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AC OCEAN WALK Announces Acquisition of Atlantic City’s Revel Hotel and Casino

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AC OCEAN WALK has acquired the former Revel Casino Hotel in Atlantic City for $200 million, a company press release announces.  The property, sprawled over 20 acres along the famed Atlantic City Boardwalk and boasting of ocean views featured in its 1,399 rooms, will be re-branded as the Ocean Resort Casino.  AC OCEAN WALK will begin work to ready the property for operation immediately, with plans to open in summer 2018.

The newly acquired Ocean Resort Casino on the Atlantic City Boardwalk, formerly known as Revel that was built in April 2012 at an investment of nearly $3 billion, will reopen summer 2018. Source: AC OCEAN WALK

When fully operational, the property will provide between 2500-3000 jobs to Atlantic City, contributing greatly to the city’s economic resurgence.

“We are incredibly excited that we were able to take advantage of the opportunity to acquire this tremendous property at a time when Atlantic City is seeing great economic strides.  Now the city has a number of exciting new projects with our property and the Hard Rock, as well as Stockton University’s new campus and the expansion of the medical center,” said Bruce Deifik, the Chairman of AC OCEAN WALK.

“We are grateful for the wonderful team at JP Morgan and others that helped us on this eight month journey, and we would especially like to thank Atlantic City and the State of New Jersey for their hospitality, thoughtfulness and professionalism.  We look forward to providing the same to all of the surrounding residents when the Ocean is operational,” Deifik added.

The Revel Casino Hotel was originally opened in April 2012 with a total investment of nearly $3 billion and became a landmark building along the Atlantic City Boardwalk not only for its height as the tallest building in the city, but for the attention to detail that went into building the tower and casino.

“The former Revel property opened at a time when Atlantic City was still in economic recovery and operationally it just did not cater to the customer base for this destination.  However, given the extraordinary quality and investment made during its development, the new ‘Ocean’ will represent one of the finest hotel, casino properties in existence today in an improving market that has demonstrated strength and resilience,” Deifik said.

The newly envisioned Ocean Casino Resort will take full advantage of the 6.4 million total square feet of the property with plans for 138,000 square feet of gaming space—featuring 100 table games and 2,200 slot machines and plans for a “best in market” sports book.

“Atlantic City is coming back with a vengeance and with the groundwork for the legalization of sports betting, we foresee a great opportunity to bring a state of the art sports book to a city which caters to a large and diverse sports market,” Deifik said.

Ocean Resort Casino will maintain the 165,000 square feet in meeting and convention space, as well as the 5,700 seat concert hall with space for potential future expansion.  The property has an attached parking structure with 7,700 spaces making all of its hotel, casino and entertainment venues easily accessible for all guests.

“It is our mission and vision to fully serve the customer base of Atlantic City.  In that regard, we are working to bring back some of the restaurants that were successful at the property and we have worked diligently to create some specialized new venues including a top Asian noodle bar and a high end players club.  Our investment in this property will make certain there is something for everyone at the Ocean,” Deifik said.

In addition to the hotel and casino tower, the property includes a unique central utility plant that was sized to handle the current and potential future electrical and thermal requirements of the site, which Deifik said “is of great added value to this property.”

“On a personal note, this is a dream come true.  Without the support of my family, who saw my vision and belief in Atlantic City as a market in resurgence, today would never have happened and therefore, I am truly grateful to them,” Deifik said.

Integrated properties is the principal owner and managing partner of AC OCEAN WALK.  Integrated Properties is aDenver-based commercial and real estate development company, formed by Bruce and Nancy Deifik in 1990.  The company manages assets, property, leasing and disposition of the commercial property portfolio of Deifik and his investment partners.  Since its inception, the company has acquired over 103 commercial properties including mixed-use, office, retail, hotel/casino, apartment and warehouses in California, Colorado, Florida, Massachusetts, Nevadaand Texas.  The company’s portfolio encompasses over 8.5 million square feet and specializes in urban mixed-use development.

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Gambling in the USA

Gaming Americas Weekly Roundup – November 22-28

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

Foxwoods El San Juan Casino located at Fairmont El San Juan Hotel in Puerto Rico opened its doors for visitors on November 17. Thousands of visitors attended the public soft launch.

International Game Technology has announced that it will unveil the first-ever omnichannel Wheel of Fortune linked progressive for the US at the SBC Summit North America 2021, Nov. 30 – Dec. 2 at the Meadowlands Exposition Centre in Secaucus, N.J.

Bragg Gaming Group has announced that Yaniv Spielberg, the company’s Chief Strategy Officer, will participate in a fireside chat discussion at the Jefferies Sports Betting & iGaming Summit on Thursday, December 2 at 1:00 pm ET.

PointsBet Holdings Limited announced that through an exclusive partnership agreement with Colonial Downs Group and subsequent joint application for licensure, its wholly-owned subsidiary PointsBet Virginia has been awarded a temporary supplier license by the Virginia Lottery to offer online sports wagering in Virginia.

Google Ads has posted an update that bans the use of its platform to promote sports betting services or ads in Florida. Google made this change because of a ruling from a Washington D.C. federal court which invalidated the Florida-Seminole Tribal Gaming Compact and made sports betting in Florida illegal.

Sports betting in Florida is on hold after a federal court ruled that the compact between the state of Florida and the Seminole Tribe is vacated.

Nuvei Corporation has announced that its wholly-owned subsidiary has been granted an Event Wagering and Fantasy Sports Supplier license in Arizona.

New Partnerships

Orlegi Sports, in partnership with Chiliz, the leading blockchain provider for the sports and entertainment industry, has announced that they will be launching the official Fan Tokens of Atlas FC and Club Santos Laguna on Socios.com.

