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New UNITE HERE Gaming report asks: “Who’s on the hook for the Palms?”

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UNITE HERE Gaming released a new report providing investors in Red Rock Resorts, Inc. with an assessment of the company’s ability to achieve a sufficient return on investment with its nearly finished $1 billion-plus Palms Casino Resort project. Investors should ask management to set clear markers: who will be held accountable if the post-renovation Palms doesn’t generate the kind of return of investment (ROI) management has projected? The new report is available here: “Who’s on the Hook for the Palms?”

“A conservative interpretation of guidance from Red Rock’s management puts the midpoint for expected ROI at 13% or $130 million annual EBITDA from the new Palms,” said Jason Kordosky of UNITE HERE Gaming Research. “Investors in Red Rock Resorts should hold the company to such projections by insisting on property-level financial breakout for Palms going forward. There should be some accountability if Red Rock Resorts management cannot make good on its word after spending a billion dollars on Palms.”

Red Rock Resorts paid $312.5 million to purchase the Palms in 2016 and is wrapping up a $690 million renovation of the 17-year-old property more than a mile west of the Las Vegas Strip. In quarterly earnings calls on November 7, 2017, February 28, 2018, and November 7, 2018, Red Rock Resorts management told investors they expected a “mid-teens” to “low-double digit” return on the investment at the Palms. UNITE HERE Gaming Research analysis of Palms finds that it will be a challenge for the post-renovation property to generate that level of EBITDA. UNITE HERE Gaming Research believes Palms is likely to earn $100 million in annual EBITDA should it achieve margins of 30% or $117 million at 35% margins.

UNITE HERE represents 270,000 hospitality workers in gaming, hotel, and food service industries in North America and provides analysis from the perspective of those who work in these industries.

 

Source: UNITE HERE


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: New UNITE HERE Gaming report asks: “Who’s on the hook for the Palms?”

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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Trailblazers recognised at ICE Barcelona as Landmark Award winners announced

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The 2025 edition of the ICE Landmark Awards, the initiative which celebrates milestone achievements and successes in international gaming, took place on the middle day of ICE Barcelona. Presented on the show floor during the world’s biggest ever gathering of gambling industry professionals, the Landmark Awards recognised watershed events, milestone achievements and contributions from a cross-section of progressive organisations and individuals.

Explaining the background to the Awards, Stuart Hunter, Managing Director of Clarion Gaming said:  “We felt that there was a place for a totally original Awards program which was accessible, open to everyone in the industry and which recognised a very significant milestone or achievement.

“The first edition of the Landmarks to be held in Barcelona represents a stellar line-up of winners all of whom have made a major contribution to the industry. I am delighted to confirm that the 2025 Landmark Award winners are: EvenBet Gaming (20th Anniversary); Win Systems Group(30th Anniversary); International Betting Integrity Association (20th Anniversary); Novomatic Group (45th Anniversary); Aristidis Tsikouras, CEO of GeWeTe (25-years of service with the MERKUR Group); Pieter Remmers, founder-chairman of Assissa G4 (35-years dedicated to responsible gambling); Tracy Cohen, director of marketing at TCSJOHNHUXLEY (30-years’ service to the industry) and Jan Jones Blackhurst, board member at Caesars Entertainment and CEO-in-residence at the International Gaming Institute, University of Nevada Las Vegas (Pioneering leadership in gaming, politics and philanthropy).

Reflecting on his Landmark, Pieter Remmers confirmed: “I’m very happy to receive this award. I’ve been in this business a very long time. When you look at my resumé, it seems like my career has been dedicated to responsible gambling, so it’s very gratifying to have my work recognised in this way.”

Jason Foley-Train, head of International Development at the International Betting Integrity Association added: “We’re delighted to receive this prestigious Landmark Award from Clarion Gaming. ICE is a cornerstone of the gaming industry, and it’s an honour to be recognised by an event with such a rich history and enduring impact.”

Since their introduction in 2019 over 50 individuals and organisations have been recognised with an ICE Landmark Award. Recipients have included the innovators, developers, entrepreneurs, pioneers and personalities who make the international gambling industry truly unique.

The post Trailblazers recognised at ICE Barcelona as Landmark Award winners announced appeared first on European Gaming Industry News.

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Fall in Love with Nature’s Greatest Romantics This Valentine’s Day at Springbok Casino and Claim 25 Free Spins

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This February, South Africa’s favourite online casino SpringbokCasino.co.za is offering all players 25 FREE Spins on the mouth-watering Sweet 16 slot to help you celebrate a Valentine’s Day like no other.
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“Each of these majestic animals has a special message to make your Valentine’s Day unforgettable. It’s the perfect way to spin your way to a lucky and love-filled Valentine’s Day. Don’t miss out —join us and discover how the wisdom of the Big 5 can add a bit of wild romance to your February 14th,” says Daniel Van Wyke, Springbok Casino Manager.

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The high-volatility Sweet 16 is an All Ways Pays game from Real Time Gaming, featuring a Grouped Wild on Reels 2, 3, 4, and 5. It introduces a unique mechanic where winning symbols morph after pays are awarded, with new symbols appearing in their place. These morphed symbols may trigger additional wins! The morphing continues with each win until no further winning combinations occur.

Springbok Casino provides customer service in English and Afrikaans, offering hundreds of slots and table games from Spin Logic, all played in rands. Games are playable on mobile devices or on your desktop as download or instant play.

The post Fall in Love with Nature’s Greatest Romantics This Valentine’s Day at Springbok Casino and Claim 25 Free Spins appeared first on European Gaming Industry News.

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NO TRUTH TO POGO REOPENING: PAGCOR WARNS AGAINST DISINFORMATION

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The Philippine Amusement and Gaming Corporation (PAGCOR) today warned the public against letters and text messages being circulated by unscrupulous parties saying that Philippine Offshore Gaming Operations or POGOs will again reopen.

“It has come to our attention that some people are enticing potential investors into paying huge amounts for supposed limited slots of POGO licenses, and saying POGOs will be supposedly operating directly under PAGCOR,” according to PAGCOR Chairman and CEO Alejandro H. Tengco.

There is absolutely no truth to this,” Mr. Tengco said. “POGOs remain banned, and there are no plans to bring them back, now or in the foreseeable future.”

“Should you get any text message or letter informing you that you can avail of a POGO slot, please report them immediately to PAGCOR or to the police and other law enforcement agencies because these are scammers who need to be stopped,” he said.

Mr. Tengco said the scammers are asking would-be investors for up to Php50 million supposedly for attorney’s fees, consultation and assessment to get a POGO slot.

“We reiterate: POGOs will not reopen during the term of President Ferdinand Marcos Jr. and PAGCOR is not entertaining, and will not entertain, any applications,” he added.

The post NO TRUTH TO POGO REOPENING: PAGCOR WARNS AGAINST DISINFORMATION appeared first on European Gaming Industry News.

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