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Far East Consortium Announces Interim Results for 2018/19
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INTERIM RESULTS HIGHLIGHTS
- Strategic positioning to become a pre-eminent international real estate specialist with strong hospitality DNA targeting the “Asian Wallet” is yielding encouraging results.
- Recurring cashflow business demonstrated strong growth. Revenue from the Group’s recurring income business grew by 34.0% year-on-year. Hotel revenue amounted to HK$879 million in 1H FY2019, up 26.4%. Gaming operations started to make contribution to the Group following its acquisition of TWC.
- Core cash profit affected by lower property completion which was offset by strength of recurring cashflow businesses. Net profit attributable to shareholders of the Company and adjusted cash profit(i) were down to HK$616 million and HK$582 million respectively.
- HK$4.3 billion of presales recorded during the period hit a record high. Presale of residential properties remained robust with cumulative presales value of properties under development amounted to approximately HK$15.5 billion (HK$13.4 billion as at 31 March 2018), despite having realized revenue of HK$1.5 billion during 1H FY2019. The Group’s residential development pipeline was HK$48.3 billion in projected gross development value as at 30 September 2018.
- An interim dividend of HK$4.0 cents per share is declared. The Group intends to adopt a consistent dividend policy.
- Car park business growth comes from organic growth and regional diversification. During 1H FY2019, approximately 3,900 car park bays were added to the Group’s car park management portfolio, growing into approximately 461 car parks and 92,740 car parking bays.
- The recent expansion of the Group’s footprint into the gaming business through the acquisition of TWC, and the investment in QWB Project and The Star, will be another major growth driver of the Group’s business. The Star strategic alliance will generate synergistic benefits with the addition of potential new development pipeline.
- Strong and growing dividend contribution from The Star.
- Integration of TWC progressing smoothly following acquisition on 30 April 2018. Synergies are expected through integration with FEC hospitality operations. Revenue from TWC’s gaming operations during the period of HK$114 million represented five months’ contribution since the acquisition.
- Looking into 2H FY2019, a number of projects will be launched and completed in residential segment. Strong momentum remains in the hotel segment with full period contribution of TWC’s hotels. Portfolio continues growing in the car park segment. Synergies through strategic alliance with the Star and from TWC business will be extracted and full period contribution of TWC’s casinos will be expected.
- Continue to adopt diversified regional strategy and the “Asian Wallet” strategy, and to expand our development pipelines by allocating resources wisely. The Group has laid a solid foundation for growth and will continue to bring to its shareholders long-term growth and steady dividend income.
Far East Consortium International Limited (“FEC” or the “Group”; stock code: 35) is pleased to announce its unaudited consolidated results for the six months ended 30 September 2018 (“1H FY2019”).
The Company’s consolidated revenue for 1H FY2019 was approximately HK$3.0 billion, an increase of 6.8% as compared with the six months ended 30 September 2017 (“1H FY2018”), driven primarily by (i) organic growth in hotel revenue; (ii) additional contribution from Trans World Corporation (“TWC”); and (iii) growth in car park operations, which was offset by lower revenue from residential development. As the higher-than-usual gross margin from our Shanghai project was not repeated during 1H FY2019, gross profit (before depreciation of hotel and car park assets) came in at HK$1.4 billion, as compared to HK$1.6 billion for 1H FY2018.
Profit attributable to Shareholders and adjusted cash profit(i) were at HK$616 million and HK$582 million respectively for 1H FY2019, which showed a drop of 40.3% and 45.6% from HK$1,033 million and HK$1,071 million for 1H FY2018 respectively, as the gain on disposal of a hotel amounting to HK$320 million, and the exceptionally high gross margin achieved by our project in Shanghai in 1H FY2018 were not repeated in 1H 2019. Unfavourable market movements also resulted in mark-to-market loss of the Group’s investment securities of HK$117 million during 1H FY2019. This was partly offset by a one-off gain of similar amount arising from a bargain purchase of TWC. Excluding the mark-to-market loss and the gain on disposal of hotels, adjusted cash profit would have been HK$699 million for 1H FY2019 (1H FY2018: HK$747 million), with HK$333 million contributed by the Group’s recurring income business (including hotel operations, car park operations, gaming operations and property investment) (1H FY2018: HK$242 million). Earnings per share decreased by 41.7% to HK$0.268 during the period. Interim dividend for 1H FY2019 was maintained at HK4.0 cents per share (1H FY2018: HK4.0 cents per share). Net asset value per share for the Company as at 30 September 2018 was approximately HK$12.21.
