#RELAX GAMING KINDRED SERIES#

Scott Kreeger, Red Rock’s president, said the company expected it to ramp up over a two-year period. The shape of things to come: CEO Frank Fertitta said the balance sheet was in good shape as it moves towards the opening of the $750m Durango project in Q423. “We have now reached a top three position,” he added.Īfter the best year in the history of the company, Red Rock Resorts says the trends have remained “stable and consistent” into the new year. In the Netherlands, Tjärnström said it continued to exceed expectations. Western Europe saw 43% gross win revenue growth YoY the Nordics was up 4%, with Sweden and Denmark offsetting the decline caused by the regulatory situation in Norway.

#RELAX GAMING KINDRED SERIES#

Record-breaker: Mattress Mack’s World Series win saw Kindred make the biggest payout in its history, costing it £4.4m in negative revenue contribution. He added the company would ”absolutely” look at exiting further states having exited in Iowa in December. Tjärnström maintained the company was “still committed” to being a top ten operator in the US. Within that, the US fell from £6.9m to £2.9m. Gross win revenue for North America declined from £7.1m to £4.4m. US under water: Underlying EBITDA for the US came in at a negative £14.9m. Bet Builder was worth 10% of total WC turnover. World Cup turnover hit £220.8m (16% of total Q4 turnover) and total gross win came in at £30.8m. World cup willies: Despite the World Cup exceeding Euro 2020 in terms of turnover, Tjärnström again noted the event “did not meet our high expectations”. In terms of cost-cutting plans, CEO Henrik Tjärnström said “we’re looking across the P&L very closely”. In current trading, it said average daily gross win revenues were up 36%. The company reiterated that underlying EBITDA for 2023 would come in at £200m. Provision against market closures in the US cost £1.9m.Īs pre-announced, revenues came in below expectations at £305.5m, while pre-tax profit fell 34% to £51.9m. Profitability was helped, however, by a reassessment of the fair value of Relax Gaming of £38.4m. Total regulatory sanctions provisions of £8m also include £900k of fines from the Swedish regulator related to AML failures. Set back: The news of the provision in the accounts comes as the company said it has embarked upon immediate action to improve profitability after its mid-January profit warning. The operator has set aside £7.1m in provisions against a pending UK regulatory settlement.

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