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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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Compliance Updates

Mass. Council urges to include safeguards in sports gambling legislation

Niji Ng

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Mass. Council urges to include safeguards in sports gambling legislation
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The Massachusetts Council on Compulsive Gambling (Mass. Council) strongly urges Governor Charlie Baker and the Mass. State Legislature to include safeguards in any sports gambling legislation against the potential negative consequences that may result.

The Mass. Council’s Executive Director Marlene Warner states, “Massachusetts is known as a leader in the field of responsible gambling and problem gambling services due to the number of safeguards that were implemented when casino gambling was passed. The Mass. Council would recommend that, similar to the 2011 Expanded Gaming Bill, any proposed sports gambling legislation include items that increase protective factors for players and minimize the potential harms. Gambling is not a risk-free activity and we have a state that loves to gamble; these recommended measures would go a long way to make sure that people can keep their gambling fun and entertaining. And, for those for whom gambling is a problem, we would like to provide a solid safety net to get them back to health.”

The safeguards recommended include:

Dedicated funds to provide for responsible gambling and problem gambling programs across the Commonwealth
Designated regulator, such as the Mass. Gaming Commission, so that they can further implement current responsible gambling and research initiatives to encompass sports betting
Required employee training for all brick-and-mortar and online staff of both host and vendor companies
Opportunities for voluntary self-exclusion and limit setting on time, losses, money in account
Baseline research prior to sports betting going live, ongoing research on gambling behavior, required evaluation of all responsible gambling programs, and requirement that all player data be anonymized and turned over to the regulator for future research
Required signage and promotion of Helpline number and online chat and text services
In-person and online interventions for loved ones and employers to implement
Minimum age of 21 to register and play

The Council reminds people that if they, or someone they know, may have a gambling addiction, they can call our 24-hour helpline at 800-426-1234 or chat with us on our website www.masscompulsivegambling.org. We understand the problem and we can help.

 

About the Massachusetts Council on Compulsive Gambling:

The Massachusetts Council on Compulsive Gambling offers programs to prevent problem gambling, connect the public with treatment and intervention services and support those in recovery. Among the services it provides is a 24-hour problem gambling support helpline, programs in schools, recovery services, and numerous other programs across the Commonwealth. The Mass. Council does not take a position in favor or against legalized gambling. Call 800-426-1234 with questions or concerns about your gambling.

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Gambling in the USA

Rhode Island introduces mobile sports betting bill

Niji Ng

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Rhode Island introduces mobile sports betting bill
Photo Source: yle.fi
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A new bill has been introduced by the Senate President Dominick Ruggerio to authorise mobile sports betting in Rhode Island. It is one of the Ruggerio’s top priorities for this year’s legislative agenda, and he said that mobile betting would be convenient and would generate more revenue for the state, which receives 51% of sports betting revenue.

The bill allows the creation of an app that would allow people to access sports betting offerings at Twin River Casino. Accounts have to be created in person at Twin River’s Lincoln or Tiverton casino, where staff could verify a person’s age.

Last month, Ruggerio said that he was confident that the measure could gain passage. “We have sports betting now. I don’t see why we can’t have mobile sports betting. It’s a matter of convenience,” he said.

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Gambling in the USA

Foxwoods Resort Casino® Scores New MVP With David Ortiz Partnership

George Miller

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Foxwoods Resort Casino® Scores New MVP With David Ortiz Partnership
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Red Sox Legend Gets a New Designation with the Northeast’s Premier Resort Destination

 

Foxwoods Resort Casino, voted the Best Casino Outside Las Vegas by a USA Today readers’ poll, has scored big once again by announcing an exclusive partnership with Red Sox legend and Fox Sports analyst David Ortiz.

A 10-time All Star, 7-time Silver Slugger and 3-time World Champion, Ortiz is stepping up to the plate in a new role with Foxwoods, where he’ll join the property’s roster as a designated ambassador. In addition to appearing in upcoming marketing campaigns, the baseball icon will lend support to other exclusive initiatives on property, including gaming tournaments and other hosted events.

“We are so thrilled to welcome David Ortiz to the Foxwoods team, solidifying a unique partnership between two New England institutions,” said Foxwoods’ Interim CEO & Mashantucket Pequot Tribal Council Chairman Rodney Butler. “Big Papi knows a thing or two about hitting it big, and we’ve hit the jackpot in adding him to our lineup to engage with guests and elevate the Foxwoods brand in his new role with the organization.”

“I’ve had such great experiences coming to Foxwoods over the years, so this partnership is a really exciting opportunity for me to show why it’s the premier resort destination in the Northeast,” said Ortiz. “We’re going to have a lot of fun together, and I look forward to sharing the Wonder Of It All with my fans!”

The announcement was made via a special public presentation at Foxwoods today ahead of the property’s 5th Annual Baseball Winter Weekend, an exclusive fan-fest featuring the 2019 Boston Red Sox. For more information, visit foxwoods.com.

 

About Foxwoods Resort Casino:
As the largest resort casino in North America, Foxwoods Resort Casino offers guests a premier destination resort experience throughout its six world-class casinos; AAA Four-Diamond hotels featuring over 2,200 rooms; dining options for all tastes; luxurious spas; award-winning golf; state-of-the-art theaters; Tanger Outlet Mall; conference space for groups of all sizes; and free online casino games at FoxwoodsONLINE.com. There is always something new at Foxwoods, most recently the arrival of Foxwoods Extreme Adventures. Adventure knows no limit as guests can zipline, free fall, catapult or race around on a European-style indoor karting track. Foxwoods Resort Casino truly is The Wonder Of It All, providing a personalized and exciting escape for everyone. Foxwoods, opened in 1992, is owned and operated by the Mashantucket Pequot Tribal Nation. For a detailed look at Foxwoods Resort Casino and Mashantucket Pequot Tribal Nation visit Foxwoods.com.

 

Source: Foxwoods Resort Casino

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