CasinoBeats is breaking down the numbers behind some of the industry’s biggest stories. Our latest headline reflection features important developments for the United Arab Emirates’ gaming landscape and a Las Vegas farewell.
$1.66bn
Wynn Resorts outlined its financial forecasts for its upcoming Wynn Al Marjan Island resort in Ras Al Khaimah (RAK), where it projects gross gaming revenue of up to $1.66bn.
The figures followed recent reports that Wynn has been awarded the first commercial gaming facility licence from the UAE’s regulator that formed last year, the General Commercial Gaming Regulatory Authority (GCGRA).
The Las Vegas-based casino operator also shared expectations for its operating revenue and adjusted property EBITDA at an analyst and investor update meeting this week about the resort based in the United Arab Emirates (UAE).
CEO Craig Billings and other members of the Wynn Resorts global leadership team were in attendance at the invitation-only event to deliver presentations.
Wynn Resorts has been developing and constructing a resort at Wynn Al Marjan Island in RAK over the past year as part of a joint venture between affiliates of Wynn Resorts, Marjan and RAK Hospitality Holding.
At the meeting, the operator revealed that it expects Wynn Al Marjan Island to generate “strong gaming and non-gaming revenue”.
This is based on assumptions that the UAE market size is approximately $3bn to $5bn, in addition to two competitive integrated resorts operating in the country with Wynn GGR market share at 33% and a “Wynn Premium” of 1.2x GGR fair share based on 11K positions in the market.
€2.3bn
Playtech has been accused of “the most egregious case of shareholder value expropriation in the history of UK public markets” regarding the bonuses senior executives will receive following the €2.3bn sale of Snaitech to Flutter Entertainment.
Last month, Playtech agreed to the sale with the igaming provider stating that it will be focusing on its “technology-led offering in high-growth B2B gambling markets with an accelerated growth plan and an extensive portfolio of strategic ventures”.
The company described the transaction as unlocking “significant capital” and in line with the board’s stated strategy to maximise value for shareholders, as once practicable to do so following the transaction’s completion, it intends to return €1.7bn to €1.8bn to shareholders, with the final amount to be determined with reference to the ongoing business’ capital needs.
However, this return to shareholders has been criticised, as it features bonus awards for a maximum aggregate amount of €100m to be paid to members of Playtech’s senior team including CEO Mor Weizer and the company’s executive directors.
A separate aggregate cash bonus pool of €34m will also be paid to the senior management team of Snaitech, of which CEO Fabio Schiavolin will be the largest participant.
In an open letter to Playtech’s Remuneration Committee Chair Anna Massion, one of the company’s shareholders, Jeremy Raper of Raper Capital, protested against the transaction, calling it “the most egregious case of shareholder value expropriation in the history of UK public markets”.
Raper added that the transaction exemplifies “crony capitalism at its absolute worst”, highlighting how several components of the company’s plan directly violate many aspects of the Governance Code, as well as notifying that he has forwarded the letter to the Financial Conduct Authority as a formal complaint.
100%
Autorité Nationale des Jeux, France’s gaming authority, launched a new information campaign about online casinos – “100% winner?” – to remind the French public about the dangers of illegal online gambling websites.
The campaign is part of the ANJ’s 2024-2026 strategic plan to tackle several objectives in the country’s gambling market, which includes combating illegal gambling.
It also follows a 2023 study conducted by the PWC for the ANJ on illegal gambling in France, which noted that between three to four million people have gambled on illegal sites, with online casinos being the most popular.
Beginning in October, the “100% winner?” information campaign aims to raise awareness amongst the French public about online casinos being illegal in the country, as only online poker, online sports betting and online horse racing are regulated.
The campaign will also provide education on the dangers of illegal websites in order to help reduce risky behaviours and problem gambling.
22
Bally’s Corporation demolished Tropicana Las Vegas as part of a farewell display which included fireworks and a drone show, before concluding with a 22-second implosion of the resort.
Tropicana’s two 22-story towers were imploded to make way for the construction of a baseball ballpark and entertainment resort, part of a partnership that has been in place since May 2023 between Bally’s, Gaming and Leisure Properties and the MLB’s Oakland Athletics, who will be moving into the stadium.
Several figures connected to the Athletics and Bally’s were in attendance at the event, honouring Tropicana’s history and looking forward to its future.
This included Bally’s Chairman Soo Kim, Athletics owner John Fisher, Tropicana General Manager Arik Knowles, Las Vegas Convention and Visitors Authority President Steve Hill and Clark County Commissioner Jim Gibson.
“Bally’s is honoured to have been part of this historic moment, bidding farewell to the iconic Tropicana,” said Kim.
“As we celebrate its legacy, we look ahead to building a world-class entertainment resort, the future home of the Athletics, and cementing Las Vegas as the ultimate sports and entertainment capital.”
