Thursday, December 21, 2017

Pennsylvania casinos report mixed November results


The twelve casinos in Pennsylvania reportedly recorded a 1.57% increase year-on-year in aggregated gross gaming revenues for November to just over $253.56 million with Montgomery County’s Valley Forge Casino Resort leading this swell courtesy of a 12.4% boost to almost $9.55 million.

According to a Monday report from the Pennsylvania Gaming Control Board, November was also a good month for Mount Airy Casino Resort as it registered total gaming revenues of $15.43 million, which represented a rise of 10.23% year-on-year, while Rivers Casino Pittsburgh saw takings improve by 6.24% to $26.64 million.

Continuing this positive news, total November gaming revenues at Fayette County’s Lady Luck Casino Nemacolinreportedly grew by some 2.01% year-on-year to top $2.55 million with SugarHouse Casino in Philadelphia recording a 1.64% advance to $24.81 million.

There was additionally a 1.04% year-on-year expansion in total November gaming revenues to $18.69 million recorded by Grantville’s Hollywood Casino at Penn National Race Course while monthly takings at Northampton County’s Sands Casino Resort Bethlehem rose by 0.95% to reach in excess of $44.22 million.

However, the news was not good for everyone as Mohegan Sun Pocono reportedly recorded a 0.37% wane year-on-year in total November gaming revenues to $19.12 million while Harrah’s Philadelphia saw its monthly takings fall by an even larger 0.71% to $19.57 million.

In the Philadelphia suburb of Bensalem, Parx Casino reportedly witnessed a 1.01% decrease year-on-year for its total November gaming revenues to nearly $43.91 million while the sum of $974 million from Erie’s Presque Isle Downs and Casino represented a deterioration of 1.67%.

But, the biggest drop was reportedly felt by The Meadows Casino, Racetrack and Hotel in rural Washington County as its total November gaming revenues of a little over $19.31 million represented a decline of some 1.82%.

Fedor Holz invests in Envy Gaming Incorporated


Twenty-four-year-old German professional poker player Fedor Holz (pictured) has reportedly used some of his $27 million in career earnings to buy a minority stake in American eSports organization Envy Gaming Incorporated.

According to a report from ESPN, Saarbrucken-born Holz made the investment in the firm behind the Dallas Fuel and Team Envy squads during the second quarter of the year after earlier being introduced to the industry by leading eSports player Nathan Schmitt.

Holz, who holds one World Series Of Poker (WSOP) bracelet after winning the 2016 edition of the $111,111 buy-in High Roller For One Drop no-limit hold‘em event in Las Vegas, reportedly told ESPN that he had invested in Envy Gaming Incorporated after becoming ‘emotionally connected’ to the organization.

“I like Envy [Gaming Incorporated], I like to watch, I like the way they build their infrastructure and team, take care of their players, and it was just a corporation I wanted to be a part of in some way,” Holz reportedly told ESPN.

Established in Charlotte, North Carolina, Envy Gaming Incorporated later reportedly relocated to Dallas after selling a minority stake rumored to be worth $35 million to Texan private equity firm Hersh Family Investments. Despite paying $1.4 million for a spot in this season’s North American League of Legends Championship Series in October, the eSports firm was subsequently denied entry by competition organizer Riot Games and is now entitled to receive a $2.57 million exit payment.

William Hill appoints industry veteran Devlin as new chairman


Industry veteran Roger Devlin has been hired by William Hill PLC (WMH.LN) as chairman designate effective Feb. 1, 2018, the sportsbetting company said on Wednesday, according to the Financial Times.

The London-headquartered bookmaker said that following an induction and handover, on April 2, 2018 Devlin will be appointed chairman. Gareth Davis, the current chairman will stand down on that date as well, the company said.

In June 2018, Devlin will reportedly step down from his current position as chairman of sports media group, Sports Information Systems (Holdings) Limited (SIS), in which a 19.5 percent stake is held by William Hill. Likewise, he will cede his non-executive role as director of the English Football Association in June 2018, according to The Telegraph.

Devlin will, however, remain chairman of pub owner Marston’s, according to the news agency.

Devlin joins William Hill on the heels of the Government’s consultation period regarding the level of stakes on fixed odds betting terminals (FOBT) and whether to slash them from their current £100 limit to as low as £2.

The Telegraph reports that for a decade, between 2006 and 2016, Devlin held the position as chairman of software developer and operator Gamesys and was additionally on the Ladbrokes board when the Hilton Group owned it.

William Hill senior independent director, Sir Roy Gardner, reportedly said that Devlin had “extensive experience” as a listed company chairman. Gardner thanked Davis as well for his “considerable contribution and commitment to the group in the past seven years”.

