Gambling in the USA
Golden Entertainment Reports 2020 First Quarter Results
– Q1 Results Negatively Impacted by Mandated Closure of All Operations in March
– Cash Outlays Significantly Reduced to Preserve Liquidity
– Revolver Fully Drawn in March to Create Over $300 million Cash Position
– Montana Distributed Gaming Operations Reopened May 4th Statewide
Golden Entertainment, Inc. reported financial results for the first quarter ended March 31, 2020.
Blake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, commented, “The COVID-19 pandemic forced the mandated closure of all our operations beginning in mid-March, and continues to have an unprecedented impact on our business and the gaming and entertainment industry in general. This is reflected in our first quarter financial results, notwithstanding our significant year-over-year growth through February prior to the suspension of our operations. Since the closures, we have focused on supporting our team members, staying connected to our customers, and working to establish appropriate sanitation protocols to offer a safe environment when we are allowed to reopen.
“In order to preserve the Company’s liquidity and position ourselves to withstand the ongoing interruption to our operations, we reduced our cash operating expenses, deferred all capital expenditures and drew down our $200 million availability under our revolving credit facility. The actions that we have taken since the closure of our operations have positioned Golden Entertainment to withstand the current disruption in our business for the foreseeable future.
“Over the last several years we have executed on a strategic plan to put the Company on a path for long-term growth. This plan included capital investment to renovate and reposition The STRAT, accretive acquisitions that have grown our market share in Laughlin, pursuing new distributed gaming markets, and the introduction of our True Rewards one-card loyalty program. Our current cash position, capital structure with no near-term debt maturities, and diverse operations of wholly-owned casinos and distributed gaming operations across multiple jurisdictions will position Golden Entertainment favorably to achieve long-term success as we are allowed to reopen our properties.
“Finally, I want to extend my deepest sympathies to those whose health or livelihood has been directly affected by COVID-19, as well as acknowledge our great appreciation for all the healthcare providers, first responders and other essential workers whose efforts are keeping our communities safe and healthy.”
Consolidated Results
The Company reported 2020 first quarter revenues of $207.2 million compared to $239.9 million in the first quarter of 2019. Net loss for the first quarter of 2020 was $32.6 million, or a loss of $1.17 per share, compared to a net loss of $8.0 million, or $0.29 per share, in the first quarter of 2019. Adjusted EBITDA was $30.3 million for the first quarter of 2020 compared to $48.4 million for the first quarter of 2019.
Casinos
Casino revenues were $128.0 million in the first quarter of 2020 compared to $151.4 million in the first quarter of 2019. Casino Adjusted EBITDA was $31.8 million compared to $46.6 million in the first quarter of 2019.
Distributed Gaming
Distributed Gaming revenues for the first quarter of 2020 were $79.0 million compared to $88.4 million in the first quarter of 2019. Distributed Gaming Adjusted EBITDA was $7.1 million compared to $13.5 million in the first quarter of 2019.
Balance Sheet Highlights
As of March 31, 2020, the Company had cash and cash equivalents of approximately $302 million, including $200 million drawn from the Company’s revolving credit facility on March 16, 2020. Total debt on March 31 was $1.36 billion including the revolver draw.
Capital Expenditures
Capital expenditures in the first quarter of 2020 totaled $18.5 million, including payments of approximately $12 million related to renovations at The STRAT that were completed in December 2019. The total cost of renovations for The STRAT since June 2018 totals approximately $101 million.
California Gambling Control Commission
California Gambling Control Commission Advances Licensing, Tribal Partnerships, and Responsible Gaming Initiatives
Sacramento, CA — In a meeting packed with regulatory updates and licensing decisions, the California Gambling Control Commission (CGCC) convened on April 24 to advance numerous agenda items impacting the state’s gambling landscape—from tribal gaming approvals to responsible gambling programs and operator renewals.
Problem Gambling & Public Health Takes the Stage
The Commission meeting opened with a presentation by Sosha Marasigan-Quintero from the California Department of Public Health, offering an overview and update on the California Problem Gambling Treatment Services Program. While no specific staff recommendations were provided, the update underscores California’s continued focus on behavioral health in gambling.
