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Full House Resorts Announces Second Quarter Results

Published

6 years ago

August 9, 2019

George Miller

Reading Time: 14 minutes

– Silver Slipper Casino & Hotel Continued Its Growth During the Quarter

– Construction Continues on Parking Garage at Bronco Billy’s Casino & Hotel

– Company Preparing for Sports Wagering in Indiana and Colorado

– Submitted Proposal for New Casino in Waukegan, Illinois

Full House Resorts, Inc. (Nasdaq: FLL) today announced results for the second quarter ended June 30, 2019.

On a consolidated basis, net revenues in the second quarter of 2019 increased 1.1% to $41.7 million from $41.2 million in the prior-year period. Net loss for the second quarter of 2019 was $1.0 million, or $(0.04) per diluted common share, compared to a net loss of $0.7 million, or $(0.02) per diluted common share, in the prior-year period. Net losses in both periods were affected by the accounting for the fair market value of outstanding warrants. Adjusted EBITDA^(a) in the 2019 second quarter was $4.3 million versus $4.4 million in the second quarter of 2018.

“Silver Slipper continued its recent growth during the second quarter of 2019, reflecting substantial physical improvements made over the past several years,” said Daniel R. Lee, President and Chief Executive Officer of Full House Resorts. “Most recently, in May 2019, we completed a significant renovation of the Silver Slipper’s casino and buffet. The visual impact of the renovated casino is meaningful, with our property looking better than it has at any time in its history. At our Northern Nevada properties, recent construction at the Fallon Naval Air Station seemed to result in fewer air groups visiting town. While the Navy doesn’t disclose such details, recent activity suggests that Naval visitor groups are both beginning to return to town and seem to be larger in size. Lastly, both our Bronco Billy’s and Rising Star properties recently underwent leadership changes, with a new general manager at Bronco Billy’s and several new key property directors at Rising Star. We believe these management changes, along with recent and prospective physical investments, will help achieve near-term growth at both properties.”

Financial results for the second quarter reflect operational improvements at Silver Slipper despite disruptions from the renovation of its casino and its buffet in May 2019, offset by disruption at Rising Star caused by the repaving of the main highway leading to the property. The results also reflect costs from management changes at both Rising Star and Bronco Billy’s, and the impact of the Christmas Casino in Cripple Creek. Specifically related to the Christmas Casino at Bronco Billy’s, the Company incurred additional lease payments for the new facility. During seasonally stronger quarters, such as the third quarter, the Company expects the Christmas Casino to be a net contributor to operating results.

“Both Rising Star and Bronco Billy’s are also preparing for the start of sports wagering in Indiana and potentially in Colorado,” continued Mr. Lee. “Sports wagering will launch on-site at Rising Star in the fall, followed by online sports wagering shortly thereafter throughout Indiana. Through our online sports wagering partners, anyone in the state — including those living in the populous areas around Indianapolis and Northwest Indiana — will be able to conveniently place sports wagers from anywhere in the state via the Internet. Given the positive impact of sports wagering at our Silver Slipper Casino in Mississippi over this past year, we expect sports wagering to have a significant impact at Rising Star. At Silver Slipper, for example, sports wagering directly contributed $443,000 to operating income for the first half of 2019. Silver Slipper has achieved these results despite the lack of online sports wagering. At Rising Star, we anticipate three online sports wagering partners, each offering an online website, in addition to an on-site sportsbook.

“We expect an equally significant impact from sports wagering at Bronco Billy’s in Colorado, where legislators recently approved sports wagering subject to statewide voter approval in November. Should voters approve it, Bronco Billy’s will also have an on-site sportsbook plus three online websites, as the new legislation allows for one mobile ‘skin’ (akin to a website) for each of the three gaming licenses that we hold in Colorado. We believe that sports wagering in Colorado could become available in the middle of next year.”

Concluded Mr. Lee, “We also continued construction on our parking garage at Bronco Billy’s. Most of our other major competitors in this market have their own parking garages. When we complete our garage, guests to our property will finally have easy, covered and direct access from our parking garage into the casino.”

