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Caesars Entertainment Completes $1.7 Billion Acquisition of Centaur Holdings

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Caesars Entertainment Completes $1.7 Billion Acquisition of Centaur Holdings
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Hoosier Park Racing and Casino, Indiana Grand Racing and Casino and Three Off-Track Betting Facilities Expand Caesars’ Portfolio of Properties. Caesars Entertainment Investing $50M in Initial Property Upgrades

 

LAS VEGASJuly , 2018  — Caesars Entertainment Corporation (NASDAQ: CZR) (“Caesars Entertainment”) announced it has completed the acquisition of Centaur Holdings, LLC (“Centaur”) for $1.7 billion in cash, $1.625 billion of which was due at closing and $75 million of which is deferred consideration. The transaction adds Hoosier Park Racing and Casino (“Hoosier Park”) in Anderson, Indiana, and Indiana Grand Racing and Casino (“Indiana Grand”) in Shelbyville, Indiana to the Caesars Entertainment portfolio.

With the completion of the transaction, Centaur guests will now be able to join Caesars Entertainment’s Total Rewards loyalty program and transfer their points between Centaur’s loyalty program and Total Rewards. With more than 55 million members, Total Rewards is one of the world’s largest loyalty programs and acts as a tourism driver for the cities and destinations where Caesars operates.

“The Centaur acquisition expands our footprint to the attractive central Indiana region with exciting new destinations that are profitable, well-capitalized and highly complementary to our existing portfolio,” said Mark Frissora, President and CEO of Caesars Entertainment. “This project is an important part of our growth strategy, which expands our brands, increases revenue and facilitates broad distribution of the Total Rewards program.”

Caesars Entertainment is investing $50 million in various property improvements and IT upgrades to further enhance the guest experience. The introduction of Total Rewards and our centralized cost structure is expected to reduce the purchase price multiple to 8.3x in less than two years. The Company anticipates introducing table games to these properties, subject to any necessary approvals. Assuming the introduction of table games and certain synergies, the effective purchase price multiple would be less than 7x at that time.

Both Hoosier Park and Indiana Grand offer live and simulcast horse racing, multiple dining outlets, entertainment and feature approximately 2,000 of the latest slots and electronic table games. The properties welcome more than 6.5 million guests combined each year and serve more than 1.1 million members as part of its loyalty program.

Hoosier Park and Indiana Grand, which serve the Indianapolis and central Indiana areas, will add to the Caesars network in Indiana, which already includes Horseshoe Hammond and Horseshoe Southern Indiana. Horseshoe Hammond serves northern Indiana and the Chicagoland area while Horseshoe Southern Indiana serves southern Indiana and the Louisville area.

About Caesars Entertainment Corporation

Caesars Entertainment is the world’s most diversified casino-entertainment provider and the most geographically diverse U.S. casino-entertainment company. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions and its portfolio of subsidiaries now operate 47 casinos in 13 U.S. states and five countries. Caesars Entertainment’s resorts operate primarily under the Caesars®, Harrah’s® and Horseshoe® brand names. Caesars Entertainment’s portfolio also includes the Caesars Entertainment UK family of casinos. Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. Caesars Entertainment is committed to environmental sustainability and energy conservation and recognizes the importance of being a responsible steward of the environment. For more information, please visit www.caesars.com.

Forward-Looking Statements

This release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 regarding the Caesars Entertainment’s strategy and expectations with respect to the properties acquired in Central Indiana. These forward-looking statements are based on current expectations and projections about future events.

You are cautioned that forward-looking statements are not guarantees of future performance and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual results may differ materially from that expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, prevailing economic conditions from time to time, receipt of necessary approvals to introduce table games and the company’s ability or inability to realize expected benefits from the acquisition, and may include other factors described from time to time in Caesars’ reports filed with the SEC.

You are cautioned to not place undue reliance on these forward-looking statements, which speak only as of the date of this document. Caesars and VICI undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.

 

Source: Caesars Entertainment Corporation

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Gambling in the USA

Innovative Technology Americas welcomes Jeff Tash, Business Development Manager

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Innovative Technology Americas, Inc. welcomes Jeff Tash, Business Development Manager for North America. Jeff will focus on the amusement and vending industries, identifying and generating new sales opportunities. Innovative Technology specializes in note handling equipment and age and identity verification technology.

