Connect with us

Industry News

MGM Growth buys Hard Rock Rocksino

Published

on

MGM Growth buys Hard Rock RocksinoReading Time: 2 minutes

MGM Growth Properties has acquired of Cleveland’s Hard Rock Rocksino Northfield in a $1.06 billion deal.

As part of the deal, MGM Growth will inherit a 200,000-square foot casino with 2200 video lottery slot machines, along with the Northfield Park harness racetrack, from previous owner Milstein Entertainment. The REIT, an MGM Resorts spin-off, is also in the process of finalizing the acquisition of the famous Yonkers Raceway and its accompanying Empire City Casino.

MGM Growth was formed in 2016 and launched and its IPO on the New York Stock Exchange shortly afterward, raising $1.2 billion. It is 70 per cent owned by MGM Resorts International.

A real-estate investment trust (REIT) is essentially an investment vehicle formed to acquire and own properties, offering investors both large and small the chance to own shares of high-value commercial real estate.

REITs receive special tax considerations and can trade at higher stock market prices, potentially offering investors high returns.

On its formation, MGM Growth took over ten MGM Resort properties, including Mandalay Bay, The Mirage, New York-New York, Luxor, and Excalibur, which it leases back to MGM Resorts to operate.

The Hard Rock Rocksino Northfield Park will be rented to its majority owner for $50 to $60 million a year, the company has said.

The REIT model makes sense for large casino operators managing dozens of properties as a means to raise funds which can then be spent on further acquisitions.

Penn National started the ball rolling in 2013, and has since been joined by MGM and Caesars Entertainment, which created VICI Properties last year, as a way of easing its passage out of Chapter 11 bankruptcy.

MGM Growth CEO James Stewart said in an official statement on Friday he was “excited” about the first official addition to the REIT’s portfolio, which he added would bring “further geographic diversification” to the MGM brand.

“[A REIT] improves the balance sheet of MGM Resorts, it provides another growth vehicle for the company and it will…provide a different investment opportunity, as [Growth Properties] goes out and can acquire assets,” MGM Resorts CEO Jim Murren further explained about the spin-off.

Known as the “The Home of the Flying Turns” and for its motto “Every nineteen minutes the place goes crazy,” Northfield Park is the venue for the Battle for Lake Eerie, which has grown from its 1980s inception to become one of the premier events on the Free-For-All pacing calendar.

It also operates Cedar Downs, the only off-track betting parlour in Ohio.

 

Source: casino.org

Source: Latest News at European Gaming Media

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Industry News

Lottoland responds to Gambling Commission report

Published

on

By

Lottoland responds to Gambling Commission reportReading Time: 3 minutes

 

Online betting operator makes head start on addressing calls for stronger partnerships to protect children with launch of its P.A.R.E.N.T initiative

 

Lottoland has responded to a Gambling Commission report claiming stronger partnerships are needed to protect children following the launch of its own education initiative.

The online betting giant’s P.A.R.E.N.T scheme is being introduced to support parents, educators and youth representatives across the board in mitigating the risks posed to young people gaming online.

A report from the Gambling Commission published today shows that close to a million youngsters have been exposed to gambling through ‘loot boxes’ in computer games or on smartphone apps, and claims the number of problem gamblers aged 11 to 16 has reached 55,000.

Nigel Birrell, CEO at Lottoland, said: “Lottoland already felt strongly that we could and should be doing more in the countries we operate in, even before this report, and its publication coinciding with the launch of our own partnership initiative supporting all those touched by the issues involved has given us more impetus than ever to push forward with our plans.”

In its latest report, the Gambling Commission called for regulators and businesses across industries to work together, and also highlighted the important influence parents can have on children’s gambling behaviour.

Lottoland’s P.A.R.E.N.T initiative focuses on six key behaviours essential for responsible gaming, and is designed to help all those involved in youth gaming ‘stay on their game’ following initial consultation with teachers, NGOs and other stakeholders.

These six key areas are:

P – Parent

A – Awareness

R – Responsibility

E – Environment

N – Nurture

T – Trust

Research conducted by the online betting giant also shows almost half the nation’s children aged 7-16 enjoy unlimited time online each day, and 1 in 5 have access to online games without any restrictions in place at all*.

Its P.A.R.E.N.T campaign otherwise comes after Lottoland researchers also found:

 

  • Almost half the nation’s children enjoy unlimited time online each day – and 1 in 5 have access to online games without any restrictions in place at all.
  • Children’s online gaming habits cost the average UK parent £31 in charges – a third of whom are unaware of the costs due to them until it is time to pay
  • Almost one in five (18%) parents with children aged 7-16 in the UK do not know you can play games with other users live over the internet.
  • More than a quarter of UK parents with children aged 16 or younger admit to knowing ‘none’, ‘very few’ or only ‘some’ of their online friends.  
  • Half of all UK youngsters spend up to four hours a day online in the school holidays – and almost twice the amount of time on average that they do in term time.

 

Mr Birrell said: “This latest report from the gambling regulator, as well as our own research, goes to show that the need to equip parents, teachers and others involved in the education of young people today with the awareness they need to successfully navigate today’s online gaming environment is more pressing than ever.”

“The scheme already been well received after focus group discussions held at the University of Gibraltar with various stakeholders led to the launch of P.A.R.E.N.T in conjunction with Gibraltar’s Department for Education,” Mr Birrell added.

“As such, P.A.R.E.N.T scheme training sessions are now being planned for delivery in conjunction with primary and secondary teachers across countries covered by the European Lotto Betting Association (ELBA), of which Lottoland is a founding member.”