Tribal Revenue Distribution Approved
The Commission approved the quarterly distribution of payments from the Revenue Sharing Trust Fund to eligible recipient Indian Tribes. This routine, yet vital, procedure ensures the equitable distribution of revenue to support tribal sovereignty and infrastructure across the state.
Cardroom Licensing: Approvals and Extensions
Among key licensing matters:
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500 Club Casino (K & M Casinos, Inc.) received both initial and renewal owner-type license approvals through January 2027.
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Casino Chico, Hollywood Park Casino, and Lake Bowl Cardroom were granted renewals and short-term extensions, some with conditions such as improving record-keeping systems or ensuring regulatory compliance ahead of reopening.
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Hotel Del Rio & Casino was granted a 60-day extension under several strict conditions, including updated safety plans and the restatement of commingled financial records.
Key Employee Licensing Actions
The Commission approved several initial and renewal key employee licenses. Notably:
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Jeffrey Thompson was approved with a condition prohibiting involvement in illegal gambling activities.
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Kevin Lee and George Rahme received 120-day extensions for renewal processing.
Third-Party Proposition Player Services Under Scrutiny
The Commission approved both initial and temporary licenses for Fortune Players Group, Inc., with a lengthy list of conditions tied to the conduct of a former associate, Rene Medina. These conditions highlight the Commission’s ongoing vigilance in monitoring third-party player services and maintaining compliance across operations.
Progressive Gaming, LLC was also approved for an initial license, further expanding third-party service provider capacity.
Gaming Resource Suppliers & Tribal Approvals
Initial suitability findings for several prominent tribal gaming resource suppliers were approved, including:
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HCAL, LLC
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JCM Global
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Konami Gaming, Inc.
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PDS Gaming, LLC
Dozens of tribal gaming employees were also approved for key positions at tribal casinos across California, reflecting the Commission’s continued support of tribal gaming operations and the necessary workforce to support it.
Notable Withdrawals and Denials
In two notable cases, requests to withdraw license applications—Josephine Hoang and Jesus Bojorquez—were denied, signaling the Commission’s increased scrutiny and emphasis on applicant accountability.
A Broader Look Ahead
With regulatory reform on the horizon and ongoing efforts to promote responsible gaming, the April 2025 CGCC meeting showcased a mix of routine license management and deeper engagement with emerging compliance issues. As the Commission prepares for the next quarter, the groundwork laid in this session will likely influence policy developments and enforcement trends across California’s gambling sector.
The post California Gambling Control Commission Advances Licensing, Tribal Partnerships, and Responsible Gaming Initiatives appeared first on Gaming and Gambling Industry in the Americas.
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
H. Betti Industries Inc, the leading distributor of amusement and gaming equipment and parts, has announced the appointment of Todd Cravens as President of Betson Gaming. In this expanded leadership role, Cravens will oversee all aspects of its growing gaming division, with a focus on expanding market share, building the product portfolio and accelerating growth in new and existing markets. Since joining the Company in January 2025 as SVP of Gaming, Cravens has made an immediate and measurable impact across the business. His leadership has helped sharpen Betson’s gaming strategy, align the team and focus on new revenue streams, while also bringing operational discipline and strategic vision to other areas of the company.
The Michigan Gaming Control Board has initiated investigations into unlicensed sports prediction markets operating within the state. These platforms, which bypass Michigan’s regulatory framework, have raised significant concerns about consumer protections. Michigan’s investigations align with similar actions already taken by other state regulatory bodies and focus on how this form of unlicensed sports betting may jeopardize the integrity of Michigan’s legal sports betting system. The unlicensed platforms offer what they describe as innovative financial products that allow users to trade their predictions on the outcomes of sports events. By sidestepping the regulatory protections of Michigan’s legal sports betting market, these platforms pose a serious risk to consumers. They create potential confusion among bettors and blur the line between sports betting as entertainment and sports betting as a financial trading vehicle.
Partnerships
Bragg Gaming Group announced the acquisition of a strategic equity stake in, and the signing of an exclusive content partnership with RapidPlay, a specialist Brazilian game development studio renowned for its localised, high-performance online casino content tailored to Brazilian and the broader Latin American market. Under the terms of the agreement, Bragg receives an equity stake in RapidPlay and has entered into an exclusive commercial distribution agreement with RapidPlay at standard market terms. The agreement allows Bragg to integrate and offer RapidPlay’s full content portfolio through its expanding base of licensed Brazilian operators.
