Author: Casino Connection Staff

U.K. Premier League Considers its Own Ban on Shirt Sponsors

Posted on July 28, 2022 by -

Premier League clubs expect to agree to a voluntary prohibition on new gambling shirt sponsorship deals, according to the Times. The U.K.’s top soccer league brought this to its member clubs earlier in July as a way to avoid potential legislation to ban such sponsorships.

Of the 20 teams in the league, 14 need to vote in support of the ban for it to take effect. Last season, 10 clubs had such sponsorships. Barring ads could cost clubs between $6 million to $12 million per year. The deal proposed by the league does not include shirt-sleeve agreements, according to Front Office Sports.

The issue is part of the agenda at the Premier League shareholder’s meeting at the end of July. Both the condition details and the transition will be up for discussion. With the current proposal, clubs would have three years to end existing deals.

Liverpool FC renewed its sponsorship agreement with British bank Standard Chartered in mid-July. The four year pact is valued at $59.2 million a year, The current deal, set to expire after the 2022-23 season, gives Liverpool $25 million a year.

DraftKings Issues Odds for 2024 U.S. Presidential Election

Posted on July 28, 2022 by -

The presidential election is two long years away, but DraftKings has already posted odds for its sportsbook in Ontario. The U.S. bars wagering on elections.

“I’ve been wanting to do it for a long time. I think it’s going to write a lot of business, said Johnny Avello, DraftKings’ director of race and sportsbook operations. “I had guys call me in the past and tell me they wanted to bet a half million dollars on it.”

DraftKings made former president Donald Trump the +250 favorite to be elected again in 2024 and installed Florida Governor Ron DeSantis as the 3-1 second choice. President Joe Biden is the +550 third pick, followed by Vice President Kamala Harris at 12-1.

DeSantis, a Republican, has seen his odds improve in recent months. He briefly replaced Trump as the 2024 favorite in late June at London-based betting exchange Smarkets before dropping lower. DeSantis is the 3-1 co-favorite with Trump at United Kingdom-based BetFair sportsbook.

“There are a lot of reasons to look at the second choice in the Republican Party,” Avello said. “Trump could be in a little bit of trouble right now, and he’s going to be a lot older by the time the election takes place. We’ve got a long way to go.”

Nevada Gaming Control Board senior research analyst Michael Lawton told the Las Vegas Review-Journal in 2020 that lawmakers, not just gaming regulators, would have to approve the change.

U.S. bookmakers would love it.

“We’ve talked to people around the world,” Westgate SuperBook vice president Jay Kornegay said. “The books that offer it say it outhandles the Super Bowl 10 times over. And it makes sense.”

Poll Shows More Than 66 Percent Approve of Sports Betting

Posted on July 28, 2022 by -

The Supreme Court eliminated the ban on sports betting four years ago, opening the floodgates for states to approve the practice as they pleased. As of early July, 30 states and Washington, D.C. now offer legal sportsbooks. So It comes as no surprise that 66 percent of respondents approve of sports betting compared to 55 percent In 2017, according to a Washington Post-University of Maryland poll.

Less than half approve of betting on college sports.

Still, 71 percent are concerned that the growth in sports betting will lead to more problem gaming. That said, the majority of respondents don’t know anyone who suffers from gambling disorders.

In other poll numbers, 37 percent of Americans say they are bothered by sportsbook ads, but not as much as prescription drug ads at 54 percent and more than beer ads which offend 25 percent.

Some 49 percent of bettors gamble online using betting or fantasy sports websites and apps, while 40 percent bet in person at a casino. A much smaller 12 percent have made bets at stadiums or arenas. Of course, there are fewer opportunities to bet where games are played.

Just 8 percent of U.S. adults placed sports bets at least once a month, and 17 percent have bet on a professional sporting event in the past five years. Among sports fans, 20 percent have made a bet.

Among avid sports fans, 48 percent have placed a bet in the past five years, and 32 percent say they bet once a month or more often, according to the Post-UMD poll.

Age makes a difference. 62 percent of sports bettors under 50 have bet online compared with 26 percent of those 50 and older. Bettors under 50 are also far more likely to have bet at a stadium or arena.