“The time to come together and provide young people today with the resources they need to ensure they are ‘switched on’ enough to enjoy all that online gaming has to offer with the self-awareness required to stay safe and sound at all times is here.”

 

* The study was conducted by OnePoll between 19th and 28th of September, 2018 and polled 2000 parents of children aged 7-16. Participants were recruited online and were paid to participate.

 

About Lottoland

Lottoland has grown rapidly to become a world leader in online lotto. Innovation, coupled with the freedom to offer players a unique and enhanced lottery experience, has been key to the company’s success. In June 2018, Lottoland paid out €90 million to one lucky winner in Germany – this win has been confirmed by Guinness World Records as the Largest online gambling payout. This is also the biggest payout for Lottoland to date.

The Gibraltar-based business is active in 13 markets, has over 350 employees, and more than 8 million customers worldwide. Lottoland is licensed and regulated by the Government of Gibraltar, the UK Gambling Commission, the Republic of Ireland National Excise License Office, the Agenzia delle Dogane e dei Monopoli in Italy and the Northern Territory’s Racing Commission in Australia.

 

 

Source: Latest News at European Gaming Media

Continue Reading

Industry News

BOSS. Gaming solutions are visiting SiGMA 2018

Published

on

By

BOSS. Gaming solutions are visiting SiGMA 2018Reading Time: 1 minute

 

On November 28, the fifth edition of SiGMA – the world’s leading iGaming summit – will take place at the Malta Fairs and Conventions Centre in Ta’ Qali. The event will gather around 400 exhibitors and sponsors from 80 countries of the world.

BOSS. Gaming solutions will be on the list of 12,500 visitors of SiGMA. The company will present their products and solutions to 400 sponsors and exhibitors, 2,500 affiliates and 200 speakers.

We’ll bring our best achievements in iGaming industry,” says Catalina Lukianenko, COO from BOSS. Gaming. “We are excited to share the results of our long-standing work to those attending this important iGaming summit in Malta.”

BOSS. Gaming will exhibit our core products, such as the BOSS. Platform, SIMPLE BET, and AGames, as well as White label and Full turn-key solutions.

Join us at the stand № S57!

 

About BOSS. Gaming solutions

BOSS. is an independent software developer and provider of online and land-based gaming solutions. BOSS. develops gaming platform, sportsbook and betting services, land-based casino software, affiliate system, payment solutions, own online casino slots and White label solution.

BOSS. Gaming provides consulting services and helps to get a license, develop strategies, manage purchased online casinos, offers technical and operational support and assists clients with getting business results.

Source: Latest News at European Gaming Media

Continue Reading

Industry News

Wazdan shortlisted for prestigious Malta Gaming Awards.

Published

on

By

Wazdan shortlisted for prestigious Malta Gaming Awards.Reading Time: 2 minutes

 

Innovative slots-maker Wazdan has been shortlisted for the Malta Gaming Awards in the Games Vendor category.

Wazdan have gathered a lot of interest around them this year due to numerous nominations, shortlistings and awards. The company took the prestigious ‘Online Casino Innovator Award 2018’ at the Central and Eastern Europe Gaming Conference (CEEGC) held in Budapest as well as the coveted Hot Product Award at G2E Asia in the company’s first foray at that event. Wazdan won Start-up of the Year at Malta’s iGaming Excellence Awards 2018 and was recently shortlisted for ‘Best Gaming Innovation’ at the SBC Awards 2018, underlining how much progress the ambitious slots-maker has made over the course of the last 12 months

The Malta Gaming Awards has lined up a host of VIP’s to be in attendance including H.E. Marie-Louise Coleiro Preca, President of Malta and world-leading tenor Joseph Calleja, Malta’s first ever Cultural Ambassador. Malta Gaming Awards has built a formidable reputation in only 3 years as a leading awards show in the industry. This edition has a number of unique features: entrants must have a strong Malta connection, all proceeds go to charity and the Awards are held during Malta Gaming Week.

With all the awards that Wazdan has been scooping up this year, the demand for Wazdan games is growing, and so is the passionate brand’s portfolio. Many of Wazdan’s games are powered by their innovative suite of Unique Wazdan Features, that include the world’s first Volatility Levels™, Energy Saving Mode, Double Screen Mode and Unique Gamble Feature, providing operators with the ability to enhance customer experience and engagement, improve retention, encourage extended play and produce higher yield.

Wazdan has announced extensive partnerships on the back of this winning formula with industry leaders such as the Betsson Group, EveryMatrix, Videoslots, SlotMillions, Tipbet, Iforium, iSoftbet, Evenbet, Groove Gaming, Globalplay, Tipbet, iGP, Rabbit Entertainment, SoftGamings, Go Wild Gaming, Relax Gaming, Gaming1, Twelve40, Progressplay, 888win.bet and Bethard, amongst others.

Head of Sales at Wazdan Andrzej Hyla says: “We are thrilled to be shortlisted for the Malta Gaming Awards. What’s clear from all these nominations and shortlistings is that Wazdan is managing to disrupt the slots sector through a highly innovative approach. Wazdan hasn’t just developed world-class content, we have a collection of technologies that enable us to optimise the delivery of slots to our partners that deepen player engagement. In an increasingly competitive industry, this makes a substantial difference.”

For further information visit www.wazdan.com

Source: Latest News at European Gaming Media

Continue Reading
Advertisement
NSoft
Advertisement
BetConstruct

Trending