PrizePicks has renewed its partnership with the Atlanta Braves, reaffirming its position as the club’s Official Daily Fantasy Sports Partner. This new three-year agreement reinforces the longstanding relationship between the two Atlanta-based powerhouses, building on a successful collaboration that began in 2020. As part of the partnership, PrizePicks branding will be prominently featured throughout Truist Park with a combination of static and LED signage. The company will also retain access to exclusive VIP experiences for business needs and will continue its popular “PrizePicks Pick of the Game” segment, which airs on the Braves Radio Network pregame show before all regular season games.
SCCG Management has become the sponsor of SFT Combat, one of Brazil’s premier MMA promotions. As a long-time client partner, SFT Combat continues to push boundaries in the world of professional fighting, delivering high-quality events that captivate both local and global audiences. The sponsorship reflects a strategic investment in Brazil’s sports and gaming ecosystem, where MMA plays a central role in both cultural identity and entertainment value.
The post Gaming Americas Weekly Roundup – April 14-20 appeared first on European Gaming Industry News.
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
WyoLotto’s COO, Robin Medina, has been named to join a national committee to support problem gambling initiatives. The committee is through the National Council on Problem Gambling and will manage the annual selection of nominations and election of the Board of Directors that oversees NCPG. Last year WyoLotto applied for and was accepted to the NCPG and NASPL’s (North American State and Provincial Lotteries) Responsible Gambling Verification Programme. WyoLotto’s Responsible Gambling Programme includes an in depth plan to ensure the organisation honours its commitment to educating players, retailers and the general public about how to gamble responsibly and what to do if gambling becomes a problem for yourself or someone you know.
As Hard Rock Hotel & Casino Tejon moves closer to its highly anticipated grand opening, the company is engaging with the Kern County community through exclusive informational sessions at Bakersfield College’s Renegade Event Room located at 1801 Panorama Drive. The first session, held on April 4, provided local leaders and invited guests with insights into upcoming job and vendor opportunities in the region. The second session took place on April 5 from 10:00 AM to 12:30 PM. Job opportunities for Hard Rock Hotel & Casino Tejon will be posted on the recruitment site, www.gotoworkhappy.com, starting in May.
An investigation by the Delaware Division of Gaming Enforcement (DGE) into VGW Luckyland – a subsidiary of the Australian-based VGW Holdings – revealed that VGW Luckyland was operating illegal online gaming. Delaware officials concluded that VGW misrepresented its services as a promotional sweepstakes while enabling players to purchase coins for casino-style games, leading to potential cash winnings. These types of real-money games offered to Delaware residents by an unlicensed entity violate the Delaware Constitution, the Delaware Penal Code and the Delaware Gaming Competitiveness Act of 2012. With the support of the Delaware State Lottery, DGE issued a cease-and-desist order to VGW.
Partnerships
AC Milan announced a new partnership with Reals, a company renowned for its excellence in Brazil’s sports betting and online gaming market, which will become Official Regional Betting Partner of the Rossoneri’s Club in Latin America. Elected in 2024 as the “Best Sportsbook Operator” in Brazil by SiGMA World – the largest international authority in iGaming – Reals has been consolidating its position in the sector, reinforcing its growing trajectory of ascent. The brand is aligned with the best market practices, presenting sustainable growth based on innovation, strategic partnerships and sports engagement.
Scientific Games’ SciQ retail technology is set to roll out at North Carolina Education Lottery retailers as part of the Lottery’s focus on improving the retail environment for its Scratch-Off games. The company will deploy 1000 SciQ units at lottery retailers across North Carolina. NCEL Scratch-Off games represented more than $2.9 billion in retail sales in fiscal year 2024, anchoring NCEL among the world’s top 15 performing instant game lotteries (La Fleur’s 2024 World Almanac). Offering real-time scratch game inventory management data that amplifies the power of Scientific Games’ SciTrak predictive ordering system used by NCEL, SciQ creates supply chain efficiencies proven to lift scratch game sales.
The post Gaming Americas Weekly Roundup – April 7-13 appeared first on European Gaming Industry News.
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