Gaming group LeoVegas has released a trading update for the last three months of 2022, noting that they posted an operating loss during the quarter.
The period ran from October 1st through December 31st, 2022 and saw the following stats:
- Revenue up 1% to €99.5 million
- Net Gaming Revenue up 9% in Nordic countries, with sub-brand Expekt setting records
- Rest of Europe NGR up 4%
- Rest of World NGR was down 15%, hampered by short term markets
- Gross profits were €65.8 million, up slightly from the year prior
- Cost of sales down slightly to €14.8 million
- Gaming duties up to €18.8 million
- Personnel costs up 26% due to investment in employees and incentive programs
- Marketing was up to €34.7 million
- EBITDA down to €2.6 million from €11.6 million last year
- Operating loss of €2.5 million compared to a profit of €6.1 million
- Net loss of €7.8 million compared to a net profit of €4.2 million last year.
LeoVegas was purchased by MGM Resorts International last year, but it has to continue to post financial updates, as it has active bond considerations outstanding on the Swedish NASDAQ. No comment from either group was published in the report.