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Cherry’s first quarter 2018: Revenues and EBITDA better than anticipated

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Cherry AB’s first quarter 2018Reading Time: 2 minutes

Cherry AB (publ) – STO: CHER-B.ST – has made a preliminary assessment of the Group’s development in the first quarter of 2018. Revenues, as well as EBITDA, show a strong expansion and are expected to amount to approximately MSEK 675 and MSEK 188, respectively, to be compared with MSEK 541 and MSEK 83, respectively, in the corresponding period in the preceding year. EBITDA margin for the quarter is expected to amount to 28 percent (15).

The reason for the better than anticipated development is primarily attributed to a continued improvement within the business area Online Gaming. During the quarter, several brands in the business area enjoyed favorable market growth, which in combination with the ongoing focus on a more efficient organization of ComeOn operations, resulted in a better development than anticipated by the Cherry Management.

Further, the other business areas, mainly Game Development and Online Marketing, reported a good development, well in line with the anticipation for the first quarter of 2018.

The financial data is preliminary. Cherry will present its interim report for January–March 2018 on 3 May 2018.

For further information, please contact:

Anders Holmgren, CEO: +46 708 607 534, anders.holmgren@cherry.se
Christine Rankin, CFO: +46 76 539 94 92, christine.rankin@cherry.se
Anders Antonsson, IR & Communications, tel. +46 709 994 970, anders.antonsson@cherry.se

This information is information that Cherry AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above on 13 April 2018, at 7.35 p.m. CET.

CHERRY IN BRIEF:

Cherry is a Swedish innovating and fast-growing gaming company established in 1963. The business strategy is to create shareholder value by owning and developing fast growing and profitable businesses within the gaming and casino industry. Today, Cherry operates through five diversified business areas: Online Gaming, Game Development, Online Marketing, Gaming Technology, and Restaurant Casino. The objective is to grow organically in combination with strategic acquisitions of fast-growing companies. Cherry employs some 1,400 people and has about 6,700 shareholders. The company’s class B share is listed on the Nasdaq Stockholm exchange, Mid Cap segment. More information is available at www.cherry.se.


Source: European Gaming Media and Events

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Kansas Lottery posts positive revenue reports

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Kansas Lottery posts positive revenue reportsReading Time: 1 minute

The Kansas Lottery reported impressive figures for the fiscal year 2018. The results almost match the all-time combined transfer record for traditional lottery and casinos.

The state of Kansas received through the sale of traditional lottery games US$74.7 million in revenue. The four casinos with state-owned and state-operated gaming also totalled US$89 million in revenue. Combined, traditional lottery and casino revenue totalled US$163.7 million transferred to the State in Fiscal Year 2018, slightly below the record combined transfer of US$163.9 million in the fiscal year 2016, WIBW News reported.

Traditional lottery sales in FY18 were US$283.2 million, 4.3 per cent ahead of last year’s sales of US$271.4 million. “I’m grateful to our retailers, staff and players for the good year we’ve had,” said Kansas Lottery Executive Director Terry Presta, and added: “Instant tickets continue to grow as our biggest category. We are up in the two big multi-state jackpot games Powerball and Mega Millions, and sales show players are enjoying our new games, Lotto America and Lucky for Life.”

“While I’m very pleased with this year’s results, it’s next fiscal year that’s going to be the real game changer,” continued Presta. “The Kansas Lottery hopes to have vending machines in stores sometime next calendar year, and our new partner Scientific Games is providing us with a brand new state-of-the-art gaming system with incredibly fast terminals and a whole new central system that’s scheduled to go live at the end of this month. These changes will help create revenue next year and in years to come.”

 

Source: focusgn.com


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Three Casinos line up for Pennsylvania iGaming license

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Three Casinos line up for Pennsylvania iGaming licenseReading Time: 2 minutes

Three casinos – Parx Casino, Mount Airy and still-to-start Stadium Casino – have submitted their application for a Pennsylvania iGaming license.

