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MGM Growth buys Hard Rock Rocksino

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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 on European Gaming Media Network

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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DreamPlay consolidates its status as a global player in the iGaming industry and opens an office and campus in Cyprus

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DreamPlay’s ambitions go far beyond simple game development. With a new office in Limassol, the international iGaming solutions provider is expanding its presence in Europe and laying the foundations for a new philosophy of the iGaming business.

The location in Limassol was not chosen by chance – Cyprus has long become the European center of iGaming. It is here that key market players, large operators and financial structures supporting the industry are concentrated. And the high concentration of technology and talented developers allows DreamPlay to form its own ecosystem of talent.

If in the 2010s Cyprus became a hub for classic iGaming operators, today it is a point of attraction for technology companies that are betting on metaverses and the integration of games into a wider digital ecosystem. DreamPlay is one of those shaping this trend.

Google-style campus for game development talents

The DreamPlay office and campus in Limassol are part of the company’s international network of corporate campuses. Similar hubs already operate in Thailand, Bali, Peru, the UAE and Poland. They offer employees comfortable working conditions and the ability to move between locations, accommodation, meals, legal support for stays in different countries. And all this is at the expense of the company. -And the flexible work format and 4-day work week in the company helps DreamPlay talents maintain a healthy work-life balance. It’s all about well-established business processes and taking care of the team.

It’s nice to know that you can come to the country, and there is a Dream Campus where friends, like-minded people and someone who can simply take care of you are waiting for you. They will meet you at the airport, give you a tour, accompany you on medical or legal issues. It’s all part of the team.

“iGaming is an industry of emotions. Therefore, the people who create it should work where they feel best. Therefore, in our campuses we create an environment where the team can feel maximum freedom for creativity, focus on creating new breakthrough products. And not be distracted by everyday issues. And we are sure that this gives us a strategic advantage, because we are sure that our employees have received better conditions than their colleagues in other companies. Comfort, flexibility and freedom are part of our global philosophy of DreamPlay,” shares DreamPlay CEO Alex Tkach.

 

What does this mean for the market?

Opening a DreamPlay office in Cyprus is a wise decision, as the company is preparing to enter new markets and partner with the largest iGaming players. It is also a signal to the entire market that the company is moving into the league of global players who dictate trends, rather than following them.

If today Cyprus is another platform for international expansion, then tomorrow DreamPlay may turn into one of the first technology companies in iGaming, operating on the principle of large IT holdings.

And this is where the main intrigue lies: will DreamPlay become the one who fundamentally rethinks the very nature of the industry?

The post DreamPlay consolidates its status as a global player in the iGaming industry and opens an office and campus in Cyprus appeared first on European Gaming Industry News.

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BGC Represents Betting and Gaming Sector at Shadow DCMS Roundtable

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Standards body the Betting and Gaming Council (BGC) has represented the regulated betting and gaming sector at a shadow DCMS roundtable held on Tuesday.

The roundtable, titled: Future of the Gambling Industry in the United Kingdom, drew industry leaders together to explore key issues including responsible gambling, regulatory developments and the future of the sector.

CEO Grainne Hurst represented the BGC at the summit, hosted by Shadow Secretary of State for Culture, Media and Sport Stuart Andrew MP and Shadow Minister for Gambling Louie French MP inside the House of Common’s Shadow Cabinet Room.

BGC CEO Grainne Hurst said: “It was fantastic to sit down alongside our members and other stakeholders from across our diverse sector to thrash out the challenges and opportunities facing the sector today with the shadow DCMS team.

“We are incredibly fortunate to have Stuart Andrew and Louie French, two dedicated MPs who understand this industry, and are keen to ensure the Opposition are completely across the key pressures facing our members, their millions of customers, and thousands of employees.

“Collaboration is key for the BGC, and we welcome this positive engagement with the shadow DCMS team.”

The roundtable also focussed on balancing economic growth with consumer protections and social responsibility.

Following welcome remarks, the summit heard industry’s perspectives on current challenges and future opportunities plus ways in which the Opposition can support future policy.

Grainne attended alongside representatives from BGC members, Flutter, Entain, Evoke, bet365, Bally’s, The Rank Group, Star Sports and the Hippodrome Casino, plus the UK Tote Group, National Lottery, BACTA and the Gambling Business Group.

BGC members support 109,000 jobs, generate £6.8bn for the economy while raising £4bn in taxes.

They also help fund horseracing to the tune of £350m a year through sponsorship, media rights and the levy, provide £40m for the English Football League and its clubs and millions more for rugby league, darts and snooker.

Each month in Britain around 22.5m adults have a bet and the most recent NHS Health Survey for England estimated that 0.4% of the adult population are problem gamblers.

The post BGC Represents Betting and Gaming Sector at Shadow DCMS Roundtable appeared first on European Gaming Industry News.

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Allwyn Secures WLA and EL Responsible Gaming Certifications

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Allwyn UK, operator of The National Lottery, has announced that it has secured the European Lotteries (EL) Responsible Gaming Certification, as well as Level 4 of the World Lottery Association’s (WLA) Responsible Gaming Framework – the highest possible level.

The responsible gaming accreditations from these leading industry bodies help ensure that members of these organisations – like Allwyn and other lottery operators worldwide – operate their licensed lotteries with the highest standards of player protection and safety. They also reflect how successfully a lottery has implemented responsible play into its day-to-day operations.

These industry-standard certifications demonstrate Allwyn’s firm commitment to participant protection – with a continuous programme of work to prevent underage and excessive play from the outset.

Allwyn’s CEO, Andria Vidler, said: “Just over a year on from taking over as The National Lottery operator, we’re delighted to announce that we’ve achieved these important EL and WLA Responsible Gaming Certifications.

“National Lottery games are specially designed to be safe and secure, ensuring they don’t appeal to underage or vulnerable players. However, with over 30 million people routinely playing National Lottery games – raising over £30 million a week for Good Causes in the process – it’s crucial that we continue to do everything we can to prevent underage and excessive play.

“So, it’s great to have this external recognition of what we’ve achieved so far, but we also know that our work in this area is never finished. We plan to continue working hard on our responsible play credentials and driving up our own high standards, keeping National Lottery players at the heart of everything we do.”

The post Allwyn Secures WLA and EL Responsible Gaming Certifications appeared first on European Gaming Industry News.

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