U.S. Casinos Have Best Quarter Ever, Fueled By Online Sports Bets

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Nov 11, 2021, 09:00 ET

PALM BEACH, Fla., Nov. 11, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The nation's commercial casinos won nearly $14 billion in the third quarter of this year, marking the industry's best quarter ever, and pushing U.S. casino revenue past what it was for all of 2020, according to figures released Tuesday. The figures from the American Gaming Association, the casino industry's national trade group, show U.S. casinos are poised to have their best year ever in 2021 as more consumers feel comfortable visiting casinos amid the COVID19 pandemic, and as online and sports betting revenues continue to grow. An article releases by the Associated Press, said U.S. casinos are on pace to break the annual record of $43.65 billion, set in 2019, the group said. Jane Bokunewicz, director of the Lloyd Levenson Institute at New Jersey's Stockton University, said pent-up demand among pandemic-weary customers played a big role in the industry's resurgence as restrictions were lifted… "The explosive growth of internet gaming during the pandemic engaged a new audience of consumers who may have become curious about brick-and-mortar casinos and the in-person gaming experience," she added. "Encouraged by casino marketing and loyalty programs they may have decided to try something new." Active companies in the markets today include: Esports Technologies (NASDAQ: EBET), Boyd Gaming Corporation (NYSE: BYD), Golden Entertainment, Inc. (NASDAQ: GDEN), Wynn Resorts, Ltd. (NASDAQ: WYNN), Las Vegas Sands Corp. (NYSE: LVS).

David Schwartz, a gambling historian at the University of Nevada Las Vegas, agreed that eagerness to get out and do things among gamblers who had been reluctant to visit casinos in Las Vegas or in their local regions is one factor driving the higher numbers. Ten out of 25 states with commercial casinos saw quarterly revenue records, including the four highest-grossing commercial gambling states in 2019: Nevada, New Jersey, New York and Pennsylvania. On the Las Vegas Strip, gambling revenue also hit an all-time high of $2.06 billion. The association said the record was driven, in part, by the steady return of tourism, with 9.2 million people visiting Las Vegas in the third quarter, a nearly 10% increase over the second quarter of this year, and the highest quarterly visitation level since the outbreak of the pandemic in early 2020. Internet gambling revenue set a record at $938.6 million. Sports betting revenue, however, saw a quarterly low for 2021 of $886.5 million due to a limited end-of-summer sports calendar. Combined sports betting and internet gambling revenue through the first nine months of the year was $5.36 billion, up more than 200% year over year.

Esports Technologies (NASDAQ: EBET) – BREAKING NEWS - Esports Technologies CEO Aaron Speach, COO Bart Barden, CMO Mark Thorne, and Strategic Advisor Nolan Bushnell to Present at SiGMA Europe - Esports Technologies, a leading global provider of advanced esports wagering products and technologies, announced today that CEO Aaron Speach, COO Bart Barden, and CMO Mark Thorne will be featured speakers at this year's SiGMA Europe conference and expo, November 15–19 at the Malta Fairs & Conventions Centre. In addition, Atari founder and Esports Technologies strategic advisor Nolan Bushnell will keynote at the event. Esports Technologies will be a Platinum Sponsor for this event, billed as "The World's Gaming Festival." Leading suppliers, operators, affiliates, and emerging tech will be on hand for this showcase of the latest products, trends, and insights.

Nolan Bushnell, Esports Technologies Strategic Advisor, will be discussing "The Future of Competitive Gaming." Bushnell is a technology pioneer, entrepreneur, and engineer. Often cited as the father of the video game industry, he is best known as the founder of Atari Corporation and Chuck E. Cheese's Pizza Time Theater.

Aaron Speach, Esports Technologies founder and CEO, will be speaking on "Player Influx: Will Esports Grow or Consolidate?" Speach is an entrepreneur with a history of delivering business development and customer acquisition goals for startups and high-growth companies across the online betting, electronics retail, and automotive industries. He has been immersed in esports for the past 16 years. .

Bart Barden, Esports Technologies COO, will share valuable insights on "How Player Tracking Is Changing the Way Bettors Analyze Their Betting Data." Barden, with more than 25 years of leadership experience in video games, wagering, and esports, was named chief operating officer of Esports Technologies in December 2020. Previously, Barden was Paddy Power Betfair's U.S. exchange director, where he helped launch the first legal, online fixed-odds betting product in the U.S. He also served as Betfair's commercial director of UK/Ireland and as worldwide franchise director for games of chance at Electronic Arts.

