Light & Wonder has delivered yet another strong quarter, marking its 12th consecutive period of yearly revenue growth, as gaming revenue topped $476 million – a 14 percent yearly increase.
The group announced the results late on Wednesday, indicating total revenue of $756 million and net income of $82 million (up 203.7 percent).
Gaming machine sales increased by 30 percent, to $205 million, while gaming systems operations were up 9 percent, to $60 million and table products rose just 2 percent, to $47 million.
The group notes that machine sales saw strong growth in Asia and ‘continued momentum in Australia’.
The group also saw its AEBITDA rise by 13 percent yearly due to the revenue growth.
International unit shipments rose by some 45 percent yearly, to over 5,200, ‘drive by continued strength in Australia, replacement sales in Macau, as well as new and expansion units in the Philippines and South Korea’.
The group notes that North American replacement units rose by 14 percent yearly, to roughly 4,300, ‘primarily driven by shipments to adjacent markets’.
The group’s SciPlay arm also saw revenue rise by some 11 percent, driven by four primary titles, hitting $206 million and achieving a 15 percent yearly rise in AEBITDA, to $62 million, due to ‘continued player engagement and higher monetization in the social casino business’.
In iGaming, the 14 percent yearly increase in revenue, a record at $74 million, was ‘primarily driven by continued momentum in the US and international markets, with US GGR up 23 percent ‘driven by market growth and increased volume of land-based content’, while Canada GGR in the segment was up 29 percent – growing for 10 consecutive quarters. AEBITDA was up 9 percent, to $25 million.
In Q1 2024, the SOFTSWISS Game Aggregator, an industry-leading renowned game content hub, reached a significant milestone: over 13,000,000,000 euro bets were handled each month.
Over six months, this figure increased by 30%, confirming the tool’s widespread use and growing interest.
Currently, 1,052 brands worldwide are utilizing the SOFTSWISS Game Aggregator’s services, an increase of 112 brands from the last quarter.
The Game Aggregator team is expanding its client portfolio, with a strong focus on the Latin American market. The company has increased its regional presence to better meet local business needs.
“We act as consultants for our clients on attracting and retaining players. We leverage our expertise to help clients promote iGaming content to different audience segments. Since the beginning of this year, we have also financially participated in all promotional campaigns initiated by our clients or providers. Increasing the budget for well-thought-out campaigns enhances their reach and effectiveness for casinos, and we are pleased to contribute to our stakeholders’ success,” noted Gregory Penkov, Head of Sales at SOFTSWISS Game Aggregator.
Wazdan, the gain-focused developer behind some of the world’s most rewarding casino game experiences, adds a 6×5 reel layout to its Coins series with its latest launch 30 Coins.
Adding a new dimension to the gameplay, the board is expanded to a 6×5 layout, allowing players to collect up to 30 Coins.
Landing six or more coins in the middle reels triggers the player-favorite Hold the Jackpot bonus round. This initially begins with three spins, resetting each time an additional coin is secured and continuing until the board is completely full or once no further spins remain.
Adding ways for players to win during the base game, the Cluster Collect symbol can also appear at any point, by collecting the values of any adjacent Bonus icons.
Andrzej Hyla, Chief Commercial Officer at Wazdan, said: “With every installment of our Coins series Wazdan looks to build upon the predecessor and create a new title that is even more engaging. In 30 Coins, players are given more reels than ever before while the Cluster Collect feature returns to provide even more ways to win.
Indian casino operator Delta Corp announced that its casino revenue grew from Rs5.45 billion ($65.3 million) to Rs5.85 billion ($70 million) in the financial year ended March 31st, 2024, up by about 7.2 percent.
Despite the increase, the company’s net income was Rs2.4 billion ($29.2 million), down about 6.6 percent from the Rs2.6 billion ($31.3 million) registered in the same period a year ago.
The company reported that its sales also decreased by 4.5 percent, from Rs9.2 billion ($109.7 million) a year ago to Rs8.7 billion ($104.7 million) this financial year ending on March 31st.
According to the annual financial statements of the company’s nine subsidiaries, Delta Corp noted that the company’s net profit before tax and after exceptional items increased by 24.4 percent to Rs3.3 billion ($39.6 million).
In its statement, Delta Corp also mentioned that the Board of Directors has recommended, subject to the approval of the equity shareholders at the ensuing Annual General Meeting, a dividend on equity shares of 125 percent, i.e., Rs 1.25 ($0.015) per Equity Share.
Meanwhile, the firm has updated that during the quarter, Caravella Entertainment Private Limited and its subsidiary Deltin Nepal Private Limited ceased to be subsidiaries of the Company with effect from February 20th this year.
The current year’s exceptional item includes profit on the sale of the subsidiary company, namely Caravella Entertainment Private Limited, of Rs619.9 million ($7.2 million), and IPO expenses of Rs31.3 million ($370,000).
South Korea’s Kangwon Land reported net income of KRW92.9 billion ($68 million) for the first quarter of this year, marking a 26 percent increase from 4Q23, but down 8.5 percent from the same period in 2023.
