Connect with us

Latest News

Penn National Gaming Enters into Definitive Agreement to Acquire Operations of Greektown Casino-Hotel

Published

on

Penn National Gaming Enters into Definitive Agreement to Acquire Operations of Greektown Casino-HotelReading Time: 3 minutes

 

Penn National Gaming, Inc., announced that it has entered into a definitive agreement to acquire the operations of Greektown Casino-Hotel in Detroit, Michigan for approximately $300 million in cash.

Simultaneous with the closing of the transaction, Penn National will enter into a triple net lease agreement with VICI Properties Inc. for the Greektown facility. The lease will have an initial annual rent of approximately $55.6 million and an initial term of 15 years, with four 5-year renewal options. The rent coverage ratio in the first year after closing is expected to be 1.8x.

Timothy J. Wilmott, Penn National’s Chief Executive Officer, stated, “The acquisition of the Greektown Casino-Hotel operations from JACK Entertainment, LLC will further expand Penn National’s already diverse operating base with a facility that is extremely well-positioned in one of the nation’s largest regional gaming markets. At the same time, Greektown and its customers will benefit from becoming part of a larger gaming operator, with access to properties in Las Vegas and across the country. We are pleased to partner again with VICI Properties to structure this transaction in a manner that is immediately accretive to Penn National’s operating results upon closing.

“Detroit is undergoing an exciting renaissance as a result of billions of dollars of new investments in the city’s residential, commercial, entertainment and cultural center, all of which are driving new residents, businesses, tourists and employment to the downtown area. Greektown is the only casino in the heart of downtown, and we look forward to welcoming patrons from the many nearby attractions, such as Comerica Park, Ford Field, Little Caesars Arena, the city’s theater district, GM’s Renaissance Center and the Cobo Conference Center. We also look forward to working with JACK Entertainment and VICI to ensure a seamless transition for all of our constituents including customers, employees, vendors, local government and Michigan regulators.”

The transaction will be financed with a combination of cash on hand and debt. On a pro forma basis, and reflecting the October 15, 2018 completion of the acquisition of Pinnacle Entertainment and expected late fourth quarter close of Margaritaville Resort Casino, the Company continues to forecast to be at its target debt levels within 12 -18 months.

Mr. Wilmott added, “Greektown Casino-Hotel further strategically diversifies our revenue, operating and customer base, and presents well-defined paths to the realization of significant synergies. With an OpCo purchase multiple of 6.3x anticipated annual run-rate adjusted EBITDA and including synergies to be realized within eighteen months, we believe this transaction again highlights our commitment to enhancing shareholder value. With the expected increase to our free cash flow, we remain well positioned to reduce leverage, evaluate additional accretive strategic growth investments and opportunistically return capital to shareholders.”

Opened in 2000, Greektown Casino-Hotel features 100,000 square feet of casino space, approximately 2,700 gaming machines and 60 table games, a poker room, three restaurants, seven fast casual food outlets, four bars and a coffee shop. In addition, the casino boasts a AAA Four Diamond 400-room, luxury high-rise hotel with 14,000 square feet of event and catering space. The property employs approximately 1,700 team members and has partnered with nearly 20 local restaurants to offer fine dining rewards to guests.

Upon closing the Greektown transaction, Penn National’s portfolio of regional gaming facilities will increase to 41 properties in 19 jurisdictions.

The transaction, which is expected to close in mid-2019, is subject to the approval of the Michigan Gaming Control Board and other customary closing conditions.

 

About Penn National Gaming:
Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. Reflecting the recent completion of the Pinnacle Entertainment transaction the Company now operates 40 facilities in 18 jurisdictions. In total, Penn National facilities feature approximately 49,000 gaming machines, 1,200 table games and approximately 9,000 hotel rooms. The Company also offers social online gaming through its Penn Interactive Ventures division and has leading customer loyalty programs with over five million active customers.


Source: Latest News on European Gaming Media Network

Latest News

Esports Entertainment Group Appoints John Brackens, Former Activision Blizzard Manager of Network Operations, As Chief Information Officer

Published

on

Esports Entertainment Group Appoints John Brackens, Former Activision Blizzard Manager of Network Operations, As Chief Information OfficerReading Time: 2 minutes

 

Esports Entertainment Group, Inc., a licensed online gambling company with a specific focus on esports wagering and 18+ gaming, is pleased to announce the appointment of John Brackens as Chief Information Officer.  Mr. Brackens is a senior level professional with extensive experience in startups, high-tech companies and the gaming industry, holding positions that have included CIO, COO and CTO.

During his time at Activision Blizzard, Mr. Brackens served as Manager of Network Operations, where he directed IT service management and hardware support for 4,500+ servers and 50+ million monthly active players. In addition to reducing server maintenance costs by 35%, he also improved system uptime from 97.81% to 99.99%.  Moreover, he managed technology projects including the automated detection and repair of online services and infrastructure using artificial intelligence.

