Casino City Times
Borgata Casino partners with Gotham City Comedy Club
Chris and Steve Mazzilli, owners of New York City's popular club, will take charge of the casino's comedy program.
Friday, March 2, 2018
New Bidders Emerge for Springfield Riverfront Area Renovation ahead of Casino Opening
Casino News Daily
New Bidders Emerge for Springfield Riverfront Area Renovation ahead of Casino Opening
Springfield officials sought bidders for the renovation of the riverfront area of the city ahead of this fall’s opening of MGM Springfield, the state’s first integrated resort with a commercial full-fledged gaming floor.
According to city officials, JL Construction’s bid is within expectations and would allow for the renovation project to begin this spring, as originally intended by the city. Springfield Mayor Domenic J. Sarno has recently been cited saying that a number of projects that are aimed at boosting the city’s riverfront area have been moving forward.
The official has further noted that it is particularly important not only for the region to be revitalized, but also for the city’s North and South Ends, downtown neighborhoods and business, entertainment, and governmental areas to be reconnected.
Details about the Riverfront Park Project
The Riverfront Park renovation project was originally announced last year by city officials. The scheme was estimated at around $2.5 million. MGM Springfield will fund the project partially through a $1-million grant. Mayor Sarno and the City Council have also approved a proposal for $1.6 million in city bond funds to be contributed to the renovation project.
Renovation at the park would include earthwork, the addition of a natural grass lawn for various events, a new playground, a new fountain, tree plantings, and concrete walks among others.
Meanwhile, MGM Springfield is gearing up to finally open doors as Massachusetts’ first integrated resort this fall. The property was originally planned to be launched much earlier, but design changes and construction work at the nearby Intestate 91 delayed its opening.
The $960-million property will feature a hotel, a casino with Las Vegas-style gaming options, that is slot machines and table games, including 23 poker tables, a number of food and beverage, retail, and entertainment facilities, including a six-screen movie theater. The resort will occupy more than 2 million square feet and will spread across three blocks in Downtown Springfield once complete.
Casino operator MGM Resorts International has recently begun looking for staff for its newest property. The company has previously promised that its MGM Springfield workforce would be largely represented by people form the city and the region. The resort would employ around 3,000 people, once fully operational.
The post New Bidders Emerge for Springfield Riverfront Area Renovation ahead of Casino Opening appeared first on Casino News Daily.
Business improves at Scientific Games Corporation
World Casino News
Business improves at Scientific Games Corporation
Race for William Hill’s Australian Betting Business Narrowed to Two Bidders
Casino News Daily
Race for William Hill’s Australian Betting Business Narrowed to Two Bidders
British bookmaker William Hill announced in January that it had decided to review its underperforming Australian business and that a sale was under consideration. The Australian Financial Review reported earlier this week that four rival gambling operators had submitted their offers by Monday morning, with those four reportedly being bet365, Paddy Power Betfair, Ladbrokes, and local betting operator CrownBet.
It is understood that Paddy Power Betfair’s Australian business Sportsbet and CrownBet have been shortlisted and given access to confidential information about William Hill’s Australian operations. The information will play important part in setting the final price of the sports betting business. It is believed that it would be valued at around A$200 million. William Hill Australia currently holds a 5% share in the nation’s sports betting market.
The British bookmaker expanded into Australia in 2013 when it acquired the Australian and Spanish operations of Sportingbet as well as the Centrebet and Tom Waterhouse brands from local bookmaker Tom Waterhouse. The three businesses remained under the stewardship of Mr. Waterhouse, as William Hill wanted to leverage his experience in the field and his connections across Australia.
A Bidding War amid Regulatory Changes
Several Australian states have decided to implement a 15% point-of-consumption tax that would require operators to contribute a portion of their revenue to the jurisdictions they target players from and not just to the jurisdictions they are licensed in. A federal ban on credit betting and the click-to-call betting feature, previously deployed by offshore operators to exploit a loophole into Australian betting laws, have also been part of the recent wave of changes in the nation’s gambling regulatory landscape.
These reforms were expected to intensify greater merger and acquisition activity within the betting space and the William Hill Australia sale comes as a manifestation to these expectations.
Paddy Power-backed Sportsbet is understood to be one of the bidders for William Hill’s Australian operations. It is currently the largest corporate bookmaker in the country, holding a 15% of the local wagering market. As for CrownBet, the other bidder, it was announced earlier this week that Canadian gambling giant The Stars Group has entered into agreement to buy a 62% stake in the operator from its current majority stakeholder Crown Resorts.
The Stars Group has partnered with other CrownBet shareholders to complete the deal, including its founder and current CEO Matthew Tripp. The Canadian gambling giant thus secured its entry into the Australian betting market.
According to the Australian Financial Review, the winning bidder for William Hill’s Australian business could be announced next week. William Hill has hired financial group Citi and law firm Clifford Chance to advise it through the sale. The company’s Australian business recorded turnover of A$2.55 billion, revenue of A$201.1 million (down 1% year-on-year), and operating profit of nearly A$30 million (up 11%) last year, according to its recently released financial results.
The post Race for William Hill’s Australian Betting Business Narrowed to Two Bidders appeared first on Casino News Daily.