In 1H FY2019, revenue from sales of properties amounted to approximately HK$1,466 million in 1H FY2019, down 11.4% as compared with 1H FY2018 owing to the completion timing of the projects in the Group’s pipeline. Gross profit of HK$595 million for 1H FY2019 was recorded, representing a 39.5% year-on-year drop as revenue recognized during 1H FY2018 were primarily for our Shanghai project which had a higher-than-usual gross profit margin compared to the Group’s projects elsewhere.
Total attributable cumulative presales value of the Group’s residential properties under development amounted to approximately HK$15.5 billion as at 30 September 2018 (excluding the presale value of Artra in Singapore accounted for on a percentage of completion basis). Such presales proceeds are not reflected in the Group’s consolidated income statement until the point in time when the relevant projects are completed. During 1H FY2019, the Group launched presales of four of its residential development projects, namely (i) The Garrison in Hong Kong; (ii) West Side Place (Tower 3) in Melbourne; (iii) Royal Riverside (Tower 5) in Guangzhou; and (iv) Hornsey Town Hall in London. Total expected attributable gross development value (“GDV”) and attributable saleable floor area of these four development projects are approximately HK$5.2 billion and 933,000 sq. ft. respectively. As at 30 September 2018, expected attributable saleable floor area of the Group’s active residential property development projects under various stages of development across the regions was approximately 8.2 million sq. ft.. A current development pipeline of HK$48.3 billion provides clear visibility of the Group’s future profitability.
Revenue from hotel operations and management amounted to approximately HK$879 million in 1H FY2019, an improvement of 26.4% as compared to 1H FY2018. Hotel market, particularly in Hong Kong, continued its strong growth, while the addition of the newly opened Dorsett City in London (fully operational in February 2018) and the hotels under TWC (the “TWC Hotel Group”) also contributed to the Group’s hotel revenue during 1H FY2019. Despite the additions of TWC Hotel Group which has lower-than-average gross profit margin, gross profit margin for the Group’s hotel operations (before depreciation and amortisation) was maintained at 60.6% in 1H FY2019, compared to 61.5% in 1H FY2018. Gross profit margin of hotels under Dorsett Group expanded to 62.3% driven by better overall hotel average room rate and higher overall occupancy rate.
As at 30 September 2018, the Group owns 28 hotels (9 in Hong Kong, 6 in Malaysia, 4 in Mainland China, 1 in Singapore, 2 in London, 1 in Gold Coast, 3 in Germany, 1 in Austria and 1 in Czech Republic) with approximately 7,500 rooms, having added a combined 572 rooms to the Group’s portfolio through the acquisition of TWC in April 2018. The Group has 14 hotels in the development pipeline, of which two are Ritz Carlton hotels, one each in Melbourne and Perth, and four world-class hotels in the integrated resort of Queen’s Wharf Brisbane in which the Group has a 25% interest, with the remaining expected to be operated by Dorsett. When all the hotels in the pipeline become operational, the Group will own 42 hotels operating approximately 10,800 rooms. The Group also manages 4 other hotels (2 in Hong Kong and 2 in Malaysia) with approximately 880 rooms.
