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Entain Provides Update on Current Trading and FY23 Guidance

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Entain plc has provided an update on current trading and FY 2023 guidance, as well as plans to update shareholders on the progress of ongoing actions to accelerate operational performance and drive shareholder value.

Current Trading

Post the summer, Online Net Gaming Revenue (NGR) has been mixed across the Group, but in aggregate, softer than anticipated. Q3 Online NGR growth is now expected to be up high single-digit percent, and down high single digit percent on a proforma basis. Key drivers include:

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  • Adverse sporting results impacting sports margins during September
  • Group wide implementation of industry leading safer gambling measures and ongoing regulatory headwinds persisting longer than expected, particularly in the UK
  • Slower growth than expected in Australia and Italy
  • Good underlying Online growth (ex-regulatory impacts) as evidenced by further strong proforma growth in active customers across the quarter
  • Strong performance from recent acquisitions, particularly SuperSport in Croatia
  • Robust performance across Retail

BetMGM in the US continuing to perform well: on track to deliver positive EBITDA in the second half of 2023; FY2023 NGR at the upper end of $1.8-$2.0bn guidance; and the successful rollout of Single Account Single Wallet, as well as online sportsbook enhancements supporting strong start to the NFL season.

Entain now expect Group Online NGR for FY2023 to be up low double-digit percent with proforma NGR down low single digit percent. The company reiterate their expectations for FY2023 EBITDA to be in the range of £1.00bn-£1.05bn supported by robust operational controls.

Actions to Accelerate Operational Strategy and Performance

Over the last three years Entain has undergone a significant strategic transformation, improving the quality of earnings and aligning operations to ensure the Group is positioned as strongly as possible to deliver long term shareholder value.

Alongside the Q3 trading update on 2 November 2023, management will share more detail on how these actions are being implemented to accelerate performance and delivery, including:

  • A comprehensive market review focusing on long-term sustainable organic growth
  • The simplification of Group structures and operations to improve operational leverage and reduce costs
  • A plan for the migration of acquired businesses on to the Group’s industry leading technology platform
  • Optimising our capital allocation priorities
  • Progress on delivery of the Group’s Online EBITDA margin target of 30%

Jette Nygaard-Andersen, CEO of Entain, said: “We continue to see good underlying growth in our online business and are reiterating our EBITDA guidance for the year despite softer than expected revenue growth in Q3 and the ongoing roll-out of industry-leading safer gambling measures. We continue to attract more customers than ever before to enjoy our products and services. BetMGM remains on track to deliver positive EBITDA in H2 and a full year NGR performance at the top end of our expectations, and we are particularly excited about the product improvements that we are rolling out over the NFL season.

“We have made significant changes to the Group over the last three years. Our focus now is on accelerating the actions we are taking to drive sustainable organic growth, expand our margins, capitalise on the US opportunity and deliver long-term returns for our shareholders. We remain confident in our ability to deliver on the vast opportunities ahead of us, and look forward to sharing more detail about the changes that we are making alongside our Q3 trading update in November.”

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Melco’s Cyprus “Glow Your Way to Macao” Roadshow Promotes Macao’s Status as a Leading Leisure and Business Travel Destination to European and Arabian Markets

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With the aim of supporting the SAR government’s plans to promote international travel and boost tourism in Macao, on September 17, hosted the second in its series of “Glow Your Way to Macao” events, this time in Cyprus, to promote Macao’s status as a top travel leisure and business destination.

To appeal to travelers from European and Arabian countries, Melco invited approximately 150 guests from the government of the Republic of Cyprus, the Macao SAR government, travel agencies, business associations and media representatives from across Europe, the Gulf Cooperation Council (GCC) countries and Macao to the event hosted at City of Dreams Mediterranean. The roadshow introduced attendees to Macao’s diverse historical and cultural offerings and attractions, as well as Melco’s unparalleled and award-winning hotel, entertainment, dining and exhibition facilities.

Showcasing Melco’s steadfast commitment to promoting Macao as a global hub for both leisure and business travelers, Melco has set up sales offices to promote the city in Singapore, Hong Kong and the Philippines, and is currently in the process of setting up a sales office the Republic of Cyprus.

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Mr. Lawrence Ho, Chairman and CEO of Melco, said: “As a prominent integrated resort operator deeply rooted in Macao, we are thrilled to host our second ‘Glow Your Way to Macao’ event at City of Dreams Mediterranean. It serves as a testament to our support for the SAR government’s drive to attract further international travelers the city, and to expand Macao’s visitor sources in alignment with the “1+4” diversified development strategy. Being a study of contrasts — from its multicultural heritage to its culinary identity, Macao is a unique destination that truly never sleeps. We are thrilled to support the Macao government’s efforts to promote the city’s gastronomy, sporting events, culture, heritage and the creative arts as it continues to diversify and bloom. We are confident that Macao will grow to become an even more cherished and popular destination for travelers from Cyprus, the broader European and GCC market, as an exciting and remarkable city for visitors to immerse themselves in electrifying excitement.”

