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Caesars Entertainment Completes $1.7 Billion Acquisition of Centaur Holdings

George Miller

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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

Gaming Americas Weekly Roundup – November 16-22

Niji Narayan

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Reading Time: 3 minutes

Welcome to our weekly roundup of American gambling news again! It was again an eventful week in the USA, despite the still-active virus attack.

Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and new acquisitions. Read on and get updated.

Latest News

Score Media and Gaming Inc. has introduced Bet Section, its new integrated and personalised suite of betting features. According to the firm, the new dedicated home within theScore’s media app takes its innovative cross-platform media and betting experience with theScore Bet to the next level. Bet Section delivers suite of new personalised betting features, further deepening theScore’s industry-leading media and gaming integrations. Personalised betting features include prioritised and tailored markets, live bet tracking and exclusive promotions.

The Cordish Companies has celebrated the opening of Live! Casino Pittsburgh. The eagerly awaited $150 million Live! Casino, located at the Westmoreland Mall in Pennsylvania, is scheduled to open its doors to the general public at 6:00 am on 24 November 2020. The Cordish Companies’ Principal Jon Cordish, Managing Partner Joe Weinberg and Cordish Gaming Group President Rob Norton were joined at the ribbon-cutting ceremony by incoming state Senate Majority Leader Kim Ward and state Representative George Dunbar.

The Argentina government has decided to raise the online gaming tax rate for 2021. Online gambling has barely been regulated in Argentina, but that hasn’t stop authorities from approving a tax increase for the sector. As contemplated in the 2021 Budget, the rate online operators pay will rise from 2% to 5% next year.

Partnerships

Online gaming platform developer LatamWin has entered into a partnership with edict egaming, a subsidiary of Gauselmann Group, which will bring new benefits to Merkur game users in Latin America. One of the main goals of the agreement is to engage online gaming operators and all those new companies of the industry, LatamWin said in a press release.

Scientific Games Corporation has signed a new five-year deal with the Massachusetts State Lottery Commission (MSLC). As per the deal, Scientific Games will supply its world-leading instant games, second chance promotions and digital engagement programmes to the Massachusetts Lottery. Scientific Games’ new contract, which may be extended up to two years by MSLC, includes consumer digital services that will engage players through exciting second chance game features and help the Lottery protect and grow revenues for the Commonwealth.

JCM Global and The Mint Gaming Hall at Kentucky Downs have expanded their partnership again. As per the deal, JCM will upgrade all 450 games in the casino to its award-winning iVIZION bill validator with ICB Intelligent Cash Box system. Also, JCM will install its iVIZION with ICB and GEN5 Thermal Printer in the newly expanded casino area, which houses approximately 600 games and opened in September.

New Appointment

GVC Holdings PLC has appointed Martin Lycka as its Senior Vice President for American Regulatory Affairs and Responsible Gambling. In this role, Lycka will be responsible for expanding GVC’s licensing and regulatory structure in the US and underscoring the company’s commitments to responsible gambling, sports integrity and regulatory compliance. Lycka will also lead regulatory affairs in Canada and support GVC’s Latin America regulatory strategy as the company looks to establish state-regulated offerings in these regions.

New Acquisition

Bally’s Corporation has completed the acquisition of Bally’s Atlantic City Hotel & Casino from Caesars Entertainment Inc. and Vici Properties Inc. The purchase price of the acquisition was $25 million, subject to customary adjustments, and was funded with cash on hand.

Compliance

The Virginia Lottery has received 25 applications for mobile sports betting permits. The names of the companies that applied are not revealed by the Lottery. Big-name companies like DraftKings, FanDuel and Penn National Gaming, affiliated with Barstool Sports, and major casino operators have already shown interest in Virginia’s sports betting industry and may be among the applicants.

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Gambling in the USA

SPORTS DATA COMPANY BETEGY RAISES CAPITAL FROM JKR INVESTMENT GROUP FOR U.S. EXPANSION; RETAINS GLOBAL GAMING EXPERT BILL PASCRELL FOR BOARD POST

Zoltan Tundik

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Photo by Raúl Nájera on Unsplash
Reading Time: 2 minutes

 

BETEGY, a sports data content production service based in Warsaw, Poland, has raised a new round of investment capital from JKR Investment Group, to support its ambitious United States expansion plans.

To help guide its U.S. growth, the company has retained Bill Pascrell, III, Esq., as a supervisory board member.  Pascrell, a globally recognized gaming industry attorney, advisor and strategist, is a partner in Princeton Public Affairs Group, Inc., a public policy consulting and advocacy firm.  

Betegy is an automated content creation system which turns complex sports data into engaging graphics, animations, banners, widgets and texts.  Using machine learning algorithms, the service provides betting operators and media companies with analytics and data visualization by generating high-quality, personalized content. 

