Latest News
Penn National Gaming Enters into Definitive Agreement to Acquire Operations of Greektown Casino-Hotel
Reading 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
Casino Guru Awards introduces “iGaming Changemaker of the Year” category
- The Fairest Bonus Policy
- The Fairest General Terms & Conditions
- The Most Impactful Social Responsibility Initiative
- The Best Implementation of Responsible Gambling Tools
- The Most Transparent Casino
- The Most Effective Handling of Complaints
- The Most Ethical Approach to Marketing
- Players’ Choice
- iGaming Changemaker of the Year
- Voice of the People
The post Casino Guru Awards introduces “iGaming Changemaker of the Year” category appeared first on European Gaming Industry News.
Latest News
EveryMatrix, BetBlocker and the Responsible Gaming Foundation Malta join forces to translate BetBlocker into Maltese
Supporting safer gambling in Malta is the focus of a new partnership between EveryMatrix, BetBlocker and the Responsible Gaming Foundation. The collaboration will see BetBlocker expand its services to include a Maltese version of its award-winning blocking software.
This project is launched as part of European Safer Gambling Week 2024 to provide both an additional tool to support Maltese players looking to manage their access to gambling and to raise the profile of the free, anonymous to use, service BetBlocker provides within one of the key international hubs for the igaming industry.
Duncan Garvie, Founder and Trustee for BetBlocker, said: “One of the biggest challenges for BetBlocker is ensuring that a technologically complex app is as simple as possible for users to set-up. Currently, BetBlocker can take a user from download to blocked in under 2 minutes.
But that is only the case where the user finds the set-up instructions easy to engage with.
“Where a user is able to access BetBlocker in the language that they are most confident in, the chances of them converting to an active block is far higher.
“We’re really grateful to EveryMatrix and the RGF for their partnership on this project. It significantly improves the options for Maltese players and will go a long way in terms of raising awareness of the support that BetBlocker offers amongst MGA licensees.
“We hope that in the future, the MGA will advance their player protection standards with the inclusion of requirement for licensees to signpost blocking software to ensure players are aware of this option.”
Jake Cachia, Head of Compliance, EveryMatrix, added: “We’re delighted to be able to support BetBlocker and the RGF with this important initiative in Malta, particularly in time for Safer Gambling Week.
“EveryMatrix is proud of its commitment to safer gambling and player protection while producing market leading gaming solutions, and partnerships such as underlining how crucial it is to keep making a difference.”
Kevin O’Neill, General Manager for the Responsible Gaming Foundation, shared these thoughts on the project: “The Responsible Gaming Foundation is proud to collaborate with BetBlocker and Everymatrix on this initiative, furthering our mission to support safer gambling practices in Malta.
Translating BetBlocker into Maltese is a significant step towards accessibility and inclusivity, ensuring that players can effectively manage their gambling habits in their native language.
This project demonstrates the power of partnerships in enhancing player protection and underscores the importance of providing players with tools that promote responsible decision-making. As we launch this initiative during European Safer Gambling Week 2024, we remain committed to contributing to an environment where innovative solutions, such as BetBlocker, can meaningfully impact safeguarding our community.”
The post EveryMatrix, BetBlocker and the Responsible Gaming Foundation Malta join forces to translate BetBlocker into Maltese appeared first on European Gaming Industry News.
Latest News
IBIA Upgrades Technology Platform to Strengthen Global Betting Integrity Efforts
The International Betting Integrity Association (IBIA) has today announced a significant upgrade to the technology platform that supports its global integrity monitoring network. This enhancement will provide IBIA and its growing membership with access to advanced tools designed to safeguard regulated betting markets, protect consumers, and maintain the integrity of sporting events around the world.
The technology upgrade, developed in partnership with Bluehouse Technology, has been specifically tailored to meet IBIA’s operational needs. It streamlines the process for identifying and reporting suspicious betting activity, enabling a faster and more efficient response to potential integrity threats. The platform upgrade is part of IBIA’s ongoing commitment to investing in technological resources to combat betting-related manipulation.
The new platform enhances the ability to monitor for suspicious activity, improve data analysis, and share actionable insights with key stakeholders. That includes access to specific monitoring and alert data streams for key stakeholders, such as gambling regulatory authorities, thereby significantly improving interaction and cooperation that supports important investigatory activity. This improved collaboration will play a pivotal role in supporting investigations and reinforcing trust in the integrity of global betting markets.
Khalid Ali, CEO at IBIA, said: “IBIA’s new integrity technology platform provides enhanced functionality and greatly improves our ability to analyse our members’ customer account level data, which covers over $300bn in betting transactions annually, to identify and report suspicious betting activity. The upgrade allows us to provide a technological platform that keeps pace with the integrity requirements of our growing membership and the scope and scale of the market data we receive across our wider intelligence network. It will be a key pillar in our ongoing efforts to protect the integrity of sporting events and regulated sports betting markets globally.”
Sharmila Pillai, Director at Bluehouse Technology, said: “We are thrilled to have worked closely with IBIA to develop this new monitoring and alert platform. Our team worked hard to ensure the project was completed on time and within budget, and we are pleased that it has passed a rigorous independent security audit by a leading testing and certification company.”
IBIA’s global monitoring network is a highly effective anti-corruption tool, detecting and reporting suspicious activity in regulated betting markets using transactional activity linked to individual customer accounts. The new platform provides a number of important technological advancements to assist that process, which have passed an independent security audit performed by Bulletproof, a Gaming Laboratories International (GLI) company.
The new platform launch comes shortly before the sports betting market opening in Brazil, which is forecast by H2 Gambling Capital to reach $34bn in sports betting turnover by 2028, with IBIA members representing over 70% of the market’s gross gambling revenue. IBIA and the Brazilian Ministry of Finance have recently signed an integrity cooperation agreement that will allow for the sharing of information concerning suspicious betting activity connected to Brazilian sport.
Khalid Ali, CEO at IBIA, further commented: “The upgrade of IBIA’s monitoring and alert platform is particularly timely given the imminent launch of regulated sports betting in Brazil. We’re confident that this tool will provide best-in-class support for our new members and partners, including the Brazilian authorities and sporting bodies, to protect the market and sporting events.”
IBIA’s Q3 report detailed 42 alerts during the quarter. IBIA alerts contributed to the investigations and subsequent successful sanctioning of 21 clubs, players and officials in 2023.
The post IBIA Upgrades Technology Platform to Strengthen Global Betting Integrity Efforts appeared first on European Gaming Industry News.
-
Latest News2 months ago
BlueOcean Gaming Wins Best Aggregator 2024 Award at SiGMA East Europe Awards
-
Latest News2 months ago
BOS/The Swedish Trade Association for Online Gambling commissions Advisense to strengthen efforts against money laundering
-
Latest News2 months ago
EGT’s bestseller Bell Link with another great success: Its bells are now ringing in the Czech market
-
Latest News1 month ago
MIRACL partners with Continent 8 to offer its single-step passwordless MFA solution to simplify the login experience
-
Latest News2 months ago
Applications invited to become safer gambling charity for 2025 editions of ICE, iGB Affiliate and iGB L!VE
-
Latest News1 month ago
ACR Poker’s OSS XL Exceeds Guarantee With Over $46 Million In Prize Pools
-
Latest News1 month ago
Match of LeGGends: Double Down. Highlights of the show match between NAVI and Team Vitality
-
Latest News1 month ago
FBMDS and FBM Foundation host solidarity keepy-uppy initiative at G2E Las Vegas 2024
You must be logged in to post a comment Login