Other key achievements by Mr. Brackens include the creation, execution, and monetization of the League of Gods Asia eSports series, as well as, managing a licensing application for Malta Gaming Authority and Curacao eGaming License.

Mr. Brackens stated, “I joined Esports Entertainment Group because of Grant Johnson’s commitment to providing a best in class betting experience to esports fans. Esports is going to be the leading source of entertainment in the next few years eclipsing many major traditional sports. I want to be a part of this movement. I look forward to helping drive the growth of VIE.gg through cost-effective technologies that deliver value and innovation to players and fans alike, so that everyone can enjoy all of our services as intended.”

Grant Johnson, CEO of Esports Entertainment Group stated, “We are very pleased with the addition of John to our senior management team. His experience at the highest levels of information technology and network operations, especially within different licensing regimes, will be invaluable as the Company embarks on its aggressive growth plans within the global esports industry.”

 


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Esports Entertainment Group Appoints John Brackens, Former Activision Blizzard Manager of Network Operations, As Chief Information Officer

Continue Reading

Latest News

Week 20 slot games releases

Published

on

Week 20/2019 slot games releasesReading Time: 4 minutes

 

Check out this week’s latest slot game releases!

 

Blueprint Gaming has released the newest addition to its portfolio, Legacy of Ra MegawaysTM, a shimmering adventure set deep in the Egyptian desert. Set in the imposing and mysterious pyramids, stunning visuals and an immersive soundtrack create an intriguing gameplay experience, while the Megaways mechanic, under licence from Big Time Gaming, provides players with up to 15,625 ways to win. Jo Purvis, Director of Marketing and Relationships at Blueprint Gaming, said: “Legacy of Ra MegawaysTM takes players on a journey through the Egyptian pyramids where big wins can be found if players can successfully raid the tomb.”

Egyptian expedition with Blueprint Gaming’s Legacy of Ra MegawaysTM

 

Microgaming, has introduced Lara Croft® Temples and Tombs™, the latest, five-reel, 243 ways online slot developed by Triple Edge Studios. “The release of Lara Croft® Temples and Tombs™ is a tremendously exciting moment for Microgaming, building on our longstanding branded relationship with Square Enix. The game reflects Triple Edge Studios’ passion and enthusiasm, making it a powerfully attractive product for new and established players,” Jean-Luc Ferriere, Chief Commercial Officer at Microgaming said.

Microgaming - Lara Croft® Temples and Tombs™

 

Pragmatic Play, wishes players good fortune with latest release, Caishen’s Cash. The 5×3 video slot features symbols from Chinese folklore, with hoards of coins littering the sides of the reels and an oriental soundtrack adding an immersive feel to the game. Once the bonus feature is triggered, players can choose between a Money Respin round or Free Spins. The Money Respin sees a number of different coloured coins hitting the reels, which can lead to huge wins.

Pragmatic Play - Caishen’s Cash

 

Quickspin, has released the new game “Hall of the Mountain King”. The game combines Nordic folklore with new game mechanics, extremely volatile gameplay and the chance to win more than 7000x bet. Players can reach their maximum win potential by upgrading all their symbols, increase the multipliers to the max, collect all 6 whirling wilds and then watch it all play out in the last 3 spins. “I would recommend promoting Hall of the Mountain King with the Feature Trigger. The big highlight in this slot is to experience the bonus game and all its exciting features and game events, with a Troll King who’s waving his big hammer around,” Erik Gullstrand, Chief Product Officer at Quickspin said.

Quickspin - Hall of the Mountain King

 

Kalamba Games’ latest slot Doctor Electro amps up the excitement with an expanding reel offering players the chance to unlock electrifying wins. Starring the eccentric character Doctor Electro, the game sees the return of the player favourite HyperBonus feature that presents slot fans with a shortcut to free spins rounds, as well as two levels of bonus jackpots. Players collect column expansion symbols to trigger the all new HyperSpins feature that reveals expanding reels and increases the win potential. The game is a 5-column, 4-row base game, increasing to seven rows and up to 16,807 ways pays.

Kalamba Games’ Doctor Electro

 

Relax and unwind with the latest SYNOT Games release 8 Flowers, standing out from other classic slots both with its reel format as well as a fresh floral theme. Number 8 has a special significance in the Asian culture, representing prosperity and success. To underline the symbolism, 8 Flowers has a unique 3×3 format with 9 reels, 8 paylines and a full bouquet of features!

8 Flowers - SYNOT Games: Can you resist the floral temptation?

 

Play’n GO have released their latest title into the market, a simple yet engaging slot entitled Inferno Star. Inferno Star is an easy to play 5×3 video slot made more engaging with its innovative re-spin feature and the decision to make the game payout with a minimum of only two matching symbols, as opposed to the usual three.