Mr. Andreas Gregoriou, Head of Presidency, Cyprus, said: “It is a great pleasure to welcome the Macao Authorities to Cyprus for this roadshow, showcasing Macao’s potential as a global destination for leisure and business travel. Cyprus, with its strategic location at the crossroads of Europe, Asia, and Africa, offers unparalleled access to markets in the wider Mediterranean, the Middle East, and beyond. As a member of the European Union, Cyprus serves as a gateway to one of the largest and most diverse economic zones in the world.”

Ms. Maria Helena de Senna Fernandes, Director of the Macao Government Tourism Office, said: “Macao and Cyprus have much in common and great room for cooperation in tourism and beyond. Helped by Melco Resorts & Entertainment’s City of Dreams Mediterranean and its Macao Sales Office in Cyprus, I believe that we can spark a long-lasting friendship and cooperation between our two destinations. We look forward to joining hands with Macao’s integrated resort enterprises to create more cooperation and jointly expand the international visitor source markets.”

Mr. Sam Lei, Director of Commerce and Investment Promotion Institute (IPIM) of Macao SAR, said: “As we strive to enhance Macao’s MICE development, it is great to see Melco continue to implement initiatives to promote the city and its MICE infrastructure to overseas markets, this time to audiences in Europe and the GCC. We will continue to leverage Macao’s unique advantages by collaborating with cross-sector stakeholders to attract more professional and international events, and make the ‘Golden Calling Card’ of Macao as an international metropolis shine brighter.”

The post Melco’s Cyprus “Glow Your Way to Macao” Roadshow Promotes Macao’s Status as a Leading Leisure and Business Travel Destination to European and Arabian Markets appeared first on European Gaming Industry News.

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Rossi McKee will Participate in Omnichannel Strategy Panel at SBC Summit 2024

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Rossi McKee, entrepreneur, co-founder of Telematic Interactive, CT Interactive and CT Gaming, will participate in the panel discussion at SBC Summit 2024 titled “Omnichannel Strategy for Enhanced Customer Experience”. The session will take place on Tuesday, September 24, 2024.

The discussion will address how businesses can leverage the latest technologies to ensure a seamless experience across online and offline platforms. McKee, alongside other panellists, will explore how lessons from online gaming, such as personalised marketing and advanced data analytics, can enhance land-based casino experiences. Panellists will also evaluate the current state of omnichannel implementation in the industry, considering whether businesses are fully capitalising on its potential to drive engagement and satisfaction.

Additionally, the conversation will cover how omnichannel strategies align with modern consumer expectations, aiming to provide a cohesive and exceptional customer experience.

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McKee’s extensive expertise in the gaming sector will provide valuable perspectives on navigating these complexities. Attendees can look forward to gaining actionable insights on creating a unified customer experience that bridges digital and physical touchpoints.

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Play’n GO Honoured at Corporate Star Awards Ceremony

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Play’n GO, the world’s leading casino entertainment provider, was honoured as a global leader in Environmental Social Governance (ESG) practices at the prestigious Corporate Star Awards held in Amsterdam. The company was the only iGaming company shortlisted at the ceremony, and was nominated for the Best ESG Report award, placing it among renowned organisations such as Globo, EVS and SONY Entertainment, who won the category overall.

The Corporate Star Awards are known for recognising excellence in corporate reporting and sustainability, and Play’n GO’s nomination for the Best ESG Report Award is testament to its commitment to transparency and responsible business practices.

Play’n GO’s ESG Report provides comprehensive insights into the company’s environmental initiatives, social impact and governance practices, and showcases Play’n GO’s commitment to reducing its carbon footprint, promoting diversity and inclusion, and maintaining high ethical standards throughout its operations.

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The Corporate Star Awards recognise organisations that go above and beyond in their commitment to ESG practices, setting a benchmark for corporate responsibility. Play’n GO’s inclusion among the shortlisted companies underscores its position as a global leader in the iGaming industry and its dedication to sustainable business practices.

Johan Törnqvist, CEO and co-founder of Play’n GO, said: “We are truly honoured to be recognized as a global ESG leader at the Corporate Star Awards. This nomination is a testament to our unwavering dedication to sustainability and responsible business practices. We believe that a strong ESG framework is essential for the long-term success of any organization, and we are proud to be at the forefront of this movement. We look forward to participating in next year’s awards, and to furthering our own ESG initiatives.”

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