The partnership between Evolution, a leading live dealer provider, and Caesars Entertainment aims to broaden their influence across North America.
This collaboration will involve the construction of studios in various states within the US, including Caesars’ Tropicana Casino in New Jersey. The Tropicana studio will mark Evolution’s third live casino studio in Atlantic City.
Evolution and Caesars will also collaborate to establish new studio space at Evolution’s Pennsylvania and Michigan studios. Caesars patrons will have access to Evolution’s live casino games from its brands, including NetEnt and Red Tiger.
In the announcement, Jacob Kleis, CEO of Evolution North America, stated: “Caesars’ market growth has been remarkable. We are enthusiastic about Caesars’ dedication and anticipate working alongside them as they continue to expand their branded studio presence.”
Matthew Sunderland, Senior Vice President and Chief iGaming Officer at Caesars Digital, added: “The enhanced live dealer experience presents a significant opportunity and one where online casino players consistently demonstrate a preference.”
Evolution has declared an agreement with Caesars to expand its North American presence.
Considering this, it’s logical to join forces with Evolution, the top player in the live casino market.
Caesars’ collaboration with Evolution is a reaction to the rising demand and will help resolve the current supply-demand disparity in the live casino sector.
Caesars’ Q4 casino income was $1.6 billion, with total revenue for the 2023 fiscal year reaching $6.4 billion. The partnership with Evolution will further increase these revenue figures, counteracting the slowdown in Q4 growth.
The collaboration with Evolution will fulfill Caesars’ pressing need for new studios to meet the increasing demand in their live casino area, with both companies seeing advantages in North America.
Caesars also announced a tribal agreement in Michigan.
It’s been a busy period for Caesars, with its Caesars Entertainment division also announcing a deal to buy WynnBet’s Michigan iGaming operations.
Caesars unveiled a long-term extension of the agreement with the Sault Ste. Marie Tribe of Chippewa Indians. The agreement will enable Caesars to enter the Michigan iGaming market.
Caesars acquired the Sault Tribe’s iGaming skin, allowing it to operate more brands in Michigan. Existing WynnBet customers will move to Caesars’ Michigan iGaming platform.
Sunderland stated, “As we keep expanding our internet gambling enterprise, obtaining WynnBet’s online gambling operations in Michigan lets us enter a vital market and customer base. This is a key step in the development of our digital offerings and provides players with more ways to participate.”
WynnBet has been reducing its presence in the American market, and this action is part of its contraction. Last week, the company withdrew from Massachusetts, having already stopped activities in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia. Penn Entertainment agreed to take over its New York sports betting permit, while WynnBet still operates in Nevada.
Caesars Entertainment had a mixed 2023 performance.
Caesars Entertainment reported a 6.5% increase in income for 2023, driven mainly by growth in its digital division.
Income rose across all divisions, with group income reaching $11.53 billion (£9.12 billion/€10.66 billion). This growth also helped the group return to profitability.
However, Caesars Entertainment’s fourth-quarter income only increased by 0.1%. This year-end stagnation may be an indication of what’s to come.
Despite a decrease from the $0.66 per share loss in the fourth quarter of 2022, Caesars Entertainment still recorded a $0.34 per share loss in the fourth quarter of 2023. Gross margins also declined by 2.8% compared to the fourth quarter of fiscal 2022.
The company’s previously impressive momentum has been affected. Caesars Entertainment’s performance in fiscal 2022 and 2023 failed to match the robust growth seen in the previous two years.
Caesars Entertainment shares closed at $41.65 per share on Tuesday, reflecting the company’s recent financial report for the final quarter and complete year of 2023. This represents a 2.02% decline from the previous day’s closing value.
Subscribe to the iGaming newsletter.