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Gambling in the USA

Golden Nugget Online Gaming To Become Public

George Miller

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Golden Nugget Online Gaming To Become Public
Reading Time: 4 minutes

 

Landcadia Holdings II, Inc. to Acquire Golden Nugget Online Gaming

Tilman J. Fertitta and Landcadia Holdings II,  Inc. announced today that Landcadia II has entered into a Purchase Agreement to acquire Golden Nugget Online Gaming, Inc. (“GNOG”), a US online real money casino owned by Tilman Fertitta, recognized by both its peers and customers alike as the industry leading online casino that brought Live Dealer to the US market place. Landcadia II is a publicly traded special purpose acquisition company co-sponsored by Fertitta Entertainment, Inc. and Jefferies Financial Group Inc.

GNOG will become only the second pure publicly traded online casino company in the US. The transaction is expected to close in the third quarter of this year.  Upon closing, Landcadia II intends to change its name to Golden Nugget Online Gaming, Inc. and its Nasdaq trading symbol to GNOG.

“GNOG is one of the best positioned companies to capitalize on this massive online gaming opportunity in the US,” said Rich Handler, Co-Chairman of Landcadia II and CEO of Jefferies LLC. “We at Jefferies couldn’t be more thrilled to partner with Tilman and bring this great opportunity to the public markets.”

Golden Nugget is a household name throughout the United States and its iGaming business is a well-established leader in New Jersey, the largest online gaming market in North America. GNOG has obtained market access, subject to regulatory approval, to Pennsylvania and Michigan and anticipates launching its online casino brand in each of those new markets in early 2021.

GNOG is known among its industry peers as the preeminent operator in the US online gaming market, having won the EGR North America Top Operator Award for three consecutive years. GNOG is known for its innovation, including initiating Live Dealer, Live Casino Floor gambling and a number of exclusive slot machine games to mobile devices, tablets and computers throughout New Jersey, as well as its top-notch 24/7 customer support.

Tilman J. Fertitta will remain GNOG’s Chairman and CEO, and Thomas Winter, who was brought in to develop Golden Nugget’s online gaming business, will continue to serve as GNOG’s President.  During the seven years since Thomas Winter started Golden Nugget’s iGaming business in New Jersey, revenues and profitability have grown each year despite facing competition with greater financial resources. According to Mr. Fertitta, “Golden Nugget is one of the most time-honored brands in the gaming business today. When customers hear the name Golden Nugget, they know they are dealing with a trusted online gaming business. Thomas and his team have done a remarkable job, are the best in the industry, and with this transaction, will have access to growth capital to allow for the rapid expansion of the business.”

GNOG Highlights

  • Started operation in New Jersey Q4 2013
  • Became profitable in 2016
  • First online gaming company to launch Live Dealer in the US
  • Won Industry award as top operator 3 years in a row
  • First to launch Live Casino Floor in US
  • Net Income of over $11 million in 2019

Key Transaction Terms

The transaction values the combined company at an anticipated pro forma enterprise value of approximately $745 million, or 6.1x GNOG’s estimated 2021 revenue of $122 million. The consideration payable to the parent entity of GNOG will consist of a combination of cash and rollover equity in Landcadia II.  Upon completion of the transaction, Tilman J. Fertitta, Chairman and CEO, will, through the parent entity of GNOG, hold a controlling economic interest (through an Up-C structure described below) and a controlling voting interest in the combined company.  The combined company will have a dual-class share structure with super voting rights for Mr. Fertitta.

Landcadia II will be assuming $150 million of GNOG debt of and will pay down at closing an additional $150 million of its debt, plus pay prepayment fees, transaction fees and expenses. Subject to redemptions, there is approximately $321 million currently held in Landcadia II’s trust account. Upon payment of the purchase price, debt repayment and transaction fees and expenses, the combined company will have at least $80 million on its consolidated balance sheet at closing and an anticipated pro forma equity market capitalization of nearly $700 million.

The transaction will be structured as an Up-C where an entity indirectly owned by Mr. Fertitta will retain common units of a partnership managed by the combined company and an equal number of non-economic voting shares in the combined company.  The combined company will also enter into a customary tax receivable arrangement with such entity indirectly owned by Mr. Fertitta, which will provide for the sharing of tax benefits relating to certain pre-combination tax attributes, as well as tax attributes generated by the transaction and any subsequent sales or exchanges by the entity indirectly owned by Mr. Fertitta of their equity interests, as those attributes are realized by the combined company.