Hard Rock Hotel and Casino Atlantic City project clears major hurdle


The plan to transform the former Trump Taj Mahal Casino Resort into the new-look Hard Rock Hotel and Casino Atlantic City reportedly received a massive boost yesterday as the New Jersey Casino Control Commission approved the management deal between the property’s owner and the proposed operator of its future casino.

According to a report from The Press of Atlantic City newspaper, the Atlantic City venue is owned by Boardwalk 1000, which encompasses American casino operator Hard Rock International alongside investors Joe Jingoli and Jack Morris. An entity known as HR Atlantic City will reportedly oversee the property’s coming gambling facilities.

The newspaper reported that HR Atlantic City is a full subsidiary of Hard Rock International, which is itself owned by the Seminole Tribe of Florida, while the Tuesday endorsement from the New Jersey Casino Control Commission was needed in advance of the future Hard Rock Hotel and Casino Atlantic City being granted a casino license.

Orlando-based Hard Rock International partnered with Jingoli and Morris to purchase the shuttered Trump Taj Mahal Casino Resort for $50 million in March and the trio is now reportedly spending approximately $500 million on renovations ahead of re-opening the venue as the Hard Rock Hotel and Casino Atlantic City in the summer. The newspaper earlier revealed that workers have been toiling since July to remove the onion domes and ruby-red minarets that once dominated the building’s façade. The finished project could also reportedly see the development feature a franchise of the casino operator’s Rockstop Gas and Wash complete with gasoline pumps, a convenience store and a car wash.

The Press of Atlantic City moreover reported that the deal between Boardwalk 1000 and HR Atlantic City will see the latter operate the casino inside the Hard Rock Hotel and Casino Atlantic City for ten years, which the New Jersey Division of Gaming Enforcement regulator earlier purportedly ruled was ‘a sufficient duration to ensure reasonable continuity, stability and independence in the management of the operation’.

Pueblo of Nambé shuts down Santa Fe casino


In an effort to cash in on tribal gaming in New Mexico, the Pueblo of Nambé had big plans to open a unique gaming venue in Santa Fe, offering a Star Trek style experience. However, this was not to be, and the tribe would instead decide to open a smaller venue in 2016, with the boutique casino titled Nambé Falls Casino. At just 1,700 square feet, the casino opened in February 2016 and offered just 180 slot games. After the casino experienced a continual decline in business, the tribe decided to call it quits in September.

According to the Santa Fe New Mexican, the casino first saw revenues of $1.1 million within the first few months of opening but this soon dwindled down to just over $11,000 during the late summer months of July, August and into September. This significant downturn caused the casino to shut down on September 8th.

The gaming facility was located very close to other tribal casinos in New Mexico, so this might have also contributed to the low revenue problems. The Buffalo Thunder Resort is located less than a mile away to the south while the Cities of Gold Casino is just five miles away. Also within the vicinity is the Camel Rock Casino.

Great Canadian Gaming and Clairvest to operate West GTA Bundle


Great Canadian Gaming Corp. (TSX:GC) and Toronto-based private equity management firm, Clarivest Group Inc. (TSX:CVG), have reportedly been chosen by the Ontario Lottery and Gaming Corporation (OLG) to develop and operate four gaming facilities in the West Greater Toronto Area (the “West GTA Bundle”), according to The Canadian Press.

Following the announcement on Tuesday, Great Canadian shares were trading up $4.23 at $34.12 on Canada’s main stock index, the Toronto Stock Exchange, a gain of more than 10 percent.

Together, Clarivest and Great Canadian will develop and operate OLG Slots at Mohawk Racetrack, OLG Slots at Grand River Raceway, OLG Slots at Flamboro Downs and OLG Casino Brantford, according to reports.

Under the terms of the agreement, Great Canadian and Clarivest will have exclusive operating rights to the assets for a period of at least 20 years. The four facilities employ upwards of 1,400 staff and have a combined total of more than 2,500 slot machines and approximately 60 table games.

The operations will be run by Great Canadian, which will own 55 percent of the partnership, while the remaining 45 percent will be held by Clarivest.

Brookfield Business Partners L.P. (TSX:BBU.UN) and Great Canadian were chosen by the OLG to operate its casinos in the Greater Toronto Area (the “GTA Bundle”) including OLG Slots at Woodbine, Great Blue Heron Casino located in the Mississaugas of Scugog Island First Nation and OLG Slots at Ajax Downs. Together, the three generated over $1 billion in gross gaming revenue in 2016. All combined they have more than 60 table games, 4,000 slot machines and employ upwards of 2,200.

The two companies will also have exclusive rights to operate the three casinos for a minimum period of 22 years in keeping with the requirements of a Casino Operating and Services Agreement.
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