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.