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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

Delaware igaming Revenue Increases in September

Niji Narayan

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Delaware igaming Revenue Increases in September
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Delaware’s online gaming revenue has climbed to a year-high of $384,830 in September. This came despite player spending on igaming slipped month-on-month from $12.5m in August to $11.8m last month.

The September total smashed 2019’s previous monthly high of $313,648 in May and was only the second time that revenue had surpassed the $300,000 mark so far this year.

Table games were the most popular form of online gambling, with consumers spending $7.9m and operators taking $171,156 in revenue.

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Gambling in the USA

ICS heads to Vegas to showcase US services

George Miller

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ICS heads to Vegas to showcase US services
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Sports content and digital media specialists to talk to delegates about range of products and services

ICS Media Group (ICS), the sports content and digital media specialists, will be heading to Las Vegas next week to showcase and discuss the full range of services they can supply to the US market.

ICS’s Business Development Director Dean Rayson will be attending the event, which runs this week, to showcase the company’s range of content, marketing and translation services.

This includes ICS-digital campaigns targeted for a US iGaming audience as well as in-depth journalistic and analytical content around all US sports including American horseracing. Ideal for in-play bettors, the engaging content guides punters into making informed betting choices.

ICS creates written, audio and video content in 71 languages as well as providing translation and localisation services in Slots and Virtual in addition to Sportsbook and Casino.

Racing Post’s – ICS parent company – services will also be on offer throughout the conference. The recently launched global horseracing content, data and live betting content product, Intellr In-play, will take centre stage over the three days.

Dean Rayson, Business Development Director at ICS Media Group, said: “This will be the first time ICS has headed to the bright lights of Vegas and we are looking forward to being on the Strip. Having attended a number of other iGaming events in the United States, we already have a foothold in the country and are excited looking forward to showcasing our services to even more potential clients in Nevada.

“Clearly, the repeal of PASPA last year has made the US a very exciting territory and as more states legalise, there will be more opportunities too. With nearly two decades of experience in betting content, we are well-placed to support sportsbooks, casinos, esports organisations, affiliates and DFS businesses enhance their products for their punters.

“Adding content to a site increases dwell time, with live audio seeing the average customer stay up to 25 minutes more on a sports betting site, boosting conversions. Furthermore, content can be integral to the education process and can be used to encourage casual customers who are intimidated by betting to place their first sports wagers.

“Supplying editorial, audio and video services to clients across many territories globally, we’re excited to expand our contacts further.”

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Gambling in the USA

Taco Bell partners with MGM

George Miller

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Taco Bell partners with MGM
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The Taco Bell and BetMGM partnership means fans can now bet on who will steal that first base, becoming this year’s Taco Hero and securing free tacos for America

For the seventh year in a row, Taco Bell is giving fans across the country another reason to get excited for the World Series: free tacos. But this year, Taco Bell is raising the stakes again. By teaming up with BetMGM, operated by Roar Digital, BetMGM will offer sports and taco fans alike the chance to wager real money on what player they think will steal the first base of the World Series – an honor Taco Bell has dubbed, ‘Taco Hero.’*

“When it comes to the World Series, rooting for that first stolen base and rejoicing for free tacos has really become the game within the game. So, teaming up with BetMGM to give fans a whole new way to participate in ‘Steal A Base, Steal A Taco’ felt like a natural extension for us,” said Will Bortz, Director of Brand Partnerships and Sponsorships at Taco Bell. “We can’t wait to see fans engage with the program like never before and, of course, we’re excited to see if their predictions come true.”

Fans looking to test their luck this October can participate at MGM Resorts in NevadaMississippi and New Jersey, or download the BetMGM digital app in New Jersey (playMGM in Nevada). BetMGM will post prop bets on October 14, before the end of the League Championship Series presented by GEICO, offering a list of active players from the four remaining playoff teams. BetMGM oddsmakers will use historical data and their odds-making process to post real odds, which will be updated as the Postseason progresses. But win or lose, everyone’s a winner when free tacos are being offered.

“The 2019 World Series is certain to feature some of baseball’s biggest stars and most recognized teams, along with millions of hungry baseball fans,” said Matt Prevost, Chief Marketing Officer, Roar Digital. “Taco Bell’s ‘Steal a Base, Steal a Taco’ promotion is one of the most talked about and engaging initiatives in all of sports, and we are thrilled to be taking part in this fun and interactive experience via our BetMGM app as well as at participating MGM Resorts.”

The 2019 World Series presented by YouTube TV starts Tuesday, October 22, 2019. Once the first base is stolen in the World Series, Taco Bell will announce the redemption day for America to cash in on a free Nacho Cheese Doritos® Locos Tacos at all participating U.S. Taco Bell locations, while supplies last.

Fans that are registered users on Taco Bell’s website or app can redeem their free Nacho Cheese Doritos® Locos Tacos online or via mobile (all day, redemption date to be confirmed). Offer excludes delivery. Offer excludes Nacho Cheese Doritos® Locos Tacos Supreme®. Limit one (1) free Nacho Cheese Doritos® Locos Tacos per person or registered account in the fifty (50) U.S. States and the District of Columbia. Check out www.TacoBell.com/StealATaco for full terms and conditions.

 

*Valid only in NevadaMississippi and New Jersey at MGM Sportsbooks and via the BetMGM App in New Jersey and the PlayMGM App in Nevada. Must be 21 or older. If you or someone you know has a gambling problem and wants help, call 1-800-GAMBLER.

 

Source: Taco Bell Corp.

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