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Adjusted EBITDA

Golden Entertainment Announces Q2 2021 Results

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Las Vegas-based gaming company Golden Entertainment has announced its financial results for the second quarter of 2021.

Blake Sartini, Chairman and CEO of Golden Entertainment, said: “Our second quarter operating results demonstrated improvement over our first quarter, as we generated record quarterly levels of revenue, net income and Adjusted EBITDA. These results highlight strong levels of visitation and spend at all of our properties, including The STRAT, combined with the margin improvement we have sustained over the last twelve months.

“During the quarter, we deployed cash generated from operations to repay over $50 million of outstanding debt obligations including $47 million of our term loan. After the quarter ended, we received a $60 million cash payment from Caesars Entertainment, Inc. (Caesars) related to their acquisition of William Hill and have the potential to receive up to an additional $15 million payment from Caesars depending on the sale value for William Hill’s UK business. We appreciate our longstanding relationship with William Hill and look forward to their continued operation of the sportsbooks in our Nevada casinos. After receiving the payment from Caesars, our pro forma LTM net leverage ratio is 3.8x and we expect to continue to reduce our leverage through the end of the year which will provide additional strategic flexibility and position us to return capital to our shareholders.”

Consolidated Results

The Company reported revenue of $292.5 million in the second quarter of 2021 compared to $76.0 million in Q2 2020. Net income for Q2 2021 was $103.0 million, or $3.26 per fully diluted share, compared to a net loss of $78.6 million, or a loss of $2.80 per share, in Q2 2020. Net income for Q2 2021 includes $60.0 million, or $0.53 per fully diluted share, in other non-operating income recognized from the Caesars payment received after quarter end. Adjusted EBITDA was $91.0 million for Q2 2021 compared to Adjusted EBITDA of ($5.5) million in Q2 2020.

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Casinos

Casino revenues were $170.8 million for Q2 2021 compared to $39.4 million in Q2 2020. Casino Adjusted EBITDA was $78.5 million compared to $1.9 million in Q2 2020. Total Casino Adjusted EBITDA margin was 46% for the second quarter of 2021.

Distributed Gaming

Distributed Gaming revenues for the second quarter of 2021 were $121.4 million compared to $36.3 million in Q2 2020. Distributed Gaming Adjusted EBITDA was $24.9 million compared to $0.9 million in Q2 2020. Total Distributed Gaming Adjusted EBITDA margin was 21% for the second quarter of 2021.

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Adjusted EBITDA

Codere Publishes Financial Results for the First Quarter of 2022

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Codere Online has released its financial results for the first quarter of 2022. The multinational gaming firm posted revenues of $304.8m which represents a recovery of 83% of total revenues before the pandemic hit.

The company cited the easing of restrictions across its operational markets, particularly in Argentina, Mexico, and Spain, for its economic recovery. The three aforementioned markets have noted a 92% of turnover recovery from pre-pandemic levels.

Furthermore, adjusted EBITDA has increased significantly to $50.5m, up 1291.4% from the $3.6m recorded in Q1 of 2021. The firm attributed this to all markets contributing positively but specifically Argentina, Mexico, and Spain.

Mexico contributed revenues of $51.8m, a 62% recovery on those made in Q1 of 2019 and 126% up on Q1 of 2021. Despite this, Codere noted that this was “somewhat below expectations” due to some restrictions and a downturn in the local economy.

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Argentina reached revenues of $76.0m, around 91% of what it achieved in Q1 of 2019 and around 93% up YoY. The company did detail that the market was “still affected internally by the usual macro variables of the country”.

Other Latin American performances saw Uruguay reach revenues of $14.5m, 24% more than in 2020; Panama saw revenues of $16.1m, recovering 81% of the income from before the pandemic; Colombian revenues were $5.2m, 43% above those achieved in Q1 of 2021 and, crucially, exceeding pre-pandemic levels of turnover.

Maintaining its forecasts for the end of the year, Codere outlined its expectations that it will recover 95-100% of its pre-pandemic income levels before the end of the year.

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Adjusted EBITDA

DraftKings Reports Revenue of $417M in Q1 2022

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DraftKings has reported revenue of $417m in Q1 2022, an increase of 34% compared to $312m during the same period in 2021.

Revenue for the company’s B2C segment grew to $404m, an increase of 44% compared to the three months ended 31 March 2021.

Adjusted EBITDA outperformed the midpoint of the guidance for the first quarter of 2022 previously provided by DraftKings during its fourth quarter earnings conference call on 18 February 2022 by more than 12%.

“DraftKings delivered significant growth across our key revenue and performance metrics,” said Jason Robins, DraftKings’ co-founder, CEO and chairman of the board.

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“We are not seeing any impact from inflationary pressures on customer demand and we continue to improve the user experience by adding breadth and depth to our DFS, mobile sports betting and igaming products.

“We are also improving our efficiency in acquiring and retaining customers and have a strong pipeline of new jurisdictions to enter.”

Jason Park, CFO of DraftKings, said: “We are pleased with our strong revenue and adjusted EBITDA performance in the first quarter, which was driven by healthy underlying customer behaviour and our ability to capture efficiencies.

“Therefore, we are increasing the midpoint of our fiscal year 2022 revenue guidance by $50m and improving the midpoint of our fiscal year 2022 adjusted EBITDA guidance by $75m.”

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Caesars Entertainment Reports 93% Increase in Q3 Revenue

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Caesars Entertainment has reported revenue of $2.7bn for the third quarter of 2021 (Q3 2021), a 93% increase from the prior-year period.

Las Vegas operations represented $1.01bn of the total revenue, with Regional representing $1.49bn. Caesars Digital amounted to $96m, with Managed and Branded and Corporate and Other representing $79m and $1m respectively.

The company reported a net loss of $233m compared to a net loss of $926m for the prior-year period, while Adjusted EBITDA was $882m versus $433m for the prior-year period.

Adjusted EBITDA excluding the group’s Caesars Digital segment was $1bn, versus $420m for the same period in 2020.

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Highlights within the period include the appointment of Sandra Douglass Morgan to the company’s Board of Directors, effective 7 November 2021, and the release of the group’s new Corporate Social Responsibility report, which included its Environment, Social and Governance update, and updated long-term targets.

Tom Reeg, CEO of Caesars Entertainment, said: “Our third quarter operating results reflect an all-time quarterly EBITDA record in our Las Vegas segment and a new third quarter EBITDA record for our regional segment.”

“We are encouraged by the early results from our rebranded Caesars Sportsbook launch and we are looking forward to launching additional states by year end and into 2022.”

Bret Yunker, CFO of Caesars Entertainment, said: “As of October 19th 2021, we have repaid a total of $975 million of traditional debt on a year to date basis. When combined with the repricing and issuance of lower cost debt during the third quarter, our pro forma interest expense has been reduced by approximately $75 million on an annual basis.

“We expect further debt reduction to come from strong operating cash flows and expected asset sale proceeds.”

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