob at incorporating artificial intelligence into the day to day lives of operators. They’ve been able to leverage a powerful Al engine in a way that creates simple, meaningful and easy to execute actionable tasks to improve operations.

“Their platform will allow us to create a better customer experience and reinvest in our gaming product aggressively.”

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The results followed what was a “record 2023” according to CEO Keith Smith, however, a combination of a “severe winter” diminishing the Midwest & South segment and “increased pressures” in Las Vegas led to drops in both revenue and net income. 

Publishing its first-quarter financial results for 2024, Boyd Gaming declared revenues of $960.5m, while net income dropped by 31.64 per cent to $136.5m (Q1 2023: $199.7m). 

The firm’s adjusted EBITDAR also took a hit, falling by 9.97 per cent from the previous year to $330.5m (2023: $367.1m). 

Smith stated: “After a record 2023, the first quarter of 2024 was a challenging start to the year. Severe winter weather had a significant impact on our Midwest & South segment early in the quarter while we also experienced increased competitive pressures in the Las Vegas Locals market. 

“However, throughout our business, many of the positive trends from the fourth quarter continued into the new year. By focusing on our disciplined operating and marketing strategies, we have been able to maintain strong operating margins.”

Per segment, gaming revenues declined for consecutive years in Q1, coming in at $634.1m (2023: 664.3m), as did room revenue with $48.9m (2023: $50m), while Boyd’s food & beverage segment saw a slight uptick to $72.6m (2023: $71.6m). 

Representing the only segment to publish two figures of growth, online revenues came in at $146.2m, an increase of 19.05 per cent on the previous year’s $122.9m. 

This growth was attributed to the firm’s sports betting partnership with FanDuel, heralding the operator as the “nation’s leading online sports betting company”. 

Per region, Las Vegas revenues, as aforementioned, suffered throughout the first quarter, witnessing a 6.07 per cent drop to $225.6m (2023: $240.2m). Boyd stated that, in addition to “competitive pressures”, reduced pedestrian traffic in downtown Las Vegas led to this dip. 

Meanwhile, the Midwest & South region struggled early-on in the quarter due to the “severe winter”, but did pick up as the months went by and temperatures rose. Midwest & South revenue stood at $500.8m, a 2.22 per cent drop from 2023’s $512.2m. 

The operator’s Sky River Casino in northern California helped the firm gain growth in its Management & other segment, showcasing year-over-year increases of 7.17 per cent to $34.4m (2023: $32.1m).  

Smith added: “Our significant cash flows and strong balance sheet allow us to continue returning capital to our shareholders through our ongoing share repurchases and quarterly dividend programs. Looking ahead, we remain confident in our ability to successfully navigate the current environment and deliver value to our shareholders.”

The company paid a quarterly cash dividend of $0.17 per share on April 15, and, as part of its share repurchase programme, repurchased $105m in shares of its common stock during Q1. 

As of March 31, 2024, the company had approximately $221m remaining under the current share repurchase authorization, while publishing cash on hand of $283.5m with a total debt of $2.9bn.

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Following years of stringent development, ICE London 2024 provided an ideal place for the studio to introduce players and partners to the “wonderful” cabinet line. 

Borislav Marinov, Amusnet’s Head of Land Based Business Development, was full of praise for the cabinets, pointing out their sleek design and 4K resolution screens to show how the combination of “expertise and spirit” led to a product to be proud of. 

Commenting on the studio’s decision to enter the land-based vertical, Marinov said: “First of all, we create our games for online operators. Our audience is familiar with our products, features, extras and bonuses, and now our concept is to implement these games into our physical land-based cabinets.

“Our research and development team saw that land-based games and cabinets are quite standard, so when you implement something different from online games, like buy bonus features or cascades, it can become a trend in the land-based sector. 

“Classical players are starting to seek these features, creating a demand that is expanding.”

Marinov then detailed the cabinet line’s journey to production, stating: “We initially started this whole project around three years ago. We changed the design several times as well as the material that we used in the development, and there were some obstacles with deliveries and supplies. 

“The main slow-down was finding good, experienced people to join us on this project and also to be very motivated and give a lot of dedication to this product, especially with our desire to showcase it at this event.

