SI Casino To Stay In Michigan Longer Than Anticipated

Article by : Erik Gibbs Nov 6, 2024

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SI Casino, operating under Sports Illustrated branding in Michigan, will stay active in the state longer than initially expected. Originally planning to shut down its operations, SI has received a few extra months, which could extend into early 2025, due to ongoing negotiations and strategy adjustments. 

Despite this brief extension, the casino has struggled with low revenue, consistently ranking last among Michigan’s 15 online gaming platforms since its rebranding from TwinSpires to SI. The operator hasn’t managed to exceed $1 million in monthly iGaming revenue from June to September, and this performance is a key factor driving Evoke Gaming’s decision to withdraw SI Casino from the state.

Evoke, which owns and operates SI Casino, faces an uncertain path in Michigan. The company appears to evaluate whether SI’s Michigan license could be transferred to another operator rather than simply abandoning the market. 

There’s speculation that Hard Rock, having recently acquired other Evoke assets in the US, could be eyeing Michigan as its next market. An ownership transition could allow another casino brand to tap into Michigan’s well-regulated and competitive online gaming space. However, if a buyer does not emerge, SI may have to relinquish its license.

SI Casino operates in partnership with the Hannahville Indian Community, the owners of Island Resort & Casino. This partnership is crucial, as Michigan’s online gaming laws require each operator to work with a licensed tribal casino or commercial entity. Should SI ultimately exit, this partnership may face disruption or be transferred to any new operator interested in taking over SI’s place.

While SI Casino’s Michigan operations remain uncertain, Evoke Gaming itself has shown promising financial progress in other markets. After a two-year period of financial challenges, the company reported a 3% revenue increase in Q3 2024. This upswing was largely driven by growth in its international markets, with standout performances in Italy and Spain, as well as an 8% jump in online revenues across several European markets, including Romania. 

According to Per Widerstrom, CEO of Evoke, the group’s online gaming business has become a “growth engine” for the company. Widerstrom credits this turnaround to strategic investments in core markets and enhanced customer targeting, which he believes will fuel Evoke’s long-term growth.

The question of whether SI Casino can leverage these additional months to improve its performance in Michigan remains open. The potential for a new operator could offer fresh opportunities, but if no buyer steps in, SI Casino will make a quiet exit from the Great Lakes State market.