The transaction has been unanimously approved by the Board of Directors of Landcadia II, upon the unanimous recommendation of a committee comprised solely of Landcadia II’s disinterested independent directors (the “Committee”).  The transaction will require the approval of a majority of the outstanding shares of Landcadia II, excluding shares beneficially owned by Tilman J. Fertitta and Jefferies Financial Group, and is subject to customary closing conditions, including certain regulatory approvals. Jefferies LLC is acting as exclusive financial and capital markets advisor to Landcadia II.  Haynes and Boone LLP is acting as legal advisor to GNOG. White & Case LLP is acting as legal advisor to Landcadia II. Houlihan Lokey, Inc. is serving as financial advisor to the Committee of Landcadia II.

 

SOURCE Landcadia Holdings II, Inc.

Gambling in the USA

Gaming Americas Weekly Roundup – June 14-20

Niji Narayan

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Reading Time: 2 minutes

Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and compliance updates. Read on and get updated.

Latest News

GameSquare Esports has announced that its subsidiary Code Red Esports has been awarded a contract to provide esports consultancy services to U.S. Polo Assn., the official brand of the United States Polo Association.

BetMGM has launched its mobile sports betting app at Nationals Park. The launch is part of a partnership signed between the operator and Washington Nationals.

Harrah’s has completed the $200 million renovation of its Las Vegas Strip property. Harrah’s Las Vegas now features 2542 redesigned guest rooms, a complete casino floor remodel and two new LED marquees at the north and south entrances.

Brazilian football club Atlético Mineiro is going to launch $GALO Fan Token in partnership with Chiliz – the creators of Fan Tokens and the Socios.com fan engagement platform.

Bally’s Corporation has announced that it has completed the previously announced acquisition of Jumer’s Casino & Hotel from Delaware North Companies Gaming & Entertainment. The total purchase price was $120 million.

Aristocrat and Seminole Gaming have launched a new $1 million Dragon Link high-limit progressive jackpot. The Dragon Link $1 million progressive jackpot is found exclusively at Seminole Hard Rock Hotel & Casino Hollywood and Seminole Hard Rock Hotel & Casino Tampa.

Yield Guild Games, a decentralised gaming guild of players and investors who generate yield from NFT-based games, has announced that it has raised a $4M Series A investment led by BITKRAFT Ventures.

The Entain Foundation US, a not-for-profit dedicated to responsible gambling funded by Entain, has launched a new responsible gambling app named “Gamble Responsibly America”.

Alexis Ohanian, the co-founder of Reddit, is leading a $4 million seed-funding round for the sports-betting startup Wagr, an app looking to wed social media with a fast-growing corner of the gambling market.

Jackpot Digital has announced additional terms of a proposed strategic reorganisation of its business by way of a spin-out of its online gaming software assets to a newly incorporated subsidiary of Jackpot (Spinco).

Partnerships

Crane Payment Innovations has entered into a partnership with Viejas Casino and Resort in Alpine, CA. Viejas players can now employ mobile payment methods as a result of the casino’s decision to upgrade their entire slot floor with SC AdvanceTM banknote validators and Easitrax Connect software.

PointsBet Maryland LLC has announced its plans to enter the recently legalised Maryland sports betting market through an exclusive deal with Riverboat on-the-Potomac.

Brazilian football club Palmeiras has entered into a sponsorship deal with the online gambling operator Dafabet. The deal will run until the end of 2021 and see Dafabet become the first official partner of Palmeiras within the sports betting category.

Compliance Updates

The Washington State Gambling Commission has unanimously approved sports wagering compact amendments for fifteen federally recognised Tribes at its public meeting held on June 10.

The Louisiana State Legislature has approved the legislation establishing a licensing framework for retail and online sports betting.

The Pennsylvania Gaming Control Board approved six consent agreements between the PGCB’s Office of Enforcement Counsel and license holders resulting in a total of $284,000 in fines along with two non-monetary enforcements.

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Gambling in the USA

Summits by Gaming Americas brings you two conferences next week between 22-23 June

Zoltan Tundik

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Reading Time: 3 minutes

 

Gaming Summit North America and Gaming Summit Latin America to take place next week between 22-23 June.

We are excited to announce the final agenda for the upcoming Gaming Summit North America & Gaming Summit Latin America which are taking place in a virtual layout next week.

The conference series is Gaming Americas’ flagship event in the Americas and was previously titled “Sports Betting & Casino Summit North America”, and complements the Gaming Americas Quarterly Meetups. (read more about the rebranding here).

The conferences gather regulators, top C-Level Executives, and most of the industry shareholders for two days of quality learning and engaging discussion about the gambling industry in North America and the LATAM region.