Keith Whyte, executive director of the National Council on Problem Gambling, said his group’s internal data showed some uptick in the number of gamblers since 2018, but not by a large margin. “It means a lot of the people are shifting from gambling illegally to legally,” he said. “Within the betting community, you’re looking at frequency and spend. We suspect that is going up.”

Chris Grove, a co-founding partner of Acies Investments, which focuses on gambling, sports and technology, said legalizing gambling was never going to turn non-sports fans or people who had no interest in gambling into sports bettors.

“But the U.S. is clearly on pace to meet or exceed the performance of more mature gambling markets on an adjusted-GDP-per-capita basis.”

The poll was conducted online between May 4 and 17, 2022, among a random national sample of 1,503 adults by The Washington Post and the University of Maryland’s Shirley Povich Center for Sports Journalism and Center for Democracy and Civic Engagement.

Bally Bet Goes Live in New York

Posted on July 28, 2022 by -

New York State accepted applications from nine operators of mobile sportsbooks. Bally Bet, the last of the nine, finally went live on July 7, six months after the launch of most of the other online sportsbooks.

For Bally Bet, New York is now its fifth market, joining Colorado, Indiana, Iowa and Virginia, according to Elite Sports NY.

Each of the other eight operators went online within the first month of mobile play. Bally’s Chairman Soo Kim originally intended to go live in April, missing both the Super Bowl and NCAA March Madness events. They also missed the ever-expensive promotional bonanza.

Bally did not go live in April either. During the corporation’s Q1 earnings call in May, CEO Lee Fenton indicated the start will be at the end of Q2. The end of Q2 also went by without the kick-off. But hey, seven days late isn’t too bad.

Fenton noted the company would approach New York with caution when it comes to marketing dollars, given the state’s high-tax environment for sports betting.

Mobile sports betting in New York has generated more than $302 million in tax revenue since the January 8 launch. The revenue goes towards education, youth sports and responsible gaming programs, according to the Oneida Dispatch.

”In just six months, New York has become a leader among states in implementing successful gaming policies, with hundreds of millions of dollars going to important programs that will improve the lives of all New Yorkers,” Governor Kathy Hochul said.

”I look forward to continuing to enact responsible gaming policies that provide exciting entertainment for New Yorkers of legal age—all with important safeguards in place to help those who need it.”

New York has collected more in mobile sports wagering revenue in six months than the total sports wagering revenue—both mobile and on-premises—from any other state. Through May 2022, Pennsylvania has collected $265.6 million in sports wagering tax revenue since November 2018, and New Jersey has generated $237.1 million since June 2018.

In January, New York projected $249 million in mobile sports wagering tax revenue (including $200 million in already-collected license fees) in FY 2022, while total collections were $361 million (including the $200 million in license fees). As of April, New York State projects $357 million in FY 2023.

All of the license fee revenue has already been directed to education.

Kansas Regulators Finalizing Sports Betting Rules

Posted on July 28, 2022 by -

Kansas’ sports betting law took effect Friday, July 8, but regulators still are finalizing rules, meaning the first wagers will not be taken for several months. Still, co-regulators Kansas Racing and Gaming Commission and Kansas Lottery are hoping to allow legal bets during the National Football League season.

The lottery recently sent out contracts to the casinos and also distributed to stakeholders the 136-page package of draft rules, covering accounting, technology, surveillance and more. A Kansas Racing and Gaming Commission spokesman said the agency hopes to vote on the final set of rules at its July 22 meeting, although commissioners may request temporary approval in order to refine the details while operators and regulators move forward.

Under the law, each of the state’s four casinos−Boot Hill Casino, Boyd Gaming/Kansas Star, JNB/Kansas Crossing and Penn National Gaming/Hollywood Casino−may operate a retail sportsbook with up to three skins. MLS Sporting KC and Kansas Speedway also may partner with a casino through a marketing agreement.

The law also stipulates the regulator must open the sports betting license application process by August 15 and sports betting must launch by January 1, 2023.

Several major operators already have already lined up market access, including Bally’s (Boot Hill Casino), Barstool Sportsbook (Hollywood Casino/Penn National Gaming), BetMGM (Boyd Gaming/Kansas Star), Caesars (JNB/Kansas Crossing), DraftKings (Boot Hill Casino), FanDuel (Boyd Gaming/Kansas Star), FOX Bet (Hollywood Casino/Penn National Gaming), and PointsBet (JNB/Kansas Crossing).