Welcoming Jeff to the US team, Lauren Fabbri, Business Development Manager for the gaming side of the business, said, “Jeff joined us back in March and hit the ground running spending his first day in the Innovative booth at the Amusement Expo show in Las Vegas!  Jeff has settled into life at Innovative Technology and is already connecting with our amusement and vending customers across America and Canada.”

Commenting on his role, Tash said, “I am really enjoying working for Innovative! The overwhelming support and enthusiasm from both the team and our customers on my first day at Amusement Expo validated my choice to join ITL. I’m up to speed with all our products and really enthusiastic to share them with the many contacts I have in the industry.”

Fabbri continued, “Jeff has 15+ years in the amusement industry, primarily with OEMs in a sales and business development role, so has an extensive book of contacts including manufacturers, distributors, route operators and parts providers. He will be responsible for monitoring industry trends, identifying growth opportunities and emerging markets, conducting product demonstrations and facilitating strong client relationships.  Jeff has phenomenal relationships and has already demonstrated his ability to motivate decision makers when representing us at trade shows, meetings and events.”

Concluding Tash said, “I am eager to provide reliable and innovative product solutions to the amusement industry and customers, and continue to ensure note handling remains at the forefront of the amusement and vending industries. I am excited to collaborate with Lauren and the rest of the North American team in the growth of the GAV (Gaming, Amusement, Vending) markets. Innovative is an organization with a strong sense of purpose and a passion to support its employees, and I am privileged to be a part of this.”

 

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Gambling in the USA

AGA Announces Gaming Hall of Fame Class of 2024

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Allen, Feldman, Nutton to be Inducted

Today, the American Gaming Association (AGA) announced the Gaming Hall of Fame Class of 2024, honoring three leaders who have made significant contributions to the industry:

  • Jim Allen, Chairman, Hard Rock International; Chief Executive Officer, Seminole Gaming; Former Chairman, American Gaming Association
  • Alan Feldman, Director of Strategic Initiatives and Distinguished Fellow in Responsible Gaming, UNLV International Gaming Institute; Former Executive, MGM Resorts International
  • Debi Nutton, Board Member, Everi Holdings; Executive Coach-Consultant; Former Casino Operations Executive, MGM Resorts, Wynn Resorts

“From helping transform tribal gaming and pioneering responsible gaming research to blazing new paths in casino operations, Jim, Alan and Debi have been integral to shaping the modern gaming industry,” said AGA President and CEO Bill Miller.

Since 1989, the Gaming Hall of Fame has recognized gaming icons and leaders for their enduring influence on the industry. The Class of 2024 will receive recognition at an invitation-only induction ceremony held during G2E 2024 in Las Vegas this October.

“The Gaming Hall of Fame honors leaders that have had a distinct impact on our industry’s success,” added AGA Chairman of the Board and Everi Executive Chairman Mike Rumbolz (Gaming Hall of Fame Class of 2022). “This year’s inductees have met and exceeded this threshold throughout their careers and continue to do so in their current work. We look forward to celebrating their achievements at G2E 2024.”

Hall of Fame honorees are selected by an independent panel of gaming executives. This year’s selection committee members include:

  • Maureen Adams, EVP, Gaming, Churchill Downs Inc.
  • Jay Dorris, President and CEO, Wind Creek Hospitality
  • Siobhan Lane, EVP and CEO, Gaming, Light & Wonder
  • Alex Dixon, CEO, DRA and Co-Founder and Co-Chair, African Americans in Gaming
  • Mark Lipparelli, Chairman, International Center for Responsible Gaming
  • Kirsten Clark, Executive Director, International Association of Gaming Advisors
  • Lauren Bates, Chair, Global Gaming Women
  • Dr. Brett Abarbanel, Executive Director, UNLV International Gaming Institute
  • Mike Rumbolz, Executive Chairman, Everi and Chairman of the Board, AGA

Jim Allen, Chairman, Hard Rock International; Chief Executive Officer, Seminole Gaming; Former Chairman, American Gaming Association

