Fertitia Interactive confident on New Jersey launch
News on 13 Nov 2013
News on 13 Nov 2013
The third quarter reportage of Station Casinos, parent group of online gambling companies Fertitta Interactive and Ultimate Gaming, emphasises the impending launch of online gambling in New Jersey, assuring investors that Ultimate and its New Jersey partner Trump Taj Mahal Associates LLC are ready to go.
The report notes:
“Fertitta Interactive’s subsidiary, Ultimate Gaming, continues to make substantial progress towards its launch of full-scale online gaming in New Jersey.
“On November 8, 2013, Ultimate Gaming received a transactional waiver from the New Jersey Division of Gaming Enforcement, which will allow Ultimate Gaming and its partner, Trump Taj Mahal Associates LLC, to begin accepting real money online wagers in New Jersey later this month subject to final regulatory approval.”
C.F.O. Marc Falcone said on Tuesday: “The interactive team has been hard at work developing its platform in New Jersey and we look forward to offering a fun, convenient, and secure online gaming experience to the people of New Jersey.”
Overall, Station announced its tenth consecutive quarter of gains in adjusted EBITDAM for the quarter ended September 30, reporting the successful opening of its latest land operation, the $800 million Graton Resort and Casino.
The company achieved it highest third quarter net revenues, Adjusted EBITDAM and Adjusted EBITDAM margins since the third quarter of 2008.
Net Q3 revenues increased 3 percent to $304.7 million compared to last year’s third quarter. Adjusted EBITDAM, excluding Fertitta Interactive, was $80.3 million for the quarter, an increase of 12 percent from the same period of the prior year. Adjusted EBITDAM margin also continued to show strong improvement, increasing to 26.4 percent from a year ago.
Including the results of Fertitta Interactive, Adjusted EBITDAM for the quarter was $78.6 million, an increase of 11.5 percent from $70.5 million in the same period of the prior year, while Adjusted EBITDAM margin rose to 25.8 percent.
Year-to-date net revenues were $933.1, a 0.7 percent increase compared to the first nine months of 2012. Adjusted EBITDAM, excluding Fertitta Interactive, was $276.2 for the nine months, a $14.4 million or 5.5 percent increase compared to the prior year and Adjusted EBITDAM margin increased to 29.6 percent from a year ago.
Station reported an outstanding principal balance of long-term debt at $2.16 billion, excluding a non-recourse land loan of $110.3 million, and cash and cash equivalents were $123.5 million. The company has reduced its net leverage ratio by approximately 0.3x since December 31, 2012.
