Gambling in the USA

Harrah’s New Orleans 30-year contract extension delayed

Published

6 years ago

May 2, 2018

Reading Time: 3 minutes

A Senate committee has delayed the discussion over 30-year contract extension with Caesar’s Entertainment Corp. to run Harrah’s New Orleans for another week due to concerns over how the financing plan for the agreement would work and the casino potentially being turned over to another entity, stated Sen. Gary Smith, D-Norco, the committee’s chairman.Committee chairman Smith has cut out the Harrah’s contract extension proposal, found in House Bill 553, from the Senate Judiciary B committee agenda for Tuesday (May 1) and plans to discuss it at another committee meeting next week instead.

The deal was agreed by the sponsor of the legislation, House Speaker Taylor Barras, R-New Iberia, said Smith in an interview.

Barras, meanwhile, had told reporters less than an hour earlier that he planned to run the Harrah’s legislation Tuesday. He did not mention talking to Smith or agreeing to a delay, but the bill is no longer listed on the committee’s public agenda.
By granting the gambling license extension, Barras’ legislation will allow Caesars to pursue more restaurants and entertainment options at the casino complex, including a new luxury hotel. The speaker sees the project as an economic development opportunity for the state, but others wonder whether Louisiana could get a better deal if they pursued contracts with other casino companies.

Barras has said opening up bidding for the casino would be complicated by the fact that New Orleans — which owns the casino building — has already signed a lease with Caesars for another 30 years. His bill would bring the gambling license in line with that lease agreement, he said.
“With [Casesars] having the lease, the building could go black until 2054,” if they didn’t get the gambling license extension, Barras said in an interview last month.

New Orleans media rumored in the weekend that Las Vegas based real estate company, Vici Properties has the opportunity to buy Harrah’s New Orleans from Caesar’s.

That article caused U.S. Sen. John Kennedy, R-La., to declare from Washington D.C. that state lawmakers shouldn’t take action on the Harrah’s New Orleans contract, until they get more information about Caesar’s arrangement with Vici.

“The state could be leaving money on the table by making a deal on a property that is about to explode in value,” Kennedy said in a written statement Monday afternoon. “Harrah’s Vici agreement is a surprise that could shortchange the state.”

Still, Barras said Caesar’s arrangement with Vici Properties is a run-of-the-mill use of a real estate investment trust. Vici Properties has taken control of several Caesar’s casino properties, including the Horseshoe casino in Bossier City, and then immediately leased them back to Caesar’s Entertainment to operate with no problems.

He said moving the real estate from Caesar’s to Vici would be more accurately described as a transfer of property — and not akin to the traditional “selling” of an asset. “I think this is the option to move the property into the real estate trust,” Barras said. “Holding company arrangements, sister company arrangements, are common.”

Kennedy’s statement about the Harrah’s proposal was not a factor in postponing any vote on the legislation. Smith had already taken Barras’ bill off the agenda before Kennedy weighed in with his thoughts on the project. Barras wasn’t aware Kennedy had sent out a statement before he spoke with reporters about the project. Smith also said he hadn’t seen Kennedy’s statement.

Like Barras, Smith is not very worried about whether Casesar’s might transfer the property to Vici. He said that type of arrangement is more common than was originally thought, but his fellow senators continue to have concerns about the financial arrangements for the state written into the legislation.

Caesar’s current contract for the Harrah’s gambling license expires in July 2024. Barras’ bill would extend the deal another 30 years. In exchange for the extension, Caesar’s is supposed to invest another $350 million into its facility, according to the legislation.

Caesars wants to make Harrah’s New Orleans more like the all-encompassing casinos in Las Vegas. It plans to add a Vegas-style night club, spa, a state-of-the-art pool and a restaurant run by a nationally-recognized “celebrity chef.” A New Orleans-focused food hall, a new venue for musicians, improved street entrances and landscaping would also be part of the expansion.

In addition to getting Barras’ bill passed, Caesars will also have to get permission from the Gaming Control Board and the New Orleans City Council before moving forward with its overhaul of Harrah’s.

The Louisiana House has already passed Barras’ bill that would allow Caesar’s gambling license for Harrah’s New Orleans to be extended, but the Senate has not acted on the legislation yet. Gov. John Bel Edwards is supportive of the project and has said he would sign the legislation if it reached his desk.

