Gambling in the USA

Eldorado Resorts and Caesars mull over merger

Published

3 months ago

March 19, 2019

Niji Narayan

Eldorado Resorts and Caesars mull over merger

Photo Source: multivu.com

Reading Time: 1 minute

US casino operators Eldorado Resorts Inc. and Caesars Entertainment Corp are in the early stages of discussion on a possible merger, according to sources familiar with the matter.

Caesars has recently agreed to allocate billionaire investor Carl Icahn, who has been pushing the company to sell itself, three board seats to his representatives, and a say on the selection of its next chief executive officer.

Caesars is providing some limited confidential financial information to Eldorado, which is carrying out due diligence on the potential combination of the two companies, the sources said.

Eldorado has yet to make a binding offer for Caesars, and there is no certainty any bid will materialise or that a deal will be successfully negotiated, the sources added, asking not to be identified because the matter is confidential.

Caesars and Eldorado have market capitalizations of $5.4 billion and $3.6 billion, respectively. They also had debt piles of $9.1 billion and $3.3 billion, respectively, as of the end of December.

Caesars declined to comment, while Eldorado did not immediately respond to a request for comment.

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Niji Narayan

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.

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Compliance Updates

NJ Regulators Impose Fine on DraftKings

Published

5 hours ago

June 24, 2019

Niji Narayan

Reading Time: 1 minute

The New Jersey Division of Gaming Enforcement has fined DraftKings for violating the self-exclusion rules.

DraftKings has to pay out penalties totalling $7000 to the gaming regulator and return $3277 to customers after failing to adhere to self-exclusion rules.

The regulator hit DraftKings with the maximum $5,000 civil penalty for taking wagers from customers who had requested a “cooling off” period be placed on their accounts.

DraftKings discovered an error within its systems in November 2018 whereby the “cooling off” period had been set to zero days. During the month in which the system was not correctly in place, 54 people who were not meant to be able to deposit were able to place bets totalling $28,887. They lost $3277, which DraftKings will now have to pay back.

Gambling in the USA

Oregon Lottery Shares its Expectations in Sports Betting

Published

8 hours ago

June 24, 2019

Niji Narayan

Oregon Lottery Shares its Expectations in Sports Betting

Reading Time: 1 minute

The Oregon Lottery, which will be in charge of running sports betting in the state, has shared its sports betting expectations. The Lottery said that it expects to generate US$141.2 million in revenue.

The estimations are part of an analysis of the first three years after the launch of its SBTech-powered retail and mobile sportsbook, which was signed last month. The Oregon Lottery said that it will launch mobile sports betting soon.

The Oregon Lottery published projections for the sports betting market and said that total handle over the first three years of operations will total US$1.6 billion. The first year of operations could bring US$332.8 million, while the second would rise to US$555 million and US$722 million by the third year.

The Lottery also said that it expects customers to win around US$306 million in the first year, US$507.4 million in the second and US$656.2 million in the third. This means that the Lottery expects winnings to total US$1.5 billion after three years.

Gross gaming revenue (GGR) would stand at US$141.2 million. It would start at US$26.6 million in the first year of the contract and then increase to US$48.5 million in the second year and US$66.1 million in the third year.

Compliance Updates

Maine Legislature Passes Sports Betting Bill

Published

9 hours ago

June 24, 2019

Niji Narayan

Maine Legislature Passes Sports Betting Bill

Image Source: playusa.com

Reading Time: 1 minute

Maine legislature has passed the sports betting bill. The Legislative Document 553 was given final approval by each chamber of the legislature and will now pass to Governor Janet Mills to be signed into law.

LD553 opens up the market to all of the state’s bricks and mortar gaming venues, such as commercial racetracks, off-track betting facilities, and commercial and tribal casinos. It will also allow mobile operators to apply for licences without the need for a land-based partner in the state.

Successful applicants will have to pay $20,000 as licence fee, 10% tax on land-based wagering revenue and 16% rate for mobile wagering. The bulk of revenue raised through these taxes will be allocated to the Maine General Fund.

Operators will be permitted to offer odds on all professional, collegiate and amateur sports events. Betting on events involving Maine-based colleges and universities will be prohibited. Only citizens aged 21 and above will be allowed to bet.