CORPORATE NEWS

Genting Singapore achieved remarkable growth in the first quarter of 2024, recording revenue of SG$784.4 million (€538.5 million) and adjusted EBITDA of SG$369.5 million (€253.4 million). These figures represent a substantial increase of 62 percent in revenue and 93 percent in adjusted EBITDA compared to the same period last year.  

The company's gaming revenue surged by 69 percent annually to SG$576 million (€395.1 million) in the first quarter, with a notable quarter-over-quarter improvement of 31 percent.  attributes this growth to enhanced visitation and tourism spend during the Chinese New Year festivities, coupled with relaxed visa regulations between China and Singapore.  

The mutual visa-free agreement between China and Singapore, implemented in February 2024, contributed to a significant increase in visitor arrivals to Singapore. Chinese tourists have emerged as a key source market, bolstering Genting Singapore's integrated resort, Resorts World Sentosa.  

This turnout was experienced even if the company earlier  the potential changes in Chinese tourist behaviour prompted by the Chinese government’s warnings to avoid gambling.  

Genting Singapore provided updates on its revitalization initiatives, confirming that construction for the new Minion Land, Singapore Oceanarium, and Central Lifestyle Connector remains on schedule for phased openings starting from the first quarter of 2025. Moreover, the company expects to award the tender for the new Waterfront development, featuring two hotels totalling 700 rooms, in the third quarter of 2024, with on-site works slated to commence by the fourth quarter of the same year.  

Meanwhile, the former Hard Rock Hotel, which closed in March 2024, is undergoing extensive renovation and is scheduled to reopen as a new all-suite luxury hotel in early 2025. This strategic refurbishment aligns with Genting Singapore's commitment to providing exceptional hospitality experiences and further enhancing its offerings within the integrated resort landscape.  

Genting Singapore is the owner of Resorts World Sentosa, one of the largest integrated resort destinations in Asia. Resorts World Sentosa offers a casino, S.E.A. Aquarium, Adventure Cove Waterpark, Universal Studios Singapore theme park, hotels, MICE facilities, celebrity chef restaurants and specialty retail outlets. 

South Korean casino operator  experienced a 228 percent increase in operating profits during the first quarter of 2024, reaching KRW48.4 billion ($35.2 million), attributed mainly to heightened participation from Japanese and mass market players.  

The reported operating profits signify a substantial surge from the KRW19 billion (€12.8 million) recorded in the previous quarter and a 154 percent rise from the corresponding period last year.  

Paradise Co. witnessed a significant turnaround in its net profit attributable to shareholders, with KRW36.9 billion (€24.8 million) recorded in the first three months of 2024, marking a departure from previous losses.  

The company specializes in managing foreigner-only casinos, including renowned establishments such as Walker-Hill, Jeju, Incheon Paradise City, and Busan Casino.  

Despite modest overall sales growth of 9.5 percent quarter-to-quarter, totalling KRW264.7 billion (€179 million), revenue from casino sales saw a notable increase of 9 percent, reaching approximately KRW102.2 billion (€69 million).  

 reported a record-breaking quarterly soft drop, with nearly KRW1.7 trillion (€1.11 billion) exchanged for chips at gaming tables. Notably, Japanese punters contributed KRW717 billion (€485 million), while Chinese gamblers accounted for KRW301 billion (€203.6 million).  

With a projected full-year EBITDA of KRW68.1 billion (€46 million), reflecting a remarkable 96.3 percent increase from the preceding quarter, Paradise Co. anticipates continued growth and profitability in the foreseeable future.  

This projection followed a 2023 revenue uptick of 112.8 percent increase compared to the figures of 2022. The group amassed KRW744.2 billion (€529.4 million) in casino revenue. This growth in annual revenue last year can be primarily attributed to the significant uptick in the table games segment. According to the company, revenue from table games soared by 118.8 percent year-over-year. Meanwhile, machine revenue also experienced an increase, rising by 51.9 percent.  

Brightstar Capital Partners, a private equity firm specializing in industrial, manufacturing, and service businesses, has entered into a definitive agreement to acquire PlayAGS, Incorporated (NYSE: AGS), a global supplier of high-performing slot, table, and interactive products. This acquisition, valued at approximately $1.1 billion, was announced on May 9, 2024, from NV, and

The Board of Directors of AGS has given unanimous approval for the agreement and recommended the Company’s stockholders to do the same. As per the agreement, AGS shareholders will receive $12.50 per share in cash, representing a 41 percent premium to the Company’s volume-weighted average share price over the last 90 days and a 40 percent premium to AGS’ closing price on 8 May 2024

AGS, a global company, is known for creating a diverse mix of entertaining gaming experiences for every kind of player. Its high-performing slot products, expansive table products portfolio, and highly rated online casino content make it a valuable partner for casinos worldwide.

David Lopez, CEO & President of AGS, expressed his pleasure at reaching the agreement, stating that it provides compelling, certain cash value for their stockholders. He believes that the partnership with Brightstar opens an exciting new chapter for AGS in its mission to provide exceptional gaming solutions for its operator partners. With Brightstar’s resources and strategic guidance, AGS is expected to be well-positioned to make targeted investments in R&D, top talent, operations, and industry-leading innovation, accelerating its global footprint.

Andrew Weinberg, Founder & CEO of Brightstar, looks forward to working with David and the AGS team to capitalize on opportunities by taking a long-term approach to creating value. He believes that AGS’s strong pipeline of new products and its innovative approach to game development provide significant potential for continued growth.

Roger Bulloch, Partner at Brightstar, has been impressed by AGS’ award-winning products, differentiated culture, and outstanding reputation in the expanding industry. He trusts that partnering with AGS and executing on their shared vision can accelerate the Company’s ability to create even greater value for its customers and players around the world.

The proposed transaction, expected to close in the second half of 2025, is subject to customary closing conditions, including the receipt of regulatory approvals and approval by a majority of AGS stockholders. Upon completion of the transaction, AGS will become a privately held company, and shares of AGS common stock will no longer be listed on any public market.

In light of the proposed transaction, AGS has cancelled its previously announced conference call to discuss its first quarter 2024 financial results. Additionally, AGS will not be issuing a quarterly earnings release. The Company expects to file its 10-Q for the quarter ended 31 March, 2024, with the SEC.

This strategic acquisition marks a new chapter in the global gaming industry, with Brightstar Capital Partners and AGS joining forces to create a more vibrant and diverse gaming experience for players worldwide.

Shohei Ohtani, has agreed to plead guilty to US charges of illegally transferring nearly $17 million from Ohtani’s bank account. This case has shocked baseball fans in both Japan and America, highlighting the vulnerability of high-profile athletes to financial fraud.

The world of baseball was rocked by a shocking revelation when agreed to plead guilty to US charges of illegally transferring nearly $17 million from the athlete’s bank account. This case has sent shockwaves through baseball fans in Japan and America alike, highlighting the vulnerability of high-profile athletes to financial fraud.

Mizuhara, who had been a constant companion to Ohtani since the baseball star’s stint in the US started in 2018, was entrusted with significant responsibilities due to Ohtani’s language barrier. From answering questions at news conferences to transacting with financial advisers and opening bank accounts, Mizuhara was deeply involved in Ohtani’s affairs. However, this position of trust was exploited for personal gain.

Prosecutors allege that Mizuhara used his access to Ohtani’s finances to fuel a dangerous gambling habit. He is accused of calling bank officials and falsely identifying himself as Ohtani to authorize wire transfers from Ohtani’s bank account to associates of an illegal gambling operation. Additionally, Mizuhara allegedly purchased $325,000 in baseball cards using money taken from Ohtani’s account.

The charges against Mizuhara are severe. The bank fraud charge carries a potential sentence of up to 30 years in prison, while the false tax return charge could result in up to three years in jail. As part of a deal with Los Angeles prosecutors, Mizuhara will plead guilty to these charges, and in exchange, prosecutors would recommend a reduced sentence.

The impact of this scandal extends beyond the legal implications for Mizuhara. Ohtani, who had just won his second unanimous American League MVP award and signed a record 10-year, $700 million contract with the LA Dodgers, expressed his shock and sadness at the betrayal by someone he had trusted.

This case serves as a stark reminder of the potential risks faced by high-profile athletes and the importance of financial vigilance. As Ohtani continues his successful career on the field, the baseball community will undoubtedly be watching closely to see how this off-field drama unfolds.

Light & Wonder has reported a strong Q1 2024, marking its 12th consecutive quarter of year-on-year growth. The company generated a 13 percent year-on-year revenue increase to $756 million, driven by robust performance across all lines of business. This growth is particularly noteworthy given the company’s stated focus on organic growth over “flashy” M&A deals.

The company’s consolidated adjusted EBITDA grew 13 percent to $281 million compared to the prior year period, resulting in a margin of 37 percent for the quarter. on sustainable growth and profitability.

A significant contributor to this growth was the company’s gaming revenue, which increased to $476 million, up 14 percent compared to the prior year period. This was primarily led by continued growth in gaming machine sales, which grew 30 percent year-on-year.

The firm’s social casino business, SciPlay, also demonstrated strong performance with revenue coming in at $206 million, an 11 percent increase from Q1 2023. Meanwhile, iGaming revenue increased 14 percent year-on-year to $74 million, reflecting continued momentum in the US and international markets.

Light & Wonder’s president and CEO, Matt Wilson, expressed satisfaction with the company’s performance, particularly highlighting the success of SciPlay and the iGaming division. Both segments achieved record revenue levels with consistent double-digit year-on-year growth.

The company’s prudent and sustainable monetisation strategy has proven effective, with average monthly revenue per paying user and average revenue per daily active user reaching new highs. This success is a testament to the investments made in the SciPlay engine and user acquisition.

Looking ahead, on reinvesting in the business to further scale revenue and profitability. The company plans to enhance value through its share repurchase programme, while maintaining the rigour of its strategic capital allocation plan.

Despite queries from analysts regarding Light & Wonder’s M&A strategy, CEO Wilson emphasised that the current management team is “focused and disciplined.” The company is not in a hurry to add complexity to its portfolio through M&A, instead choosing to focus on being the leading cross-platform global games company.

Light & Wonder’s Q1 2024 performance demonstrates the company’s strategic focus on sustainable growth and profitability. With the power of the SciPlay engine and a disciplined approach to business development, Light & Wonder is well-positioned for continued success in the gaming industry.

has strategically acquired Sports IQ Analytics, an AI-powered odds provider. This acquisition is set to enhance DraftKings’ pricing capabilities, a critical component in the sports betting industry. The announcement was made by Omer Dor, CEO of Sports IQ Analytics, on LinkedIn.

The competitive nature of the US sports betting market has seen more movement in mergers and acquisitions this week. The acquisition aligns with CEO Jason Robins’ commitment to disciplined M&A activity, following the company’s recent purchase of lottery courier Jackpocket. The integration of Sports IQ Analytics into DraftKings’ operations is expected to optimize the dynamic betting markets that the company already offers.

Sports IQ Analytics, co-founded in 2018 by Omer Dor, Matthew Belzberg, Jose Alfaro, and Andrew Schwartz, has been a notable player in the industry since raising $7 million in a 2021 seed round. The company has received support from prominent sports executives, further establishing its reputation in the market.

As DraftKings fortifies its position, competitors like BetMGM and FanDuel are also investing in their platforms and technology to capture market share. With the sports betting landscape evolving rapidly, operators are focusing on products like Same Game Parlays (SGP) to enhance user experience and improve margins.

