The Philippine Amusement and Gaming Corporation (PAGCOR) has reported a boost in the country's Gross Gaming Revenues (GGR) for the second quarter of 2024, reaching PHP89.23 billion (€1.4 billion).  

The data represents a 32.32 percent increase compared to the PHP67.43 billion (€1 billion) recorded during the same period last year, with the remarkable 525 percent growth in the Electronic Games (E-Games) sector serving as a key driver.?

The E-Games sector has emerged as the fastest-growing segment within the Philippine gaming industry, contributing PHP30.85 billion (€492.8 million) to the overall GGR. PAGCOR Chairman and CEO Alejandro Tengco highlighted the sector's performance, noting, “The E-Games sector recorded an impressive 525 percent increase from the PHP4.93 billion (€78.7 million) recorded year-on-year.”  

Tengco credited this surge to the crucial policy reforms implemented by PAGCOR over the past year, which have allowed the sector to consistently exceed its targets. He also pointed out that the strong performance of the E-Games sector will be vital in compensating for potential revenue shortfalls due to President Ferdinand Marcos Jr’s order to ban Philippine Offshore Gaming Operators (POGOs) by the end of the year. “This sector continues to surpass targets and should help cover up for any shortfall resulting from the President’s order banning offshore gaming operations or POGOs,” 

While the E-Games sector flourished, the licenced casinos, traditionally the largest contributors to the GGR, saw a slight decline. The casinos brought in PHP49.48 billion (€790.35 million) in the second quarter, down from PHP51.70 billion (€825.8 million) in the same period last year and marginally lower than the PHP49.68 billion (€793.5 million) recorded in the first quarter of 2024. 

Similarly, PAGCOR-operated casinos under the Casino Filipino brand generated PHP4.20 billion, reflecting a 14.80 percent drop from the PHP 4.93 billion recorded in the second quarter of 2023 and a 10.41 percent decrease from the first quarter's PHP 4.69 billion. 

Bingo operations contributed PHP 4.69 billion (€67 million) to the second quarter’s GGR. However, this figure represents a decrease from both the PHP5.85 billion (€93.4 million) recorded in the same period last year and the PHP4.81 billion (€76.8 million) generated in the first quarter of 2024.?

Golden Entertainment, Inc. (NASDAQ: GDEN), has released its financial results for the second quarter, ending on 30 June 2024.

? Revenue: The Company reported a revenue of $167.3 million.

? Net Income: The net income stood at $0.6 million.

? Adjusted EBITDA: The Adjusted EBITDA was $41.2 million.

? The STRAT (photo above) achieved an increase in revenue, with ADR and occupancy rates improving

? Laughlin operations and Nevada Locals Casinos saw a decline in revenue and EBITDA.

? Tavern business revenue rose, driven by new acquisitions.

? More than $750 million in debt has been repaid since early 2021, reducing net leverage to below 2x.

The Company reported revenues of $167.3 million and Adjusted EBITDA of $41.2 million for the second quarter of 2024. This is compared to revenues of $286.7 million and Adjusted EBITDA of $58.4 million for the second quarter of 2023. The decline in revenues and Adjusted EBITDA over the prior year period were primarily related to the exclusion of the results for the Company’s Rocky Gap Casino Resort and distributed gaming operations in Montana and Nevada that were sold on 25 July, 2023, 13 September 2023, and 10 January, 2024, respectively. Net income for the second quarter of 2024 was $0.6 million, or $0.02 per fully diluted share, as compared to $12.3 million, or $0.40 per fully diluted share, for the second quarter of 2023.

Blake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, stated that the Company continued to strengthen its balance sheet in the second quarter. This was achieved by fully repaying outstanding bonds in April and reducing the interest rate on the term loan in May. The Company also returned capital to shareholders through recurring dividends and repurchased nearly one million shares.

As of 30 June 2024 the Company’s total principal amount of debt outstanding was $400.7 million, consisting primarily of $396.0 million in outstanding term loan borrowings. The Company had cash and cash equivalents of $88.6 million. There continues to be no outstanding borrowings under the Company’s $240 million revolving credit facility.

On 15 April, 2024, the Company redeemed and repaid in full all of its senior unsecured notes, amounting to $287.0 million. This included $276.5 million in principal and $10.5 million in accrued and unpaid interest. On 29 May 2024, the Company repriced its $396 million term loan, reducing the annual interest rate on the term loan by 60 basis points.

On 6 August, 2024, the Company’s Board of Directors authorized the third recurring quarterly cash dividend of $0.25 per share of the Company’s outstanding common stock. This dividend will be payable on 2 October, 2024, to shareholders of record as of 17 September, 2024.

The Company paid its first and second quarterly cash dividends, amounting to $7.2 million and $7.1 million, on 4 April 2024, and 2 July, 2024, respectively. Additionally, the Company repurchased 989,117 shares of its common stock during the quarter at an average price of $29.85 per share, totalling $29.5 million. As of 30 June, 2024, the Company had $61.4 million of availability remaining under its share repurchase authorization.

