LeoVegas posts 1% revenue fall for Q3

LeoVegas has published its Q3 report for 2022, which showed a revenue decline of 1% from the same period last year, totalling €98.7m ($96.1m) – with €99.3m posted in Q3 2021.

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Total revenue for the year so far stood at €295.2m, which has topped 2021’s total of €292.9m up to the same point.

For LeoVegas, the complete revenue haul for 2021 stood at €391m, which – so long as the Swedish business does not have a nightmare of a Q4 – it should be able to beat come the next set of financial results in early 2023.

Meanwhile, reported EBITDA was at minus €2.6m – down from the previous year’s plus €11.5m and the previous quarter’s plus €16.8m.

Up to September 2021, LeoVegas reported a yearly EBITDA of €31.7m, while so far in 2022, it has only managed around half of that, with €16.8m.

The results are steady for LeoVegas, though a 1% decline in revenue isn’t an ideal Q3 report to post. However, there are many reasons for the operator to be excited, not least because of its recent deals with Manchester City and Inter Milan.

Following an Extraordinary General Meeting on 27 September, Gary Fritz, Bill Hornbuckle and Gustaf Hagman were elected to the board, with Fritz serving as Chairman until the next annual general meeting.

However, the big news from LeoVegas in the previous few months is, of course, that MGM Resorts completed its takeover in September, which saw LeoVegas’ shares removed from the Nasdaq in Stockholm.

So, now as a new subsidiary of MGM, LeoVegas posted its Q3 report shortly after its parent company – which reported a 26.2% Net Revenue rise totalling $3.14bn.


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