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Empire Resorts and bet365 Forge Strategic Alliance to Offer Sports Betting and Online Gaming in New York State at Resorts World Catskills
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- Collaboration Between New York’s Premier Integrated Commercial Casino Resort Destination and World’s Largest Online Sports Betting Operator Positions Resorts World Catskills as Leading NY State Sports Betting and Gaming Destination
- bet365 to Invest up to $50 Million to Become Empire Resorts, Inc.’s Second Largest Shareholder
- Kien Huat Realty III, Ltd. Commits up to $126 Million Investment via Convertible Preferred Stock
Empire Resorts, Inc. (NasdaqGM: NYNY) (together with its subsidiaries, “Empire”) and an affiliate of bet365 Group Limited (“bet365”) today announced a strategic alliance to develop a physical and online sportsbook in New York State at Resorts World Catskills, New York’s newest and largest integrated commercial casino resort destination with closest proximity to Manhattan. Empire and an affiliate of bet365, the world’s largest online sports bookmaker, entered into a 20-year agreement (the “Sports Wagering Agreement”) to offer retail sports betting, an online sportsbook and online gaming at Resorts World Catskills if and when permitted by applicable law. Under the Sports Wagering Agreement, Empire and bet365 will establish New York’s premier sports betting and online gaming option. This agreement provides for the companies to share profits 50/50 after bet365 recoups its start-up and other costs.
In connection with the Sports Wagering Agreement, an affiliate of bet365 will acquire up to $50 million of Empire common stock at a price of $20 per share in two tranches, making it Empire’s second largest stockholder.
Additionally, Kien Huat Realty III, Ltd. (“Kien Huat”), Empire’s largest stockholder, has committed to purchase up to $126 million of convertible preferred stock, with a conversion price of $20 per share. The investment by bet365 and the commitment by Kien Huat strengthens Empire’s financial position and underscores Kien Huat’s view of the potential for value creation in Empire’s Resorts World Catskills.
Resorts World Catskills is one of only four commercial casinos in New York State currently authorized by statute to offer retail sports betting pending the promulgation of regulations. Resorts World Catskills is ideally positioned to offer sports betting with the expertise of bet365, which is ranked No. 1 in sportsbook revenues globally with annual revenues of over $3 billion and No. 1 in the EGR Global Power 50 rankings from 2010 to 2017. bet365 operates a highly successful in-play betting product with a scalable and growing mobile platform.
“Joining forces with bet365 positions Empire and our flagship Resorts World Catskills to lead a potentially enormous new market,” said Manny Pearlman, Executive Chairman of Empire Resorts, Inc. “bet365’s global expertise in effectively developing and executing world-class sportsbooks strongly complements Empire’s leadership in commercial casino operations in New York. This collaboration, which will enable Resorts World Catskills to be a leading destination for sports wagering in New York State, highlights our commitment to the continued growth of Resorts World Catskills, as well as our dedication to working with the best, most innovative pioneers in the industry to provide world-class gaming options.”
The alliance provides bet365 access to the New York State sports wagering market, which, according to market estimates by Eilers & Krejcik Gaming LLC, is expected to be the single largest market jurisdiction for sports betting in the United States other than California, with projections for more than $1 billion in annual revenues from sports betting within five years of legalization.1 Following the announcement of a market access deal in New Jersey earlier this year, bet365 is well positioned for sports betting expansion into New York State.
“This landmark agreement, which combines Empire’s gaming operating skill with our expertise in providing best-in-class online sports betting, allows bet365 to tap into what we believe will be one of the most significant online and sportsbook markets in the United States,” said Simon Betteley, President of Hillside (New York) LLC, a bet365 affiliate.
The alliance with bet365 is the next phase of Resorts World Catskills’ growth, including the addition of a new hotel with two dining and entertainment venues by the end of the year. In 2019, two additional hospitality venues are expected to open at the destination resort in which Resorts World Catskills is located. The Kartrite Hotel and Indoor Waterpark is scheduled to open in the first quarter of 2019, and a Rees Jones redesign of the well-known Monster golf course will debut in the second half of 2019.
Following its initial investment, which closed today, an affiliate of bet365 will own approximately 4.9% of Empire’s outstanding common stock. Pursuant to the Sports Wagering Agreement, the parties expect to use the bet365 brand and online consumer facing sports betting and digital platform.
Moelis & Company LLC acted as financial advisor and Milbank Tweed Hadley & McCloy LLP, Sidley Austin LLP, Ellenoff Grossman & Schole LLP and Fox Rothschild LLP acted as legal counsel to Empire Resorts, Inc. Brownstein Hyatt Farber Schreck LLP acted as legal counsel to bet365 Group Limited.