Golden Entertainment, Inc. (GDEN) listed on Nasdaq is currently trading at $28.67, reflecting an increase of $0.55 or 1.96 percent as of August 11, 2024. The trading volume for the day was 241,978 shares, with a 52-week range of $27.54 to $42.14.

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“A Hundred to One: 100 Convictions, 1 Million Euro, The Devastating Story of a Compulsive Gambler” is a raw and unfiltered account of Pat Sheedy’s life. He began writing this book while serving a three-year sentence in Portlaoise Prison for fraud. In the memoir, Sheedy reflects on his past and he attempts to shed light on society’s misunderstanding of addiction.

Pat Sheedy, from Limerick in Ireland,, was brutally honest about into his lifelong struggle with self-esteem and addiction. Born and raised in Moyross, Sheedy was often the target of bullying due to his physical appearance. His early experiences of feeling out of place, particularly at a prestigious school he attended, laid the groundwork for his future struggles.

Sheedy’s memoir is not just about his battle with gambling; it’s a story of a man’s desperate quest for acceptance and popularity. Despite not being conventionally attractive, Sheedy possessed an outgoing personality and a knack for storytelling. His journey into the world of gambling began at the very young age of 14 when he won an accumulator bet, an event that catapulted him into a life of deception and criminality.

With recent reports indicating that one in 30 Irish adults struggles with gambling, Sheedy’s candid narrative provides a human perspective to these alarming statistics. He dismisses the idea that individuals like him lack intelligence. Instead, he argues that intelligence, coupled with the ability to deceive and manipulate, is a common trait among gamblers.

Sheedy’s life has been marked by a series of fraudulent activities, from forging cheques and stealing ATM cards to cooking the books at a housing project. His actions eventually led to his first suspended jail sentence at the age of 21, with a detective labelling him a “real menace to society.”

However, Sheedy’s life took a turn when he managed to overcome his addiction for over a decade. He leveraged his communication skills to carve out a successful career in marketing with a Dublin magazine. He enjoyed the perks of his newfound social status, driving a BMW and frequently traveling abroad for rugby internationals.

Unfortunately, Sheedy succumbed to his addiction once more, lured back into the world of gambling that had evolved significantly with emerging technologies. His fraudulent activities became more sophisticated, leading to a series of criminal escapades.

Despite the grim nature of his story, Sheedy’s memoir is filled with valuable insights from his numerous Gamblers Anonymous meetings. He shares his experiences and learnings, such as the striking similarity between the dopamine hits from winning and losing bets.

While Sheedy’s narrative occasionally veers off into personal anecdotes about failed relationships and the death of his father, the central theme remains his struggle with addiction. It would be interesting to hear Sheedy’s views on Ireland’s upcoming Gambling Regulation Bill.

Sheedy’s story concludes on a hopeful note. With the support of a counsellor, he won the Writing in Prison Award at Listowel Writers’ Week for his short stories two years in a row, receiving a standing ovation led by actor Stephen Rea. He has since lost significant weight, earned an Open University degree, and begun working with organizations that assist ex-convicts.

Sheedy hopes his memoir will inspire other addicts to reflect on their behaviour.

(Featured photo: Author Pat Sheedy on the right with Michael D Higgins, President of the Republic of Ireland)

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Australia's former political leaders John Howard (photo above left), and Malcolm Turnbull (photo above right), have joined forces with other prominent Australians in a call for a ban on gambling ads. The Australian government finds itself at the centre of a storm, tasked with the monumental responsibility of resolving the online gambling advertising conundrum. The critical decision that lies ahead - to enforce a ban or permit the persistence of online gambling advertisements - is one that will indelibly shape the trajectory of online gambling in the nation. The gravity of this decision cannot be understated.

The Alliance for Gambling Reform (AGR), backed by these influential figures, has issued an open letter demanding that the government and opposition commit to implementing all 31 recommendations from the Murphy report. This report, chaired by the late Labor MP Peta Murphy, advocates for a phased three-year ban on all forms of online gambling advertising.

The AGR warns of the escalating social harm caused by Australia’s “gambling addiction”, including financial loss, health and mental health issues, partner violence, family break up, and suicide. The letter highlights the insidious tactics of gambling companies, which are allegedly grooming children as young as 14 through social media.

The inundation of gambling ads, particularly during major sporting events, is seen as a significant factor in ensnaring a new generation of gamblers. AGR’s chief advocate, Tim Costello, has vowed to intensify pressure on the government as the election approaches.

Despite the government’s fear of backlash from gambling companies and media organisations profiting from their advertising, the AGR remains steadfast in its mission. The alliance believes that a total ban on all gambling advertising is essential to protect children and prevent the devastating consequences of gambling addiction.

The opposition leader, Peter Dutton, has acknowledged the concerns of gambling companies and is awaiting the government’s proposal. Meanwhile, Communications Minister Michelle Rowland has affirmed the government’s commitment to minimising harms from online wagering.

As Australians lose $25 billion a year to gambling, the real cost of inaction is becoming increasingly apparent. The question remains whether the government will heed the call for a total ban on online gambling advertising, or will it succumb to the vested interests of the gambling industry?

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