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Casinos in Pennsylvania Can Now Return to Full Capacity

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Casinos in Pennsylvania Can Now Return to Full Capacity
Casinos in Pennsylvania Can Now Return to Full CapacityReading Time: 4 minutes

 

Memorial Day 2021 might be a big day for casinos in Pennsylvania. Operators within this jurisdiction were beset by the state’s orders issued on Memorial Day 2020.

The casinos were forced to shut down operations in a bid to contain the spread of the notorious coronavirus. However, according to statements made by Governor Wolf, the PA state government will be lifting all Covid-19 related restrictions apart from mask-wearing.

Governor Tom Wolf recently made a statement that PA casinos can resume 100% operations on Memorial Day. With the ban on restaurants and bars being lifted, the industry expects to witness a significant turnabout.

Review the map of Pennsylvania casinos found here. Then you could decide whether to promote the companies now that they’re back in business.

Philly Set to Review State Plan
After the Governor’s statement concerning the lift of Covid-19 bans in the state, Philadelphia Health Commissioner Thomas Farley didn’t confirm whether the City of Philadelphia would follow suit. But, according to him, the Commission will have to review the state plan before giving a green light.

These statements from Farley triggered a violent reaction from the City’s council members. The furious council members argued that they are counting on the Farley’s reopening the City because Live Casino Philadelphia and Rivers Casino Philadelphia are within the City’s boundaries. As such, they are bound by the Commission’s rules.

There Lacks Absolute Certainty
You will realize that the operative word in these statements is “can.” Following last year’s closure of casinos in Pennsylvania for a hundred days, the PA Gaming Board released Covid-19 protocols for reopening.

However, with Wolf allowing these casinos to resume 100% operation, it remains unclear what the operators will do in light of added safety and health measures the gaming board put in place.

With many residents getting vaccinated and brick-and-mortar casinos resuming operation at 100% capacity, they have already begun hiring personnel. Valley Forge Casino was the first to hold a job fair. Other casinos in Pennsylvania have followed suit, with most posting job advertisements on social media.

Pennsylvania Casino Revenue Plunged in 2020
In response to the Covid-19 pandemic, PA casinos witnessed a total of 1,500 closure days, about a third of the number of days they would have run normally cumulatively. With revenue from land-based casinos plummeting by about half, casino revenues in PA were bound to drop.

The State Gaming Control Board reported that fantasy sports operators and all the land-based casinos in the state generated a total of $2.65 billion last year, a significant (22%) drop from 2019’s year’s $3 billion collected from 12 casinos.

Land-Based Casinos Rebuild
At this point, it is worth noting that Pennsylvania is the second-largest gaming and gambling industry in the U.S after Nevada. The margin between these two states has grown wider since casinos in Nevada were legally allowed to offer full-scale iGaming services during the pandemic.

With the closure of brick-and-mortar wagering houses, gamblers turned to online casinos. These virtual casinos collected a gross iGaming revenue of slightly above half a billion dollars in 2020. However, since interactive iGaming platforms went live in mid-2019, there was no year-to-year comparison.

Wolf’s closure of brick-and-mortar casinos began in March last year, and gradual reopening commenced in June. By that time, the gaming revenue had dropped significantly. Table games and slots from developers like Relax Gaming generated a revenue of $1.86 billion last year. That was a 43% drop ($1.4 billion) from $3.26 billion gross gaming revenue recorded in 2019.

In light of the current developments, PA land-based casinos are getting ready to get back into business at full capacity. Pennsylvania National Gaming, the oldest operator in PA, will be launching two more venues, one in Morgantown and the other in York, later this year. According to the casino’s Q1 2021 report, it is currently experiencing high demand across the nationwide portfolio.

PA Residents Expected to Keep their Masks On
Wolf made it clear that lifting the bans did not mean that residents can return to the streets without wearing masks. Despite being vaccinated already, residents are expected to wear their mask when walking into land-based casinos.