Kangwon Land operates the only casino in Korea admitting locals, located within the Kangwon Land Resort in South Korea’s Kangwon province.
The company’s sales revenues increased by 13.2 percent to KRW368 billion ($270 million) compared to the previous quarter, with net income from continuing operations before income tax reaching KRW122 billion ($90 million) in 1Q24, a 21 percent increase.
According to Wednesday’s filing, the casino operator also reported an operating income of KRW75.9 billion ($55.7 million), up 95.8 percent from the previous quarter.
The company announced its IR revamp plan earlier last month. Kangwon Land is planning to invest $1.9 billion in transforming its casino into a luxurious integrated resort.
This revamp includes a significant expansion of the gaming floor, addition of more hotels, construction of a sky bridge, and the integration of various leisure facilities.
CEO Choi Cheol-Gyu emphasized the expansion of the gaming floor to address the current shortage of seating, with plans to increase it from 15,486 square meters to 49,500 square meters.
Wynn Resorts’ Chief Executive Officer, Craig Billings, says the group’s Wynn Al Marjan project in the UAE should absorb almost $900 million in investment. As for Thailand, the group is “actively” considering possible greenfield development opportunities and observing the development of its future gaming regulatory framework.
The gaming operator recently revealed its first-quarter results, with Billings commenting on two of the region’s most promising future gaming markets.
“We’re observing Thailand, and we’re in the midst of constructing in the UAE,” stated Billings, emphasizing the positive outlook for the company’s EBITDAR and free cash flow.
Wynn Al Marjan Island, the first integrated gaming resort in the Middle East North Africa is set to open to the public in early 2027. Wynn’s beachfront resort is being built on an island covering almost 62 hectares extending into the Arabian Gulf.
During the conference call on the group’s earnings, Billings indicated that the total budget for the project should be around $4 billion, with Wynn’s capital contribution to reach some $900 million.
“That heavily depends on the construction leverage. So, we’re in the midst of figuring that out now. But you can figure something like 50-50 debt to equity and then we would be 40 percent of the equity,” Billings added.
Arrival view at Wynn Al Marjan Island
In a separate comment, Wynn’s CFO, Julie Cameron-Doe, revealed that the group already contributed $70 million of equity to the Wynn Al Marjan Island project during the first quarter of the year, bringing the total equity contribution to date to approximately $160 million so far.
The full tower height, which is more than 300 meters, is expected to be topped off in the fourth quarter of 2025. The resort – described by Billings as a “meaningful high-ROI project” – will include a 15,000-square-metre shopping esplanade and a 7,500-square-metre meetings and events center, plus 1,542 rooms and suites, including 22 private villa estates.
“Construction is rapidly advancing on the project. And as of this week, we are currently constructing the fourth floor of the hotel tower. I expect we will further update you on the advances we have made on the project later this year,” Billings revealed during the conference call.
Regarding potential expansion into Thailand, Billings explained that the group is “actively considering greenfield development opportunities” in the country, but emphasized the need to understand the regulatory and licensing structures in Thailand before proceeding further.
“Thailand is already a major tourism destination with significant tourism infrastructure and a world-class service culture, so we will continue to closely monitor the advancement of the legalization process,” the Wynn CEO noted.
“We need to understand the regulatory structure, the licensing structure, the bidding structure, etc., and if they will be consistent with other jurisdictions that are considered best-in-class. I personally think they will be based on the information that we have to date,” stated the executive.
Based on preliminary plans, the Thai government aims to issue between five to eight casino licenses. Locations in key economic zones, including the Eastern Economic Corridor and popular tourist destinations like Phuket and Chiang Mai, are prime candidates for Entertainment Complex (EC) establishments.
The Thai government’s proposal to tax gross gaming revenue (GGR) at a relatively low rate of 17 percent, combined with plans for extensive industry development, signals a welcoming environment for investors.
In recent comments, the CEO and President of MGM Resorts International also stated that the cost of doing business in Thailand and the estimated margins make the possible future gaming market very compelling, while the UAE holds potential.
Depending on government approvals, the Capex related to Wynn Macau‘s concession commitments could range between $350 million and $500 million in total between 2024 and the end of 2025, according to Julie Cameron-Doe the Chief Financial Officer of Wynn Resorts.
The gaming operator recently revealed its first-quarter results, with a record property EBITDAR of $647 million, with Macau operations delivering adjusted property EBITDAR of $339.6 million in the quarter, and $998.6 million of operating revenue.
Speaking on the group’s most recent conference call, Cameron-Doe pointed out that the group’s liquidity position remains very strong with global cash and revolver availability of nearly $4.2 billion as of March 31st, of which $2.2 billion is in cash and available liquidity in Macau and approximately $2 billion in the US.
Julie Cameron-Doe, CFO, Wynn Resorts
‘Over the past four quarters, we’ve reduced company-wide gross debt by approximately $1 billion,’ Julie Cameron-Doe pointed out.
The Wynn CFO also noted that the group’s operational expenses reached $2.63 million per day in the first quarter, “below Q1 2019 levels, and it’s only up 3 percent sequentially”.