Source: Latest News on European Gaming Media Network
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Flutter Entertainment named as headline sponsor of ICE Sustainable Gambling Zone
Clarion Gaming has announced that Flutter Entertainment, the parent company of the world’s leading online sports betting and iGaming operator, will be the headline sponsor of the Sustainable Gambling Zone (SGZ) at ICE Barcelona, the world’s biggest gambling technology exhibition which will be attended by 55,000 gambling industry professionals.
Flutter, which has been a long-term supporter of Clarion Gaming’s safer gambling undertakings, is also making a donation to ICE Barcelona’s safer gambling charity fund as well as having its own stand to showcase how Flutter is changing the game for good by providing education, tools and support to help everyone Play Well, on the SGZ.
In 2022 Flutter introduced its Play Well strategy to support its customers in making informed choices and managing their betting and play responsibly. Flutter set itself the target of having 75% of active online customers using a Play Well tool by 2030. By the end of Q2 this year (2024), 47.5% of customers were already engaged with these tools – double from FY 2022 – marking steady progress towards our goal. This effort has been supported by a significant investment – over $101m in 2023 – in research, product development and marketing.
Ewa Bakun, Clarion Gaming’s Director of Industry Insight and the person responsible for introducing the Consumer Protection Zone to the ICE show floor in 2018 said: “I am absolutely delighted to be able to confirm Flutter as our headline sponsor. I regard this as being a game-changer for SGZ which is being officially launched in Barcelona after undergoing a re-brand. The rebranding to the Sustainable Gambling Zone, which was a decision taken in partnership with our industry stakeholders reflects a deeper understanding of the importance of early interaction. By focusing on the identification of potential risks earlier in the player journey, it’s possible to prevent harm before it escalates.”
Jane Palles, Group Head of Safer Gambling, Flutter added: “Our customers are at the heart of everything we do, and we want them to have an entertaining, positive experience with us. We start 2025 with a continued focus on player wellbeing. This sponsorship underscores our dedication to sustainability”.
“Play Well focuses on fostering a positive and responsible gaming environment, with initiatives like enhanced customer tools, personalized risk monitoring, and partnerships with expert organizations.
“We are delighted to be supporting the new Sustainable Gambling Zone at ICE Barcelona and will showcase our continued efforts, share insights, and collaborate with stakeholders to drive forward the shared mission of safer gambling for all.”
The 2025 ICE Sustainable Gambling Zone will occupy 490sqm of space and located in the Fast Forward area of the showfloor, underlining the importance the industry places on sustainability and player protection. As well as featuring a total of 26 safer gambling bodies including Spanish organisations ASENCAS and FEJAR the SGZ will host three days of educational content including two dedicated to consumer protection and one to ESG.
The post Flutter Entertainment named as headline sponsor of ICE Sustainable Gambling Zone appeared first on European Gaming Industry News.
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The post Slots Capital Casino Unwraps 30 Free Spins on Souls of the Dead Slot for Players appeared first on European Gaming Industry News.
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Massive Gaming, Neowiz, and Kangwon Land Launched ‘Shen Shou Wan fu’ Slot Machine Offline
- ‘Shen Shou Wan fu’ is an online slot game that features three powerful guardians, symbolizing immense wealt
- Now available as physical slot machines in offline casinos through a collaboration with Kangwon Land
- MVG plans to expand distribution with exclusive B2B rights to online channels for slot games
Massive Gaming(“MVG”) announced that it has launched the ‘Shen Shou Wan fu (神兽万福)’ slot game, co-developed with Neowiz, MVG’s parent company, and Kangwon Land, which hosts the only casino in South Korea open to locals. The game is now available in offline venues as slot machines.
‘Shen Shou Wan fu’ is an online slot game featuring motifs of the Golden Dragon (JIN LONG), Phoenix (FENGHUANG), and Haetae (XIEZHI), which symbolize luck and prosperity.
The slot machine debuted in offline casino venues. Key personnel from MVG and Neowiz worked closely on the art resources and software design of ‘Shen Shou Wan fu’, ensuring a seamless integration of creative and technical expertise. Kangwon Land managed the slot machine’s hardware design and manufacturing. This launch marks the first commercialization of software-based products through public-private collaboration in South Korea’s casino market.
After successfully establishing ‘Shen Shou Wan fu’ in the Korean market, MVG is ready to leverage this success for aggressive global sales. Holding exclusive rights to the slot game, MVG plans to expand its presence in the regulated gaming market by targeting key regions with strategic marketing and distribution.
A representative stated, “We are pleased to showcase our slot game in offline casinos with Kangwon Land,” adding plans to introduce diverse content for global markets.
The post Massive Gaming, Neowiz, and Kangwon Land Launched ‘Shen Shou Wan fu’ Slot Machine Offline appeared first on European Gaming Industry News.
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