Each week, CasinoBeats breaks down the numbers behind some of the industrys most interesting stories. Today we take a look at financial performances, potential permanent casino closures in Las Vegas and a series of UK-based online recommendations.

100

Cross-party think-tankThe Social Market Foundationhas called for a soft cap limit of 100 per month (or 23 per week) on net deposits to be applied to all customer spending to ensure that gambling activities do not amount to serious financial harm.

The recommendations form part of a wider report designed to be a roadmap of principles for the reform of gambling regulation and the industry, and comes ahead of the anticipated government review of the 2005 Gambling Act.

The report also advocates that stake limits should be set of between 1 and 5 for online slots, with non-slot content to have added restrictions imposed based upon games design with it accepted that similar (stake) limits would make that content commercially non-viable.

Furthermore, the SMF has also proposed the introduction of a mandatory kitemark for all licensed operators, which would be given to any operator which has been granted a licence and abides by LCCP and would be clearly visible on site. A call to end white label schemes has also been made.

4

US hotel and casino gaming firmStation Casinoshas cast doubt over the reopening of four of its Southern Nevada properties following the challenges posed to the business during recent weeks and months.

During an earnings callFrank Fertitta III, CEO ofRed Rock Resorts, the parent company of Station Casinos, said that it is not yet safe to reopen the venues as well being unsure if and when that time will come.

The casino properties in question are Las Vegas pairTexas Station Gambling Hall and Hoteland the off-StripPalms Casino Resort, as well asFiesta Henderson Casino HotelandFiesta Rancho Casino Hotelsituated in the nearby city of Henderson.

114.1

TheAmerican Gaming Associationhas published its latest study, completed prior to the COVID-19 outbreak, focusing on Michigan.

The report, titled Casinos and Communities: Michigan, highlights how crucial casino gaming is to Michigans economy and its future importance to the states economic recovery.

Featuring firsthand accounts of gamings impact on the community in Michigan, the report noted that between March and July, the shutdown of casinos deprived statewide and local governments of $114.1m in gaming tax revenue.

This includes $46.2m set for statewide K-12 education and $67.9m in lost revenue for the city of Detroit that supports youth development programming, economic development initiatives designed to create local jobs, and other local improvement projects.

Combined, Michigans 27 commercial and tribal casinos have an annual $6.3bn economic impact on the state, generating $1.3bn in state and local taxes, according to the report. Furthermore, it generates $2.1bn in wages and supports 38,000 jobs.

160

Providing an update on its first-half performance and current trading,Playtechhas revealed that despite the pandemic severely impacting some of the groups business, it had a resilient H1 2020 with adjusted EBITDA of more than 160m.

In the update, the firm highlighted that its online casino, bingo and poker businesses performed very well in H1 2020. The significantly heightened levels of activity in these segments it said to have begun to normalise as government lockdown restrictions were eased, however it states that activity remains above pre-COVID-19 levels.

Additionally, the exceptional performance ofTradeTechsignificantly benefited from increased market volatility and trading volumes during much of H1.

94.8

Wynn Resortshas expressed pleasure at a plethora of property re-openings across each of its operational markets, as the firm documents the impact of COVID enforced closures in its latest financial update.

Coming as media outlets report that the firm has closed its Yokohama office, although Wynn has assured that the move hasnt dampened any interest in the region, operating revenue for the years second quarter plummeted from 94.8 per cent from $1.66bn to $85.7m.

Operating revenues decreased $620.2m, $534.6m and $399.3m at Wynn Palace, Wynn Macau and our Las Vegas operations, respectively, during the period.

Net loss during Q2 finished up at $743.8m, contrasted to income of $142.2m a year earlier, with adjusted EBITDA closing at a loss of $322.9m (2019: $480.5m).

305.5

Penn National Gaminghas asserted encouragement at emerging third quarter trends, with results across May and June potentially having benefited from pent-up demand.

Continuing to make fundamental changes across its casino portfolio, with work ongoing alongside regulators in several jurisdictions to introduce cashless, cardless, and contactless technology to properties, the comments come amid a series of second quarter declines.

Due to mandated closures across the US PNG saw revenue for the quarter to June 30 fall 76.9 per cent to $305.5m (2019: $1.32bn), net loss finished at $214.4m compared to a profit of $51.4m a year earlier and adjusted EBITDA declined to a loss of $79.3m (2019: +$316.5m).

Commenting that significant progress has been made on the development of itsBarstoolsportsbook mobile app, PNG anticipates a Q3 launch in Pennsylvania with additional states to follow throughout Q4 and Q1 2021.

Further Keystone State updates see the group anticipate resuming construction on both of its category four projects in the region, namely the $120mHollywood Casino Yorkand $111mHollywood Casino Morgantownprojects, later this year ahead of opening in the second half of 2021.

Read the original post:

Las Vegas closures, financial impacts and UK guidance: The week in numbers - Casino Beats