Second Quarter 2019 Highlights and Subsequent Events

Net revenues at Silver Slipper Casino and Hotel grew 8.0% in the second quarter of 2019 to $18.9 million and Adjusted Property EBITDA rose 12.9% to $3.6 million. In May 2019, we completed a substantial renovation of Silver Slipper, including replacement of the casino’s carpet, as well as the wall coverings and seating areas throughout the buffet. Silver Slipper achieved growth during the second quarter despite temporary disruption from the renovation. Results in April and June were amongst the best months in the casino’s history. For the first half of 2019, Silver Slipper’s net revenues and Adjusted Property EBITDA rose 12.3% and 22.7%, respectively, over the prior-year period.
At Rising Star Casino Resort, net revenues declined for the second quarter of 2019 to $11.6 million from $12.5 million. Adjusted Property EBITDA of $0.6 million in the second quarter of 2019 compares to $0.8 million in the prior-year period. As mentioned last quarter, the Indiana Department of Transportation began repaving Highway 50, the key road leading to the property, frequently causing traffic delays. That road construction continued to adversely affect operations during the second quarter of 2019. To help offset this, the Company made its new ferry service free, beginning in May. The ferry service showed meaningful increases in usage during the quarter, as well as record usage in July 2019. For example, weekday usage of the ferry boat in July grew 69% versus June, and weekend traffic has increased 56% versus June. As a result of the increased ferry traffic, management has decided to continue to operate the ferry on a free basis, believing the increased traffic is more important to the casino than the ferry revenue.
Additionally regarding Rising Star, new gaming legislation became effective in Indiana in May 2019. This new legislation contained several items beneficial to Rising Star, including:
• The approval of sports wagering at Indiana casinos. We expect to open an on-site sportsbook at Rising Star in the fall, in conjunction with a partner with unique expertise in sportsbook operations.

• The approval of three mobile “skins” for each casino license. In addition to an on-site sportsbook, the new legislation allows for three mobile “skins” (the industry term for website) for each casino license in the state. Effectively, these “skins” will allow Rising Star to partner with three website brands for online sports wagering via the Internet, regardless of location within the state. Online gaming must be paired with a physical casino, even though customers do not have to be physically in that casino to place a bet. Online sports wagering is expected to go live in Indiana within the next few months.

• The reduction of certain gaming taxes. The new gaming legislation approved a reduction in certain gaming taxes for casino operators in the state, including Rising Star, beginning on July 1, 2021.