The car park business extends to both third party owned car parks and self-owned car parks and generates a stable recurring income for the Group. Revenue from car park operations and facilities management amounted to approximately HK$358 million in 1H FY2019, an increase of 7.4% as compared to 1H FY2018. Adjusted gross profit increased from HK$78 million for 1H FY2018 to HK$83 million for 1H FY2019, a 5.6% year-on-year growth, despite start up expenditures made in the UK and Hungary. During 1H FY2019, approximately 3,900 car park bays were added to the Group’s car park management portfolio, growing into approximately 461 car parks and 92,740 car parking bays. The Group had 89 contracts in relation to facilities management services as at 30 September 2018. The Group’s direction of allocating more capital to the car park operations and facilities management business ensures that this part of the Group’s business will not only grow organically as it has been for years, but also yield good returns through acquisitions of car park assets. It is expected that the car park operations and facilities management business will continue to offer longer-term potential land-banking opportunities to the Group.
1H FY2019 was the first period when the Group started to see contributions from its gaming operations, following the Group’s acquisition of TWC in April 2018, and the Group’s investment in The Star Entertainment Group (“The Star”) which started to generate dividend income. Total revenue from gaming operations was approximately HK$149 million during the period.
TWC owns and operates a portfolio of 3 casinos in Czech Republic. All the casinos of TWC operate under the registered brand “American Chance Casinos” featuring gaming tables and slot machines and are situated on the Czech borders with Germany and Austria catering to cross-border guests from these countries. With the Group’s implementation of the “Asian Wallet” strategy, the Group will endeavour to introduce Asian customers to TWC’s properties.
In March 2018, the Group entered into a strategic alliance agreement with The Star and Chow Tai Fook Group and took a 4.99% equity stake in The Star, one of the two major casino operators in Australia which has a dominant position in Sydney, Gold Coast and Brisbane. During 1H FY2019, revenue from the Group’s investment in The Star was HK$35 million which represented dividend receivable from The Star declared for the period.
The recent expansion of the Group’s footprint into the gaming business through the acquisition of TWC, and the investment in Queen’s Wharf Brisbane (“QWB”) Project and The Star, will be another major growth driver of the Group’s business. The Group is now in a unique position to extract value out of its various investments in this business through hotel and residential development in various locations.
The Group has a favourable liquidity position at approximately HK$7.3 billion and a net gearing ratio of 40.9%, reflecting the strength of the Group’s balance sheet. Together with the available undrawn credit facility of HK$8.6 billion and with abundant asset base which remains unencumbered, there is a significant war chest to support the growth of the Group.
Mr. David CHIU, Chairman of FEC said: “FEC strategic positioning to target the “Asia Wallet” is yielding good results. Our current land bank and pipeline projects provide good visibility for continuous development and lay a solid foundation for future growth. Meanwhile, our hotel operations are back onto its growth track, further enhancing our recurring cash flows for the years ahead. The car park portfolio will not only grow steadily as it has been for years, but also yield good returns. The recurring cashflow business is also supported by the Group’s recent acquisition of TWC and our investment in The Star. Despite the increasingly challenging environment in the future, we are confident about the outlook and prospects of the Group. We will continue to adopt diversified regional strategy and the ‘Asian Wallet’ strategy, and to expand our development pipelines by allocating resources wisely. We believe the Group has laid a solid foundation for growth and will continue to bring to its shareholders long-term growth and steady dividend income.”
Notes:
(i) Adjusted cash profit is calculated by adding depreciation and amortisation charges to, and subtracting fair value gain in investment properties and gain recognised on bargain purchase of Trans World Corporation from, net profit attributable to shareholders. The amounts are adjusted for minority interests.
(ii) Revaluation surplus on hotel assets of approximately HK$15,593 million was based on independent valuation carried out as at 31 March 2018 and was not recognised in the Company’s consolidated financial statements, but was adjusted for the calculations of net asset value per share and the net gearing ratio.
(iii) Net gearing ratio represents total bank loans, notes and bonds less investment securities, bank and cash balances divided by carrying amount of total equity and hotel revaluation surplus.
