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Caesars Entertainment Announces Completion of Harrah’s Philadelphia Sale and Lease Amendments

Zoltan Tundik

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Photo by Quintin Gellar from Pexels
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Caesars Entertainment Corporation (NASDAQ: CZR) (“Caesars Entertainment” or “Caesars”) today announced it has completed the sale of the real estate assets associated with Harrah’s Philadelphia to VICI Properties Inc. (“VICI Properties” or “VICI”). Caesars Entertainment received $82.5 million in cash in return for Harrah’s Philadelphia’s real estate assets, reflecting a purchase price reduction for the value of certain lease modifications and other aspects of the transaction as part of the previously announced agreement between the two companies.

“The completion of this transaction with VICI provides Caesars with financial flexibility and reduces the volatility of our future rent payments, demonstrating our commitment to creating value for our shareholders while maintaining financial discipline,” said Mark Frissora, President and Chief Executive Officer of Caesars Entertainment.

Caesars leased Harrah’s Philadelphia from VICI pursuant to the existing long-term lease agreement related to other domestic properties, as modified (“Non-CPLV”). The property remains a part of the Caesars Entertainment network and continues to benefit from the Harrah’s brand, the Total Rewards loyalty network and access to centralized services.

In connection with the transaction, Caesars and VICI have consummated certain lease modifications to the Caesars Palace Las Vegas (“CPLV”) and Non-CPLV leases. The modifications are intended to bring the lease terms into alignment with other market precedents and the long-term performance of the properties. The changes moderate volatility in Caesars’ rent payments to VICI while resulting in near-term increases in rent for VICI. The modifications also create additional flexibility to facilitate Caesars’ development ambitions on the East Side of the Las Vegas Strip by removing certain impediments associated with those plans.

After starting out as an affiliate in 2009 and developing some recognized review portals, I have moved deeper into journalism and media. My experience has lead me to move into the B2B sector and write about compliance updates and report around the happenings of the online and land based gaming sector.

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Gambling in the USA

IGT Extends Contract with Kansas Lottery for Providing INTELLIGEN™ System

Niji Narayan

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IGT Extends Contract with Kansas Lottery for Providing INTELLIGEN™ System
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International Game Technology PLC, has signed a new three-year contract with the Kansas Lottery for providing its INTELLIGEN™ central computer system and services to monitor electronic gaming machines throughout the state. The new deal, an extension of the original central system services agreement awarded to IGT in 2008, will start on December 15, 2019 and end on December 14, 2022.

“We have leveraged more than 20 years of development expertise and knowledge gathering with gaming central system customers throughout the world to produce the INTELLIGEN system to ensure it’s equipped with the most advanced tools for our customers,” said Jay Gendron, IGT Chief Operating Officer, North America Lottery. “IGT and the Kansas Lottery have built a strong partnership since this contract began more than 10 years ago, and we’re pleased to be furthering this relationship by continuing to provide our advanced system to the nearly 5,000 electronic gaming machines in the state.”

“IGT’s INTELLIGEN system has helped the Kansas Lottery meet the objectives of operating our electronic gaming machines with the highest standards of integrity and security to benefit the state for the last 10 years,” said Stephen Durrell, Kansas Lottery Acting Executive Director “We look forward to continuing our relationship over the next few years.”

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Gambling in the USA

Rivers Casino Schenectady submits comment on legalising sports betting

Niji Narayan

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Rivers Casino Schenectady submits comment on legalising sports betting
Photo Source: albany.com
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Rivers Casino & Resort Schenectady has submitted a comment on the New York State Gaming Commission’s proposed regulations for legalising sports betting in New York state. The regulations to authorise and regulate the conduct of sports wagering at the four commercial casinos licensed by the Gaming Commission, including Rivers Casino, are now open for public comment until May 20, 2019.

The following quote is from Rivers Casino & Resort Schenectady Acting General Manager, Justin Moore:

“We’re extremely pleased that sports betting regulations have been released for public comment and are looking forward to introducing one of the first licensed sports books in the state of New York at Rivers Casino & Resort Schenectady. It’s very exciting to be able to bring sports fans and sports bettors into the casino to place legal wagers for the first time.”

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Gambling in the USA

New Hampshire Passes Sports Betting Bill

Niji Narayan

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New Hampshire Passes Sports Betting Bill
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The House of Representatives of New Hampshire has approved House Bill 480, which would legalise sports betting in the state. The bill will be sent to the Senate for further discussion.

The bill was passed in a 269–82 vote, with an amendment to the original proposal. The House decided that the bill needed work before allowing the arrival of sports betting in New Hampshire. Lawmakers set a limit of 10 retail sportsbooks in the state and the establishment of a council for responsible gambling. Furthermore, they clarified the prohibited events where sports betting would not be allowed. Collegiate sports events within the state, high school sports and amateur contests involving minors will be banned.

“We’re not creating a new industry here, we’re just bringing an illicit industry into a legalized industry,” Rep. Timothy Lang said. “If the bill passes, they’ll seek town approval to offer sports betting there. That’d be the kind of place you can go to sit and watch a game and place a bet,” he added.

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