Source: nola.com

Gambling in the USA

Gaming Americas Weekly Roundup – April 8-14

Published

5 days ago

April 15, 2024

Niji Narayan

Reading Time: 2 minutes

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

FanDuel Group, the premier online gaming company in North America and an Official Partner of Churchill Downs Inc., announced five time Entertainer of the Year Luke Bryan and Grammy award-winning R&B singer Ne-Yo as the headlining performers at FanDuel’s inaugural Kentucky Derby Party. The exclusive, invite-only event will take place on Friday, May 3 at Paristown Arts and Entertainment District in Louisville, Kentucky from 7:00 PM to 12:00 AM.

TPI, a leading provider of innovative player communication solutions for the casino industry, has appointed Joe Tingson as its new Vice President of Customer Success. With his unparalleled dedication to his customers, Joe will play a pivotal role as a leader for our digital Customer Success and Product teams.

PrizePicks, the largest daily fantasy sports operator in North America, has announced plans for its new 33,000 square foot Atlanta Headquarters, which will be located in the Star Metals Building in Midtown Atlanta. The company plans to grow its workforce by 1000 new jobs over the next seven years, the economic impact of which will be $25M to the state of Georgia.

Century Casinos Inc. has announced that it opened its hotel in Cape Girardeau, Missouri, The Riverview. The Riverview is a 69 room, six-story building with 68,000 square feet that is adjacent to and connected with Century Casino Cape Girardeau. The project cost $30.5 million and was financed with cash on hand.

Churchill Downs Incorporated (CDI) has announced the opening of Terre Haute Casino Resort in Terre Haute, Indiana. The $290 million investment includes a casino floor with 1000 slot machines, 36 table games, and a state-of-the-art sportsbook. The 400,000-square-foot entertainment venue also features regionally inspired bars and restaurants including: Four Cornered Steakhouse, Rockwood Bar & Grill, The Soda Shoppe, Crossroads Center Bar and High Limit Bar.

Bragg Gaming Group Inc., a global B2B gaming technology and content provider, announced that Chief Financial Officer (CFO), Ronen Kannor, has notified Bragg’s board of directors (Board) that he will resign from his position to pursue other career opportunities, effective June 3, 2024. The Company confirms that the search for a replacement CFO has commenced.

Partnerships

EQL Games has partnered with global aggregation leader and NeoGames company, Pariplay, to provide the Virginia Lottery, through an agreement with NeoPollard Interactive, with a series of eInstant iLottery games for their industry-leading digital platform.

JACK Entertainment LLC announced the selection of Konami Gaming Inc.’s SYNKROS to power industry-leading systems technology across its 1.5 million square feet of casino entertainment space. The Ohio-based gaming operator’s portfolio includes a combined 2600+ gaming machines and 85 table games at JACK Cleveland Casino in downtown Cleveland, and at JACK Thistledown Racino, located approximately 10 miles to the southeast.

PrizePicks, the largest daily fantasy sports operator in North America, announced that the company has reunited with the Atlanta Braves as the club’s Official Daily Fantasy Sports Partner for the 2024 season. The partnership extends a longstanding relationship that dates back to 2020, with the two Atlanta-based companies continuing to work together on unique opportunities for their dedicated fans.

Gambling in the USA

Gaming Americas Weekly Roundup – April 1-7

Published

2 weeks ago

April 8, 2024

Niji Narayan

Reading Time: 2 minutes

Latest News

International Game Technology PLC (IGT) announced that it will showcase its performance-focused portfolio of games and solutions for tribal casinos at the Indian Gaming Tradeshow & Convention (IGA) 2024, April 9-11 in Anaheim, Calif. Under the theme “We’ve Got Game,” IGT’s booth #536 will feature a compelling array of gaming solutions designed to engage players and drive growth.

Caesars Sportsbook announced its receipt of the prestigious RG Check accreditation from the Responsible Gambling Council (RGC). The certification includes an assessment of Caesars Sportsbook’s commitment to Responsible Gaming, including areas such as player and Team Member education, public awareness advertisements and funding for organisations dedicated to Responsible Gaming research, awareness and education.

Veriff, a global identity verification (IDV) provider, announced the appointment of Jeffrey Guy as President and COO. Jeffrey brings a wealth of leadership experience at technology companies in driving profitable growth and expanding product portfolio. Before Veriff, he was Chief Operating Officer at DigitalOcean, a publicly traded cloud computing platform provider.

GAN Limited announced that Mr. Brian Chang has recently been named the Company’s Chief Financial Officer. Mr. Chang had previously been serving in an interim capacity. Mr. Chang will be focused on guiding the Company towards a timely closing with Sega Sammy Creation Inc. (Sega Sammy).

Partnerships

The Commerce Casino & Hotel, home to the largest poker room in the world, has announced an exciting partnership with the richest, most prestigious and longest-running poker series – the World Series of Poker (WSOP). This collaboration signifies a pivotal moment for the poker community, bringing together two powerhouses to elevate the poker experience for players and fans worldwide.

