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Gambling in the USA

Century Casinos Enters into a Definitive Agreement to Acquire the Operations of Three Casinos from Eldorado Resorts

George Miller

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Century Casinos Enters into a Definitive Agreement to Acquire the Operations of Three Casinos from Eldorado Resorts
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Century Casinos, Inc., announced that it has entered into a definitive agreement to acquire the operations of Isle Casino Cape Girardeau, Lady Luck Caruthersville and Mountaineer Casino, Racetrack and Resort from Eldorado Resorts, Inc. for approximately $107.0 million.

Simultaneous with the closing of the transaction, VICI Properties Inc. will acquire the real estate assets of the three properties for approximately $278.0 million and the Company will enter into a triple net lease agreement with VICI for the three casino properties. The lease will have an initial annual rent of approximately $25.0 million and an initial term of 15 years, with four five-year renewal options. The pro-forma rent coverage ratio at the acquired portfolio level is 2.1x.

The purchase price represents an implied trailing twelve month pro-forma earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiple of 4.1x for the three casinos. The multiple excludes any potential cost synergies and operational improvements. The acquisition is expected to meaningfully enhance the Company’s free cash flow as well as be immediately accretive to earnings.

The Company will finance the $107.0 million purchase with a new credit facility that is anticipated to be issued by Macquarie Capital. On a pro-forma basis, the Company estimates this will result in total leverage of 3.5x and net leverage of 2.2x. The Company expects to quickly delever given the growth across its existing portfolio, newly acquired properties and the ramp up of Century Mile Racetrack and Casino.

“This transaction further highlights our commitment to enhancing shareholder value,” Erwin Haitzmann, Co-Chief Executive Officer of Century Casinos remarked. “Cape GirardeauCaruthersville and Mountaineer expand the strategic diversity of Century Casinos with attractive assets in strong, stable markets. The expected increase to our free cash flow will allow us to remain well positioned to reduce leverage and evaluate additional strategic growth opportunities,” Haitzmann concluded.

“The acquisition of the operations of Cape GirardeauCaruthersville and Mountaineer will transform Century Casinos into a premier regional casino operator in North America,” Peter Hoetzinger, Co-Chief Executive Officer of Century Casinos remarked. “We believe these assets are a great fit for our portfolio and will complement Century Casinos’ expertise in operating small to mid-sized casinos. We are pleased to partner with VICI Properties to structure this transaction in a manner that we expect will be immediately accretive to our operating results,” Hoetzinger concluded.

Isle Casino Cape Girardeau is located in Cape Girardeau, Missouri, approximately 120 miles south of St. Louis, Missouri, overlooking the Mississippi river. The property opened in 2012 and consists of a dockside casino featuring 41,500 square feet of casino space, 863 gaming machines, 20 table games, three dining venues, a pavilion and an entertainment center. The property also includes a wide variety of non-gaming amenities, including an events center.

Lady Luck Caruthersville is a riverboat casino located along the Mississippi river in Caruthersville, Missouri. The property opened in 1995 and consists of a dockside casino featuring 21,000 square feet of casino space, 507 slot machines, nine table games, two dining venues, a 40,000 square foot pavilion and a 28-space RV park.

Mountaineer Casino, Racetrack and Resort is a hotel, casino, entertainment and live thoroughbred horse racing facility located in New Cumberland, West Virginia, one hour from downtown Pittsburgh, Pennsylvania. The property originally opened in 1951 with the casino opening in 1994 and features a 357-room hotel, approximately 1,486 slot machines, 36 table games, a poker room, a racetrack and five dining venues.

Upon closing this transaction, the Company’s portfolio will increase to 10 casinos in North America that include over 6,700 gaming machines and 150 table games. On a pro-forma trailing twelve-month basis the Company expects to generate 96% of its Adjusted EBITDA* before rent from its North American casinos.

The transaction, which is expected to close in early 2020, is subject to antitrust approval and approvals of the Missouri Gaming Commission and the West Virginia Lottery as well as other customary closing conditions.

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Gambling in the USA

GAN Reports Internet Gambling Growth in New Jersey for June 2019

Niji Narayan

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GAN Reports Internet Gambling Growth in New Jersey for June 2019
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GAN plc has updated the market following the publication on July 13, 2019, by the New Jersey’s Division of Gaming Enforcement (DGE) of Internet gaming and Internet sports betting financial information for the month of June 2019 in New Jersey.

DGE highlighted that internet gaming win was $38.1 million in June compared to $22.7 million in the prior year period, reflecting a year-over-year increase of 67.8%. Total internet sports wagering handle was approximately $226.7 million for the month of June, compared to $263.6 million in May.

Gross revenues from the internet sports wagering for the month of June were $6.9 million, compared to $13.7 million for the month of May.

This information is updated and published every month, following publication by the DGE, in order to enable the investor community to readily monitor the growth of Internet gambling in New Jersey, which remains a key market for GAN.

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Gambling in the USA

Gaming Arts All Set for OIGA Conference and Trade Show 2019

Niji Narayan

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Gaming Arts All Set for OIGA Conference and Trade Show 2019
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Gaming Arts LLC is going to present its innovative Class III video reels and SuperPROMO™ at the OIGA Conference and Trade Show (OIGA), in association with Gaming Capital Group.

“OIGA presents a significant opportunity to support Oklahoma’s tribal gaming enterprises. We are thrilled to present our unique and innovative line up of video reels and casino marketing promotional tools to our tribal partners,” Mike Dreitzer, President of Gaming Arts said.

Gaming Arts will display its inaugural collection of Class III slots including the Pop’N Pays®, Da Fa Ba™, and Dice Seeker™ series of games, all of which will showcase the Rocket Rollup™ mystery progressive. The Pop’N Pays series of games, namely Piñatas Olé® and Big Top™, are the first to emerge from the Gaming Arts library with more than 80 cabinet placements in the United States and growing.

SuperPROMO™, the world’s first casino-wide interactive promotional game system, will demonstrate a new method of casino promotion through four fully customisable mobile games that can be presented to players for virtually any type of promotion.

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Gambling in the USA

NetEnt games live in Pennsylvania, USA

George Miller

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NetEnt games live in Pennsylvania, USA
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As expected, the new regulated online gambling market in Pennsylvania has opened. After successful integrations, NetEnt’s games are now live in the US state.  

 

In March this year, NetEnt, through its subsidiary NetEnt Americas LLC, was granted an Interactive Gaming Manufacturer Conditional License by the Pennsylvania Gaming Control Board (PGCB).

Pennsylvania is the second large US state to regulate online casino and with almost 13 million people, it is the fifth largest state by population. The state has a long tradition of gambling on the land-based side. As previously communicated, NetEnt has signed customer agreements with several gambling operators in the state and has been preparing to launch its games as the market opens.

“I am very pleased that the market in Pennsylvania has now opened. We are one of the few online casino suppliers offering our games right from the start, and I am convinced that our award-winning online casino games will be much appreciated by players in Pennsylvania,” says Erik Nyman, Managing Director NetEnt Americas LLC.

 

About NetEnt:

NetEnt Americas LLC is a US subsidiary of NetEnt AB (publ), a leading digital entertainment company, providing premium gaming solutions to the world’s most successful online casino operators. Since its inception in 1996, NetEnt has been a true pioneer in driving the market with thrilling games powered by a cutting-edge platform. NetEnt is committed to helping customers stay ahead of the competition, is listed on NASDAQ Stockholm (NET–B) and employs 900 people in Malta, Stockholm, Kiev, Krakow, Gothenburg, Gibraltar and New Jersey. www.netent.com

 

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