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Red Rock Resorts Announces Second Quarter 2020 Results

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Red Rock Resorts, Inc. reported financial results for the second quarter ended June 30, 2020.

The unprecedented challenges presented by the COVID-19 pandemic have significantly impacted the Company’s business operations.

On March 17, 2020, the Governor of Nevada ordered a statewide shutdown of all nonessential businesses, including casinos, in an effort to reduce the spread of COVID-19. Similarly, the Graton Casino Resort, which is managed by the Company, closed on March 17th. What originally began as a thirty day shutdown in Nevada ended seventy-nine days later.

On June 4, 2020, the Company reopened its Red Rock, Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station properties, together with its Wildfire properties. The Graton Casino Resort also partially reopened on June 18, 2020.

Second Quarter Results:

Net revenues were $108.5 million for the second quarter of 2020, a decrease of 77.5%, or $374.4 million, from $482.9 million for the same period of 2019, due to the closure of all of the Company’s properties, as explained above.
Net loss was $118.4 million for the second quarter of 2020, a decrease of $111.4 million, from a net loss of $7.1 million for the same period of 2019, due to the closure of all of the Company’s properties, as explained above.
Adjusted EBITDA(1) was negative $17.3 million for the second quarter of 2020, a decrease of 115.0%, or $132.5 million, from $115.2 million in the same period of 2019, primarily due to the closure of all of the Company’s properties, as explained above.
Las Vegas Operations

Net revenues from Las Vegas operations were $101.0 million for the second quarter of 2020, a decrease of 77.9%, or $356.7 million, from $457.8 million in the same period of 2019, due to the closure of all of the Company’s Las Vegas properties, as explained above.
Adjusted EBITDA from Las Vegas operations was negative $12.1 million for the second quarter of 2020, a decrease of 111.4%, or $118.1 million, from $106.0 million in the same period of 2019, primarily due to the closure of all of the Company’s Las Vegas properties, as explained above.
Despite the severe impact of the COVID-19 pandemic on our operating results for the three and six months ended June 30, 2020, our Las Vegas properties showed strong performance for the post-reopening period from June 4 through June 30, 2020. As compared to the same period in the prior year, net revenues decreased 23.3%, Adjusted EBITDA increased 46.8% and Adjusted EBITDA margin increased 2,192 basis points to 45.9%, yielding our highest June EBITDA margin ever. The improved operating results were due in large part to our streamlined cost structure. However, these operating trends are based on the limited period that the properties were open in June and there can be no assurance that these trends will continue at our properties that have reopened or recur at our other properties when or if they reopen.

Native American Management

Adjusted EBITDA from Native American operations was $5.2 million for the second quarter of 2020, a 76.3% decrease from $22.0 million in the same period of 2019, primarily due to the temporary closure of Graton Casino Resort.

Balance Sheet Highlights

The Company’s cash and cash equivalents at June 30, 2020 were $270.1 million and total principal amount of debt outstanding at the end of the second quarter was $3.3 billion.

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Thunderkick commits to growth in Ontario with Betty partnership

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Independent slots studio Thunderkick has agreed a deal with Ontario-based operator Betty to supply the rapidly growing online casino with a diverse collection of globally popular titles.

Betty, an official partner of sporting franchises Toronto Maple Leafs and Toronto Raptors, has risen to prominence since its 2022 establishment, when it was built following the consultation of 300 casino players to create the optimal iGaming environment.

Distinguishing itself from North American competitors by catering specifically to slot enthusiasts rather than sports bettors, the operator has curated a portfolio of 2,800 games, hand-picked to deliver customers maximum entertainment value.

Thunderkick’s content is the latest to be integrated into Betty’s online casino, and the agreement will see a selection of its most popular titles, including The Wildos 2, Midas Golden Touch 3, and Esqueleto Explosivo 3, made available to a greater number of Ontarian players.

Thunderkick marked its debut in the Canadian province in Q2 of 2024, and has since partnered with a network of leading operators to improve its market position. The collaboration with Betty will further amplify its visibility in a key jurisdiction as the provider looks to reinforce its reputation as a global slot developer.

Svante Sahlström, CCO at Thunderkick, said: “It’s our mission at Thunderkick to go deeper, not wider, in 2025. That means forging meaningful, lasting relationships in target markets as opposed to securing as many commercial deals as possible.

“Since entering Ontario over 12 months ago, we have worked tirelessly to enhance our presence in the province, and working with leading brands such as Betty allows us to bring our unique games to a deeper pool of Canadian players.”

Paraskeva Smirnova, Casino Operations Manager at Betty, added: “Betty’s USP has always been our drive to build a slot portfolio with the very best titles from the industry’s most creative suppliers.

“Thunderkick’s passion for slot development is there for all to see, and the introduction of its games to our casino further elevates the consumer experience.”

The post Thunderkick commits to growth in Ontario with Betty partnership appeared first on Gaming and Gambling Industry in the Americas.

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Save the Date: BCLC’s New Horizons in Safer Gambling Conference Returns November 2026

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BCLC is pleased to announce the return of the New Horizons in Safer Gambling Conference, taking place November 2–4, 2026, at the JW Marriott Parq Vancouver.

This global event brings leading voices in research, policy and industry together to explore innovative approaches to safer gambling. Attendees can expect two days of forward-thinking dialogue, evidence-based insights and collaborative solutions to help shape the future of player health.

Sponsorship Opportunities Now Available

New to the 2026 conference, BCLC is excited to offer sponsorship opportunities to organizations that share BCLC’s passion for safer gambling. Benefits of sponsoring New Horizons 2026 include industry visibility, leadership recognition and meaningful engagement with a global audience. To learn more about sponsorship, please e-mail [email protected].

Registration and program details will be released later this fall.

The post Save the Date: BCLC’s New Horizons in Safer Gambling Conference Returns November 2026 appeared first on Gaming and Gambling Industry in the Americas.

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absolutebet Secures AGCO Registration as an Internet Gaming Operator in Ontario

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Internet Gaming Operator by the Alcohol and Gaming Commission of Ontario (AGCO).

This significant milestone authorizes absolutebet to offer regulated iGaming services in Ontario’s legal market under the oversight of AGCO and iGaming Ontario (iGO).

The registration marks a key step in absolutebet’s mission to bring a trusted, responsible, and innovative online casino experience to Ontario players. absolutebet is committed to operating with integrity and transparency, meeting all provincial standards for player protection, responsible gambling, anti-money laundering, and game integrity.

Securing AGCO registration is more than a milestoneit’s the start of absolutebet’s journey in one of the most exciting regulated markets in the world,” said Chen Truman, Founder of absolutebet. “We are building a brand that will grow with the Ontario community and set the stage for future expansion.”

On the regulatory milestone, Krisztina Kalla, Legal & Regulatory Compliance Advisor of absolutebet, commented: “I’m incredibly proud to see all the hard work behind this license pay off. Securing AGCO registration has taken months of preparation and close collaboration with regulators and partners. I am very happy to see the result of that work, and even more excited as we move into the launch phase and open up the absolutebet community to Ontario players in a fun and responsible way.”

Ontario is recognized as one of the most competitive and fast-growing regulated iGaming markets in North America. With AGCO registration secured, absolutebet will move forward with the final stages of its iGO onboarding process in preparation for launch.

 

The post absolutebet Secures AGCO Registration as an Internet Gaming Operator in Ontario appeared first on Gaming and Gambling Industry in the Americas.

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