Thursday, March 1, 2018
BtoBet names Director of Sports
Casino City Times
BtoBet names Director of Sports
Davide Ruggeri has stepped into the newly created role and will oversee the company's sports department, working with Italy's bookmakers and sports players.
Churchill Downs Buys Casinos in Pennsylvania and Mississippi to Expand US Presence
Casino News Daily
Churchill Downs Buys Casinos in Pennsylvania and Mississippi to Expand US Presence
The completion of the two deals is subject to regulatory approval from the Pennsylvania Gaming Control Board and the Mississippi Gaming Commission. Churchill Downs needs to obtain licenses from the two regulatory bodies in order to be able to buy the two venues and to operate in the two states. With Presque Isle Downs & Casino being a horse racing venue, the gaming company is also seeking a license from the Pennsylvania State Horse Racing Commission.
News about the two deals emerged as another manifestation of the consolidation process within the US gaming space that began last year. It was in mid-November when Las Vegas giant Caesars Entertainment announced that it would buy Centaur Holdings and its Indiana-based properties for a cash deal valued at $1.7 billion. In December, Penn National Gaming confirmed that it had agreed to buy rival Pinnacle Entertainment in a $2.8-billion cash-and-stock deal.
In a Wednesday statement, Churchill Downs said that it would pay the purchase price for the two casinos fully in cash.
Expansion across the US
Here it is also important to note that up until recently, Churchill Downs was also the owner of social gaming company Big Fish Games, which it acquired in 2014 in a deal valued at nearly $900 million. Earlier this year, Aristocrat Leisure finalized a $900-million deal for the acquisition of the developer of casual games from the US casino and racing operator.
Adding Presque Isle and Lady Luck to its portfolio of operations, Churchill Downs will now be able to expand into Pennsylvania and Mississippi. Presque Isle opened doors as a casino with 1,600 slot machines, 32 table games, and a poker room in February 2007 and launched live thoroughbred racing in September of that year. As for Lady Luck, the Vicksburg-based property features a gaming floor with 620 slot machines and 9 table games as well as an 89-room hotel.
Churchill Downs said that it expects to complete the Lady Luck acquisition during the second quarter of the year. Conditioned on the closure of the Lady Luck deal, the Presque Isle transaction is expected to be finalized in the fourth quarter of 2018. An entry into Pennsylvania’s gambling market could make it possible for Churchill Downs to expand its business by launching online gambling operations. Last fall, Pennsylvania became the fourth US state to legalize the provision of online gaming services.
The post Churchill Downs Buys Casinos in Pennsylvania and Mississippi to Expand US Presence appeared first on Casino News Daily.
Connecticut Legislators Prepare to Legalize Sports Betting ahead of Crucial Supreme Court Decision
Casino News Daily
Connecticut Legislators Prepare to Legalize Sports Betting ahead of Crucial Supreme Court Decision
House Democratic leaders are looking to come with legislation that legalizes, regulates and taxes sports betting. At a press conference in the Legislative Office Building on Wednesday, House Speaker Joe Aresimowicz said that if the court allows this market in the United States, Connecticut lawmakers need to be ready. The issue should be addressed before the regular 2018 General Assembly session, which ends on May 9.
Aresimowicz explained that although the details of the future bill are yet to be discussed, he and his colleagues have outlined the basics. According to him, the legislation may provide several legalized gambling options and sports betting may be offered at land-based and online facilities. The idea is that all Connecticut customers who wish to place bets on sports events online to be able to do that legally at websites licensed in the state. Currently, patrons can enjoy sports betting online mainly at Nevada-based sportsbooks and gambling sites.
Potential revenues from sports betting taxes could raise between $40 million and $80 million a year for the state, added Aresimowicz, although it is still early and these are very preliminary fiscal estimates. House Majority Leader Matt Ritter agrees that Connecticut should be ready for the Supreme Court decision in terms of regulatory measures and taxation as soon as possible. He believes that the federal ban on sports betting may really be overturned which could allow this type of gambling services to be offered across the country. Moreover, Connecticut needs to be competitive with other states, so measures should be taken now, as sports betting will be legalized everywhere within 2 or 3 years, said Ritter.
U.S. Supreme Court Expected to Allow Sports Betting
Most experts expect a decision in favor of the state, which would see betting on sports events and leagues instantly becoming legal everywhere in the country. And while Democrats in Connecticut are already calculating the annual revenue of up to $80 million based on a 10.5 percent tax for any licensed, sports betting operator in Connecticut, Republicans warn that the state should not rely on this revenue for addressing its financial issues.
However, Connecticut has already added the potential revenue stream when the new state budget was shaped and approved in October 2017. Within it, lawmakers detailed a provision regarding fantasy sports – they are legalized as long as they do not interfere with the agreement between the state and the Mashantucket Pequot and Mohegan tribal nations which operate casinos in southeastern Connecticut.
Interestingly, according to the Mashantucket Pequot and Mohegan tribes, sports betting falls under the category “all casino games”, which would breach the guaranteed monopoly tribes have over offering such games. Apparently, the Supreme Court decision is just one of the many aspects of the problem Connecticut lawmakers need to account for.
The post Connecticut Legislators Prepare to Legalize Sports Betting ahead of Crucial Supreme Court Decision appeared first on Casino News Daily.