FanDuel Expands Partnership with NFL into Canada

Posted on July 28, 2022 by -

FanDuel Sportsbook has expanded its association with the NFL to include a partnership in Canada. The multi-year deal permits the sportsbook to

  • use NFL and team marks;
  • create league-themes freebie games in Canada;
  • run league-themed campaigns which offer customers a chance to win trips to games.

“We’re thrilled to extend our partnership with the NFL to Canada,” FanDuel Canada General Manager Dale Hooper said in a release. “Ontario sports fans are passionate about American football, and this collaborative effort will bring them more ways to enjoy the sport with friends and family in a fun and responsible way.”

Earlier in the year, FanDuel partnered with TSN, the exclusive broadcast partner of NFL Canada. The agreement will integrate betting content, according to Legal Sports Report.

“With the FanDuel partnership in Canada we are able to provide fans with unique and entertaining experiences that will continue to drive high engagement for both organizations,” said NFL Canada Director of Corporate Partnerships Gavin Kemp in the release.

FanDuel has additional expanded agreements with Maple Leaf Sports & Entertainment, which owns the Toronto Maple Leafs and Toronto Raptors.

The NFL previously made Ontario Lottery and Gaming‘s ProLine+ its first Canadian sports betting partner. The OLG also has deals with the NHL, NBA and MLB.

NFL betting is king in the U.S., and it is expected to draw plenty of action in Canada as well. As popular as the NFL is when it comes to sports betting, the agreement with Canada is not going to come close to the U.S. side of the border, said BetMGM CEO Adam Greenblatt.

“We think that [the NFL] will probably be the biggest betting sport, but not by the margin that exists in the U.S.,” Greenblatt said.

MLB Expands Alliance with MGM, BetMGM

Posted on July 28, 2022 by -

On July 14, Major League Baseball (MLB), MGM Resorts International and BetMGM announced the renewal and expansion of a historic partnership that began in 2018, when MGM Resorts became MLB’s first Official Gaming Sponsor.

Under the renewed multi-year agreement, BetMGM will continue to be an Official Sports Betting partner of MLB, domestically marketing its brand and gaming options across a variety of league and team platforms including MLB Network, MLB.com and the portfolio of MLB apps.

MGM Rewards, MGM Resorts’ loyalty program, will be the title sponsor of this year’s All-Star Celebrity Softball Game and presenting sponsor of the first-ever All-Star Saturday Extra Innings musical performance at Dodger Stadium.

“We are thrilled to extend and expand upon our groundbreaking work with Major League Baseball,” said Lance Evans, senior vice president of sports and sponsorships for MGM Resorts. “We’re incredibly proud of the growth and innovation that have transformed our industries since launching our partnership four years ago, and we’re eager to continue breaking new ground and delivering world-class sports and entertainment experiences for baseball fans worldwide.”

The partnership between BetMGM and MLB includes data usage in sports betting, promotion across MLB-owned media platforms, domestic and international activations at MLB events, plus multiple fan experiences.

BetMGM Chief Revenue Officer Matt Prevost added, “It is an exciting day to announce the extension of our partnership with MLB. The collaboration with the League allows us to reach new audiences while delivering a best-in-class baseball wagering product. We look forward to growing our industries together.”

The long-term extension between MGM Resorts and MLB includes the presenting sponsorship of Bettor’s Eye, MLB’s digital baseball show on MLB.TV with a focus on betting for fans who want to engage on a deeper level within that aspect of the game. BetMGM will continue to be recognized as an MLB-Authorized Gaming Operator and utilize MLB’s official statistics feed throughout both digital and live domestic sports gaming options on a non-exclusive basis. MLB will make enhanced statistics available to BetMGM on an exclusive basis. MLB, MGM Resorts and BetMGM will continue to work together on comprehensive responsible gaming measures and protecting the integrity of the game, both on and off the field.

MGM Resorts and BetMGM have partnered with multiple MLB clubs, including with the Boston Red Sox, Detroit Tigers, Los Angeles Dodgers, New York Mets, New York Yankees, Houston Astros and Washington Nationals. As part of the Nationals partnership, BetMGM built the first retail sportsbook connected to an MLB stadium and is the only mobile sports betting app available at Nationals Park.