Founded in 2012, Betegy clients include ESPN, Tipico, Ringier Axel Springer, Bwin, Yahoo Sports, Sportsbet.io, and Winners.net. With JKR’s financial investment and Pascrell’s management insights, Betegy plans to help U.S media companies, gaming operators and professional sports leagues to gather and display complex data from multiple sources, in fast and easily understood formats. 

The European JKR Investment Group specializes in investments in the tech entertainment industry, helping ambitious start-ups and growing companies to build profitable entertainment businesses using its wide network and in-depth industry expertise.  The Group invests in the igaming, digital marketing, fintech, and esports sectors.

Alexander Gusev, CEO and Managing Partner of JKR, expects the JKR investment “will strengthen our ecosystem and help Betegy to compete successfully in the dynamic and growing market. We are delighted to extend our portfolio with investment into the industry innovator: Betegy is an excellent example of how a service can help clients amplify their specialists’ resources, releasing them from routine production. Operators, sports leagues and online media, their users and wider communities will benefit from Betegy’s leading data technologies and services”

Widely known for his gambling industry expertise and successful advocacy among national and state policymakers, Pascrell represents dozens of clients from around the world including Hard Rock International, Golden Nugget, GVC Holdings, Lottoland, Monmouth Park Race Track, Meadowlands Race Track, PointsBet, PokerStars, Amaya, A Game Above, Hexigames, GiG, and BetMakers.  

Pascrell’s work has been pivotal for several major gaming industry milestones including the successful legalization and regulation of U.S. sports betting through a 10-year campaign to repeal the Professional and Amateur Sports Protection Act (PASPA), culminating in the U.S. Supreme Court’s 2018 landmark ruling.  He also led the successful campaign to bring legalized and regulated online gaming to the U.S. in 2013.     

Pascrell said, “Joining Betegy as a new Supervisory Board member provides a great opportunity and responsibility toward a growing U.S client base. Led by Alex Kornilov, CEO & Founder, Betegy has combined cutting-edge technology with a powerhouse management team for a truly global reach.  Betegy is a strong and dynamic company that has the tools and leadership to penetrate the U.S. market and to provide unique data content to its growing U.S. clientele.”       

Kornilov explained, “This is a new chapter for Betegy clients as together we change the approach to data-driven content production globally. Our partnership with JKR Investment Group is more than a financial backing of our vision.  We gain in-depth industry expertise and access to a wide network, which will accelerate our growth.  

“At the same time,” he added, “Bill Pascrell’s long experience in U.S. and global markets will be invaluable as he helps us to navigate new markets. His experience is vital for Betegy’s success in the U.S.” 

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Gambling in the USA

The Spanish company Triple Cherry signs an international agreement with the American company I-Create

George Miller

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The Spanish company Triple Cherry signs an international agreement with the American company I-Create
Reading Time: 2 minutes

 

Triple Cherry, the spanish slots developer studio, has signed a strategic licensing agreement with the important american company i-Create International, which will allow the game studio creating amazing video slots from the great designs of the US company which is very popular in the licensing world.

i-Create has a long and proven experience in this market, the brand has been licensing and distributing its original, fashionable, colorful and fun content since 1996. The company had the pleasure of collaborating with famous operators such as AT&T, Virgin or T-Mobile, among many others known internationally.

The use of this license will allow the Spanish developer to choose from hundreds of graphics to start the creation of new fantastic games since i-Create has one of the largest library of digital assets which is completely owned and Copyrighted.

This innovative project makes Triple Cherry offering a portfolio of a great variety of themes and to keep growing. In addition to this, it should be added that the company is currently immersed in an investment round that will open the doors to growth in the Asian market!

The team is very excited with this new project and Juan Antonio Galindo, CEO & Co-Founder of Triple Cherry, wanted to say some words: “W​ e are very happy to start this project with i-Create. They have a huge and excellent catalogue of graphics that will allow us to innovate our product. We hope that this agreement will be very fruitful and that we can continue to grow together​ !”.

Jon Fatelevich, Licensing Advisor of Triple Cherry added: “​I am very happy about the signing of this contract, I truly believe that the partnership between Triple Cherry and I-Create is a great deal for both parties. I-create is one of the most prestigious licenses that best suits our company and increases Triple Cherry’s potential to continue our international expansion. With this agreement our clients, the online casinos, will receive an exclusive product that they will not be able to find in the competition and this will give us a great added value and differential”.

Steve Campanella, CEO & Founder of i-Create International, also wanted to share his enthusiasm for this collaboration: “​We are so delighted to partner with Triple Cherry by having our unique characters and branded digital assets come to life. Over the last two years we have been eager to enter into the casino game development industry with a talented, creative, broadly distributed and intelligent partner. We have now found that perfect partnership between i-Create and Triple Cherry and cannot wait to see the success it brings to everyone involved. This is an exciting time for i-Create”​.

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