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While Caesars earnings came in slightly ahead of Q2 forecasts, coming in a $0.04 per share, slightly ahead of analysts’ predictions of around $0.01 per share and a far cry from Caesars post-bankruptcy loss of $0.21 per share last year, it was Caesars own guidance for Q3 that had investors spooked. Caesars has seen a rough few years for sure, after filing for Chapter 11 bankruptcy protection in 2015 in light of nearly five years of mounting losses, after a protracted fight with its creditors Caesars was able to emerge leaner but meaner, spinning off many of its assets but holding onto $2 billion in cash and announcing immediate expansion plans. Despite the optimism displayed earlier in the year, and a rise in revenue of 111% to reach $2.119 billion, on Wednesday Caesars warned investors that Q3 bookings were unexpectedly soft and offered guidance that Q3 would be essentially flat. Irrespective of assurances that Caesars was expecting a strong Q4, investors panicked pushing the stock down some 24% at one point before it regained about half the loss in later trading. The sell off also pushed regional casino stocks down along with it, with Boyd Gaming, who operates casinos in Las Vegas, Indiana, Louisiana, Iowa, Mississippi and Kansas among other states, Penn National Gaming, who operates casinos across the nation and Churchill Downs, who focuses on race track operations all down amid the melee. Macau underperformance further spooks investors At the same time, Macau released its regular revenue report showing a rise of 10.3% in total gaming revenues to hit $3.2 billion for the month of July. While the numbers showed the 24th straight month of year-on-year gains for the former Portuguese enclave and current Chinese autonomous region, investors were not impressed as the numbers missed the Bloomberg forecast of 11.5% growth. Moreover, with the big six Macau casinos all up for license renewal starting in 2020 and mounting possible regional competition after Japan passed a law that would legalize integrated casino resorts in the world’s third largest economy, investors appear to be looking hard at short term profits. Earlier this week Morgan Stanley said it expected a compound annual growth rate of 13% for Macau over the next two years, leading total market value to grow from $118 billion to $146 billion.
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Online casino games and solutions developer, Wazdan , has announced the signing of a deal that will see its portfolio of over 110 HTML5-friendly video slots made available to iGaming operator, GoWild Gaming . According to an official press release published by boutique gaming event organizer, European Gaming Media and Events, the arrangement comes only a day after the innovator inked a similar deal with Rabbit Entertainment Limited and is to include the provision of the innovator’s soon-to-be-released Mayan Ritual, Black Hawk Deluxe and Los Muertos slots. Wazdan is licensed by regulators in Curacao , Malta and the United Kingdom and described GoWild Gaming as the ‘leading online gaming operator’ behind the jungle-themed site at GoWild.co.uk. It moreover stated that the agreement means that its slots will now be joining the over 1,500 titles from the likes of Scientific Games Corporation , Yggdrasil Gaming Limited and NetEnt AB already offered on the domain. The developer detailed that GoWild Gaming additionally utilizes a cutting-edge customer relationship management system in order to boost player loyalty and retention rates via the provision of personalized content and promotions. Andrzej Hyla, Head of Sales for Wazdan, declared that he was ‘absolutely delighted’ to have signed the deal with GoWild Gaming and now looks forward to supporting the operator as it seeks to ‘provide access to the best gaming content on one platform.’ “Our games bring a new dimension to casinos as they seek to deepen player experience and unlock the potential of added-value built-in technology tools like the Unique Wazdan Features.” For his part, Anthony Berningham, Gaming Content Director for GoWild Gaming, proclaimed that the ‘world-class technology and games’ from Wazdan will help his firm to ‘expand the gaming experience further.’ “With best-of-breed content from all the leading providers on our platform, we feel the fit with Wazdan is excellent.
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