## 888 Holdings Issues Performance Report – A Combination of Highs and Lows for the Gaming Behemoth
888 Holdings, a prominent name in the online gaming industry, recently provided an update on its financial standing. The report encompasses the year leading up to February 2022 and reveals a narrative of both triumphs and hurdles.
Over the entire year, 888 generated £690 million (equivalent to a substantial $8.4 billion!), with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reaching £109 million. However, the company acknowledges that this timeframe was characterized by a mix of favorable and unfavorable elements.
Positively, the resumption of operations at physical wagering establishments and robust performance in specific regulated markets provided a lift. However, these advantages were moderated by 888’s departure from the Netherlands and the consequences of heightened responsible gaming regulations implemented within the UK’s online sector.
Looking forward, 888 projects revenue ranging from £330 million to £335 million for the half-year period concluding in June 2022. This forecast aligns with anticipations, but the company cautions that expansion in certain European markets will be counteracted by the aforementioned responsible gaming measures and the temporary absence from the Dutch market.
Concurrently, the William Hill operation, which 888 acquired, is estimated to produce revenue between £620 million and £630 million for the 26 weeks ending June 28, 2022. This reflects the beneficial effect of retail outlet reopenings, but again, this is balanced by the UK’s safer gambling policies and modifications in particular international markets, including the withdrawal from the Netherlands.
In a separate statement, 888 disclosed its plan to secure £1 billion through 888 Acquisitions Limited and 888 Acquisitions LLC. This action implies the company is preparing for potential future investments or acquisitions.
The aggregate principal balance of the senior secured obligations is roughly US$20 billion. This indebtedness comprises several components. Initially, there’s a term loan, designated as Term Loan B, scheduled to reach maturity in 2028 and denominated in US currency. Additionally, there are two series of euro-denominated debt securities: fixed-rate senior secured notes maturing in 2027 and floating-rate senior secured notes maturing in 2028.