A gaming and hospitality industry veteran with more than 44 years of experience, Allen currently serves as Chief Executive Officer of Seminole Gaming and Chairman of Hard Rock International and Hard Rock Digital. He also recently served as Chairman of the Board of Directors of the AGA. Since 2001, Allen has overseen all gaming, hospitality and entertainment operations for the Seminole Tribe of Florida, including leading the tribe’s 2007 acquisition of Hard Rock International, the first acquisition of a major international company by a North American Indian tribe. Under his leadership, Seminole Gaming and Hard Rock International have grown their global business footprint and their leadership in U.S. casino gaming, winning numerous awards for excellence in operations, hospitality and employment. Allen has also led the expansion of the company’s entertainment offerings to sports and sports betting, including the 2020 launch of Hard Rock Digital—an online and retail sportsbook and internet gaming platform—and partnerships with Formula One Racing in both Miami and Las Vegas, Red Bull Racing, Lionel Messi, and Hard Rock Stadium which hosts the NFL’s Miami Dolphins. Allen also lectures at many professional conferences, governmental programs and college campuses and makes frequent appearances on CNN, CNBC, Bloomberg, Fox Business and other financial news networks.

Alan Feldman, Director of Strategic Initiatives and Distinguished Fellow in Responsible Gaming, UNLV International Gaming Institute; Former Executive, MGM Resorts International

Alan Feldman currently serves as Director of Strategic Initiatives and Distinguished Fellow in Responsible Gaming at UNLV’s International Gaming Institute, where he is at the forefront of developing programs and policies that enhance industry knowledge and regulatory practices around responsible gaming. During his 30-year tenure at MGM Resorts, Feldman was instrumental in launching GameSense, a pioneering initiative that now promotes healthy gambling behaviors across all MGM U.S. properties. Feldman is also a globally sought-after speaker on responsible gaming and holds key advisory roles in the industry, including serving as Chair Emeritus of the International Center for Responsible Gaming, where he formerly served as Chair of the Board. Feldman’s significant contributions have been recognized with awards such as the Gaming Professional of the Year by the Casino Management Association in 2002 and a Lifetime Achievement Award in Gaming Communications from the American Gaming Association in 2009.

Debi Nutton, Board Member, Everi Holdings; Executive Coach-Consultant; Former Casino Operations Executive, MGM Resorts, Wynn Resorts

Nutton currently serves as a Board Member at Everi Holdings while also helming her business as a gaming consultant and executive coach. Her career in the gaming industry began in 1980 as one of the few female dice dealers on the Las Vegas Strip. She notably contributed to the opening team of The Mirage in 1989, where she distinguished herself as the sole female dice pit manager at the time. Over her 24-year tenure with MGM and Mirage, Debi rose to Senior Vice President of Casino Operations and Marketing for MGM and Bellagio before assuming the role of Executive Vice President of Casino Operations at Wynn Resorts in 2013. Today, she is shaping the next generation of gaming as an executive coach-consultant, advising the industry on leadership practices and casino operations. A founding board member of Global Gaming Women, Debi has received numerous accolades, including the 2018 Great Women of Gaming Lifetime Achievement Award, the 2009 Casino Enterprise Management Great Women of Gaming Proven Leader Award, and being named a “Woman of Distinction” by the National Association of Women Business Owners in 2007.

 

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Gambling in the USA

Three Rivers Casino Resort Pays Out Over $1.1 Million in Jackpots on AGS’ Bonus Spin™ Xtreme Progressive

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A lucky table games player recently made history at Three Rivers Casino Resort by hitting the casino’s first ever Triple Diamond jackpot on AGS’ Bonus Spin™ Xtreme progressive side bet.

The player placed a $5 side bet while playing a Bonus Spin Xtreme linked blackjack game and landed on the hot seat trigger, winning the top progressive prize of $79,759.

Director of Gaming Operations for Three Rivers Casino Resort, Rick Ray expressed his excitement about the success of Bonus Spin Xtremesince first going live in September 2023.

“The addition of Bonus Spin Xtreme to our table games has been a real game-changer for our casino and guests. Incorporating slot-style video wheels into our classic table games creates an exciting and engaging experience for all our players,” said Ray.

Three Rivers Casino currently has 12 linked Bonus Spin Xtreme tables that share a single progressive jackpot and has paid out over $1.1 million in jackpots since first launching.

 

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