FanDuel Launches Live Dealer Studios in Michigan, Pennsylvania

Posted on July 28, 2022 by -

FanDuel Group is expanding its online casino offerings through the introduction of its first-ever FanDuel-branded live dealer studios in Michigan and Pennsylvania in partnership with Evolution. 

All of FanDuel’s live dealer games, including blackjack and roulette, will now be streamed for Michigan and Pennsylvania customers directly from FanDuel’s live dealer studios. Classic casino games will now be available online with a FanDuel-branded live dealer element, “giving FanDuel Casino players in Michigan and Pennsylvania an interactive casino experience from their home,” the company said in a press release.

A dedicated live dealer studio offers FanDuel the ability to offer players exclusive promotions, and with the addition of live updates with dynamic stats, the FanDuel Live Dealer Games will be attractive to both experienced and novice players. The user interface will guide players in what bets can be placed, and show potential winnings for those bets.

“Playing FanDuel Live Dealer Games is a great opportunity to learn the game in a more controlled environment, and for the experienced player, the game offers a less crowded and more relaxed gaming experience,” the release said.

FanDuel Casino, currently available in four U.S. states, has a number of key features, including:

  • Hundreds of slots and table games that you might find on a casino gaming floor including blackjack, roulette and popular slots like 88 Fortunes and Wheel of Fortune;
  • The ability to cash out winnings securely and quickly with the same level of guest service, convenience, safety and security that customers have come to expect from FanDuel; and,
  • Numerous account protections reflecting the strong commitment to responsible gaming by FanDuel.

Peru Legalizes iGaming, Sports Betting

Posted on July 28, 2022 by -

The Congress of the Republic of Peru July 15 voted to legalize online gaming and sports betting. The vote was unanimous, 91 to 0.

The Ministry of Foreign Trade and Tourism (Mincetur) will be tasked with carrying out the new law. Gaming will be taxed at 12 percent of the operator’s tax base with a maintenance tax of 2 percent of monthly income. The tax will be collected by Sunat, the country’s tax body.

The tax structure is supported by the Peruvian Association of Online Sports Betting (APADELA).

Sports betting operators will be allowed to set up betting terminals in sportsbook rooms, but they will also be required to display warnings that “excessive online sports betting can cause pathological gambling.”

The president of the Economy Commission, Congresswoman Silvia Monteza Facho, noted that in the new law, “the discrimination of non-domiciled (online gaming and sports betting operators) is also eliminated so that they are taxed in the same way as those established in Peru.”

Of taxes raised, 40 percent will go to the Public Treasury, of which half will go to the Ministry of Health, which will direct mental health and gambling addiction treatment.

The law authorizes Mincetur to block websites, platforms and URLs of online gaming and sports betting operators that operate offshore without government licenses.

Ainsworth Interactive Live in Peru with Apuesta

Posted on July 28, 2022 by -

Ainsworth Interactive, the online gaming division of slot supplier Ainsworth Game Technology, has introduced its content online in Peru with leading retail and online operator Apuesta Total.

Games including land-based casino hits Mustang Spirit and Vegas Fiesta Grand are now available at ApuestaTotal.com.

“This alliance offers countless players in the region a new way to access Ainsworth’s interactive content, offering up the most complete line of slots for the online platform at Apuesta Total,” the company said in a press release.

“Continuing to grow at a general level, both in our digital and retail channels, is our main objective, and we believe that we are on the right path by including games from brands with a long history in the Peruvian market, such as Ainsworth,” said Gonzalo Perez, CEO of Apuesta Total.

Bernie Gamboa, online director for Ainsworth, added, “Ainsworth is pleased to be able to launch our products with Apuesta Total, one of the leading online sportsbooks and online casinos in Peru. This partnership is a strong step in our expansion in the region.”

Vivo Gaming Launches Platform, Game in Uruguay

Posted on July 28, 2022 by -

Online gaming supplier Vivo Gaming, which specializes in live-streamed table games, announced it has upgraded its baccarat offering in Uruguay with the implementation of Chroma Key technology. The company also launched a new table game from its Bulgaria studio called Teen Patti.

The Chroma Key technology replaces a solid color background with a whole new visual of the operator’s choice. Dealers working on these new live baccarat tables can now be placed in front of any location, animation, brand, logo or graphic imaginable using the new tool.