The Governor says that he will lift the mandatory mask wearing order after 70% of the adults in the state has been vaccinated. According to the state Department of Health, about 50.1% of the adults had received at least one dose of the Covid-19 jab by May 6. In addition, 32.2% of the adults are fully vaccinated by taking a single dose of Johnson & Johnson or two Pfizer or Moderna vaccines doses.

The state department of health continues to make progress in the fight against Covid-19. With the evolving CDC guidance and more residents getting vaccinated, the state is committed to seeing its reopening efforts come to fruition.

However, the health agency is still calling upon Pennsylvanians to take all the necessary steps required to eradicate Covid-19, which means masking, social distancing, sanitizing, frequent hand washing and receiving vaccines.

Some Casinos are Enduring Better than Others
While not a single PA casino has managed to match pre-Covid revenue performance, the experience is different for each operator. In March, for instance, the statewide plunge in table and slots revenue from 2019 for casinos that had been in operation for at least two years was 21.5%, but Meadows went down 35.8%, Wind Creek 32,8%, and Mohegan Sun 13.9%.

McCraken and Frabbiele, two casinos on the opposite sides of Pennsylvania, both reported that part of their problems had to do with being in close proximity with other states that had adopted less restrictive measures. Meadows is also facing new competition from Live! Pittsburgh, a young but promising casino.

With the state allowing PA casinos to drop the 6-foot social distancing order and the resumption of full operation on May 31, operators within the state are filled with hope. According to state statistics, about 5,000 slot machines were not in operation as of March 2021 compared with March 2019.

The number of table game players had also been reduced from six to three. Casino executives suggest that cautious players be allowed to sit at a reserved table with three seats while others play on 6-player tables.
To surmise, PA casino operators need to be fully aware that the post-Covid world remains undefined.

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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DIVE INTO A FRUIT-FILLED ADVENTURE WITH SWEET SPLASH FROM BOLDPLAY

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Embark on a journey of fruity delight with Sweet Splash, the latest addition to Boldplay’s slot game line-up. Designed to quench players’ thirst for excitement, the game invites them to immerse themselves in a vibrant world bursting with juicy rewards.

Featuring a 5×3 reel layout and 243 ways to win, Sweet Splash promises an adventure like no other, where every spin holds the promise of fortune and excitement. With its captivating cartoon fruit characters and delightful graphics, players will be transported to a refreshing world of fruity fun from the moment they hit play.

Sweet Splash also boasts an array of bonus features to enhance the gameplay experience. The Scatter Splash feature awards players a multiplier of the total bet when 3 or more scatter symbols grace the reels, adding an extra layer of excitement to every spin. Additionally, the studio’s trademark Boldplay Spins™ takes gameplay to new heights, offering players a unique choice of special free spins triggered by consecutive wins.

Marcus Taylor, Head of Design at Boldplay, commented, “Sweet Splash is a fantastic example of our team’s creativity and dedication to delivering exceptional gaming experiences. With its vibrant visuals and exciting bonus features, we’re confident that players will be hooked from the very first spin.”

The post DIVE INTO A FRUIT-FILLED ADVENTURE WITH SWEET SPLASH FROM BOLDPLAY appeared first on European Gaming Industry News.

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Stake.com enjoys major growth surge during IPL after adding Indian rupees

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Stake has witnessed unprecedented levels of sports betting activity during the 2024 Indian Premier League (IPL).

The operator customised its global sportsbook for cricket-crazy customers this season by enabling deposits in Indian rupees (INR) for the very first time.

The Indian rupee is the latest of six fiat currencies available on the flagship Stake.com sportsbook, as well as 20 cryptocurrencies.

The currency integration was launched in tandem with a generous promo, which saw punters paid out as winners, even if their team went on to lose the match, as long as they managed to hit a six during the first four overs.

The only stipulation was that bets must have been placed in INR with a maximum payout of up to US$25.

This occurred during 30 of 48 selected IPL matches, or 63%, leading to handsome rewards for punters who took advantage of the offer.