Mark Thorne, Esports Technologies CMO, will be discussing "Keeping Your Player Community Happy with Business Continuity." Thorne, who joined as Chief Marketing Officer in June 2021, brings nearly 20 years of industry experience to the Esports Technologies executive team, having served in leadership roles with Betfair, Betfirst, Bonnier Gaming, and Twin.com. As CMO, Thorne has leveraged his commercial and marketing expertise to further build the company's brand, reputation, audience, and revenue as well as expand licensing while ensuring regulatory compliance.

Aaron Speach, CEO, Esports Technologies, said, "Bart, Mark, Nolan, and I are extremely pleased to share our strategic insights on behalf of the company at SiGMA Europe, one of the keystone events in the gaming sector. These speaking engagements are a reflection of Esports Technologies' strong momentum and industry leadership in 2021."

SiGMA Europe will provide a prime platform for the company to showcase its cutting-edge proprietary technologies, brands and product development. Esports Technologies will partner with GamingMalta to offer workshops with multiple tracks centered around esports as well as esports wagering, a global market that is expected to be valued at more than $20.7 billion by 2027, according to recent research from Valuates Reports. CONTINUED… READ THIS AND MORE NEWS FOR EBET BY VISITING: https://esportstechnologies.com/news/

In other technology recent news of interest:

Boyd Gaming Corporation (NYSE: BYD) recently reported financial results for the third quarter ended September 30, 2021.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Since reopening our properties last year, we have made fundamental changes to our operating philosophy ‒ sharpening our focus on building loyalty with core customers while executing our business at a much higher level of efficiency. These changes have resulted in five consecutive quarters of strong performance, including record third-quarter results this year. Continued growth in visitation and spending among our core customers, combined with our more efficient operating model, resulted in a third-quarter Companywide revenue record, EBITDAR growth of more than 42%, and a nearly 400-basis point improvement in operating margins. As the pandemic recedes, restrictions are lifted and additional guests return to our properties nationwide, we are confident in our ability to drive continued revenue and EBITDAR growth throughout our business."

Golden Entertainment, Inc. (NASDAQ: GDEN) recently reported financial results for the third quarter ended September 30, 2021.

Blake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, commented, "Our third quarter results demonstrated sustained growth and margin expansion for our casinos and distributed gaming segments compared to the third quarter of 2020 as well as comparable pre-pandemic quarterly periods. The strong performance across all of our operations, despite occupancy at The STRAT and our Laughlin properties still not having fully recovered to 2019 levels, is an encouraging indicator for our future performance.

"We continued to focus on reducing leverage during the third quarter as we repaid over $50 million of our outstanding debt obligations, and we remain committed to further debt reductions over the coming quarters. Subsequent to the quarter end, we increased our revolver availability to $240 million and extended its maturity. Given our significant available liquidity and current valuation, we view using our existing $50 million share buyback authorization as an attractive means to begin returning capital to shareholders. In addition to using our buyback availability, we will also continue to evaluate potential dividends and other opportunities to create shareholder value in the future."

Wynn Resorts, Ltd. (NASDAQ: WYNN) - WynnBET, the online gaming division of Wynn Resorts, Ltd., the premier online sports betting and casino ("iGaming") app from the global leader in luxury hospitality, Wynn Resorts, recently announced that it has obtained market access in New York for online sportsbook operations. New York represents the 19th jurisdiction in a rapidly growing footprint of states in which WynnBET has secured varying degrees of market access.

WynnBET submitted a bid to the New York State Gaming Commission for online sportsbook operations in August as part of a consortium of operators that are partnered with the Oneida and St. Regis Mohawk compacted tribes.

"We're excited that the New York State Gaming Commission has approved our request for application for online sports betting," Wynn Interactive CEO Craig Billings said. "New Yorkers represent a significant portion of the Wynn Las Vegas and Encore Boston Harbor databases, and we look forward to giving those customers more ways to earn and use Wynn Rewards. We also look forward to meeting and engaging with new customers in the state via WynnBET."

Las Vegas Sands Corp. (NYSE: LVS), the world's leading developer and operator of convention-based Integrated Resorts, recently reported financial results for the quarter ended September 30, 2021.

"While heightened pandemic-related restrictions impacted our financial results this quarter, we were able to generate positive EBITDA in each of our markets. We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macao and Singapore," said Robert G. Goldstein, chairman and chief executive officer. "We also remain deeply committed to supporting our team members and to helping those in need in each of our local communities as they recover from the impact of the COVID-19 pandemic."

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