“We had to be ready to show the best of what we can do, and the result after two years of work is right here,” Marinov pointed towards the Type S cabinets behind him, “with these wonderful cabinets.” 

To grasp the opportunity presented by land-based audiences with both hands, Amusnet set out to put the right team together, leveraging an abundance of retail experience in its appointments. 

“Our land-based division is around 100 people,” said Marinov. “The core of this staff have previous experience with creating land-based products. Our goal was to renew this ambition to create even better products and to be more competitive. 

“The combination of this expertise and the spirit that the core team gave to the product led to this final result.”

With thousands of European igaming advocates flocking to the ExCel Centre in London, ICE provided the perfect opportunity for Amusnet to not only show off its new product, but also to gauge the public’s, and its partners’, reactions. 

Explaining the feedback that the Type S cabinet line had received, Marinov explained: “I’m very happy to share that in the first two days here, what we have seen has been amazing.” 

“All of our visitors, partners and potential clients have given very positive feedback. They know our games from online and once they saw these beautiful games adapted in our fancy cabinets, with our huge 4K resolution screens and all the other features that we have implemented, the feedback was pretty amazing.

“We’re pretty sure that when we go back, start the mass production and we can put the physical products in the real locations, players will recognise our games and be happy to play them on a land-based product.”

To see the Type S cabinet line for yourself and hear Marinov’s thoughts on land-based demand from operators as well as players, click here.

The post Amusnet: combining land-based expertise & spirit to replicate online success appeared first on CasinoBeats.

Publishing its quarterly financial results for the three-month period ending September 30, 2023, the NYC-based REIT’s total revenues increased to $904.3m (2022: $751.5m), while net income attributable to common stockholders rose 68 per cent to $556.3m (2022: $330.9m). 

Coinciding with this growth, AFFO attributable to common stockholders reached $547.6m, an increase of 16 per cent when compared to Q3 2022’s $470.7m, alongside a per-share increase of 11 per cent to $0.54 (2022: $0.39). 

Commenting on the company’s robust performance, Edward Pitoniak, CEO of VICI Properties, said: “Vici’s third quarter financial performance reflects our sustained, sustainable commitment to accretive growth and capital deployment through acquisitions and strategic financing activity, exemplified by approximately 20 per cent revenue growth and nearly 11 per cent growth in AFFO per share year-over-year.” 

Through the quarter, Vici closed its move to acquire the Rocky Gap Casino Resort from Century Casinos, as well as the real estate for Century’s four gaming properties in Alberta, Canada, securing further North American expansion for Vici. 

The firm’s performance was also supported by the decision to extend its partnership with Canyon Ranch, forming a preferred equity investment, a mortgage loan and call rights to acquire Canyon Ranch Tucson and Canyon Ranch Lenox. 

Pitoniak continued: “During the quarter, in addition to closing Rocky Gap and announcing the expansion of our Canyon Ranch growth partnership, we expanded our international presence through closing the acquisition of four casino properties in Alberta, Canada with our existing tenant and partner, Century Casinos.”

Vici also spent the quarter focusing on new experiential sectors, having entered the family entertainment industry through the purchase of 38 bowling entertainment centres in a sale-leaseback transaction with Bowlero. 

“Subsequent to quarter end, we entered into a new experiential sector with Bowlero, the market leader in reinvigorating the programming and economics of the bowling experience through their innovative consolidation and growth model,” Pitoniak added. 

“In this partnership, we acquired 38 Bowlero properties and concurrently bolstered our embedded growth pipeline by obtaining a right of first offer to acquire current or future Bowlero real estate in the coming years through sale-leaseback transactions.

“We also expanded our presence in 11 new states and added another publicly traded tenant to our roster. VICI’s differentiation stems from our commitment to partnering with operators who define their respective experiential categories, as Bowlero has done with the bowling experience.”

Other statistics highlighted by Vici Properties included a quarterly cash dividend of $0.415 per share, representing a six per cent increase compared to Q3 2022. The company ended the quarter with $510.9m in cash and cash equivalents and $807.2m of estimated available forward sale equity proceeds. 

