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Ultimate Gaming plans new upgrades & platform improvements in Q2

13th March 2014 2:13 pm GMT

US casino operator Station Casinos said that 2013 was a “dynamic year” for the company which has seen the operator open a new casino resort in Northern California and launch online gaming in both Nevada and New Jersey.

In its results for the year, the company saw net revenue increase by 3 per cent to record high of $1,261.5m, following a solid fourth quarter performance.

Q4 and Full Year 2013 Revenue

US Dollars (US$) Q4 2012Q4 2013 FY 2012FY 2013
       
Casino 220.8m225.5m 885.6m887.3m
Food and Beverage 57.7m58.8m 237.8m235.7m
Room 24.5m24.9m 106.3m105.6m
Other 16.5m15.8m 69.9m67.7m
Management Fees 7.9m27.5m 29.9m59.8m
Gross Revenue 327.3m352.4m 1,329.5m1,356.1m
Promotional Allowances (24.2m)(24.0m) (100.0m)(94.6m)
Net revenue 303.2m328.4m 1,229.5m1,261.5m

Revenue in Q4 rose 8 per cent to $328.4m, helping to generate a net profit of $33.8m for period, compared to a loss of $7.9m a year ago. Results for the fourth quarter include a one-time development fee of $8.2m from the newly opened Graton Resort in Northern California, as well as $6.5m in management fees generated from the resort.

For the full year period, Station Casinos reported a net loss of $104.4m, compared to a profit of $13.3m in the prior year period, having been hit with a $148.3m loss on extinguishment of debt. The comparable figure in 2012 also benefited from a $102.8m gain on Native American development.

“It has been another dynamic year for Station Casinos,” said Marc Falcone, Station Casinos’ executive vice president, chief financial officer and Treasurer. “We delivered strong year-over-year financial results, opened Northern California’s premier casino resort, Graton Resort & Casino, and launched online gaming in both Nevada and New Jersey.”

During the year, Station Casinos’ majority-owned Fertitta Interactive subsidiary made history as the first company to launch real-money online poker in the US through Ultimate Gaming. It went live in Nevada on April 30th.

In addition, Ultimate Gaming launched full-scale online gaming in New Jersey on November 26th via ucasino.com, which it offers in partnership with Trump Taj Mahal.

According to results released yesterday by the New Jersey Division of Gaming Enforcement (DGE), the website is the third most popular in the state, generating revenue of $0.9 in February, although this was down 32 per cent compared to the previous month.

“Despite the limited operating history of regulated online gaming in the United States, we still believe in the long-term potential of the industry and the growth opportunities it presents,” said Falcone.

Ultimate Gaming said that it is planning to launch a number of new upgrades and platform improvements in the second quarter of this year.

As at December 31st the company held cash and cash equivalents of $138m, with long-term debt of $2.16bn.

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