Play’n GO  with new Slot Inferno Star

 

Set in a dystopian futuristic world, and steeped in the occult, NetEnt’s latest release is a 5-reel, 3-row, 20-line video slot where four fearless friends set out to protect their city from the wicked Deep Pockets – and destroy the scatter symbol that turned him into an evil maniac. “Combining a proven, player-favourite math model with rich, comic-like graphics and a compelling superhero storyline, Arcane Reel Chaos has the ingredients needed to be a success. I have no doubts that it will be a hugely popular new addition to our portfolio,” said Bryan Upton, NetEnt director of games.

NetEnt - Arcane Reel Chaos


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Week 20 slot games releases

Continue Reading

Latest News

Swedish Regulator Imposes Fine on Betway and Mandalorian Technologies

Published

on

Swedish Regulator Imposes Fine on Betway and Mandalorian TechnologiesReading Time: 1 minute

 

Spelinspektionen, the Swedish regulator, has imposed fine on Mandalorian Technologies and Betway for violating gambling regulations.

According to the Swedish regulations, license holders are only permitted to offer customers a single bonus, however, an investigation found that customers were continually offered bonuses by Mandalorian and Betway.

Mandalorian and Betway have been handed warning from the regulator and issued with penalty fees of SEK9m (£730k) and SEK5m (£406k) respectively.

“As the Spelinspektionen already had indications at the beginning of the year that some gaming companies did not comply with the legislation, on February 19, the authorities issued a letter to all licensees regarding bonus offers. After the letter, the Gaming Inspectorate noted some compliance from the licensees, but the assessment is that further measures must also be taken to achieve full compliance,” Spelinspektionen stated.

“The main purpose of the new gambling regulation, which came into force on January 1, 2019, is to strengthen consumer protection and reduce the negative effects of gambling. The limitation on bonuses is contained in the law to reduce social and economic damage and problem playing. The Gaming Inspectorate will therefore continue to focus on supervision of this area,” Spelinspektionen continued.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Swedish Regulator Imposes Fine on Betway and Mandalorian Technologies

Continue Reading
Advertisement
NSoft

Industry News

  • Live Event/Conference
  • Press Releases
  • Latest News
  • Gambling in the USA
  • European Commission

  We are happy to announce that the registrations for the fourth edition of CEEGC and CEEG Awards in [...]

  The company received high industry recognition in the 2019 BSG Awards   Twenty-one industry accola [...]

  Nowadays, in the digital era, most of the gambling industry operates on the Internet and the globa [...]

  With just one week left until one of the biggest and most important edition of MARE BALTICUM Gamin [...]

  As announced earlier, the second edition of MARE BALTICUM Gaming Summit will bring the D-A-CH regi [...]

  Esports Entertainment Group, Inc., a licensed online gambling company with a specific focus on esp [...]

  Bede Gaming, the leading supplier of software to the online gaming industry, has had its commitmen [...]

  When the Summer Meeting of the National Council of Legislators from Gaming States begins, there wi [...]

  Two exquisite new table game releases are helping Microgaming to redefine the online casino experi [...]

  Lenovo North America announced a local partnership with Team SoloMid (TSM), the premier digital ga [...]

  Check out this week’s latest slot game releases!   Blueprint Gaming has released the newest additi [...]

  Spelinspektionen, the Swedish regulator, has imposed fine on Mandalorian Technologies and Betway f [...]

  Gaming Realms plc, the developer of mobile gambling games, has signed a 3-year agreement with Scie [...]

  Richard Flint, executive chairman of Sky Betting and Gaming, is going to leave from the tech giant [...]

  Exploring teamwork, transparency and talent, CEO and founder Stav Zilbershtein outlines how Hyperi [...]

  Foxwoods Resort Casino has reported slot revenue of $36.2 million for April 2019. This figure is d [...]

  The Philadelphia state regulators have imposed a fine of $17,500 on SugarHouse casino for serving [...]

  When the Summer Meeting of the National Council of Legislators from Gaming States begins, there wi [...]

  The Pennsylvania Gaming Control Board today posted on its web site April’s Sports Wagering Report. [...]

  Supreme Court Decision Creates Need to Manage Multiple Different State Laws on Online Sports Gambl [...]

  Today, the new measures to counter money laundering by criminal law enter into force across the EU [...]

Brussels, 19 June 2018 – Digital Single Market: EU negotiators reach a political agreement on free f [...]

LONDON, June 18, 2018 — Codewise, the industry’s first provider of AI-powered online ad measurement [...]

Brussels, 6 June 2018 – The European Parliament and the Council reached late last night a political [...]

Tre

%d bloggers like this: