CORPORATE NEWS

for the first quarter of 2024. The company reported a revenue of $3.4 billion, marking a 16 percent increase compared to the same period last year. This growth was largely driven by the and other international markets.

However, despite the impressive revenue growth and a 46 percent increase in adjusted EBITDA to $514 million, Flutter’s net loss widened. The company reported a net loss of $177 million, a significant 59 percent increase from the $111 million loss reported in Q1 2023. This increase was partly due to a non-cash charge of $184 million following the closure of the Fox Bet brand.

In the US, Flutter’s operations contributed significantly to the Q1 revenue, accounting for 41.5 percent of the group’s total revenue. This segment reported a revenue of $1.41 billion, reflecting a year-on-year growth of 32 percent. FanDuel, Flutter’s US sportsbook, remained the market leader with a net gaming revenue market share of 52 percent and a gross gaming revenue market share of 46 percent.

In the UK and Ireland, revenue increased by 17 percent year-on-year to $861 million, with adjusted EBITDA up 30 percent to $268 million. The future performance of this segment remains uncertain following Flutter’s exit from the Irish stock market and its focus on the US market.

The international segment, which includes markets like Italy, Spain, Brazil, India, and others, reported a revenue of $797 million, up 5 percent year-on-year. The segment also saw a 20 percent growth in adjusted EBITDA. However, the sports betting revenue in this segment declined by 12 percent year-on-year, despite an 8 percent increase in iGaming revenue.

In Australia, sports betting stakes were down 19 percent, and sportsbook revenue decreased by 6 percent to $329 million. The adjusted EBITDA remained relatively stagnant at $83 million.

When excluding the US, the combined results from Australia, UK, Ireland, and the international segment amounted to a revenue of $1.99 billion, up 16 percent year-on-year, with adjusted EBITDA growth of 20 percent, totalling $488 million.

Flutter’s CEO, Peter Jackson, expressed satisfaction with the company’s performance, particularly in the US. He stated, “We have had an excellent start to the year. In the US, FanDuel’s top-line momentum is translating into strong growth in US adjusted EBITDA and market share gains.” He also highlighted the company’s focus on delivering the best products for its players, which is driving good momentum in key markets such as the UK and Italy.

has once again outdone itself in Q1 2024, setting new records for net revenue and EBITDA. The company generated a staggering €39m in net revenue across all products, marking a 66 percent year-on-year growth. EBITDA also soared to an all-time high of €22 million, a 111 percent increase from the previous year, pushing the company’s EBITDA margin to a record 57 percent, up from 45 percent in Q1 2023.

This record-breaking quarter follows closely on the heels of EveryMatrix’s strongest financial results in its 16-year history, achieved just three months prior. The company attributes this stellar performance to large value client signings, multiple new client launches across all core business units, strong sports trading and innovation, and continued growth in the casino segment.

in expanding its global footprint. It was among the first iGaming technology providers to gain regulatory accreditation in Peru and furthered its progress in the US by launching its first casino aggregation partner with third-party content live on DraftKings in New Jersey.

In addition to these achievements, EveryMatrix reached a significant post-period milestone, hitting the 1,000 employee mark across 13 global locations. The company’s largest purpose-built office, housing 450 personnel, opened its doors in Bucharest, Romania. A new office was also launched in Cebu, Philippines, focusing on the data products of its recently acquired affiliate optimisation service, DeepCI.

EveryMatrix’s CEO, Ebbe Groes, (in photo above), expressed his excitement over the company’s progress, stating, “It’s mind-blowing how far we’ve come and how much progress continues to be made across the entire business.”

EveryMatrix’s casino business unit saw significant growth in Q1 2024, with operator partners generating a record GGR of €619m during the quarter, a 65 percent year-on-year increase. This led to a rise in EveryMatrix’s quarterly casino net revenue to €19.9 million, an 83 percent year-on-year increase, while EBITDA reached €13.2 million, reflecting a 132 percent year-on-year increase. The SlotMatrix aggregation product introduced 886 new games during the period.

The OddsMatrix sports division also saw impressive growth, with turnover rising 31 percent year-on-year to €1.3 billion and GGR climbing 308 percent year-on-year to €96 million. Net revenue for the business unit reached €10.5 million, up 78 percent on Q1 2023, while EBITDA hit €6.2 million, reflecting a 313 percent increase. OddsMatrix covered a record 173,000 live events in a single month, while the average monthly number of bets placed reached 39 million.

EveryMatrix’s platform division saw quarterly net revenue reach €7.3 million, up 28 percent year-on-year, with EBITDA at €3.2 million, up 13 percent on Q1 2023. The company’s affiliate platform division saw net revenue grow to €1.4 million during the quarter, up 39 percent year-on-year, with EBITDA down €0.4 million due to continued product and commercial investment.

EveryMatrix is among a select few private companies in the iGaming space that report their quarterly financial performance, providing a transparent view into their operations and growth. With its record-breaking Q1 2024 performance, EveryMatrix is well-positioned for sustained growth and expansion for the remainder of 2024 and beyond.

Suntrust Resort Holdings, controlled by LET Group Holdings (formerly Suncity Group Holdings), disclosed a loss of PHP256.1 million (€4.11 million) for the first quarter of 2024, marking a significant downturn from the PHP92.6 million (€1.48 million) profit recorded in the same period of last year. The attributed the loss to a sharp increase in operating expenses, tax expenses, and finance costs, coupled with a substantial decline in revenue and income. 

Operating expenses surged by 95 percent, escalating from PHP69 million (€1.1 million) in the first quarter of 2023 to PHP135.4 million (€2.17 million) in the same period this year, as indicated in the company's filings with the Hong Kong Stock Exchange and the Philippines Stock Exchange.

The loss per share amounted to PHP0.0353, in stark contrast to earnings per share of PHP0.0128 reported in the corresponding quarter of the previous year, reflecting the company's challenging financial performance.

Total revenue and income plummeted to PHP3,226 (€51.81) in 1Q24, primarily attributed to foreign exchange gains. 

Despite the financial setback, Suntrust Resort Holdings continues to advance its Westside City Project integrated resort in Manila. The project's main components include an entertainment complex and a five-star hotel boasting over 450 rooms. Additionally, the company is spearheading the development of the Westside shopping mall, an opera house, and a 2,000-room hotel complex.

Last week, the closing date for securing funding of up to PHP13.51 billion (€219.2 million) for the Westside City project has been pushed back by 12 months. The revised date is now set for April 30, 2025. 

The company anticipates the opening of the Main Hotel and Casino segment of the Philippines Westside City Project in the first quarter of 2025, signalling its commitment to realizing the project's long-term vision amidst current financial challenges. 

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.  

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