Connect with us
SIS

Gambling in the USA

Enterprise Rancheria signs deal with Hard Rock for a $400m casino in Sacramento

Niji Narayan

Published

on

Enterprise Rancheria signs deal with Hard Rock for a $400m casino in Sacramento
Reading Time: 2 minutes

Hard Rock is partnering with Enterprise Rancheria to construct a $440 million casino-hotel in Yuba County in Sacramento.  As per the deal, the federally recognised Enterprise Rancheria of Estom Yumeka Maidu Tribe will collaborate with the Seminole Tribe of Florida franchise to realise the casino project. Glenda Nelson, Tribal Chairwoman, of the Enterprise Rancheria,  said in her statement:  “The Enterprise Rancheria is thrilled and honored to work with Hard Rock International, one of the world’s most recognized brands. The Florida-headquartered Hard Rock Cafe Inc. said that the Sacramento area was a great fit for the brand.”

The Sacramento Bee newspaper reports that while neither the Enterprise tribe nor Hard Rock would elaborate on the details of the project, financial documents from the undertaking have been reviewed by credit-rating agencies and estimate the cost of the build to be about $400 million.

With preliminary site work having already begun, the mega-resort to be situated near the Toyota Amphitheatre in Wheatland is expected to open its doors to the public in October next year and according to a Moody’s Investor Service report will be named Hard Rock Sacramento.

The new venture joins two additional tribal casinos which are currently being developed in the region’s increasingly crowded gambling market. In April this year, the Buena Vista Band of Me-Wuk Indians and Caesars Entertainment Corp. announced they had broken ground in Amador County, California on a $168 million casino located some 30 miles east of Sacramento. And in south Elk Grove, a $400 million casino, hotel and conference centre is planned by the Wilton Rancheria Tribe, however, a groundbreaking has yet to be announced.

Reno casino consultant, Ken Adams, reportedly said that it is likely that the Hard Rock will put pressure on the major tribal casinos in the region, including the Thunder Valley Casino Resort owned by the United Auburn Indian Community and located some 20 miles south of the Yuba County site, along with the Cache Creek Casino Resort in Brooks. “That’s an entirely different competitor,” he said of Hard Rock. “Their corporate resources are so much larger than anybody else’s.”

Thunder Valley, which recently completed a $56 million renovation, was unsuccessful in its efforts to block the Enterprise project and now says that it is not worried about the coming casino. Casino spokesman, Doug Elmes, said, “We’ll continue to be the dominant player in the region, given our location and our established customer base. We don’t believe that the (Enterprise) casino will have a significant impact on Thunder Valley given its isolated location,” according to The Sacramento Bee.

Meanwhile, Yuba County officials welcomed the Enterprise Rancheria project, having for years struggled to develop the amphitheater (Toyota Amphitheatre) area into a hospitality and entertainment centre.

The casino site is within County Supervisor Gary Bradford’s district and he communicated that the resort can “help spearhead other things in the area. … Hopefully, this will be just the start of future projects.” Bradford explained that the Enterprise Rancheria tribe has agreed that in lieu of taxes, it will pay the county as much as $5 million in annual payments. County supervisors moreover approved a deal with the tribe earlier this year that will see fire and emergency services provided to the casino.

 

Source: worldcasinodirectory.com

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

Continue Reading
Advertisement
Comments

Gambling in the USA

Oklahoma Tribal Leaders Approve a Resolution against Governor’s Gambling Plan

Niji Narayan

Published

on

Oklahoma Tribal Leaders Approve a Resolution against Governor’s Gambling Plan
Reading Time: 1 minute

 

The leaders of Oklahoma-based Cherokee, Chickasaw, Choctaw, Muscogee (Creek) and Seminole nations have approved a resolution denouncing the new Republican governor’s plan to force negotiations for a bigger slice of revenue from Oklahoma’s tribal casinos.

The Inter-Tribal Council of the five civilised tribes approved the resolution during a meeting in Tulsa.

Last week, Gov. Kevin Stitt said that the existing compacts should be reevaluated now that the gambling industry has matured in Oklahoma.

Tribal leaders and the governor disagree over what triggers a 15-year renewal of the compacts.

Continue Reading

Compliance Updates

Sports Betting Becomes Legal in New Hampshire

Niji Narayan

Published

on

Sports Betting Becomes Legal in New Hampshire
Photo Source: reviewjournal.com
Reading Time: 1 minute

 

New Hampshire has become the latest U.S. state to legalise sports gambling. Gov. Chris Sununu signed into law a measure that legalises betting on professional sports and most Division I college sports, excluding games involving New Hampshire schools. The state Lottery Commission will regulate the new industry.

“We can do it with a lot of confidence because it’s being done responsibly, and it’s being done with an organization here at the lottery that just knows what they’re doing. They know how to get this stuff off the ground,” Sununu said.

Opponents had argued sports betting would continue the state’s reliance on problematic revenue sources, including alcohol and cigarettes, the so-called “sin taxes.” But supporters argued legalising of sports betting will bring black-market activity to the surface and provide support for problem gamblers through a new organisation focused on education, prevention and treatment.

“I’m happy we’re bringing an illicit activity into the light for our citizens of New Hampshire and allowing for some consumer protections,” Rep. Timothy Lang said. He called it a win for residents, communities, the state and public education.

Continue Reading

Gambling in the USA

Twin River Worldwide Signs Agreement to Acquire Two Casinos from Eldorado Resorts

Niji Narayan

Published

on

Twin River Worldwide Signs Agreement to Acquire Two Casinos from Eldorado Resorts
Reading Time: 1 minute

 

Twin River Worldwide Holdings has entered into a definitive agreement to acquire the Isle of Capri Casino in Kansas City and Lady Luck Casino in Vicksburg from Eldorado Resorts in a cash transaction for $230 million.

The purchase price represents an implied trailing twelve month proforma earnings before interest, taxes, depreciation and amortisation multiple of approximately 8.4× for the properties on a combined basis.

“This transaction continues our focus on creating long-term shareholder value as we strive to develop or acquire assets which we believe will prove accretive to our earnings,” George Papanier, President and CEO of TRWH said.

“Isle Kansas City and Lady Luck Vicksburg expand our geographic footprint with assets in attractive markets. We believe these assets are a great fit for our portfolio and see the opportunity to increase the net cash flow from these properties by our redevelopment and operating plans. In particular, in Kansas City, where the property lies within an area near downtown that has been targeted by local officials for development, we feel there is opportunity for capital investment in the property which we believe will have a transformative impact and integrate well with local development efforts in the area,” George Papanier added.

The transaction is subject to receipt of required regulatory approvals and is expected to close in early 2020.

Continue Reading
Advertisement
NSoft

Global Gaming Industry Newsletter – Weekly Digest (sent every Wednesday)

Please select all the ways you would like to hear from European Gaming Media and Events:

You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here. Read more about European Gaming Media and Event's Privacy Policy and Terms of Service.

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Latest by author

Trending

Notice for AdBlock users

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.