The North American conference will target compliance updates from the West Side and East Side of the US will feature the special ongoing series of talks with Chantal Cipriano about the Canadian gaming industry, and will also include discussions about Responsible Gaming, Fintech and investment tips from the top investors of the gaming industry in North America.

You can view the full program here.

The registration is free and the conference already attracted 2k registrations. So, if you haven’t yet registered, make sure you get in on the list to receive the login details. Register here!

Here is a short preview of the panel discussions on 22 June (North America):

  • (East Side) US Legislation Round-up
  • The Gaming Gold Rush has to consider the implementation of Responsible Gaming measures
  • The Canadian Gaming Industry Updates with Chantal Cipriano
  • Focus on Yahoo Sports’ sports betting strategy in North America
  • (West Side) US Legislation Round-up
  • Innovative payment technologies and the regulators catch up
  • M&A, Making of Unicorns and how VCs are reshaping the future of the sports betting industry

Among the leading speakers you can find:

  • Dr. Laila Mintas – CEO at PlayUp US
  • Ryan Butler @ Action Network
  • Chantal Cipriano – Senior Director, Legal & Compliance at Mazooma
  • Adrianna Cuccinello – VP, Online Gaming & Compliance Operations – US at Maxima Compliance
  • Lloyd Danzig – Founder & Managing Partner at Sharp Alpha Advisors
  • Andrew Crowe – SVP of Business Development at Sightline Payments
  • Rich Roberts – Non-Executive Board Member with Webis Holdings PLC
  • Bill Pascrell, III – Partner at Princeton Public Affairs Group, Inc.
  • Martin Lycka – SVP for American Regulatory Affairs and Responsible Gambling, Entain
  • Keith S. Whyte – Executive Director of the National Council on Problem Gambling (NCPG)
  • Tammi Barlow – Director of Responsible Gaming and Corporate Social Responsibility at Caesars Entertainment
  • Wendy Anderson – Chief Executive Officer at RG24seven
  • Neil Erlick – Chief Corporate Development Officer at Nuvei
  • Geoff Reiss – GM of Yahoo Sports
  • Sarah Crennan – VP & Head of Content at Yahoo Sports
  • Minty Bets – Yahoo Sports’ lead betting reporter and analyst
  • Elizabeth Suever – Vice President of Government Relations at Bally’s Corporation
  • Daniel Wallach – Founder at Wallach Legal LLC
  • Wayne Kimmel – Managing Partner at SeventySix Capital
  • Matt Davey – President & CEO at Tekkorp Capital LLC
  • Daniel Bernard – Investor and General Partner at Mindspring Capital
  • and many more…

The Latin American conference targets compliance-related matters and give clear updates about the state of the industry in Brasil, Argentina, Costa Rica, Peru, and Curacao. Besides the trending topics, the experts will also dive into discussions about the state of Responsible Gaming in the region.

Among the leaders who will present during the panel discussions, you can find the regulators and lotteries representatives from Argentina, Peru, Costa Rica and Curacao.

Top brand such as Nuvei, Betwarrior, Playtech, Entain, Play’n GO, Codere, and GLI will also share their information about the region.

The panel discussions will be hosted in Portuguese, Spanish, and English, while live interpreting is ensured at all times by one of the sponsors of the conference series, All-In Global.

The conference enjoys the support of Play’n GO as sponsors.

Here is a short preview of the panel discussions on 23 June (Latin America):

  • Regulation in the spotlight: Brasil (operators, payment methods, legal update) (Portuguese to English)
  • Hear from the industry stakeholders in Argentina (operators, software providers) (Spanish to English)
  • Responsible Gaming Programs across LATAM (English to Spanish and Portuguese)
  • Regulation in the spotlight: Argentina, Costa Rica, Peru, Curacao (regulators, lotteries representatives) (Spanish to English)

Among the leading speakers’ you can find:

  • Sebastian Vivot – Head of Modernisation and Information Technology, Loter’a de la Ciudad de Buenos Aires
  • Manuel San Román – Dir. Gral. de Juegos de Casino y Máquinas Tragamonedas de Perú
  • Esmeralda Britton – President of Social Protection Board (JPS) of Costa Rica
  • Jamir Barton – Acting Chairman of the Board of Directors at the Curacao Gaming Control Board
  • Neil Montgomery – Founding and Managing Partner at Montgomery & Associados
  • Roberto Carvalho Brasil Fernandes – Senior Lawyer at Brasil Fernandes Advogados
  • Danilo Gennari – Sócio-Diretor na Distrito Relações Governamentais
  • Pedro Extremera – Regional Director at Playtech
  • Victor Arias – Vice President LATAM at Pragmatic Play
  • Cristian Acuna – Head of Sales LATAM at Play’n GO
  • Salo Leder – Business Development Executive at Codere
  • Juan Espinosa García – Ministerio de Hacienda Espana
  • Martin Lycka – SVP for American Regulatory Affairs and Responsible Gambling at Entain
  • Fernando Sussesso – Sales Manager LATAM at Nuvei
  • Alasdair Townsend – Managing Partner at Sherlock Communications
  • Georges Didier Flores – Latin America Government Relations and Business Development Representative at Gaming Laboratories International
  • Seth Palansky – Vice President, Corporate Social Responsibility & Communications at Conscious Gaming
  • Richard Bayliss – Senior Regulatory Affairs and Compliance Manager at Playtech
  • José Carlos Figueroa – Caribbean Government Relations and Business Development Representative Gaming Laboratories International, LLC (GLI®)