• A potential new casino located in Terre Haute. The gaming legislation called for a competitive process for a new casino in Terre Haute, pending local voter approval. Such casino should have little or no impact on Rising Star and the Company is evaluating whether to pursue the potential expansion opportunity.
At Bronco Billy’s Casino and Hotel, net revenues for the second quarter of 2019 grew 1.2% to $6.9 million from $6.8 million. Adjusted Property EBITDA was $0.9 million and $1.3 million for the second quarters of 2019 and 2018, respectively. Operating expenses increased primarily due to additional costs related to operating the Christmas Casino & Inn, as well as transition costs related to management changes at the property. Operating results also reflect increased marketing activities and an increase to the state’s minimum wage that went into effect on January 1, 2019.
As mentioned above, the Company is preparing for the launch of sports wagering at Colorado’s casinos. During the second quarter, legislators in Colorado approved sports wagering, subject to statewide voter approval. In addition to on-site sports wagering, the new gaming legislation also allows Internet sports wagering via one mobile “skin” per casino license. In Colorado, the Company has three casino licenses, the maximum allowed for a single company operating in the state. Accordingly, assuming voters approve sports wagering in the November election, the Company expects to partner on three Internet sports wagering sites in Colorado, in addition to an on-site sportsbook, with operations beginning in mid-2020.
The Company also recently began construction of its new parking garage at Bronco Billy’s, the major component of the property’s Phase One expansion. Phase One includes significant utility relocations; a back-of-house service building, located between the garage and the casino; and pedestrian entrances directly from the garage into the casino. The Company expects to complete the parking garage and related structures in the first half of 2020. Additionally, the Company continues to finalize its plans for the significant Phase Two expansion at Bronco Billy’s. Phase Two is expected to include a new luxury hotel tower, spa, convention and entertainment center, two new restaurants, and a significant upgrade to the Bronco Billy’s casino. Both the new parking garage and the Phase Two expansion will integrate seamlessly with the existing casino. The Company has the funding in place for completion of Phase One and is evaluating its funding alternatives for Phase Two. For renderings of the proposed expansion, as well as a presentation discussing the Company’s analysis of the Cripple Creek market, please visit the investor section of www.fullhouseresorts.com and click on “News and Events/Presentations.”
The Northern Nevada segment consists of the Grand Lodge and Stockman’s casinos. Combined, Northern Nevada net revenues were $4.3 million and $4.4 million for the second quarters of 2019 and 2018, respectively. Adjusted Property EBITDA for the Northern Nevada segment was $417,000 and $473,000 for the same periods, respectively. Grand Lodge Casino had a lingering heavy snowpack that impeded spring and early summer activities at Lake Tahoe. At Stockman’s Casino, visitor activity at the nearby military base appeared to be below prior-year levels, though improving as the quarter progressed.
On August 5, 2019, the Company submitted a proposal to construct and operate American Place, a new casino and resort destination in Waukegan, Illinois, approximately 35 miles north of downtown Chicago. This proposal was in response to a “Request for Qualifications and Proposals” published by the City of Waukegan to select a preferred operator per the recent legislation expanding gaming in Illinois. If selected, Full House intends to build a casino with approximately 1,500 slot machines, 60 table games, and a very high-end boutique hotel. For further information about American Place, please visit www.americanplace.us.
The Company maintains a Facebook page to provide work-in-progress photos to investors of our various growth projects and other activities. To access that Facebook page, please visit www.facebook.com/FHResorts.

Liquidity and Capital Resources
As of June 30, 2019, the Company had $23.9 million in cash and $108.5 million in outstanding senior secured notes. These amounts reflect $10.0 million of additional senior secured notes that the Company issued to its existing lenders in May 2019.

Conference Call Information
The Company will host a conference call for investors today, August 8, 2019, at 4:30 p.m. ET (1:30 p.m. PT) to discuss its 2019 second quarter results. Investors can access the live audio webcast from the Company’s website at www.fullhouseresorts.com under the investor relations section. The conference call can also be accessed by dialing (800) 458-4148 or, for international callers, (323) 794-2597.

A replay of the conference call will be available shortly after the conclusion of the call through August 22, 2019. To access the replay, please visit www.fullhouseresorts.com. Investors can also access the replay by dialing (844) 512-2921 or, for international callers, (412) 317-6671 and using the passcode 9175680.

(a) Reconciliation of Non-GAAP Financial Measure
The Company utilizes Adjusted Property EBITDA as the measure of segment profit in assessing performance and allocating resources at the reportable segment level. Adjusted Property EBITDA is defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening expenses, impairment charges, asset write-offs, recoveries, gain (loss) from asset disposals, project development and acquisition costs, non-cash share-based compensation expense, and corporate-related costs and expenses that are not allocated to each property. The Company also utilizes Adjusted EBITDA, which is defined as Adjusted Property EBITDA net of corporate-related costs and expenses.

Although Adjusted Property EBITDA and Adjusted EBITDA are not measures of performance or liquidity calculated in accordance with generally accepted accounting principles (“GAAP”), the Company believes these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity. The Company utilizes these metrics or measures internally to focus management on year-over-year changes in core operating performance, which it considers its ordinary, ongoing and customary operations and which it believes is useful information to investors. Accordingly, management excludes certain items when analyzing core operating performance, such as the items mentioned above, that management believes are not reflective of ordinary, ongoing and customary operations. A version of Adjusted EBITDA (known as Consolidated EBITDA, as defined in the indenture governing the Company’s senior secured notes) is also used to determine compliance with certain covenants.