About Far East Consortium International Limited
Far East Consortium International Limited has been listed on the Hong Kong Stock Exchange since 1972 (HKEx stock code: 35.HK). The Group is mainly engaged in property development and investment, hotel operations and management, as well as car park operations and facilities management. The Group adopts diversified regional strategy and the “Asian Wallet” strategy with business covering Hong Kong, mainland China, Australia, New Zealand, Malaysia, Singapore, the United Kingdom and other European countries.
Source: Far East Consortium International Limited
Source: Latest News on European Gaming Media Network
Clarion Gaming has announced details of the ICE X World Gaming Gala, an exclusive invitation-only evening event being held on Sunday January 19th at the Museu Nacional d’Art de Catalunya.
The World Gaming Gala will mark the historic relocation of ICE and iGB Affiliate to the Catalan capital and will bring together 600 of the most influential figures from the global industry and the city of Barcelona for an evening of glamour, anticipation, and excitement. The ICE X World Gaming Gala will also incorporate the historical WRA event, traditionally held on ICE’s first day.
Clarion Gaming Managing Director Stuart Hunter believes the World Gaming Gala is the perfect way to begin what will be a week-long celebration encompassing all sectors of the international business.
He stated: “Our relocation to Barcelona is an historic event and we want to mark the occasion with a spectacular evening of hospitality and networking in the National Art Museum of Catalonia in Montjuïc Hill with its stunning views across our new host city.
“The ICE X World Gaming Gala is the flagship event taking place on what we are referring to as Day Zero which will feature a dynamic schedule of social events, cultural experiences, wellness activities, and business functions enabling visitors to network, connect and explore Barcelona ahead of both shows opening on 20 January.
“We have created a spectacular start to the week, paving the way for our visitors to experience ICE and iGB Affiliate Barcelona alongside the hundreds of events based throughout the city of Barcelona, the new home to the global gaming community.”
The post ICE X World Gaming Gala to open biggest ever celebration of the global industry appeared first on European Gaming Industry News.
Latest News
Rivalry Reports Third Quarter 2024 Results; Rivalry Token Momentum Leading Company’s Crypto-Native Future; Reveals Organizational Realignment, Major Product Revamp
Rivalry Token Captures $3.0 Million in Deferred Revenue; Company Executes Significant Organizational Realignment Throughout the Third Quarter to Reposition Product, Brand, and Team for Crypto Gambling Market; Delivers Substantial Reduction in Operational Expenses; Closes Second Tranche of Non-Brokered Private Placement for $1.0 Million
- As of today, the Company has completed the largest product, brand, and marketing overhaul in its history to support a global, crypto-first strategy and maximize wallet share of high value players (“HVP’s”).
- Average net revenue per user has hit all-time records, increasing by 51% as compared to the average of the trailing 2024 period, and by 70% as compared to the trailing three-year average since launching the initial set of new product features in October.
- Rivalry’s current run rate operating expenses are approximately 50% lower as compared to those in this Q3 2024 report. This is a result of its third quarter organizational realignment, and the associated cost savings now being nearly fully realized.
- Crypto-native strategy, led by Rivalry Token, is delivering strong results, with crypto wallet-connected customers generating 200% more revenue than baseline users and retention rates 30% above the average.
- Rivalry closes the second tranche of its previously announced financing for aggregate proceeds to date of $3.0 million, fortifying its balance sheet. The Company was pleased to see support from insiders, family and friends, and long-term shareholders, validating its meaningful organizational transformation executed throughout the third quarter.
- Third quarter betting handle of $79.9 million1.
- Adjusted Revenue of $6.0 million2.
Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for digital-first players, today announced financial results for the three- and nine-month periods ended September 30, 2024. All dollar figures are quoted in Canadian dollars.
“From the start of the third quarter through to the release of these results, we have undergone the most substantive evolution of our business since founding,” said Steven Salz, Co-Founder and CEO of Rivalry. “This work was done to better attune ourselves to an evolving online gambling market where cryptocurrency has become the global payment method of choice, and to align our offering with the experiential expectations of the players driving this industry-wide shift. These initiatives were set in motion during the second quarter alongside the announcement of Rivalry Token, and I’m proud to say we are emerging out the other side of this undertaking as a fundamentally leaner company, and better positioned for growth.”
