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Caesars Entertainment to acquire Centaur Holdings, LLC

George Miller

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Caesars Entertainment to acquire Centaur Holdings, LLC
Reading Time: 2 minutes

Caesars Entertainment Corporation (Caesars) recently announced it has entered into a definitive agreement to acquire Centaur Holdings, LLC (Centaur) for $1.7 billion in cash, including $1.625 billion at closing and $75 million in deferred consideration. As a result of the transaction, Caesars will add Hoosier Park Racing and Casino (Hoosier Park) in Anderson, Ind. and the Indiana Grand Racing and Casino (Indiana Grand) in Shelbyville, Ind. to its Total Rewards network.

The addition of Centaur is the first example of our post-emergence, inorganic growth strategy. The acquisition of Centaur represents an excellent opportunity to enter into a growing region. We anticipate that the deployment of Total Rewards will bring substantial benefits to current Centaur customers and the implementation of our centralized supply chain and efficient operating model will drive synergies.” – said Mark Frissora, president and CEO.

Centaur welcomes more than 6.5 million guests each year across its properties and serves more than 1.1 million members as part of its loyalty program. Caesars Entertainment considers central Indiana an attractive region for investment based on the combination of under-penetration and favorable economic fundamentals. Hoosier Park and Indiana Grand, which serve the Indianapolis area, will add to the Caesars network, which includes Horseshoe Hammond and Horseshoe Southern Indiana. Horseshoe Hammond serves the Chicagoland area and Horseshoe Southern Indiana serves the southern Indiana and Louisville area. 

We are impressed with Centaur’s operations and culture, and the strong presence it has built in its host communities. Together, we will build on our respective value creation and execution achievements for the benefit of customers, employees and local partners,” Frissora said. “We look forward to welcoming Centaur’s properties, guests and employees to the Caesars Entertainment family.

Offering gaming, racing, dining and entertainment, both Hoosier Park and Indiana Grand feature over 2,000 of the latest slots and electronic table games, multiple dining outlets and both live and simulcast horse racing.

We believe the acquisition of Centaur is the best use of capital to support our growth plans and the long-term value of Caesars Entertainment. Our network expansion plan is off to a great start with this strategic transaction and we continue to have a strong financial position with solid cash flows to pursue other expansion opportunities with attractive returns,” said Frissora.

For more information, visit www.caesars.com.

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Gambling in the USA

Expectations on Online Gambling in the US

Niji Narayan

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Photo source: rightcasino.com
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The U.S. casinos have already entered into the list of the burning issues of the United States. Nevada is a national gambling symbol in the US, while some of the states impose strict restrictions even on the online casinos. The recent tendencies in the American online gambling market look quite promising.

Around 90% of the American gamblers easily switched from a traditional casino to the online platforms introducing the same services. At the same time, 85% of the US gambling niche income is generated by its online segment. On average, the industry of sports betting reaches the exorbitant figures – $400 billion a year.

It is obvious that the US cannot impose a strict federal ban on online gambling. The only obstacles may exist on the state level, where the situation is quite paradoxical. Depending on the state, the national operators have to satisfy a long list of the legal requirements to get a proper license.

It seems that the endless war between the operators and the state laws is getting tense: many of the gambling icons keep pushing the respective bills about partly legalisation of online casinos.

The milestone to block the decision-making process on a state level is taxation rates for the online casino operators. Some of the fees make it clear that the government would like to benefit from the business as much as the actual providers.

Despite a few legal opportunities, the online gambling niche in the US is blossoming. This business will soon reach its peak and will demand some more room for expanding its influence and audience.

In the nearest future, we can expect some further improvements. There is nothing to hold the industry from further development. Recognising the providers’ needs will resolve lots of issues related to illegal gambling. This should be a minimum benefit the federals cannot resist.

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Gambling in the USA

DOJ Appeals the District Court Decision on Wire Act Case

Niji Narayan

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Photo source: nodepositkings.com
Reading Time: 1 minute

The Department of Justice has filed its intent to appeal a district court decision on the Wire Act to the First Circuit Court of Appeals.

In June, a federal judge in the New Hampshire District ruled that the Wire Act applies only to sports betting and not to other forms of interstate gaming.

The New Hampshire Lottery and its vendor had filed the federal case because of the DOJ’s change in stance on the interpretation of the Wire Act.

The DOJ in 2011 had stated that the Wire Act applied only to sports wagering. But it reversed the course with a memo from 2018, expanding the possible reach for federal prosecution which triggered worries about its applicability to online gambling, lotteries and other forms of gaming that potentially cross state lines.

The New Hampshire District judge had forecast that the case would likely reach the US Supreme Court. While the case is going on, the DOJ has said it would not enforce the new interpretation of the Wire Act until 2020.

“The Department’s action, while hardly unexpected, is certainly unwarranted. DOJ generally files appeals of adverse district court decisions as a matter of course. We hope that, rather than engaging in a protracted, expensive and ultimately unsuccessful legal fight, the Department will take this opportunity to negotiate a settlement which will focus the Wire Act and DOJ’s enforcement resources on the right targets – the unlicensed illegal offshore Internet gambling operators who do not create jobs or tax revenue in the U.S. and do not appropriately protect consumers,” Jeff Ifrah, founder of iDEA Growth (an online gambling lobbying group) said.

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Gambling in the USA

NFL Issues Prohibitions on Sports Betting

Niji Narayan

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Photo source: onlinegambling.com
Reading Time: 1 minute

NFL has issued strict prohibitions on sports betting. In an email sent to NFL employees, vendors and contractors, the league made it clear that gambling on sports could lead to losing one’s job.

NFL’s communication said, in part:

“Gambling, particularly betting on NFL games or other sports, presents risks to the integrity of our competition and team cohesion, and can undermine the confidence and trust of our fans and colleagues in America’s greatest game. We therefore owe it to our fans and everyone associated with the League to take all appropriate steps to safeguard our game against possible threats from illegal gambling as well as gambling in a legal, regulated context.”

The memo spelled out forbidden activities and practices in detail. Prohibitions include:

Gambling at offshore sites or in states without legal sports betting

Gambling in any form on NFL games

Offering inside info or tips on a team or game

Setting foot in a sportsbook during the season

Betting in any form on anything in any NFL facility

Promoting any kind of gambling entity

Owning any part of a casino or sports betting operation

These restrictions are applied to owners, players and various vendors and contractors. Players are also implored to always give a “best effort” in any game to avoid the appearance of impropriety.

Non-sports wagering is allowed so long as employees do not physically enter a sportsbook to place the bet. Online or third-party wagers are allowed if done through state-approved operations. The league has made an exception for fantasy leagues with prizes under $250. Daily fantasy sports remain a violation of league policy.

The process of review and potential punishment for the rule violations lay at the feet of Commissioner Roger Goodell, who, according to the memo will make assessments on a case-by-case basis.

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