Gambling Insider's Weekly Rundown
By Gambling Insider
Take the Wynn
Wynn Resorts saw operating revenue of $1.86bn in Q1 2024, up $439.2m year-on-year. Net income also grew sizably from $12.3m in Q1 2023 to $144.2m in Q1 2024.
Properties such as Wynn Palance and Wynn Macau saw notable rises in revenue, making $586.9m and $411.7m respectively, with year-on-year growth of $217.5m and $181m. The two properties saw similar adjusted EBITDA growth, with the amount almost doubling year-on-year at Wynn Palace. Meanwhile, adjusted EBITDA at Wynn Macau grew from $44.7m to $137.2m – growth of over 200%.
Over in the US, Wynn’s Las Vegas operations saw a reported adjusted property EBITDA increase of $14.7m, while Encore Boston Harbor reported a slight decline in this metric.
Pulling the Cosmopol plug
Svenska Spel has suggested the closure of land-based casino Casino Cosmopol, due to struggles in turning a profit at the casino. Three of the four Casino Cosmopol locations have already been closed in Sweden, with the last remaining in the capital city of Stockholm. In Q1 2024, it was also shown that net gaming revenue for the Casino Cosmopol and Vegas business segment was down 32%.
Svenska Spel Interim President and CEO Erik Strand pointed to Covid-19 and the reregulation of the gambling market in 2019 as causes for this decline. Casino Cosmopol CEO Ola Enquist said it was “emotional” to take part in the bill and that, “if it is adopted, it means our last casino is closing and that an era is over.”
Catena takes a tumble
Catena Media saw its revenue decline 49% year-on-year in its Q1 2024 report, with revenue from continuing operations falling to €16m ($17.2m). Revenue from North American operations were a significant contributor to this result, with revenue down by 50% to €14.3m – 90% of Catena’s group revenue.
Certain segments fared worse than others, with sports revenue in North America taking the biggest blow with a revenue decline of 70% to €5.5m. This is despite sports betting in the rest of the world falling by only 1%. Meanwhile, global casino revenue (excluding the US) fell 46% year-on-year, making just shy of €1.1m.
Entering the matrix
EveryMatrix has partnered with Supremeland Gaming, which will see a variety of content become available via DraftKings’ iGaming platform in New Jersey. Supremeland Gaming will be able to build content using the EveryMatrix’s technology, while aggregation platform SlotMatrix will distribute the games, including to DraftKings.
It is expected that more states will follow.
Supremeland Gaming entered the US market in February this year and has since received licences in Pennsylvania, New Jersey and West Virginia. Supremeland Gaming CEO Rickard Öhrn called the EveryMatrix partnership a “major milestone” in its development.
Rise and shine, it’s Casino Time!
Casino Time has released its iGaming platform in the Canadian province of Ontario. The website, CasinoTime.ca, will offer bingo, live dealer and online slots for players.
A full-service online casino and social gaming platform, Casino Time is affiliated with several charitable gaming venues in Ontario with plans to launch a sportsbook later in 2024. The community aspects of the platform were discussed by Casino Time CEO D’Arcy Stuart, who said via its partnership with iGaming Ontario (iGO), the online casino is “bringing our offerings online across Ontario, providing more access to the social gaming revolution.”