Igaming technology provider Huddle has signed terms to become an ongoing technology partner with betting and gaming operator Sporting Group as it expands its B2B offerings in North America.

Betway has signed a multi-year partnership with New Jersey Devils. As per the deal, Betway will receive dynamic brand exposure and TV-visible signage throughout Prudential Centre for Devils home games, including dasherboard, Zamboni tunnel and in-bowl staircase branding, as well as in-bowl LED ring and scoreboard advertising.

Caleta Gaming has signed a new content distribution deal with Jazz Gaming Solutions. The Brazilian provider’s full portfolio of video bingos, video slots, kenos, lottos and scratch cards will soon be available for partners connected to the Jazz GS network.

Ainsworth has partnered up with Colombia-based operator Virtualsoft to expand its content’s reach in Latin America.

Colorado Rapids has announced that Tipico, one of the largest online sports betting companies in the world, will serve as the presenting sponsor of the club’s Audi 2021 MLS Cup Playoffs run.

FanDuel, part of Flutter Entertainment, and Grupo Globo have signed a new multi-year agreement that will see FanDuel provide daily fantasy sports services to Grupo Globo’s Cartola FC brand.

USAbility has entered into a partnership with Fubo Gaming, a subsidiary of the live TV streaming platform dedicated to sports fuboTV Inc and developer and distributor of Fubo bookmaker.

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Gambling in the USA

Betting.com signs strategic commercial partnership with Denver Post Media

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Betting.com signs strategic commercial partnership with Denver Post Media
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We are excited to announce our first strategic partnership in the U.S. with Denver Post, the leading newspaper in the Colorado state. As part of the agreement, Betting.com will create a betting hub dedicated to articles and guides about online sports betting in the Centennial State on The Denver Post’s domain. Betting.com will also provide Denver Post with latest and most up to date betting odds.

The ambition is to educate readers about betting on all major sports leagues online, how to take advantage of picks from professional handicappers and how odds are compiled, as well as the legal aspects of online gambling in the state.

“We look forward to working together with The Denver Post in Colorado as part of our launch on the U.S. market. Our customers are always at the heart of what we do, and we want them to have the best possible tools and knowledge before they bet online.” said Betting.com CEO Martin Grozev.

The comprehensive community-based betting software has obtained licenses for multiple states and chose Colorado for its launch thanks to the deal with The Denver Post.

“Our partnership with Betting.com will offer them a channel to provide thought leadership in the ever-evolving world of sports betting. We wanted to ensure that we had the right partner to engage and educate our readership as they seek out resources in this space. With Betting.com, we feel that’s exactly what we have.” said Denver Post Director of Digital Advertising Sean Stead.

Game Lounge Group acquired Betting.com in 2020 as part of its diversification strategy and commitment to expanding into the U.S. market.

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Gambling in the USA

Gaming Americas Weekly Roundup – November 15-21

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

Pragmatic Play has won two awards at the prestigious Gaming Intelligence Awards Latin America 2021, being crowned iGaming Supplier of the Year, and also receiving Game of the Year for its hit title Gates of Olympus.

Alpha Esports Tech, a technology company that focuses on emerging markets in esports, mobile gaming, commerce, blockchain and high growth opportunities, has announced that Alpha’s subsidiary Paradise City Gaming has begun the development of its Metaverse technologies, which are AR-based experiences that will bring the virtual world together with the physical world.

Wondr Gaming Corp, an entertainment company uniting brands and the global gaming community through its loyalty, NFT and growing media network, has launched its first NFT auction on sports.WondrNFT.com, showcasing Olympic decathlon gold medalist, and closing ceremonies flag bearer, Damian Warner.

Eagle Mountain Casino in Porterville has selected the full-suite of OPTX solutions for marketing, player development, slots and artificial intelligence. OPTX was recently honoured by being named one of the Most Promising Gaming Tech Solution Providers of 2021 by CIOReview Magazine.

Riot Games has promoted Senior Director of Global Esports and Global Head of VALORANT Esports Whalen Rozelle to the newly created position of Head of Global Esports Operations.

Prophet Exchange, the first pure peer-to-peer U.S. sports betting exchange, has announced that Victor Cruz has joined Prophet Exchange as a Strategic Partner and Advisor.

The Arkansas Racing Commission on 12th November accepted the application and $250,000 filing fee from Cherokee Nation Businesses to move forward on a casino license in Pope County.

New Partnerships               

Verasity has announced a partnership with the leading NFT-based online video game Axie Infinity for the upcoming FTX GalAxie Cup 2021. Verasity’s competitive esports and video streaming platform VeraEsports will be the official and exclusive broadcast and esports platform partner of the online tournament.

Socios.com announced its first foray into the worlds of American football and soccer via a groundbreaking partnership with Kraft Sports + Entertainment’s New England Patriots and New England Revolution.

DraftKings has announced a new mobile sports betting deal with BHCMC, a subsidiary of Butler National Corporation, manager of Boot Hill Casino & Resort, which could take the sportsbook to the state of Kansas. This is subject to sports betting legislation and regulations being adopted in the state, and the receipt of all applicable licenses and approvals.

SharpLink Gaming and Quintar have announced a partnership to integrate their respective technologies to produce an AR experience that combines live sporting events with real-time sports betting for sports fans. SharpLink’s technology development team will work with Quintar’s team to create a fully turnkey platform that will allow sports bettors to participate in live sports events via AR, check game data, compare betting lines, socialise with friends and place bets with multiple sportsbook operators.

International Game Technology has signed a multi-year agreement with Cliff Castle Casino in Camp Verde, Arizona. IGT PlaySports technology and trading advisory services will power Cliff Castle Casino’s retail sportsbook, enabling casino guests to place pre-match and in-game wagers over the counter or at the venue’s self-service PlaySports Kiosks.

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