Additionally, Vivo has made English-speaking dealers available to its Latin American operators through its Uruguay-based tables, which were previously only available only in Spanish and Portuguese.

Meanwhile, the A highly popular card game in the Asian market, Teen Patti, sees players try to create the highest-ranking combination among all the players with only three cards dealt. The goal is also to maximize the pot or the prize pool to make the greatest winnings. 

“We’re simply the top pick for live dealer operators in every market, from South America to the Caribbean and across Europe,” said Ivan Livov, COO at Vivo Gaming.

“Now with these advanced offerings, we can offer our customers all over the world an even greater breadth of products and services as we continue to differentiate ourselves from the competition.” 

888 Completes Sale of Bingo Business

Posted on July 28, 2022 by -

888 Holdings has completed the sale of its B2C and B2B bingo businesses to Broadway Gaming Group’s Saphalata Holdings.

Saphalata originally agreed to buy 888’s B2B and B2C bingo operations in December for $45.3 million in cash, plus $2 million paid within one year on an agreed fee schedule. The B2B bingo businesses are operated under the Dragonfish brand, while the B2C bingo businesses involve several brands. Mainly active in the U.K., the businesses together generated around $65 million in revenue and $7.4 million in EBITDA in 2020.

“We are delighted to complete the acquisition of 888’s high-quality bingo business and platform,” said Broadway Gaming CEO David Butler. “By combining these with our existing business and brands, which include Butlers Bingo, we will be able to achieve an even stronger global footprint in key regulated bingo markets.

“We see further expansion opportunities in both the B2C and B2B segments, and are very excited about working with the management team to deliver on our plans for the future, as we look to become the preeminent online bingo business globally.”

“I would like to express my immense gratitude for all of the hard work of the bingo team over the years, and in particular their unwavering commitment to the business since we announced the transaction,” 888 chief executive Itai Pazner said.

“As part of a dedicated bingo operator, I am very confident in the future prospects of the bingo business and wish the team well.

“The successful completion of this strategic transaction enables 888 to further increase its focus on integration with William Hill and delivering on our mission to be one of the world’s leading online betting and gaming businesses.”

Majority of NJ Lawmakers Sponsor Smoking Ban Bill

Posted on July 14, 2022 by -

The tallies are inching closer to the point where the New Jersey Senate and Assembly can each vote to close the loophole that allows smoking in portions of casinos.

In terms of numbers, half the Senators have co-sponsored the bill and 43 of the 80 Assembly members have done likewise. Additional legislators have pledged to vote for the bills when they reach the floor in each chamber, according to the Press of Atlantic City.

“We will keep this issue front-and-center over the summer and work to make sure it’s a top priority when legislators return to Trenton in September,” said Cynthia Hallett, president and CEO of Americans for Nonsmokers’ Rights, in a press release June 29. “Especially in light of the new reality that smoke-free casinos are performing better than their smoking counterparts, there’s no reason not to act.”

The Casino Association of New Jersey, the trade group representing the gaming properties, has strongly opposed the bills. Banning smoking would harm the industry and cost jobs, it says. Local 54 of Unite Here, which represents hospitality workers, also opposes the legislation, which was incorporated into the contract signed last week that averted a city wide strike. But the dealers union and United Food and Commercial Workers Local 152 support it, according to the groups. Local 152 represents thousands of retail, manufacturing, and healthcare workers in south Jersey.

“We started this fight a year ago—Fourth of July marks one year since poisonous smoking came back to our workplaces—knowing little about politics or the legislative process,” said Pete Nacarelli, co-leader of Casino Employees Against Smoking’s Effects. “It’s amazing what we’ve been able to achieve so far, but we will continue fighting.”

The bills, marked S264 and A2151, would ban indoor smoking in casinos and simulcasting facilities.

Former NGCB Chair Appointed as Raiders Team President

Posted on July 14, 2022 by -

The Las Vegas Raiders have chosen Sandra Douglass Morgan to be the team’s new president, according to a letter sent to team employees that was obtained by the Las Vegas Review-Journal. Morgan most recently served as the chairwoman of the Nevada Gaming Control Board (NGCB) from 2019 through 2021.

In the letter, Morgan said that she is “thrilled” to join the team during what she called “one of the most exciting times in the history” of the storied franchise.

