Pickering Agrees to Share Casino Profits with Durham Region

Latest gambling news from Ontario finds that the City of Pickering has agreed to share a percentage of its casino revenue with the Region of Durham. It is expected that the region will allocate some of the money toward funding social housing projects. The idea for the initiative dates back to Great Canadian Entertainment’s announcement for a casino in the region in 2018.

Pickering Casino Resort first launched operations in July 2021, and since then the Ontario Lottery and Gaming Corporation has rewarded more than CA$20.2 million in non-tax gaming revenue to the city for hosting it. However, with the new agreement between the city and Durham, there will be slight changes to how much the city receives every quarter.

* Contract Now in Play

At the contract signing ceremony, Pickering Mayor Kevin Ashe commented that the city is taking proactive steps towards building a stronger, more equitable community for everyone by sharing casino revenue. He added that together the two communities can have a meaningful effect on people’s lives and develop a brighter future for residents in the region.

The contract backdates to January 1, 2023, and states that Pickering will keep the first CA$10 million in revenue from the OLG, and then share the balance evenly with Durham. There is a cap of CA$8 million per year. Estimates find that the city gets approximately CA$16 million from the casino annually, which would mean CA$3 million every year for the region.

Meanwhile, Durham Chair John Henry said the agreement was an exciting partnership and expects to renew in 2026. He remarked that it was an opportunity to provide exceptional value to Durham taxpayers. He added that it was a contract which would provide responsive, effective, and fiscally sustainable service delivery, focusing on securing exceptional quality services and value.

Since the Durham Region is an upper-tier municipality, it is in charge of delivering social housing and Pickering has come up with the proposal to use some of the casino revenue for social housing and other social programs in the area. However, under the memorandum of understanding, Durham is not legally bound to follow up on the suggestion.

Currently, Pickering gets 5.25% of the first CA$65 million in slot proceeds, 3% of slot revenue between CA$65 million and CA$200 million, and 2.5% of slot revenue between CA$200 million and CA$500 million. In October 2021, the city officially received its first payment since the opening of the property from OLG which amounted to a hefty sum of CA$2,439,575.

* Hotel is Now Fully Operational

Despite launching in the summer of 2021, Pickering Resort Casino did not open its hotel until January 2023. Its new 275-room Pickering Casino Resort Hotel also boasts 33 luxurious and spacious suites equipped with separate living spaces and 22 accessible rooms with thoughtful and convenient adjustments. Guests are now able to book their stays at their preferred time.

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Florida Mega Millions Player Gets Record $1.58B Jackpot

The Mega Millions jackpot has finally been won.

Following a run of 31 drawings without a single ticket matching the six winning numbers, officials with the Mega Millions Consortium say a ticket sold in Florida managed to hit the top prize during the game’s August 8 drawing.

Congratulations to the Florida Lottery for selling a jackpot-winning ticket in Tuesday’s $1.58 billion Mega Millions drawing,” said Georgia Lottery President and CEO Gretchen Corbin, who is additionally the director of the Mega Millions Consortium. “We congratulate our newest jackpot winner, as well as the more than 43.7 million winners at all prize levels throughout this jackpot run.”

Last night’s winning numbers were 13, 19, 20, 32, and 33, with the gold Mega Ball 14.

- Historic Win

A release from Mega Millions said that while the consortium is still tallying the final numbers for Tuesday night’s drawing, the jackpot is likely to set a new record once the pool is officially determined. Mega Millions’ previous richest jackpot was a $1.537 billion prize won by a single ticket sold in South Carolina in October 2018.

The August 8 Mega Million jackpot ranks as the third-richest prize ever offered in U.S. history. Powerball holds the top two spots, a $2.04 billion prize won last November by a player in California, and a $1.586 billion jackpot won in January 2016 by three tickets sold in California, Florida, and Tennessee.

Mega Millions reps are calculating the final jackpot offering based on a 30-year annuitized payout. The annuity, should the winner choose the full value of the advertised jackpot, is based on a portfolio of bonds backed by the U.S. Treasury. With interest rates continuing to climb in what is the federal government’s attempt to ease inflation, the annuitized jackpots for Mega Millions and Powerball have been climbing in value faster than they did when the federal interest rate was near zero.

Tuesday night’s winning ticket was sold at a Publix grocery store at 630 Atlantic Boulevard in Neptune Beach, about 15 miles east of Jacksonville. The winner will need to choose between the annuitized $1.58 billion annuity paid out over 30 years or a one-time cash option of approximately $783.3 million.

Both prizes are before the federal government’s 37% tax levied on the nation’s top earners.

Florida is one of only eight states that doesn’t consider lottery winnings as individual income. Therefore, lottery wins in the Sunshine State aren’t subject to a state tax.