In addition, because Adjusted EBITDA is not calculated in accordance with GAAP, it may not necessarily be comparable to similarly titled measures employed by other companies. A reconciliation of Adjusted EBITDA is presented below. However, you should not consider this measure in isolation or as a substitute for operating income, cash flows from operating activities, or any other measure for determining our operating performance or liquidity that is calculated in accordance with GAAP. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that, in the future, we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

FULL HOUSE RESORTS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data)
	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Revenues
Casino	$	28,450		$	28,632		$	56,748		$	55,602
Food and beverage	8,863			8,783			17,521			16,722
Hotel	3,051			2,582			5,766			4,865
Other operations	1,299			1,230			2,122			1,969
Net revenues	41,663			41,227			82,157			79,158
Operating costs and expenses
Casino	11,592			11,282			23,377			22,366
Food and beverage	9,449			9,757			18,818			18,883
Hotel	2,379			2,652			4,799			5,139
Other operations	1,072			834			1,841			1,348
Selling, general and administrative	13,027			12,462			25,687			24,424
Project development and acquisition costs	142			130			275			167
Depreciation and amortization	2,083			2,038			4,174			4,206
(Gain) loss on sale or disposal of assets, net	(4		)	69			(5		)	79
	39,740			39,224			78,966			76,612
Operating income	1,923			2,003			3,191			2,546
Other (expense) income
Interest expense, net of capitalized interest	(2,931		)	(2,466		)	(5,634		)	(5,006		)
Loss on extinguishment of debt	—			—			—			(2,673		)
Adjustment to fair value of warrants	141			(80		)	101			423
	(2,790		)	(2,546		)	(5,533		)	(7,256		)
Loss before income taxes	(867		)	(543		)	(2,342		)	(4,710		)
Provision for income taxes	143			118			285			237
Net loss	$	(1,010	)	$	(661	)	$	(2,627	)	$	(4,947	)

Basic loss per share	$	(0.04	)	$	(0.02	)	$	(0.10	)	$	(0.20	)
Diluted loss per share	$	(0.04	)	$	(0.02	)	$	(0.10	)	$	(0.21	)

Full House Resorts, Inc.
Supplemental Information
Segment Revenues and Adjusted Property EBITDA
(In Thousands, Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
Net Revenues
Silver Slipper Casino and Hotel	$	18,892		$	17,492		$	38,174		$	34,001
Rising Star Casino Resort	11,598			12,528			22,465			23,755
Bronco Billy’s Casino and Hotel	6,877			6,795			13,317			13,037
Northern Nevada Casinos	4,296			4,412			8,201			8,365
	$	41,663		$	41,227		$	82,157		$	79,158

Adjusted Property EBITDA⁽¹⁾ and Adjusted EBITDA
Silver Slipper Casino and Hotel	$	3,594		$	3,183		$	7,440		$	6,066
Rising Star Casino Resort	604			776			1,007			1,269
Bronco Billy’s Casino and Hotel	876			1,256			1,491			1,961
Northern Nevada Casinos	417			473			408			460
Adjusted Property EBITDA	5,491			5,688			10,346			9,756
Corporate	(1,240		)	(1,273		)	(2,518		)	(2,351		)
Adjusted EBITDA	$	4,251		$	4,415		$	7,828		$	7,405

(1) The Company utilizes Adjusted Property EBITDA as the measure of segment operating profit in assessing performance and allocating resources at the reportable segment level.

Full House Resorts, Inc.
Supplemental Information
Reconciliation of Net Income (Loss) and Operating Income (Loss) to Adjusted EBITDA
(In Thousands, Unaudited)

*(In thousands)*	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Net loss	$	(1,010	)	$	(661	)	$	(2,627	)	$	(4,947	)
Provision for income taxes	143			118			285			237
Interest expense, net of amounts capitalized	2,931			2,466			5,634			5,006
Loss on extinguishment of debt	—			—			—			2,673
Adjustment to fair value of warrants	(141		)	80			(101		)	(423		)
Operating income	1,923			2,003			3,191			2,546
Project development and acquisition costs	142			130			275			167
Depreciation and amortization	2,083			2,038			4,174			4,206
(Gain) loss on sale or disposal of assets, net	(4		)	69			(5		)	79
Stock-based compensation	107			175			193			407
Adjusted EBITDA	$	4,251		$	4,415		$	7,828		$	7,405