The move is especially noteworthy for the NFL, as Morgan is now the first black woman to be appointed as a team president in the league’s history. She was also the first black woman to lead the NGCB.

The team’s presidency had been vacant since May, after interim president Dan Ventrelle was fired—Ventrelle has since accused the team of wrongful termination, saying he was let go after notifying the NFL of what he called a hostile work environment within the organization.

That incident is a symbol of the Raiders’ overall turbulence in recent months, which has resulted in the departure of numerous longtime executives for various reasons.

The team is also involved in a lawsuit filed by former head coach Jon Gruden, who has accused the NFL of orchestrating a “malicious” campaign to destroy his career and reputation, most notably by publishing offensive emails Gruden had sent previously. The defamed coach was in the middle of a record 10-year, $100 million contract with the Raiders when he was ousted in October of last year.

Morgan addressed these concerns head-on in her introduction, affirming that she is “not here to avoid or sidestep problems or concerns that need to be addressed.”

“I’ve given long and thoughtful consideration to joining you, and I’ve done so because I believe in the promise of the Raiders,” Morgan wrote. “Most importantly, I believe in your core values of integrity, community, and commitment to excellence. I will expect you to embody those and to hold me accountable to doing the same.”

Morgan has an extensive resume in the Silver State—in addition to her time as head of the NGCB, she also served on the Nevada State Athletic Commission and the Nevada Gaming Commission. She was also the first black woman to serve as a city attorney in the state, when she did so in North Las Vegas from 2013 to 2016.

During her tenure with the NGCB, Morgan championed regulations for cashless wagering and ushered in new anti-discrimination policies for the state’s operators.

UK: PM Resignation Puts a Halt to Gaming Review

Posted on July 14, 2022 by -

The potential reformation of the U.K.’s gambling laws has been put on hold following a mass exodus of the country’s top government officials, including Prime Minister Boris Johnson and Gambling Minister Chris Philip.

In all, more than 60 members of Parliament left office, in a large-scale revolt against Johnson, who has been embroiled in controversy for several months.

Among them was Philip, the nation’s top gaming official—he has cited a lack of confidence in Johnson as the primary reason for his departure.

This will now understandably put a massive strain on the country’s legislative matters until those positions are filled again, and that will undoubtedly delay the ongoing review of existing gambling laws, which was expected to conclude in the near future.

The proposed changes, which reportedly included a new max bet limit of £5 for online casinos, a ban on football league gambling sponsorships and the prohibition of free promotional bets, were detailed in a white paper that was awaiting final review from Johnson and his cabinet.

That process will, of course, be delayed until the dust begins to settle, but a definitive timeline has not yet been announced.

Even in the event that a new election takes place sooner than expected, the exact details of the reformation will still need to be hashed out in Parliament, gaming regulatory attorney Melanie Ellis told iGaming Business.

However, there is a sentiment around the industry that an expedited election process would only stir the pot more and create greater disruption during an already turbulent time.

Protester at Hot Dog Contest Prompts Sportsbook Refunds

Posted on July 14, 2022 by -

Last year, Joey Chestnut, the legendary competitive eater, downed 76 hot dogs at the annual Nathan’s Hot Dog Eating Contest in New York. With that record in mind, bookmakers set the over/under at 74.5 hot dogs before this year’s feast, as Chestnut sought his 15th win.

Turns out, he only gobbled 63, way under, but still good enough to win the contest handily.

But something happened during the competition that hampered the hot dog momentum. A protester jumped on stage with a sign which read: “Expose Smithfield’s Deathstar,” in protest of pork producer Smithfield Foods.

Chestnut stopped shoveling hot dogs in his mouth long enough to take down the protester until security arrived.

The incident only lasted a short time, but certainly had at least some impact on his performance. So, some sportsbooks offered refunds to anyone who bet the over.

The list included FanDuel.

“Due to a brief interference at the Nathan’s Hot Dog Eating Contest, we’ve decided to refund all straight bets on Joey Chestnut to eat Over 74.5 hot dogs,” the sportsbook said.

DraftKings and Barstool also offered refunds, while paying winners who bet under.