“Over this period we have completely rebuilt every core element of our product, intentionally designed to service crypto-native users and high value players. We’ve also undergone a comprehensive rebrand, and significantly drawn down marketing spend associated with our prior strategy. Our native crypto token has developed materially, becoming more integrated with our VIP strategy and overall growth plan, allowing us to better scale in this category. On an organizational level, we reduced our headcount by 50% through two workforce rationalizations and adjusted our performance culture, resulting in a more robust and higher output organization, with measurable output climbing over 200%.”
“The immediate financial results of this high-conviction business evolution is that short-term net revenue is down, however we are beginning to go back on the offensive with a completely evolved product, brand, and marketing approach, as well as an operating footprint that presents a much smaller gap to profitability to close. Despite this transitional net revenue impact, we are already observing high signal from our work; in just the two short months since we began to deploy the initial set of crypto and HVP-targeted product releases, our average net revenue per user has hit all-time record levels, increasing by 51% as compared to the 2024 year-to-date average, and by 70% as compared to the trailing three-year average.”
Operational Update
“Earlier this week we finalized the most substantial product overhaul in Rivalry’s history, including a revamped registration flow, login, sportsbook, new crypto-first cashier, completely redesigned casino offering, and a comprehensive VIP rewards program,” Salz added. “We’re confident this entirely rebuilt product set, debuted alongside a more mature, digital-first rebrand, will accelerate Rivalry’s position as a global, crypto-native operator and enable us to capture a high-value player audience.”
“The breakneck pace in which this massive body of work was completed is a testament to the Rivalry team’s motivation to show our multi-year track record of growth and innovation is not just capable of delivering profitability, but also demonstrating market leadership. This will to win is backed by the confidence and conviction that these initiatives will enable us to execute our growth strategy with more torque, underpinned by an overall significantly reduced company cost basis.”
- Sportsbook Overhaul: Rivalry has completed a major overhaul of its sportsbook product, adding over 40 new sports, embedded live streams, match statistics and information, a simplified interface, and more to enhance the user experience.
- Casino Enhancements: Redesigned the casino experience to improve functionality, added a significant amount of new content, and released Casino Races, an interactive way for players to compete against one another and earn rewards based on their wagering activity, all of which builds on Rivalry’s fast-growing iGaming vertical.
- Crypto Payment Integrations: Introduced a crypto-first cashier for faster and more flexible deposit and withdrawal options, enhancing the global user payment experience and positioning Rivalry to gain greater crypto market share. In addition to crypto depositing, players can now also wager with digital currencies, an important offering that deepens the experience for users.
- VIP & Rewards Program Launch: Launched a new VIP program featuring cashback, free spins, monthly, weekly, and daily rewards to strengthen player retention and drive user activity, particularly among high-value players. This asymmetrically rewards larger play so Rivalry’s most loyal players have more reasons to play every day, driving HVP wallet share.
- CRM & Reactivation: Materially enhanced and rebuilt all customer relationship management flows based on deeper business intelligence to improve conversion and reactivate churned players.
- Optimized Registration Journey: Refined the registration journey to reduce friction and expedite user onboarding while remaining compliant.
- Strategic Rebrand: Rivalry has begun rolling out a strategic rebrand across its product and marketing channels to better target crypto gamblers and digital-first players, reinforcing product-market fit among this audience.
- Executive Salary Reduction: Rivalry’s Chief Technology Office Ryan White and Chief Operating Office Kevin Wimer have taken a voluntary 100% reduction in their salaries as of August and September, respectively, while Chief Executive Officer Steven Salz voluntarily reduced his salary by 100% as of October, and now by 50% as of November.