Full House Resorts, Inc.
Supplemental Information
Reconciliation of Operating Income (Loss) to Adjusted Property EBITDA and Adjusted EBITDA
(In Thousands, Unaudited)

Three Months Ended June 30, 2019
	Operating Income (Loss)			Depreciation and Amortization		Gain on Sale of Assets			Project Development and Acquisition Costs		Share-Based Compensation		Adjusted Property EBITDA and Adjusted EBITDA
Casino properties
Silver Slipper Casino and Hotel	$	2,725		$	869	$	—		$	—	$	—	$	3,594
Rising Star Casino Resort	11			593		—			—		—		604
Bronco Billy’s Casino and Hotel	446			434		(4		)	—		—		876
Northern Nevada Casinos	268			149		—			—		—		417
	3,450			2,045		(4		)	—		—		5,491
Other operations
Corporate	(1,527		)	38		—			142		107		(1,240		)
	$	1,923		$	2,083	$	(4	)	$	142	$	107	$	4,251

Three Months Ended June 30, 2018
	Operating Income (Loss)			Depreciation and Amortization		Loss on Disposal of Assets		Project Development and Acquisition Costs		Share-Based Compensation		Adjusted Property EBITDA and Adjusted EBITDA
Casino properties
Silver Slipper Casino and Hotel	$	2,372		$	811	$	—	$	—	$	—	$	3,183
Rising Star Casino Resort	172			603		1		—		—		776
Bronco Billy’s Casino and Hotel	811			377		68		—		—		1,256
Northern Nevada Casinos	265			208		—		—		—		473
	3,620			1,999		69		—		—		5,688
Other operations
Corporate	(1,617		)	39		—		130		175		(1,273		)
	$	2,003		$	2,038	$	69	$	130	$	175	$	4,415

Full House Resorts, Inc.
Supplemental Information
Reconciliation of Operating Income (Loss) to Adjusted Property EBITDA and Adjusted EBITDA
(In Thousands, Unaudited)

Six Months Ended June 30, 2019
	Operating Income (Loss)			Depreciation and Amortization		Gain on Sale of Assets			Project Development and Acquisition Costs		Share-Based Compensation		Adjusted Property EBITDA and Adjusted EBITDA
Casino properties
Silver Slipper Casino and Hotel	$	5,725		$	1,716	$	(1	)	$	—	$	—	$	7,440
Rising Star Casino Resort	(192		)	1,199		—			—		—		1,007
Bronco Billy’s Casino and Hotel	614			881		(4		)	—		—		1,491
Northern Nevada Casinos	106			302		—			—		—		408
	6,253			4,098		(5		)	—		—		10,346
Other operations
Corporate	(3,062		)	76		—			275		193		(2,518		)
	$	3,191		$	4,174	$	(5	)	$	275	$	193	$	7,828

Six Months Ended June 30, 2018
	Operating Income (Loss)			Depreciation and Amortization		Loss on Disposal of Assets		Project Development and Acquisition Costs		Share-Based Compensation		Adjusted Property EBITDA and Adjusted EBITDA
Casino properties
Silver Slipper Casino and Hotel	$	4,434		$	1,631	$	1	$	—	$	—	$	6,066
Rising Star Casino Resort	28			1,232		9		—		—		1,269
Bronco Billy’s Casino and Hotel	1,043			849		69		—		—		1,961
Northern Nevada Casinos	44			416		—		—		—		460
	5,549			4,128		79		—		—		9,756
Other operations
Corporate	(3,003		)	78		—		167		407		(2,351		)
	$	2,546		$	4,206	$	79	$	167	$	407	$	7,405

