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Gambling in the USA

Borgata Hotel Casino & Spa Announces Construction Of New Sports Book

Zoltan Tundik

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Borgata Hotel Casino & Spa Wins 'Property Of The Year' Honors At 2018 Global Gaming Expo
Borgata Hotel Casino & Spa - Photo source: nj.com
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Atlantic City’s market-leading resort will invest over $11 million into the addition of a new bar and sports wagering experience

Borgata Hotel Casino & Spa announced today it will begin construction of a new venue that will integrate an entertaining bar experience with sports wagering. Adding more than $11 million in development to Borgata’s resort, the destination bar will make its anticipated debut this summer.

“Since Borgata arrived in the Atlantic City market more than 15 years ago, we have maintained a steadfast dedication to property growth and development, with our new concept exemplifying this objective,” said Marcus Glover, President & Chief Operating Officer for Borgata Hotel Casino & Spa. “We are proud to have been at the forefront of legalized sports betting in New Jersey and look forward to advancing our product with an innovative gaming and entertainment experience for our guests to enjoy.”

Borgata made history last June when it became the first Atlantic City casino to accept a legal sports wager under new sports betting regulations in New Jersey. The historic wager came just three days after NJ Governor Phil Murphy signed a bill passed unanimously by the State Legislature, creating a regulated environment where licensed casinos may establish legal sports books.

Since accepting that first inaugural bet, Borgata launched the playMGM NJ Sports mobile sports-betting app in New Jersey. In partnership with GVC Holdings, the playMGM NJ Sports app features a full range of U.S. and selected international sports with customers able to sign-up, deposit and withdraw cash directly from their mobile devices from any location in New Jersey.

As a part of MGM Resorts International, Borgata brings the wealth of that company’s sports book experience to its operation. MGM Resorts International possesses more than 25 years of sports wagering operations experience in Nevada, where the company’s resorts combine to write more than 4 million sports wagers each year with annual handle in excess of $1 billion. Strategic relationships like those announced with the NBA and WNBANHLMLB, as well as the New York Jets, firmly establish MGM Resorts and playMGM as the market leader in partnerships with major professional sports leagues.

ABOUT BORGATA HOTEL CASINO & SPA:
Located in Atlantic City’s Marina District, Borgata Hotel Casino & Spa features 2,000 guest rooms and suites; 106,000 square feet of event space; 161,000 square feet of gaming; 189 table games; 2,994 slot machines; a 75+ table poker room; a race and sports book; 11 retail boutiques; 5 acclaimed fine dining restaurants by renowned chefs; 10 casual dining options; a 54,000 square foot spa; 88,000 square feet of event space; 20,000 square foot indoor/outdoor pool and garden; 32,000 square foot outdoor pool; 4 signature nightlife experiences; and parking for 7,100 cars. The market-leading resort also features Atlantic City’s first cosmopolitan hotel experience, The Water Club at Borgata, with 800 guest rooms and suites; a 36,000 square foot spa; 18,000 square feet of meeting space; 6 designer retail boutiques; and 5 heated indoor and outdoor pools. Borgata offers online gaming within the state of New Jersey through its real-money gaming sites, www.BorgataCasino.com and www.BorgataPoker.com. Borgata is an indirect wholly owned subsidiary of MGM Resorts International (NYSE: MGM). For more information about Borgata, please visit www.theborgata.com.

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

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

Niji Narayan

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

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Compliance Updates

Sports Betting Becomes Legal in New Hampshire

Niji Narayan

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Sports Betting Becomes Legal in New Hampshire
Photo Source: reviewjournal.com
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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.

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Gambling in the USA

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

Niji Narayan

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

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