“As part of our broader cost-saving measures and motivation to reach profitability, Rivalry’s founders and executive leaders have all agreed to take a voluntary reduction in compensation,” Salz added. “It’s important that the leadership team share in the sacrifices we’ve asked of our team and shareholders in the near-term as we complete this top-to-bottom realignment and strategy shift which we can now build off of.”
NUTZ (Rivalry Token)
“Our native token continues to create a strong level of alignment with players and act as a cornerstone of our crypto-first and HVP strategy,” Salz added. “In six months, the pre-release of NUTZ, previously known as Rivalry Token, has demonstrated its ability to grow our crypto market share, attract higher-value players, enhance retention, and create long-term engagement loops across our offerings. NUTZ are now deeply connected with our newly released VIP program, together they offer a highly customer-centric experience that will continue establishing lasting player loyalty, increased wallet share, consistent betting activity, and generate higher average player revenue profiles.”
“NUTZ has delivered an additional $3.0 million in deferred revenue within the third quarter, which we see as a great signal of the token finding market-fit among the target audience and within our offering. We expect to generate additional token sales in the fourth quarter, and first quarter next year, with an anticipated launch in early 2025. We have an extensive roadmap ahead of launch, and shortly after, designed to maximize the value proposition of this product for existing users, acquire new customers, and generate revenue for Rivalry.”
- In Q3 2024, NUTZ drove an additional $3.0 million in deferred revenue3. Additional deferred revenue is expected to be accrued for the business throughout the remainder of the fourth quarter and into Q1 2025.
- On average, crypto wallet-connected players generated 200% more revenue than the average non-crypto player on Rivalry.
- Nearly one third of all HVP’s on Rivalry have connected their digital wallet and engaged in our pre-release NUTZ farming program, showcasing high crossover between VIP players and crypto offerings.
- Retention rates for customers opted in to earn NUTZ is 30% higher than non-opted in users.
- Rivalry will soon be releasing a Telegram-native product to generate more user acquisition and engagement for its NUTZ token.
Third Quarter 2024 Highlights
- Betting handle for Q3 2024 was $79.9 million, down modestly sequentially.
- Adjusted Revenue in Q3 2024, inclusive of $3.0 million in deferred revenue for NUTZ, was $6.0 million. Net Revenue was $3.0 million in Q3 2024. The nine months ended Net Revenue was $12.1 million, down 8% from the comparable period in 2023. This is primarily a result of a reduction in marketing spend, and an increasing mix of casino betting handle, which although more stable is lower margin than sportsbook. Additionally, a portion of the recorded marketing spend in the quarter were agreement exit costs, and did not drive player acquisition.
- Average net revenue per user has hit all-time records, increasing by 51% as compared to the average of the trailing 2024 period, and by 70% as compared to the trailing three-year average since launching the initial set of new product features in October.
- Rivalry’s current run rate operating expenses are approximately 50% lower as compared to those in this Q3 2024 report as a result of its third quarter organizational overhaul and the associated cost savings near fully realized. This cost structure is expected to support reaching a profitability inflection point.
- Casino accounted for 62% of betting handle and 40% of Net Revenue in the third quarter, up 14% and 2% year-over-year, respectively. Rising casino share is attributed to new content, exclusive games, and continued product development.
- Marketing spend was $2.0 million, down 30% year-over-year. Rivalry had scaled back marketing efforts in the second and third quarters amid its crypto strategy shift and is expected to restart in early December alongside its recently revamped product set and strategic rebrand.
- The Company had $2.1 million of cash as at September 30, 2024.4 Rivalry’s recently closed non-brokered private placement for aggregate gross proceeds of $3.0 million further supports balance sheet and shows endorsement from insiders and investors in strategic business realignment.
- The Company is updating its H2 2024 profitability guidance. “Our efforts in the third quarter have set the foundation for renewed growth, and while we expect near-term profitability, we are temporarily stepping back from providing specific guidance during this transitional period,” Salz added.