Not only did Tuesday night’s winner overcome the one in 302.5 million odds of winning the jackpot, but they were also fortunate to have purchased the life-changing ticket in Florida, where such wins are tax-free. If the ticket would have been purchased in neighboring Georgia, the state’s 5.75% state tax would have reduced the cash option by $45 million.

- Other Winners

The August 8 Mega Millions drawing made more than seven million tickets winners, with most grabbing the game’s smallest prize of $2.

In addition to the jackpot, seven other tickets matched the five white balls, but not the gold Mega Ball, for the game’s second-tier prize of $1 million. Two of those tickets, sold in Florida and North Carolina, purchased the optional $1 add-on Megaplier that doubled their wins to $2 million after the Megaplier landed on 2x.

Another 166 tickets matched four of the white balls and the Mega Ball for the third-tier prize of $10K. Twenty-eight had the Megaplier to double their wins to $20K.

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US Commercial Casino Revenue Tops $16B in 2Q, Industry Tracking for Banner Year

The U.S. commercial casino industry has never been more vigorous, as gaming revenue continues to reach new highs.

The American Gaming Association (AGA) released numbers for the second quarter on Wednesday that reveal the industry is operating at record levels. Gross gaming revenue (GGR) totaled $16.07 billion, an all-time high for any April through June in the history of the commercial gaming industry.

The second quarter of 2023 was also the commercial casino industry’s second-best quarter ever, with only the first quarter of 2023 generating more revenue at $16.6 billion. Through the first six months of the year, GGR stands at $32.71 billion, which is almost 12% ahead of where the market stood during the same period last year.

2022 was a record campaign for the commercial gaming industry, as casinos won $60.4 billion off gamblers. 2023 is tracking to be another banner year and could mark the industry’s third year in a row where GGR hit new heights.

While commercial gaming is on track for an unprecedented third consecutive year of record revenue, the lasting impact we’re making on our communities through this record growth is even more impressive,” said AGA President and CEO Bill Miller. “These results are a clear indication that our post-pandemic recovery wasn’t a fluke: the gaming sector continues to thrive, and when we do well, our communities do well.”

The AGA’s Commercial Gaming Revenue Tracker keeps tabs on commercial gaming operations in the 34 states plus the District of Columbia, where such gambling is legal in some form. The tracker includes revenue from commercial brick-and-mortar and online operations. The report doesn’t include lottery revenue or gaming revenue from tribal-owned casinos.

- Slots Still King

Legacy gaming, or retail slot machines and table games, continue to generate the bulk of the GGR in commercial gaming.

The AGA said slot win, sometimes referred to as “hold,” totaled $8.89 billion during the three-month period. That marked a 2.2% year-over-year gain. Table games added $2.46 billion, representing a 2.1% decline from the second quarter of 2022.

Oddsmakers fared significantly better in the second quarter of 2023 than in 2022. Books generated GGR of $2.3 billion, a 57% surge from the previous year.

iGaming, which encompasses interactive slots and table games, added $1.48 billion. Online casino revenue jumped 22.5%, as the internet platforms in the six states where such gambling is permitted continue to attract new players and increase revenue.

Nevada topped the commercial market with second quarter GGR of about $3.7 billion. Pennsylvania was second at $1.42 billion, and New Jersey was third at $1.39 billion.

- Community Benefits

Miller’s references to making an impact on communities where commercial casinos operate primarily deal with the tax benefits that gaming generates.

The AGA estimates that commercial casinos paid nearly $7.3 billion in direct gaming taxes to state and local governments through the first six months of 2023. But for the industry’s ongoing success, Miller believes more must be done to infiltrate the illegal market.

“To sustain this momentum, the AGA will continue enlisting more allies in our fight against the illegal market, bolstering responsible gaming, and building a business environment that allows our innovative industry to bring world-class entertainment to adults across America,” Miller concluded. 카지노사이트

Wynn Macau Could Record $917M In EBITDAR In 2023, According to Research Firm

Wynn Resorts’ (NASDAQ: WYNN) Wynn Macau arm could notch 2023 earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) of $917 million, well ahead of previous forecasts.

That’s the take of CreditSights, which previously estimated that the base case for the Wynn Palace operator’s 2023 EBITDAR was $632 million, with a bull case of $892 million. The research firm cited “meaningful margin improvements” delivered by the gaming company as catalysts for the bullish EBITDAR revision. In Macau, Wynn operates an eponymous venue, as well as Wynn Palace.

Wynn’s Macau business continues to benefit from a healthy recovery, which has accelerated on a monthly basis since China lifted its Covid travel restrictions in early January,” observed CreditSights.