Parx Casino Bensalem became the first land-based “Main Certificate” holder in the Keystone State to apply for a Pennsylvania iGaming license, according to a report by Jessica Welman of PlayPennsylvania.

Within hours, two other casinos – Mount Airy and the yet-to-be-built Stadium Casino – also submitted their applications to the Pennsylvania Gaming Control Board.

Welcome News for Pennsylvania Online Poker Players

Pennsylvania online poker players will be happy to learn that Parx Casino parent company Greenwood Gaming & Entertainment “wants all three interactive gaming licenses” (online slots, house-edge table games and poker) that are being made available by the state.

The total cost for the three licenses will be $10,000,000 USD.

Deadline to Receive Discounted Pennsylvania iGaming License is Sunday, July 15th.

There had been plenty of nerves from iGaming analysts and customers in the Keystone State leading up to this weekend, as land-based casinos held off until the last possible moment to apply.

Pennsylvania’s ginormous 54 per cent tax rate for online slots is a contentious issue with incoming operators who believe it will be hard for online businesses to turn a profit in PA.

There are also other issues dealing with PA Lottery games crossing over into the realm of slot machine mechanics, as well as doubts as to how consumers will perceive branding restrictions that mandate all iGaming services in the state be hosted on websites that clearly identify existing land-based Main Certificate Holders.

Pennsylvania brick & mortar casinos will still be eligible to apply for iGaming licenses following this Sunday, but will not receive a discounted rate of $10 million for all three licenses – and instead will have to pay $4 million for each.

Will Pennsylvania iGaming License Holders Begin Operations in 2018?

There has been much speculation as to whether real money online poker, slots and house-edge table games will be available to Pennsylvania residents and tourists before the end of the calendar year.

While this remains a distinct possibility, it will depend on how quickly the licenses from Parx, Mounty Airy, Stadium (and potentially other PA casinos) are approved by the PGCB.

Many poker players who already compete in regulated Nevada, New Jersey or Delaware games are also asking if Pennsylvania will eventually join the tri-state online poker compact that combines player pools in those three states.

 

Source: parttimepoker.com


Source: European Gaming Media Latest News

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William Hill makes a strong start in New Jersey

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William Hill makes a strong start in New JerseyReading Time: 2 minutes

William Hill has made a “great start” in New Jersey, as more than $16m (£12.2m/€13.8m) was wagered in sports betting during the first two weeks of its entry.

William Hill started out in New Jersey at Monmouth Park racetrack on June 14. The Borgata casino in Atlantic City went live on the same day while William Hill’s Ocean Resort sportsbook began trading on June 28.

Figures released by New Jersey’s Division of Gaming Enforcement show that a total of $16.4m was wagered between June 14 and the end of the month. Operators retained 8 per cent of the amount wagered, which would be around $1.2m.

Gross sports betting revenue was nearly $3.5m, with Monmouth Park bringing in $2.3m, the Ocean Resort contributing $193,000 in just three days of operations and the Borgata accruing $987,000.

William Hill US chief executive Joe Asher (pictured) said the figures show the “big appetite for legal sports betting” in the US.

“While it’s still early, we’re obviously off to a great start,” Asher said. “We always knew there was a big appetite for legal sports betting during the years of litigation, and now it is being proven.”

“We are proud to be creating new jobs in New Jersey and bringing excitement to our customers. We can’t wait until football season.”

Total gaming revenue in New Jersey increased by just over 7 per cent year-on-year to $233.6m, with sports betting aiding other gaming verticals according to Seeking Alpha’s Charles Schultz. “The extra traffic presumably helped in other gaming areas,” he said.

Meanwhile, two Ohio lawmakers are sponsoring a bill to legalise sports betting in the state.

Sean O’Brien told Cleveland.com he would like to have specifics in the bill by August or September. Ohio is the seventh largest US state by population with 11.5 million residents – three million more than New Jersey.

 

Source: igamingbusiness.com


Source: European Gaming Media Latest News

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