Second Non-Brokered Private Placement Closing
The Company also announces the second closing (the “Second Closing“) of its non-brokered private placement of units of the Company (“Units“), previously announced on November 26, 2024 (the “Offering“). Under the Second Closing, the Company issued 6,984,891 Units at a price of CDN$0.15 per Unit, for gross proceeds of approximately $1.05 million. The Company may complete one or more additional closings, for aggregate gross proceeds (together with the proceeds raised under the initial closing and Second Closing) of up to approximately USD $3.0 million. The Company intends to use the proceeds from the Offering for corporate development and general working capital purposes. The subordinate voting shares and warrants, and any securities issuable upon exercise thereof, are subject to a four-month statutory hold period, in accordance with applicable securities legislation. The Company has paid an aggregate of $4,174.98 in finder’s fees in connection with Second Closing.
Staff Stock Option Reprice
The Company also announces that it intends to amend the exercise price of certain previously granted options (the “Subject Options”) to purchase an aggregate of 1,600,828 subordinate voting shares of the Company (“Subordinate Voting Shares”) pursuant to the Company’s 2021 Equity Incentive Plan, as amended from time to time. The Subject Options have exercise prices ranging from $0.81 to $1.10 per Subordinate Voting Share. The Company intends to amend the exercise price of the Subject Options to $0.18 per Subordinate Voting Share. All other terms of the Subject Options will remain unamended. The amendments to the Subject Options are subject to the approval of the TSX Venture Exchange.
“Rivalry’s talent is the most critical determinant of our success. With the changes we have undergone through the third quarter, retaining talent is more critical than ever, and directly linked to ensuring Rivalry’s continued success,” said Salz. “We believe that these contemplated amendments maximize alignment, incentive, and motivation for the team.”
Board of Directors Change
The Company also announces that Kirstine Stewart has resigned as a director of the Company, to be effective December 20, 2024. The Company has identified several new independent director candidates to fill the vacancy to be created by Ms. Stewart’s resignation and expects to provide additional information once available.
“It has been a great pleasure serving on this board and being a part of the incredibly talented and dynamic team at Rivalry for the last three years,” said Kirstine Stewart. “I have utmost confidence that they will continue to redefine the online gambling category and remain a committed and enthusiastic shareholder in that future success.”
“I want to thank Kirstine for her tenure with us as a Director,” Salz said. “Her expertise over the years as we grew from our public listing until today was essential. As we make a strategic shift toward a global crypto-first approach, we will take this opportunity to add to our board and support this exciting new direction for the Company.”
Investor Conference Call
Management will host a conference call at 10:00 a.m. EDT on Friday, November 29, 2024 to discuss the Company’s third quarter 2024 financial results.
| Dial-in: | 1-800-717-1738 (toll free) or (+1) 289-514-5100 (local or international calls) |
| Webcast: | A live webcast can be accessed from the Events section of the Company’s website at rivalrycorp.com |
| A replay of the webcast will be archived on the Company’s website for one year. | |
Rivalry’s financial statements and management discussion and analysis for the period ended September 30, 2024 (the “Q3 2024 MD&A”) are available on SEDAR+ at sedarplus.ca, and on the Company’s website at rivalrycorp.com.
About Rivalry
Rivalry Corp. wholly owns and operates Rivalry Limited, a leading sport betting and media company offering fully regulated online wagering on esports, traditional sports, and casino for the digital generation. Based in Toronto, Rivalry operates a global team in more than 20 countries and growing. Rivalry Limited has held an Isle of Man license since 2018, considered one of the premier online gambling jurisdictions, as well as an internet gaming registration in Ontario, and is currently in the process of obtaining additional country licenses. With world class creative execution and brand positioning in online culture, a native crypto token, and demonstrated market leadership among digital-first users Rivalry is shaping the future of online gambling for a generation born on the internet.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Company Contact:
Steven Salz, Co-founder & CEO
[email protected]
Investor Contact:
[email protected]
Media Contact:
Cody Luongo, Head of Communications
[email protected]
203-947-1936
Non-IFRS Measures
Adjusted Revenue, as reported in this news release, is a non-IFRS financial measure that the Company uses to assess its operating performance. Adjusted Revenue is defined revenue, plus deferred revenue from the Company’s native crypto token NUTZ and which is expected to be realized by the Company as revenue upon the launch of NUTZ. This data is furnished to provide additional information and is a non-IFRS measure and does not have any standardized meaning prescribed by IFRS. The Company uses this non-IFRS measure to provide shareholders and others with supplemental measures of its operating performance. As other companies may calculate this non-IFRS measure differently than the Company, this metric may not be comparable to similarly titled measures reported by other companies.
Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking statements in this news release include, but are not limited to, statements in respect of the future profitability of the Company, the increase in net revenue per user subsequent to September 30, 2024, the launch of NUTZ and Rivalry’s crypto-first and HVP strategy and the potential impact thereof on the Company’s business prospects.
Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the esports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of esports and other betting products are not guaranteed; changes in public perception of the esports and online gambling industry; failure to retain or add customers; the Company having a limited operating history; negative cash flow from operations; operational risks; cybersecurity risks; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions. For additional risks, please see Q3 2024 MD&A under the heading “Risk Factors”, and other disclosure documents available on the Company’s SEDAR+ profile at sedarplus.ca.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
Financial Outlook
This news release contains a financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of the Company to provide an outlook for revenue derived from Rivalry’s native token NUTZ and expected to be realized upon the launch of NUTZ, and may not be appropriate for any other purpose. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed under the heading “Cautionary Note Regarding Forward-Looking Information and Statements”. The actual results of the Company’s operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. The Company and its management believe that the financial outlook has been prepared on a reasonable basis. However, because this information is highly subjective and subject to numerous risks, including the risks discussed under the heading “Cautionary Note Regarding Forward-Looking Information and Statements”, it should not be relied on as necessarily indicative of future results.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any applicable state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirements is available.
Source: Rivalry Corp.
The post Rivalry Reports Third Quarter 2024 Results; Rivalry Token Momentum Leading Company’s Crypto-Native Future; Reveals Organizational Realignment, Major Product Revamp appeared first on European Gaming Industry News.
Bingo Paradise, a leading name in the UK iGaming affiliate sector, has achieved its strongest quarterly performance in Q3 2024. This record-breaking period was fueled by a remarkable increase in first-time depositors (FTDs), highlighting the affiliate’s ability to deliver exceptional results in a competitive industry.
“Q3 2024 has been a standout quarter for Bingo Paradise,” said Tom Waite, Manager of Bingo Paradise. “Our success is thanks to the hard work of our small team of talented writers and the oversight of our dedicated compliance manager. Together, they ensure that we provide honest, transparent reviews and operate within the highest industry standards. This, combined with our marketing efforts, including SEO and negotiating exciting player offers with operators, has been key to sending substantially more FTD’s to the operators.”
Compared to Q3 2023, Bingo Paradise recorded an impressive 65.24% increase in FTDs. This achievement reflects the sites dedication to providing high-quality, player-focused content. The affiliate’s detailed reviews help users make informed choices, while its compliance manager ensures all materials meet industry standards, including the CAP Code guidelines.
A key factor driving growth has been Bingo Paradise’s ability to secure exclusive and valuable offers from UKGC-licensed operators. These offers have resonated strongly with players, ensuring high levels of engagement and trust. Working only with licensed operators reinforces the platform’s commitment to player security and fairness.
Bingo Paradise’s success also stems from its emphasis on long-term trust. Rather than focusing on short-term profits, the platform prioritises creating a sustainable, positive reputation within the iGaming sector. This approach has strengthened relationships with both players and operators, positioning Bingo Paradise as a reliable and ethical partner.
As Bingo Paradise celebrates its Q3 2024 achievements, it remains focused on maintaining its high standards and continuing to innovate in the ever-evolving iGaming market. With its proven strategies and dedication to excellence, the Meteor Marketing Ltd backed brand is poised for even greater success in the future.
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