Bally’s to Sell, Lease Back Rhode Island Properties

Posted on July 14, 2022 by -

Bally’s Corporation will become the latest casino operator to expand operation of properties under a triple-net lease from top gaming real estate investment trust (REIT) Gaming and Leisure Properties, Inc. (GLPI), as the operator announced it has entered into a binding agreement to sell its two Rhode Island properties to GLPI.

According to the operator, GLPI has agreed to acquire the real property assets of Bally’s Twin River Lincoln Casino Resort and Bally’s Tiverton Casino & Hotel, subject to customary regulatory approvals, with Lincoln also subject to lender consent. Pursuant to the terms of the transaction, Bally’s will immediately lease back both properties and continue to own, control and manage all the gaming operations of the facilities on an uninterrupted basis. Total consideration for the acquisition is $1 billion.

“Bally’s is excited to enter into this transaction with GLPI, further strengthening our growing relationship,” said Bobby Lavan, chief financial officer of Bally’s.

“The transaction will provide the company with significant, long-term liquidity, ensuring that Bally’s is best positioned to continue executing its capital and strategic plan, as well as to capitalize on future opportunities presented in the market.”

Both properties are expected to be added to the existing master lease between GLPI and Bally’s, with incremental rent of $76.3 million. The master lease has an initial term of 15 years (with 14 years remaining), followed by four five-year renewals at the tenant’s option.

Normalized rent coverage on the master lease—which includes Bally’s Dover Casino Resort, Bally’s Evansville Casino & Hotel, Bally’s Quad Cities Casino & Hotel and Bally’s Black Hawk Casinos—is expected to be doubled in the first calendar year following the completion of the acquisition of the real property assets of the Bally’s Rhode Island properties.

In connection with GLPI’s commitment to consummate the Bally’s acquisitions, it also agreed to pre-fund, at Bally’s election, a deposit of up to $200 million, which will be credited or repaid to GLPI at the earlier of closing and December 31, 2023. In addition, Bally’s will pay a $9 million transaction fee at closing.

If all third-party consents and approvals for the acquisition of Lincoln are not timely received, GLPI will instead acquire the real property assets of the Hard Rock Hotel & Casino Biloxi in Mississippi along with Tiverton for total consideration of $635 million and a combined annual rent for Tiverton and Biloxi of $48.5 million. In that event, GLPI will also have the option, subject to receipt of required consents, to acquire the real property assets of Lincoln prior to December 31, 2024 for a purchase price of $771 million and additional rent of $58.8 million.

GLPI, meanwhile, continues to expand its ownership of properties to keep pace with VICI, the other major gaming REIT, which is in the process of acquiring the other major Las Vegas gaming REIT, MGM Growth Properties. GLPI’s recent expansion moves include a planned deal with Bally’s to buy the real estate of the Tropicana Las Vegas and establish a 50-year lease and a unique deal signed with Baltimore’s Cordish Companies to buy and lease back three Cordish Live!-branded properties in Maryland and Pennsylvania.

Currently, GLPI owns a total of 55 casino properties.

Hard Rock Partners With Gek Terna for IR Project in Athens

Posted on July 14, 2022 by -

Greek construction firm Gek Terna Group and Hard Rock International announced they will develop the Hard Rock Hotel & Casino Athens. Gek Terna, which was awarded the 30-year concession for the nation’s first integrated casino resort, holds a 49 percent share in the partnership.

Construction will begin early next year and the venue is expected to open in 2026.

This will be Hard Rock’s first investment in a European casino, located on the Athenian Riviera. The facility will offer a three-level tower featuring views of the Acropolis, the sea and Mount Hymettus. The gaming floor will offer 200 tables and 2,000 gaming machines, plus a 1,000-room luxury 5-star hotel with the highest terrace in Athens, including a rooftop pool, bars and fitness center.

Other features will include the 3,000-seat Hard Rock Live entertainment venue, inspired by the ancient Greek amphitheater, as well as dining and shopping along a promenade offering high-end local and international brands, restaurants, bars and lounges.

George Peristeris, chairman and chief executive officer at Gek Terna, said, “This development will create a premium tourism spot, expected to offer employment to thousands of people, yield significant revenues to the public sector and add value to Greece’s brand. Along with Hard Rock we are realizing a private investment of over 1 billion euros, reaffirming our trust in Greece’s prospects and potential.”