For sponsorship/speaking and marketing inquiries, make sure to reach out to Andrada Marginean (B2B Sales Executive at Hipther Agency).

For media-related inquiries, please contact Alexandru Marginean (Marketing Specialist at Hipther Agency).

To receive constant updates, subscribe here: http://eepurl.com/hfyZxf

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Gambling in the USA

These Are the 10 Best Casinos in Las Vegas

George Miller

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These Are the 10 Best Casinos in Las Vegas
Reading Time: 3 minutes

 

A brilliant blend of glam and money, the ‘cha-ching!’ of a casino is becoming increasingly popular today. Whether you want to eat luxuriously or earn big bucks, casinos are for you. With just a little confidence in Lady Luck, casinos let you enjoy a range of things for that soul-stirring trip! As the pandemic scares go down and the world opens up again, consider taking yourself out for a spin of luck for your next trip!

The 10 Best Must-Visit Casinos in Las Vegas

There is no better place to try out your luck than the resort city popular for it, Las Vegas. Read on ahead for the top ten casinos in this glamorous city.

#1 The Venetian

We have started off with a place that is right out of your luxury vacation dream. As glamourous as it sounds, the Venetian offers hundreds of table games in dazzling architecture. Guests can choose from blackjack to Pai Gow poker and many novelty games. You can join their Grazie Rewards right away by signing in through their website.

#2 Aria

Looking for one of the most exclusive high-limit slot rooms in Nevada? Aria is the place for you. This sleek beauty includes special arenas to exchange slot tickets for dollars. It also has a full-service dining area and a staff to cater to all your needs. The perfect way to pamper yourself!

#3 The Golden Nugget

Similar to a lot of downtown hotels, the Golden Nugget has retained its rustic gorgeousness. It’s a pricey place, but you are more likely to get the best value here with a player’s card. It’s the perfect place for ‘that winning feeling’ and people who love that vintage aesthetic.

#4 The D

A long-time Fermont Street casino hotel, the D is an all-time favorite. Despite all the changes it went through in the past, the D is now going stronger than ever. The D’s Dancing Dealers add that spicy spin to your game. A simple two-floored structure with vintage games and a perfect view!

#5 Circus Circus

Planning a trip with your family? Circus Circus is a stress buster for each member of your bunch. Whether it’s Adventuredome or Splash Zone, there is something fun for everyone at this family-friendly casino!

#6 Mandalay Bay Resort & Casino

Located at the Las Vegas Strip, this casino features a real sand wave pool known as “the Beach”. Owned by the MGM Resorts International, this resort has a unique South-East Asian theme and the fifth largest convention center in the USA.

#7 Caesar’s Palace

No list of casinos can be complete without mentioning Caesar’s palace. With one of the biggest poker rooms in Las Vegas, this casino is built in the beauty of Rome. The famous Sportsbook makes it really popular among sports betters!

#8 Red Rock Casino

Managed by Station Casinos, this one is really trendy among the locals of the place. Don’t forget to try their famous steaks, their world-class spa, and a huge bingo hall while you are there! Simply one of the best casinos on the Las Vegas strip.

#9 The Palms

After a recent renovation, the Palms are reclaiming its reputation as a hip and trendy hang-out. Located just off the Strip, the clientele includes the locals and tourists, adding to slightly better odds for players. A lavishly sized casino floor, filled with a range of games from Baccarat to craps.

#10 The Cosmopolitan

Another luxury land (for your taste buds), this casino is known for its best food on the Las Vegas strip. Featuring popular celebrity chefs, this place is just perfect for foodies with a winning streak!

 

Cha-ching from home!

Has reading about these amazing places stirred your heart right away? Now, you don’t have to wait before you get started on your winning streak. With so many trusted online casinos, you can now try your luck at home in just a few simple clicks. Take home the jackpot today!

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