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Gambling in the USA

Live! Casino & Hotel Executives Carmen E. Gonzales And Jennifer Kearns Earn Top Industry Honors

Zoltan Tundik

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Jennifer Kearns has been recognized as one of the Top 40 Under 40 Emerging Leaders in Gaming by Global Gaming Business magazine, a leading national gaming industry trade publication.
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Ms. Gonzales Named Among Top Women in Public Relations by PR News; Ms. Kearns Included in Global Gaming Business’ Top 40 Under 40 Emerging Leaders in Gaming.

Live! Casino & Hotel today announced that two members of its executive leadership team earned top professional honors from noted industry publications.

CARMEN E. GONZALES, Director of Communications, is among the Top Women in Public Relations, chosen by the editorial staff of PR NEWS to represent women who are making the greatest impact in the field of communication. Ms. Gonzales is a Day One team member of Live! Casino & Hotel, leading communication strategy as well as government and community relations for one of Maryland’s largest drivers of tourism and economic development. In addition to leading the successful opening of the flagship Live! Hotel in 2018 and guiding communication strategy for one of the nation’s largest commercial casinos, she has made a lasting impact on some of the region’s non-profit organizations through her leadership of the property’s philanthropic program, which has contributed millions of dollars and countless hours of support. Ms. Gonzales was recently appointed by Maryland Governor Lawrence J. Hogan to the Maryland Tourism Development Board, where she leverages her 30-year career in the entertainment, hospitality, gaming and tourism industries to assist fellow leaders in the State’s hospitality industry and members of Maryland’s General Assembly to guide efforts to develop and market the State as a top tourism destination.

JENNIFER KEARNS has been recognized as one of the Top 40 Under 40 Emerging Leaders in Gaming by GLOBAL GAMING BUSINESS magazine, a leading national gaming industry trade publication. In her role as Executive Director of Relationship Marketing, Ms. Kearns brought a unique combination of analytics and player development skills to Live! Casino & Hotel, striking a balance between fiscal soundness and guest experience. Rising quickly through the ranks in the gaming business over the last eight years, she is now mentoring others on her team to find opportunities to take active leadership roles and advance in their own careers. Ms. Kearns continues to expand her role and broaden her marketing expertise, now leveraging her creative background as Assistant Director of Advertising and Partnerships for the property.

“It’s very gratifying to see these two professionals recognized for their meaningful work and the impact they are having here at Live! Casino & Hotel and on their industries more broadly,” said Robert J. Norton, President of Live! Casino & Hotel. “Both Carmen and Jennifer bring strong leadership to our team and we are proud of their accomplishments.”

Ms. Gonzales will be honored at the PR News Top Women in PR Awards Luncheon at the Grand Hyatt in New York Cityon January 25, 2019. Ms. Kearns will be profiled in an upcoming issue of Global Gaming Business.

For information about Live! Casino & Hotel, visit www.livecasinohotel.com.

After starting out as an affiliate in 2009 and developing some recognized review portals, I have moved deeper into journalism and media. My experience has lead me to move into the B2B sector and write about compliance updates and report around the happenings of the online and land based gaming sector.

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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.

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Gambling in the USA

Delaware iGaming Revenue Increases in May

Niji Narayan

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Delaware iGaming Revenue Increases in May
Photo Source: sputniknews.com
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Delaware Lottery has reported an increase in revenue from Delaware’s regulated igaming market ($313,648) for the month of May.

Delaware Park retained top spot in the state’s online gambling market in terms of revenue with $127,932 off $2.96m in wagers for the month. This was down from April revenue of $144,084 and $5.2m in bets.

Dover Downs was the most popular platform for punters in May, processing a total of $8.1m in bets, up from $5.5m in April. Revenue hit $123,044 for the month compared to $75,323 in April.

Harrington Raceway remains some way off the pace after taking $1.0m in online wagers during May, down from $1.2m in the previous month. However, revenue was up month-on-month from $43,775 to $62,672.

During the first five months of the year, operators generated revenue of $1.41m, with consumers spending a total of $54.7m online.

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Gambling in the USA

GAN Reports Internet Gambling Growth in New Jersey for May 2019

Niji Narayan

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GAN Reports Internet Gambling Growth in New Jersey for May 2019
Photo Source: thriveglobal.com
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GAN plc, the US based developer and supplier of Internet gambling software, has reported growth in internet gambling for the month of May 2019 in New Jersey.

The highlights include:

  • Internet Gaming Win was $38.3 million in May compared to $24.3 million in May 2018, reflecting an year-over-year increase of 57.8%.
  • Total Internet Sports Wagering Handle was approximately $263.6 million in May, compared to $254.0 million in April and $298.3 million in March.
  • Internet Sports Wagering Gross Revenue was $13.7 million in May, compared to April’s $16.6 million and March’s $24.3 million.

Internet Sports Wagering Gross Revenues may vary from month to month due to the payouts for future events occurring months after the original wager was made and unredeemed winning wagers from prior months will become deductible upon redemption in future months.

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