Live distributor giant Evolution has announced a new strategic agreement with Caesars Entertainment to expand its reach in North America.
Caesars and Evolution will partner in establishing studios in several US states, including Caesars’ New Jersey-based Tropicana Casino. The Tropicana studio will be Evolution’s third live casino studio in Atlantic City.
Evolution and Caesars will also join forces to open additional studio space at Evolution’s Pennsylvania and Michigan studios. Caesars players will have access to live casino games from Evolution’s brands such as NetEnt and Red Tiger.
In the announcement, Evolution North America CEO Jacob Claesson said: “Caesars’ expansion into the market is remarkable and remarkable. “We are impressed with Caesars’ commitment and look forward to collaborating with them as they continue to expand their branded studio presence.”
Matthew Sunderland, senior vice president and chief gaming officer of Caesars Digital, added: “Elevated live dealer experiences are an area of opportunity and something online casino players continue to show interest in.
“With this in mind, it made perfect sense to partner on a deeper level with Evolution, the market leader in live casino offerings.”
Response to increase in demand
Caesars’ agreement with Evolution will help it address the problem of demand exceeding supply in the live casino industry.
Caesars generated $1.6 billion in casino revenue in the 4th quarter, increasing that figure to $6.4 billion in fiscal 2023. Its move with Evolution will help boost those revenue numbers further and combat the flattening in growth seen in Q4.
The Evolution partnership will meet Caesars’ urgent need for new studios to meet the growing demand for the live casino industry, and both companies will see its benefits in North America.
Caesars also announces Michigan tribal agreement
It’s been a busy week for Caesars as Caesars Entertainment announced its agreement to acquire WynnBet’s Michigan igaming business.
Caesars, Sault Ste. announced that its agreement with the company has been extended for the long term. Marie tribe of Chippewa Indians. This deal will give Caesars access to the igaming market in Michigan.
Caesars gains access to the Sault tribe’s igaming skins, allowing it to operate additional brands in Michigan. Existing WynnBet customers will be migrated to Caesars’ Michigan igaming platform.
Sunderland commented: “As we continue to grow our igaming franchise, the assumption of WynnBet’s igaming operations in Michigan will allow us to leverage a significant market and customer base, allowing us to take a significant step forward in growing our digital products and offering players more ways to play.” It provides.”
The move comes as part of WynnBet’s turnaround in the US. The company, which had stopped its operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia and West Virginia, left Massachusetts last week. Penn Entertainment agreed to acquire New York sports betting licenses, while WynnBet is still active in Nevada.
M.2023 results corrected for Caesars
Caesars reported a 6.5% annual increase in revenue for 2023, driven largely by growth in its digital division.
Revenue was higher across all divisions, with group revenue reaching $11.53bn (£9.12bn/€10.66bn). This growth also helped the group achieve net profit.
However, Caesars’ revenue growth in Q4 was just 0.1%. This stagnation towards the end of the year is perhaps an indication of what is to come.
Caesars recorded a GAAP loss of $0.34 per share in the final quarter of 2023, although that was below the loss of $0.66 per share in Q4 2022. Gross profit margin also decreased by 2.8% compared to Q4 2022.
The company’s previously impressive momentum has taken a hit. Caesars’ Fiscal Year 2022 and Fiscal Year 2023 failed to match the strong growth seen in the previous two years.
At market close on Tuesday, Caesars Entertainment was trading at $41.65 per share, responding to the company’s Q4 and Fiscal Year 2023 results. This was down 2.02% from the previous day’s close.