The acquisition is a testament to the collaborative efforts of the founders and the support from investors, advisors, partners, and clients throughout Sports IQ Analytics’ journey. With DraftKings’ stock trading at $43.78, reflecting a 2.27 percent increase, the company is poised for continued growth and innovation in the sports betting arena.

Wynn Macau experienced a remarkable 66.4 percent surge in operating revenues during the first quarter of 2024, reaching almost $1 billion (€930 million). This impressive growth surpassed expectations and overshadowed its other segments.  

Operating revenues soared to $998.645 million (€929.08 million), with significant increases recorded both in the Cotai Strip property (56 percent rise) and on the peninsula (78.5 percent surge), reaching $586.9 million (€546 million) and $411.74 million (€383 million), respectively.  

’s adjusted property EBITDA has more than doubled, rising from $155.8 million (€144.9 million) to $339.55 million (€315.9 million) compared to the previous year, with the company's results leading at $246.26 million (€229.1 million).  

Wynn Palace, the group's Cotai operation, witnessed operating revenues of $586.9 million (€546 million), marking a substantial $217.5 million (€202.35 million) yearly increase. Adjusted property EBITDAR nearly doubled, reaching $202.4 million (€188.3 million).  

The peninsula property contributed significantly to the revenue surge, generating $411.7 million (€383 million) in operating revenues, up $181 million (€168.4 million) yearly, with EBITDAR at $137.2 million (€127.6 million), a strong rise from $44.7 million (€41.5 million) in the first quarter of 2023.  

The increase in operating revenues was primarily driven by higher gaming volumes, increased hotel occupancy, and restaurant covers across the Macau properties.  

Total casino revenue for the , including non-Asian operations, improved by 46.2 percent yearly, totalling $1.12 billion (€1.11 billion), while non-casino revenue increased by 12.9 percent, reaching $741.44 million (€689.79 million). Company-wide revenue surged to $1.86 billion (€1.73 billion), up 30.9 percent yearly.  

Wynn Macau maintained exceptional occupancy rates, with the Cotai property at 98.8 percent and the peninsula property at 99.4 percent, reflecting a significant increase compared to the previous year.  

The group's net income witnessed a substantial increase, reaching $144.2 million (€134.15 million), compared to $12.3 million (€11.4 million) in the same period of last year. Property EBITDAR rose to $654.5 million (€608.9 million), with gains across Wynn Macau, Cotai, and Las Vegas, despite a decrease in Encore Boston Harbor.  

Wynn Macau's exceptional performance in the first quarter of 2024 underscores its strong position in the gaming industry, driven by robust revenue growth and enhanced profitability across its properties.  

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .  

Delta Corp, a prominent player in India's gaming industry, faced a 3 percent year-on-year decline in gross income from operations for the quarter ending on March 31, 2024. The  reported a gross income of Rs 222.75 crores (€24.8 million), attributed to decreases in both its casino and online skill gaming segments.   

Income from gaming operations witnessed a decline to Rs 174.07 crores (€19.35 million) in the March quarter, compared to Rs 181.54 crores (€20.1 million) in the previous quarter and Rs 175.61 crores (€19.53 million) in the corresponding period last year. Similarly, income from online skill games fell by 10.4 percent to Rs 35.08 crores (€3.9 million) compared to the previous quarter.  

Despite the decline in gross income,  reported a remarkable 110% sequential increase in profit for the quarter, reaching Rs 72.41 crores (€8 million). This increase was attributed to the sale of a subsidiary, contributing to the company's financial performance during the period.  

For the full fiscal year ending on March 31, 2024, Delta Corp experienced a 2.5 percent year-on-year decline in gross income, amounting to Rs 1,010.48 crores (€112.5 million). Both gaming operations and online skill games reported declines of 1.5 percent and 9.5 percent, respectively.  

Delta Corp addressed ongoing legal challenges, including notices sent to three of its subsidiaries demanding back payment of GST. The company, along with other impacted entities, has elevated writ petitions opposing these demands to the Supreme Court. Delta Corp asserts that these demands are arbitrary and contrary to legal provisions, emphasizing industry-wide concerns regarding taxation on gaming revenue.   