Witnessing a strong performance for the period, Vici Properties updated its full-year AFFO guidance, expecting it to fall between $2.170bn and $2.180bn.

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Having announced the collaboration with an official licensing agreement formed in 2021, Aristocrat Gaming has developed a series of NFL-themed games to ‘bring the largest sports brand in the U.S. to casino floors across the country’. 

“Today, we are thrilled to debut the first look of the new NFL-licensed slot machines, which will provide an innovative entertainment experience for millions of NFL fans who enjoy the fun of casino gaming,” commented Hector Fernandez, CEO of Aristocrat Gaming. 

“We are changing the game with this first-of-its-kind slot machine, offering fans the ability to customise the experience by selecting their favourite team in any casino they choose to play.”  

Hosted on Aristocrat’s new King Max cabinet, NFL Super Bowl Jackpots is the first instalment of the collaboration, with several other games set to be released over time as part of the multi-year partnership. 

With the game, fans of the NFL will be able to experience gameplay features such as six licenced stadium anthems that play during key moments, as well as gaining the chance to win a $1m progressive jackpot. 

Other games set to be released later this year or in 2024 through the collaboration include Overtime Cash, Super Bowl Link, NFL Kickoff, Winning Drive and Rings of Victory.

“The unveiling of the first NFL-themed slot machines represents an opportunity to bring the League closer to our fans in a new area,” added Joe Ruggiero, SVP of Consumer Products at the NFL. 

“We have valued collaborating with Aristocrat to bring their vision and responsible gaming resources to fans during the 2023 NFL season and beyond.”

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The New Jersey Division of Gaming Enforcement has published its Q1 casino report, which revealed that revenues across the Garden State’s nine licensed casinos have improved by 4.6 per cent year-over-year, reaching $756.6m. 

The vast majority of this growth came from Bally’s Atlantic City, the revenues of which shot up by 40.3 per cent in the year ended March 31, 2023 to $43.5m.

Despite revenue growth across the board, gross operating profit took a hit of 14.8% YoY, with bottom-line profits reaching $135.4m across the board. Only three of the nine licensed properties recorded growth in profit from Q1 of 2022 as the sector continues to struggle. 

Once again, Bally’s recorded the greatest growth in terms of operating profit in Q1, recording 101.3 per cent variance to its bottom line to reach $88k.

The market leader in New Jersey during Q1 was Borgata, which generated revenues of $186.9m throughout the period, up 14 per cent. YoY. Despite topline growth, bottom line woes were felt as operating profit shrank by 50.3 per cent, slumping to just $22.8m.

Hard Rock Atlantic City was second placed in market share with revenue of $124.7m, though this was still down 4.4 per cent on the $130.4m yielded in Q1 of 2022. 

The operator’s profit was dented too, as it made just $22.2m, down 17.5% from the same period last year. 

The most drastic reduction in a casino’s bottom line was felt by Resorts Casino, which made a loss of $284k, marking a 153.9 per cent slump in its profit. 

Caesars’ experienced operating profit growth of 7.2 percent, reaching $11.4m, whilst Harrah’s enjoyed $12.3m in profit, up 21.2 per cent YoY. Finally, Ocean Resort’s operating profit was $23.6m, an increase of 27.6 per cent. 

Disappointing results will only be compounded when considering the comparative period in Q1 of 2022 was impacted by the Omicron variant of Covid-19, displaying New Jersey casino’s struggle to truly recover from the pandemic. 

Further threats to the Atlantic City industry are looming large too, as the process to license three land-based properties in downstate New York is underway. With an array of large operators all bidding for the potentially lucrative space in NYC, some have suggested that Atlantic City could bear the brunt. 

Last month, Hard Rock International Chairman Jim Allen warned that the opening of three casinos in downstate New York could lead to other casino closures in the city. 

He said: “Atlantic City receives 20, 30-plus percent of its revenue from upstate New Jersey and downstate New York, and there’s no doubt it is going to have an impact on this particular market.

“So you have three or four that are very strong and then I think there’s a question as to what happens in that next level down. I think it’s a concern that if these other casinos don’t perform, then inevitably from a business standpoint, is there vulnerability? I don’t think that changes unless there’s enhancement to the perception of Atlantic City.

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