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The plan to discontinue the SI Casino brand in Michigan, originally slated for Q4 2024, has been delayed until early next year, according to its owner, Evoke.
After the gaming company released its trading report for Q3 2024, it became clear that its planned sale will not only happen in Q1 2025, but will also be the exit of all of its business-to-consumer (B2C) operations in the US. The report read:
“Conclusion of sale of New Jersey and Virginia businesses with full exit from US B2C now expected in Q1 2025 with the sale of Colorado and Michigan.”
What will delayed shutdown mean for SI?
The gaming industry is in a constant flux; hence, altering strategy is always in the books for operators. With this new development, SI still has a few months to go before its purge, which will happen anytime in the first three months of 2025.
Evoke made the decision to exit Michigan as a result of the poor revenue generated by SI. Even after shifting from TwinSpires to SI casino, the operator has had a streak of coming at the bottom of all 15 Michigan online casinos. SI had failed to reach at least $1 million in monthly iGaming revenue from June-September.
Will these few renewed months make a difference and cause SI to redeem its light? Only time will tell.
There’s a chance SI will offload its Michigan license to another operator, similar to Caesars’ acquisition of WynnBet’s license.
Rumors are swirling that Hard Rock could be Michigan’s next gaming operator, following its acquisition of Evoke’s US assets. However, if a buyer can’t be found, SI will cease operations in the state, freeing up a coveted online casino and online sportsbook license.
SI is currently partnered with the Hannahville Indian Community, which owns and operates Island Resort & Casino.
Evoke sees revenue increase in Q3
After a two-year slump, Evoke’s back in the black with a 3% revenue jump in Q3 2024. What’s driving this growth spurt?
The company’s international operations drove revenues to 14% higher, with Italy and Spain delivering a standout performance.
An 8% revenue growth was recorded in the company’s online operations. It was driven by strong performance in core markets like Romania.
Evoke Chief Executive Officer Per Wilderstrom commented on the revenue growth in the release:
“Our online business is a clear growth engine for the group, and we saw a return to double-digit online revenue growth in our core markets in Q3 2024, underpinned by our focused market strategy and supported by important product investments and the results of our clearer customer value proposition and segmentation.
I am pleased to report a strong quarter of progress as we continue to implement our strategy for success and deliver our value creation plan. We are moving decisively and at pace to position evoke for long-term growth, and I look forward to providing further updates about our progress in the coming months.”