The company reiterated its stance on the tax demands, emphasizing that they are arbitrary and not in alignment with legal provisions. Delta Corp has initiated necessary legal proceedings to challenge these demands, underscoring its commitment to defending its position within the legal framework. 

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .  

GLOBE Telecom, a Philippine telecommunications company, disclosed in a statement an escalation in its efforts to . The company reported a substantial increase in the number of malicious sites it blocked during the first quarter of 2024. 

Globe's Chief Information Officer, Anton Reynaldo Bonifacio, emphasised the critical importance of these actions, stating, “Illegal online gambling can have devastating financial and social consequences, fuelling problematic gambling behaviour and exposing users to potential fraud, malware and cybercrime.” 

To fortify its defence mechanisms, Globe said that it invested a considerable sum of $2.7 million (€2.51 million) to bolster its content filtering infrastructure system. This upgraded system is designed to swiftly detect and restrict malicious content, including piracy. 

Globe said it has taken proactive measures to mitigate the proliferation of illegal gambling sites. By implementing network-blocking measures and content filtering systems, the company aims to safeguard its users from potential threats. 

The telco company said that it filtered a total of 1,345 domain names involved in illegal online gambling sites, marking a significant increase from 126 sites in the same period in 2023r. 

The government has issued regarding the risks associated with online gambling sites, particularly in light of the increasing incidents of fraud and cyberattacks. Globe's actions align with the broader efforts to uphold cybersecurity standards and protect users from potential harm. 

Bonifacio reaffirmed the company's dedication to ensuring a safer online environment, stating, “We have an ethical obligation to make the internet safer and are continuing our relentless push to identify and prevent access to these unlawful sites on our network.” 

Following these announcements, market sentiments towards Globe Telecom remained positive. By adopting proactive measures and investing in robust infrastructure, Globe Telecom demonstrated its commitment to combating online threats and prioritizing user safety in the digital landscape. 

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .

the operator of Betway, has reported a record Q1 revenue as it contemplates the future of its loss-making US business. The company reported a revenue of €379.3 million in the first quarter of the year, marking a record Q1 and a 12 percent increase from the previous year. This revenue was generated primarily by the company’s sports betting-centred Betway (€222 million) and the iGaming-focused Spin brand (€157.3 million).

The company’s Africa and Middle East operations were responsible for 37 percent of the revenue, at €139.7 million. However, Super Group’s North American business remained the largest region by revenue, generating €140.9 million, primarily in Canada. In Q1 2024, the business reported €46.5 million in Adjusted EBITDA, up 29 percent from 2023. This resulted in a €41.0 million profit for the period, compared to last year’s €1.9 million loss.

The Q1 2024 numbers included a €40.1 million gain on the disposal of Digital Gaming Corporation’s B2B assets, as well as a €13.1 million non-cash charge. Super Group’s number of active customers also increased 33 percent year-on-year, to 4.7 million.

Neal Menashe, CEO of Super Group (pictured above), spoke about the amazing start to 2024 highlighting the company's strong results.

Super Group CFO Alinda van Wyk added: “We achieved record results for a first quarter of €374 million of revenue and €69 million of Adjusted EBITDA, for the ex-US business.”

Super Group today also announced it plans to take its tech stack in-house through a €140 million deal with its supplier, Apricot. The future of Super Group’s US business, which is currently under review, was a topic os call. The CEO said the company was looking at all options to make a decision that is in its long-term interest.

He added that iGaming was the company’s “bread and butter” and would likely play a role in any move to US profitability. He added: “This is a waiting game – over time different states can regulate and you’ve got to be in play to have a chance of success, we understand that. But there’s a cost of being in play and we just got to make sure what that cost is.”

Super Group (SGHC) Limited (SGHC) is trading at $3.50 (0.43%).