Forward-looking Statements
This press release contains statements by Full House and its officers that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Some forward-looking statements in this press release include those regarding our operating trends and expected results of operations; our future growth prospects; the impact of our finished projects and renovations on our results of operations; our proposed expansion of Bronco Billy’s and expected returns from that project; our construction budgets, time lines, and disruption expectations; expectations regarding our proposal to construct and operate a casino development in Waukegan, Illinois; expectations regarding the approval, timing and financial impact of legalized sports betting in Indiana and Colorado; expectations regarding sports betting partners; the likelihood and potential effects of legislative changes in Indiana; expectations regarding the number of visitors to a military base near Stockman’s Casino and the financial impact thereof; and expectations regarding management changes at Bronco Billy’s and Rising Star. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the control of Full House. Such risks include, without limitation, changes in the Company’s business strategies, interest rate risks, the failure to obtain and/or maintain regulatory approvals (including in Colorado, Indiana, Nevada and Mississippi), the ability to obtain financing upon reasonable terms (including for projects such as the Bronco Billy’s expansion), the potential increase in Full House’s indebtedness due to the expansion of Bronco Billy’s, construction risks, dependence on existing management, competition, uncertainties over the development and success of our acquisition and expansion projects, the financial performance of our finished projects and renovations, effectiveness of expense and operating efficiencies, general macroeconomic conditions, regulatory and business conditions in the gaming industry (including the future allowance of live table games at Indiana’s racinos, or the possible authorization or expansion of gaming in nearby states), the ability to execute sports betting agreements with operating partners on reasonable terms, and the potential for Colorado voters to not approve sports betting throughout the state. Additional information concerning potential factors that could affect Full House’s financial condition and results of operations is included in the reports Full House files with the Securities and Exchange Commission, including, but not limited to, its Form 10-K for the most recently ended fiscal year and the Company’s other periodic reports filed with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise. Actual results may differ materially from those indicated in the forward-looking statements.

Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Full House Resorts Announces Second Quarter Results

Related Topics:gambling industry in Europe

George Miller

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Here are this weeks latest slots releases compiled by European Gaming

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The post Week 29/2025 slot games releases appeared first on European Gaming Industry News.

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International stars of the football world are coming together in Lisbon this September for the Legends Charity Game in order to raise funds for communities suffering from the effects of war and local tensions around the world.

Timed to coincide with the SBC Summit in Lisbon, the Legends Charity Game on Monday 15 September is a highly anticipated match between Portugal Legends vs. World Legends, featuring some of the biggest names in the history of football. The Legends will compete in front of 60,000 Fans, and in front of millions of people that will watch the game online / on TV.

With strong support from the Portuguese Football Federation (FPF), the match will see Portuguese legends playing against footballing royalty from the Rest of the World in an event that aims to raise over €1,000,000 for selected charities in the support of communities and families experiencing extreme hardship.

Luis Figo, who won trophies across Europe as well as the Ballon d’Or in 2000, will be captaining the Portugal Legends side. He comments: “It’s always a pleasure to come back to my country and play football, especially when wearing the national team colours! Hope to see a full stadium in my hometown Lisbon for this amazing Legends Charity Game and raise funds for important charity causes.”

Joining Figo from the triumphant Euro 2016 winning squad are Ricardo Quaresma, Eliseu and Ricardo Carvalho. Champions League winners Fábio Coentrão, Maniche, Hugo Almeida, Vitor Baia, José Bosingwa and Deco will also play on the night as well as other famous Portuguese legends include Beto, Jorge Andrade, Dani, Tiago Mendes, Hélder Postiga, Nuno Gomes and Simão. They will be managed by another Champions League winner – Costinha.

They will be facing stiff competition from the World Legends squad that includes legends such as: Peter Schmeichel (Denmark), Cafu (Brazil), Javier Zanetti (Argentina), Diego Lugano (Uruguay), Leonardo Bonucci (Italy), Gaizka Mendieta (Spain), Youri Djorkaeff (France), Christian Karambeu (France), Marek Hamsik (Slovakia), Giorgos Karagounis (Greece), Krassimir Balakov (Bulgaria), Gheorghe Hagi (Romania), Edwin van der Sar (Netherlands) Henrik Larsson (Sweden), Shota Arveladze (Georgia), Javier Saviola (Argentina), and Ronaldinho (Brazil).