The bets would have been settled as losses on any other platform, but instead resulted in an extra US$30m of winnings for Stake customers.

The promotion also served as a savvy customer acquisition strategy. More than 80% of users to have redeemed the offer were new to Stake as first time depositors.

“We are constantly striving to improve our product and want to make Stake easily accessible to as many players as possible,” said Stake’s director of commercial Jarrod Febbraio.

“With more than US$100m wagered this season alone, the IPL is soaring in popularity, and so is Stake.

“We wanted to spice things up for the 2024 season, and this promotion was perfect for our customers who don’t like cricket, they love it,” he added.

The IPL is the most popular cricket league in the world. The current season ends on Sunday 26 May.

The post Stake.com enjoys major growth surge during IPL after adding Indian rupees appeared first on European Gaming Industry News.

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AGS Enters Into Definitive Agreement To Be Acquired By Brightstar Capital Partners for Approximately $1.1 Billion

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PlayAGS, Incorporated (NYSE: AGS) (“AGS” or the “Company”), a global gaming supplier of high-performing slot, table, and interactive products, today announced that it has signed a definitive agreement to be acquired by affiliates of Brightstar Capital Partners (“Brightstar”), a middle market private equity firm focused on investing in industrial, manufacturing, and services businesses.

The Company’s Board of Directors has unanimously approved, and recommended that the Company’s stockholders approve, the agreement. AGS shareholders will receive $12.50 per share in cash. The per share purchase price represents a 41% premium to the Company’s volume-weighted average share price over the last 90 days and a 40% premium to AGS’ closing price on May 8, 2024.

AGS is a global company focused on creating a diverse mix of entertaining gaming experiences for every kind of player. Powered by high-performing slot products, an expansive table products portfolio, and highly rated online casino content, the Company believes it offers an unmatched value proposition for its casino partners.

“We are very pleased to reach this agreement, which we believe provides our stockholders with compelling, certain cash value. Joining forces with Brightstar represents an exciting new chapter for AGS and our mission to provide exceptional gaming solutions for our operator partners,” said David Lopez, CEO & President of AGS. “With Brightstar’s resources and strategic guidance, we believe AGS will be well-positioned to make targeted investments in R&D, top talent, operations, and industry-leading innovation, which should accelerate our global footprint.”

“We look forward to working with David and the AGS team to capitalize on opportunities by taking a long-term approach to creating value,” said Andrew Weinberg, Founder & CEO of Brightstar. “AGS has a strong pipeline of new products, and we believe the Company’s innovative approach to game development provides significant potential for continued growth.”

“We have been impressed by AGS’ award-winning products, differentiated culture, and outstanding reputation in this expanding industry,” said Roger Bulloch, Partner at Brightstar. “We trust that partnering with AGS and executing on our shared vision can accelerate the Company’s ability to create even greater value for its customers and players around the world.”

Macquarie Capital is serving as financial advisor and Cooley LLP is serving as legal counsel to AGS. Jefferies LLC is serving as lead financial advisor to Brightstar. Barclays and Citizens JMP Securities are also serving as financial advisors to Brightstar. Kirkland & Ellis LLP is serving as legal counsel to Brightstar.

First Quarter 2024 Financial Results

In light of the proposed transaction, AGS has canceled its previously announced conference call to discuss its first quarter 2024 financial results, which had been scheduled for Thursday, May 9, 2024, at 5:00 p.m. EDT. Additionally, AGS will not be issuing a quarterly earnings release. The Company expects to file its 10-Q for the quarter ended March 31, 2024 with the SEC later today.

Timing and Approvals

The proposed transaction, which is expected to close in the second half of 2025 is subject to customary closing conditions, including the receipt of regulatory approvals and approval by a majority of AGS stockholders. Upon completion of the transaction, AGS will become a privately held company and shares of AGS common stock will no longer be listed on any public market.

 

The post AGS Enters Into Definitive Agreement To Be Acquired By Brightstar Capital Partners for Approximately $1.1 Billion appeared first on European Gaming Industry News.

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