Hard Rock International Chairman Jim Allen added, “We are thrilled to announce the partnership with Gek Terna Group and further expand Hard Rock’s reach across the globe in the great city of Athens. This development will bring over 3,000 permanent jobs to the people of Greece and we look forward to bring our unique brand of entertainment and provide an unparalleled experience for guests of all ages.”

Hard Rock International competed with Mohegan Gaming & Entertainment for the license to manage the casino resort, after originally being excluded from bidding. In 2020, Hard Rock announced it would take the matter to the European Commission.

The Athens casino will bring Hard Rock International’s portfolio to 265 locations in more than 70 countries.

Critics of Bally’s Chicago’s Casino Cite R.I. Strike Threat

Posted on July 14, 2022 by -

The anti-Bally’s contingent in Chicago had a field day over the possible strike by Local 26 of Unite Here against the company’s Twin Rivers Casino in Lincoln, Rhode Island.

The hospitality workers’ union refrained from picketing over the busy July 4 weekend because of progress in negotiations. The tentative date is expected to be on or around July 14.

Bally’s won its bid to develop a $1.7 billion gambling and entertainment complex in Chicago in large part because of the strong support of organized labor and Mayor Lori Lightfoot. The company, which will build the complex at Chicago Avenue and Halsted Street, also has the right to open a temporary casino in 2023.

“The mayor and [Chicago Federation of Labor President] Bob Reiter insisted that Bally’s was the only union supporter of the three Chicago casino finalists. Doesn’t look that way in R.I.,” Alderman Brian Hopkins wrote in a text message to the Chicago Sun-Times. He led the charge against Bally’s plan for a River West casino in his ward.

Hopkins said the strike vote in Rhode Island “doesn’t add up,” and that it “ indicates a significant dissatisfaction with Bally’s management. They did sign a labor agreement. We’ll see if they honor it.”

Another Bally’s opponent, Alderman Brendan Reilly, said the vote in Rhode Island serves as a cautionary tale for Chicago.

“Bally’s made some pretty big promises to organized labor in Chicago in order to win their casino bid here. Now, at their `flagship’ in Rhode Island, 92 percent of the Unite Here union just voted to authorize a strike,” Reilly wrote via text message. “That’s a pretty overwhelming vote.”

Reiter had a much different reaction.

“Bally’s is a union employer, and they signed a labor peace agreement with us,” Reiter said.

In April, Reiter told the casino committee that it should not back a license to an operator before it commits to having a unionized workforce. The CFL applied pressure on City Council members to approve a license for Bally’s over Hard Rock International and Rush Street Gaming.

Bally’s Chairman Soohyung Kim said one market is not indicative of others.

“Obviously, we feel confident about our relationship with all the unions. I believe this will be settled amicably in Rhode Island,” he said.

Kim also noted that Bally’s had no labor problems at a casino it owns in Atlantic City, even though a Unite Here local there had threatened a strike against MGM Resort Properties and Caesars Entertainment. Tentative agreements ended that threat.

Richmond Plans to Vote Again for Casino, Even if State Objects

Posted on July 14, 2022 by -

The city of Richmond got no help from Governor Glenn Youngkin in its quest for a second referendum on a casino. The first vote last fall narrowly failed. Youngkin said he won’t interfere, which is a good thing for Petersburg in its bid to open a casino instead.

Youngkin said language in the two-year budget bans Richmond from a second referendum for a minimum of a year and also bans the Virginia Lottery from voting on an application for a Richmond casino license for at least 12 months, according to the Richmond Free Press.

The delays allow the Joint Legislative Audit and Review Commission to conduct a study to determine if Petersburg would be a viable site.

No matter—Richmond is planning a second vote in November on the proposed $565 million casino-resort for South Side. City Hall got a court order to put the issue on the ballot again, and short of a counter order, the ballot will continue.

The NAACP backs the effort because the casino proposal comes from minority-owned developer Urban One.

“This is a business issue—an economic development issue,” said state NAACP President Robert N. Barnette Jr. “We will not be derailed or deterred in our fight for economic opportunity and growth that benefits every single citizen of Richmond.”

Richmond Virginia Branch NAACP President James E. “J.J.” Minor III concurred.

“Why wouldn’t we give those who live, work, and play here the ability to vote on the future of this project, especially when Urban One hasn’t asked for a dime from the Commonwealth or any taxpayer for this project?” Minor III said.