The match will be played in front of 60,000 fans at either Estádio da Luz (Benfica Stadium) or José Alvalade Stadium (Sporting Lisbon Stadium), which will be part of a big and exciting reveal in August when the Champions League schedule is released.

The Legends Charity Game aims to raise over €1,000,000 for a number of good causes based both abroad and in Portugal as the Football Family aims to give back to the families of the world. Funds will be raised for both international and national charities who help families and communities in need.

One of the international organisations that The Legends Charity Game will be raising funds for is the Ukrainian Red Cross Society (URCS). Every day, the Ukrainian Red Cross teams provide evacuation support, psychosocial and first aid, provide essential humanitarian relief, support temporary shelters, help with housing restoration, and spread awareness about unexploded ordnance risks. Ukrainian Red Cross volunteers and staff work in all regions of the country to support those who need it most.

Maksym Dotsenko, Director General of the Ukrainian Red Cross, comments: “The war in Ukraine continues, and unfortunately, millions of people still need support every day. We have no right to stop. Initiatives like the Legends Charity Game are not just about the funds raised. They are about compassion, and the understanding that the world stands by us. They are about solidarity that transforms into real help for those going through the toughest times. We are grateful to everyone who takes part.”

The Lisbon-based Cáritas Portuguesa, which offers critical support to marginalised communities fighting issues such as poverty and inadequate emergency relief, is also a charitable partner for the Legends Charity Game.

SBC Founder & CEO Rasmus Sojmark explains: “We are taking our charitable endeavours up a notch this year with the spectacular football match in order to raise a lot of money for some very worthy causes. By tying the match in with the SBC Summit in Lisbon the same week, we have found a way for the communities around football and business to help other communities that are facing unimaginable hardships.”

Tickets are available to purchase via the official website www.legendscharitygame.com. See Tickets will handle ticket management of the event.

Sponsorships and Hospitality are still available in support of the event and the charities. Some of the sponsors already confirmed include iGP, Soft2Bet, Sportingtech, Vegas Legends, Spribe, SmartSoft and Alea.

Sport Global Charitable Foundation is a restricted fund under the auspices of Prism the Gift Fund (UK registered charity with charity number 1099682). All of the profits from the Legends Charity Game will support the Sport Global Charitable Foundation’s beneficiary charities across a range of causes including the Ukrainian Red Cross Society and Caritas Portugal.

The post Legends Charity Game in Lisbon to raise millions for charity appeared first on European Gaming Industry News.

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International Chess Day: How India’s ancient game is evolving into a rising force in esports

Published

5 hours ago

July 18, 2025

George Miller

Reading Time: 4 minutes

Few games can boast a history as rich and enduring as chess. Originating in ancient India as Chaturanga, chess has evolved over centuries into one of the world’s most popular and celebrated sports. For a game with roots tracing back nearly 1500 years, it is rare to find renewed relevance in the digital era, but chess has done exactly that. Today, it thrives not only as a timeless sport of intellect and strategy but also as a modern source of entertainment, with millions of active players, vibrant communities, and massive global viewership.

This transformation has been driven by the meteoric rise of online chess, especially during the 2020 lockdown, which acted as an unexpected catalyst. The global success of the Netflix series The Queen’s Gambit, combined with the rapid growth of chess streamers across platforms like Chess.com, Twitch, and YouTube, propelled the game into mainstream pop culture.

Tournament series like PogChamps, launched by Chess.com in 2020, introduced chess to millions by featuring popular streamers and celebrities, each mentored by elite Grandmasters. Adding to this momentum were leading streaming personalities like Levy Rozman, known as GothamChess, and the Botez sisters, Alexandra and Andrea, who have built massive followings on both Twitch and YouTube. The accessible, educational, and entertaining style of these streamers has made chess more engaging and relatable to younger audiences than ever before.

Since then, online chess has seen explosive growth. In 2024 alone, Chess.com recorded over 7.6 billion games played. The platform has surpassed 200 million registered users globally, with India contributing over 9 million monthly active players and adding an average of 550,000 new signups each month. Beyond gameplay, viewership numbers have soared, with chess amassing 925 million organic views this year, reflecting an incredible 640 percent year-on-year growth. With its easy-to-play format and accessibility anytime, anywhere, chess has cemented itself as a universal sport for the digital generation.