BetRivers, powered by Rush Street Interactive, a leading US-based online betting and gaming company, has announced its partnership as the title sponsor for the upcoming NASCAR Xfinity Series Dash 4 Cash race at Dover Motor Speedway. The BetRivers 200, set for Saturday, April 27, is being undertaken with the Delaware Lottery and marks the beginning of a thrilling new chapter in NASCAR history, as RSI commits to the long-term support of this top tier sporting event.

Elys BMG Group Inc., an interactive gaming and sports betting technology company, announced the completion of its sportsbook installation at The Ugly Mug restaurant and bar situated at 723 8th St SE, in Washington, DC. This collaboration underscores Elys’ commitment to providing unparalleled sports wagering experiences for small and local businesses across America.

SCCG Management has announced a strategic partnership with mkodo, a leading technology provider in the iGaming space. This collaboration is set to distribute mkodo’s innovative geolocation product, GeoLocs and other leading solutions across the US and key global markets, including Brazil, leveraging SCCG’s robust market presence and industry expertise.

Prove Identity Inc. announced a strategic partnership with BetMGM, a sports betting and iGaming leader, to enhance the security and user experience for BetMGM customers through the cutting-edge Prove Pre-Fill identity solution. Prove Pre-Fill accelerates digital consumer onboarding by up to 79% and is used by more than 1000 businesses globally across diversified industries, including 9 of the top 10 banks.

Gambling in the USA

Gaming Americas Weekly Roundup – March 25-31

Published

3 weeks ago

April 1, 2024

Niji Narayan

Reading Time: 2 minutes

Latest News

Bragg Gaming Group is now registered as an approved service provider by the Peruvian Ministry of Foreign Trade and Tourism, allowing for the distribution of online casino games, including Bragg’s proprietary and exclusive games portfolio, via the Bragg HUB aggregation platform to operators in the soon-to-be-launched LatAm iGaming market.

PENN Entertainment announced that its Board of Directors has appointed Anuj Dhanda to the Board, subject to customary regulatory approvals. Mr. Dhanda’s appointment expands the size of the Board to ten members, nine of whom satisfy the standards for director independence under the current Listing Rules of the NASDAQ Stock Market.

SlotsCalendar has launched its tailor-made platform for American users: https://www.slotscalendar.us. The brand’s clear aim is to provide a digital environment where impartial and informative content is optimised specifically for the American market.

MGM Resorts International announced that it proposes to offer $750,000,000 in aggregate principal amount of senior notes due 2032. The Company intends to use the net proceeds from the offering of the notes to repay existing indebtedness, including its outstanding 6.750% senior notes due 2025. Pending such use, the Company may invest the net proceeds in short-term interest-bearing accounts, securities, or similar investments.

Genius Sports Limited, the official data, technology and commercial partner that powers the ecosystem connecting sports, betting and media, announced that it has been certified by the State of Wisconsin Division of Gaming as a gaming-related contractor with immediate effect.

Win Systems is going to participate in the next edition of GAT with its exclusive distributor in Colombia, Comercializadora Selan S.A.S. The event will be held in Cartagena de India on April 10–11, and the company’s booth will be A11.

Pragmatic Play is set to make another appearance at a Latin American exhibition, at GAT Expo in Cartagena de Indias, Colombia. The gaming provider will be on stand A31 and A32 to showcase its diverse portfolio, including Slots, Live Casino, Virtual Sports and Bingo content, alongside its new Sportsbook offering.

Partnerships

DraftKings announced an expanded relationship with Kindbridge Behavioural Health to provide access to therapy and treatment for problem gaming in every jurisdiction where DraftKings operates its online sportsbook and iGaming products. DraftKings and Kindbridge originally joined forces in September 2023 to launch a pilot programme to deliver personalised support for sports bettors in Colorado.

The Connecticut Lottery, in partnership with Fanatics Betting and Gaming, the online and retail sports betting subsidiary of Fanatics Holdings, has opened a new retail sportsbook location at Total Mortgage Arena in Bridgeport. The exciting new location is more than 2300 square feet and features betting windows, self-service betting kiosks from Suzohapp and high-definition TVs situated all around the sportsbook.

The Texas Lottery and Texas Motor Speedway have joined together again to rev up luck for lottery players and racing fans through the new LUCKY 7s scratch ticket game. The new $5 game features chances to win a $100,000 top prize and integrates a series of promotional second-chance drawings. The drawings give players with non-winning tickets a chance to win exclusive Texas Motor Speedway prizes.