Wynn Resorts, the Las Vegas-based parent of the Macau entity, delivered second-quarter results last Wednesday highlighting vibrancyin Macau. But it also noted that its North American properties notched record adjusted property EBITDAR. Those venues are Wynn and Encore Las Vegas, and Encore Boston Harbor.

- Wynn Macau Making Impressive Strides

Should the operator meet or even slightly beat the CreditSights projection of $917 million in 2023 EBITDAR, it will be further affirmation that it’s on track to regain pre-coronavirus pandemic earnings form as soon as next year.

One reason Wynn Macau’s recovery is so impressive is that the operator has nimbly reduced its emphasis on VIPs. That is enabling it to pilfer market share among mass and premium-mass bettors from rivals. The latter two segments are more margin-efficient.

Additionally, CreditSights highlighted Wynn Macau’s “higher-than-expected business volumes, and improved cost efficiencies” as propellants for potential upside for the operator. There’s more to that story, and it could be good news for the six concessionaires, including Wynn Macau.

In a Monday note to clients, Jefferies analyst Andrew Lee said summertime traffic to Macau from mainland China is rising, and that those tourists are expressing a clear preference for the gaming hub over destinations such as Hong Kong and Taiwan. In the first half of 2023, Macau was the top overseas destination for Chinese tourists, according to China Tourism Academy data.

- Looking at Wynn Macau Bonds

CreditSights added that Wynn Macau’s leverage could rest at 7.4x by the end of this year, which could be bullish for the operator’s corporate debt.

“Given the trends to date, and our constructive view on the [Macau] region, Wynn Macau Ltd.’s bonds … offer the most attractive yield among the U.S. operators in the region,” added the research firm.

CreditSights pointed out that Wynn Macau has 5.5% bonds maturing in 2026 that currently yield 8.2%, making that debt more attractive than the 5.875% MGM China notes maturing the same year sporting a yield of 7.7%.

Confirming its strong financial position, parent Wynn Resorts said last week it will buy up to $300 million of the $1.78 billion in 5.5% corporate debt it has maturing in August 2025.

“We view Wynn’s cash position as more than adequate to fund the cash tender offer,” concluded CreditSights.

The operator could further firm its balance sheet via cost savings realized by halting online sports wagering operations in eight states — a move announced last Friday. 무료슬롯사이트

Sands, Wynn could be held back by slumping Chinese economy

Shares of Las Vegas Sands (NYSE: LVS) and Wynn Resorts (NASDAQ: WYNN) are higher by 12.11% and 15.23%, respectively, year to date, but those bullish showings could be derailed by softness in the Chinese economy.

Sands China and Wynn Macau, the Macau arms of the two gaming companies, combine to operate seven casino resorts in the special administrative region (SAR). That means both depend heavily on the Chinese territory for significant portions of their revenue.

Data from Morgan Stanley and Refinitv indicate that among US-based companies that don’t make semiconductors, only battery manufacturer Microvast Holdings, at 80%, relies on China for a larger percentage of its revenue than does Wynn. The Wynn Palace operator depends on Macau for 76% of its sales, according to the research firms.

Las Vegas Sands ranks fifth on the list of US-based, non-chip companies in terms of China revenue dependence at 62%.

- China’s Economy Under Duress

China’s economy is the world’s second-largest behind only the US, and that heft implies that when China coughs, the rest of the world can catch a cold. There are signs the behemoth economy is slowing.

Earlier this week, the National Bureau of Statistics said it will halt publishing rapidly increasing youth unemployment figures while the People’s Bank of China released data indicating business and consumer spending markedly slowed in July. The latter point could be a drag on the Macau concessionaires, including Sands China and Wynn Macau, because they rely on consumer discretionary spending.

In July, China’s jobless rate touched 5.3%, the highest level since February, and the central bank recently cut several key lending rates in a bid to prop up the economy. Data out last week shows consumer prices fell in July, which is another confirmation that Chinese consumers are reigning in spending.

Alone, none of those data points are good news for consumer cyclical industries. In aggregate, they could weigh on the Macau recovery, which to this point, has been impressive. Some analysts believe gross gaming revenue (GGR) there will recover to 2019 levels by next year.

- Sands, Wynn Can Offset Some Macau Weakness

Clearly, Sands and Wynn rely on Macau for hefty portions of their top lines, but they also have avenues for offsetting some weakness should the Chinese economy materially contract.

In the case of Wynn, the operator’s North American properties posted record adjusted property earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) in the second quarter. Additionally, the operator will see some cost benefits by dialing back its US online sports wagering operations.

Approval of a gaming license in the United Arab Emirates (UAE) could also act as a near-term catalyst for the stock. As for Sands, its lone venue outside of Macau, Marina Bay Sands in Singapore, is one of the most profitable casinos in the world and is performing well this year despite a lack of a major influx of Chinese tourists to the city-state. 에볼루션 바카라사이트