This digital success naturally extended into the competitive esports world. The chess esports revolution accelerated in 2020 when world-renowned Grandmasters such as Qiyu Zhou, Hikaru Nakamura, and Andrew Tang joined established esports organizations like Counter Logic Gaming, Team SoloMid (TSM), and Cloud9 respectively, blending the traditions of chess with the excitement of competitive gaming.

The momentum continued when the International Chess Federation (FIDE) and Chess.com included chess in the inaugural Olympic Esports Week in 2023 in Singapore. This evolution reached a landmark moment with chess officially becoming part of the prestigious Esports World Cup (EWC) 2025 in Riyadh, with Norwegian legend Magnus Carlsen serving as the tournament’s ambassador. Organized in partnership with Chess.com, this year’s EWC features a prize pool of $1.5 million (approximately INR 12.8 crore), bringing together the world’s top chess players to compete in the fast-paced 10+0 rapid format, while representing leading esports organizations from across the globe.

Indian chess is making its presence felt on this grand stage. Grandmaster Arjun Erigaisi, signed with global esports organization Gen.G, has already secured his place at EWC 2025 through the Champions Chess Tour. The final four spots will be decided through the Last Chance Qualifier from July 24 to 26, where top Indian players, including Grandmasters Nihal Sarin and Aravindh Chithambaram, will compete.

Both Nihal and Aravindh have joined S8UL, a global powerhouse in esports and gaming content to compete at EWC 2025. S8UL is the only Indian organization selected among the 40 elite global teams in the Esports World Cup Foundation’s (EWCF) Club Partner Program. The organisation has earned its place to compete among the world’s best in Apex Legends and EAFC, and will also be fighting for qualification in Tekken 8 through the Last Chance Qualifier, further expanding its presence across multiple esports titles.

“It’s incredible to watch chess evolve from a quiet, traditional sport into a bold, global movement. Being part of S8UL has introduced me to the world of esports and content creation, opening up new ways to connect with people. Today, chess isn’t just about strategy, it’s about storytelling, culture and community. I’m proud to be part of this exciting shift, as the game steps into a whole new era,” shares Nihal Sarin.

The chess esports revolution in India is also being championed by NODWIN Gaming, a leader in South Asia’s esports and gaming ecosystem. The company recently announced a strategic partnership with Chess.com and ChessBase India aimed at building the future of chess esports in the country. This collaboration has already delivered remarkable success, most notably with the exclusive streaming of the recent World Chess Championship, where India’s Gukesh Dommaraju defeated Ding Liren to become the World Chess Champion. The event garnered over 24 million views, with peak concurrent viewership reaching 200,000.

Akshat Rathee, Co-founder and Managing Director of NODWIN Gaming, says, “The rise of online chess shows how even the most traditional games can reinvent themselves in a digital-first world. Chess has always stood for intellect and discipline, but with streaming, new formats, and structured esports competitions, it’s now more accessible and entertaining than ever, especially for younger audiences.”

Over the years, NODWIN Gaming has consistently driven the mainstream growth of chess through innovative initiatives. The Chess Super League in 2021 brought together a unique mix of top international Grandmasters, leading Indian Grandmasters, International Masters, and promising junior players, offering fans a fresh, competitive, and entertaining viewing experience. Chess has also featured prominently at DreamHack Hyderabad, India’s largest gaming festival, further reinforcing its place within the broader gaming and esports ecosystem.

“At NODWIN, we’ve always focused on youth entertainment across gaming, esports, and digital culture. Chess fits right into that vision. We’re excited to keep reimagining how the game is experienced and to help it grow as a meaningful part of the broader digital entertainment ecosystem,” adds Akshat Rathee.

On the occasion of International Chess Day, it serves as a fitting reminder that chess has always been more than just a game in India. Its digital evolution has unlocked exciting new avenues for competition, community building, and content creation. The board may remain the same, but the game continues to evolve, inspiring new generations of players and fans in the digital era.

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