‘In terms of Capex in Macau, we’re currently advancing through the design and planning stages on several of our concession commitments. And as we noted the past few quarters, these projects require a number of government approvals, creating a wide range of potential Capex outcomes in the near term’
In 2019 Wynn announced a $2 billion expansion of its Cotai integrated resort, Wynn Palace, which was to include a 650-room hotel and “Crystal Pavilion” but was placed on hold due to the Covid-19 pandemic.
In a separate dispatch, brokerage Seaport pointed out that Wynn’s Capex in Macau will ‘begin to escalate over the next two years as the company begins extensive non-gaming investment’ which it considered will provide for ‘positive ROI and value creation’.
Wynn Macau has committed to invest MOP17.8 billion ($2.2 billion) during the 10-year term of its next Macau casino concession from 2023 to 2032, of which around 93 percent, is planned to be for expanding international markets and further diversification of non-gaming projects.
According to analyst Vitaly Umansky, ‘$4.2 billion of liquidity in the US and Macau (cash and available revolver) gives the company ample dry powder to continue ongoing planned investments (Macau, UAE) and potentially other projects’.
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Wynn Al Marjan IslandWynn Al Marjan Island construction as of May 1, 2024
Osaka IR KK, the entity tasked with developing an integrated resort (IR) featuring a casino in the bustling Japanese city of Osaka, has finalized a loan agreement worth JPY530 billion ($3.4 billion) with a consortium of banks.
Notable participants in this consortium include Japanese financial giants Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Banking Corp.
According to the latest update, Japan’s premier law firms, Nagashima Ohno & Tsunematsu, Nishimura & Asahi, and Mori Hamada & Matsumoto, have provided counsel on this syndicated loan agreement.
The deal was described by news outlet Nikkei as Japan’s most extensive co-financing endeavor to date.
Founded in December 2021, Osaka IR represents a collaborative effort between US-based casino operator MGM Resorts International and Japanese financial services firm ORIX Corporation.
In April, it was revealed that Japanese conglomerate Hankyu Hanshin Holdings Inc., along with another domestic conglomerate, Hanwa Co Ltd, opted to join a consortium of minority domestic investors in the Osaka IR project, increasing the total number of minority stakeholders to 22.
In September of last year, the Osaka Prefectural Government inked a deal with Osaka IR to develop an integrated resort featuring Japan’s inaugural casino on Yumeshima Island in Osaka Bay, slated for opening in autumn 2030.
Philippine retail gaming provider DigiPlus Interactive Corp posted a net income of PHP2 billion ($35 million) in the first quarter of the year, marking a 358 percent increase from 2023.
DigiPlus’ sustained profit momentum was fueled by the robust performance of its digital retail segment.
Revenues surged by 226 percent from the previous year to PHP13.6 billion ($236 million) as user traffic on its flagship platforms, BingoPlus and ArenaPlus, continued to grow, along with a fresh contribution from new game offerings. Meanwhile, EBITDA surged by 313 percent year-on-year to PHP2.1 billion ($37 million).
In 2023, DigiPlus reported PHP4.1 billion ($73 million) in net income, marking a more than 596 percent increase from the previous year.
Formerly known as Leisure and Resorts World Corp, DigiPlus, with its traditional onsite bingo operation, its BingoPlus platform, and other e-games, accounts for over 90 percent of the company’s total revenue.
To diversify its digital entertainment portfolio, DigiPlus continues to introduce innovative product offerings that cater to a variety of demographics and lifestyle preferences. According to the firm, it recently launched Perya Game, a local leisure and entertainment game platform with a nod to traditional Filipino carnival.
“We intend to sustain our growth momentum by continuing to invest in innovation and new technologies to enhance user experience and by adding new digital offerings traditionally well-loved by Filipinos. By delivering innovative, fun, and accessible digital offerings, we aim to continue revolutionizing the entertainment space in the Philippines,” said DigiPlus President Andy Tsui.
Good Morning. Crown Resorts has been through the battle but has emerged, largely, unscathed. CEO Ciarán Carruthers tells AGB that he was “extremely confident” the group would retain its Sydney and Melbourne casino licenses, as hundreds of millions were spent on remediation efforts, and the entire corporate culture was revamped. Meanwhile, in Macau Wynn’s revenue has soared in the first quarter, with both its Cotai and peninsular properties seeing gains. And in sports betting, illegal platforms are threatening the sport’s integrity, says the AFR.
What you need to know
Crown Resorts’ CEO says that he was “extremely confident” the group could maintain its Melbourne and Sydney licenses.
The CEO of Crown Resorts, speaking exclusively to AGB, says that he was always “extremely confident” that the company would be able to retain its casino licenses in both Melbourne and Sydney. Ciarán Carruthers notes the hundreds of millions put into its total revamp of its corporate culture, but that those challenges have now been “dealt with”, now looking ahead to a result on Crown Perth in about a year.
As excitement grows over the Euro Cup, the need for seamless and secure online betting is becoming more evident than ever. CDNetworks provides advanced security, superior streaming, and unrivaled web performance that enhances online sports betting platforms.
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