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Sunday, November 25, 2018

Mazen Abdallah Leads 333 Players into WPT Seminole Rock ‘N’ Roll Poker Open Day 2

Casino News Daily
Mazen Abdallah Leads 333 Players into WPT Seminole Rock ‘N’ Roll Poker Open Day 2

Mazen Abdallah snatched the chip lead late into Day 1B to lead 333 hopefuls into WPT Seminole Rock ‘N’ Roll Poker Open’s next stage

Poker action is heating up at Seminole Hard Rock Hotel & Casino Hollywood where the latest edition of the WPT Seminole Rock ‘N’ Roll Poker Open is currently taking place. The two starting flights of the $3,500 event are now complete and figures show that 333 survived through Days 1A and 1B to advance into the second day of action at the host casino.

This year’s WPT Seminole Rock ‘N’ Roll Poker Open drew a record-breaking field of 898 entries, of whom 417 registered through Day 1A and the other 481 came into the event through Day 1B.

Mazen Abdallah, a player from Houston, Texas, will lead the remaining survivors into today’s Day 2. The player accumulated a stack of 469,500 on Day 1B to come atop the temporary leaderboard. Abdallah was also the only player to pass the 400,000 mark. He secured his chip lead late into the day. The player eliminated two fellow contenders on two consecutive hands to multiply his stack and emerge as the chip leader.

If Abdallah makes it to the paid positions, he will secure his largest ever cash from a live tournament. Speaking of money, the event’s field smashed the $2 million guarantee to generate a prize pool of $2,873,600. The money will be split into payouts for the top 113 finishers, min-cashes sitting at $5,845. The bubble is on pace to burst at some point today.

The six final tablists will each secure a min-cash of $103,310. And awaiting the champion is a top prize of $504,820 as well as a seat into the season-ending WPT Tournament of Champions.

Notables Still in the Race for the Title

No other player passed the 400,000 mark on Day 1B and no other player even passed the 300,000 mark. However, there were a number of notables who made it through the day, including Caufman Talley, Vinny Pahuja, Jeff Trudeau, and Nick Yunis. All four bagged more than 250,000 worth in chips at the end of the second starting flights.

They will be joined by the likes of Day 1A chip leader Ajay Gnanasambanthan, and former WPT champions Anthony Zinno, Phil Laak, Jonathan Jaffe, and Sam Panzica, who all locked a seat into Day 2 through the tournament’s first starting flight.

Day 2 of the tournament is scheduled to take place today starting at noon local time. The remaining players will play ten 60-minute levels, during which the money bubble is expected to burst. The Action Clock will be introduced one table from the bubble to add extra thrill to those battling for the WPT Seminole Rock ‘N’ Roll Poker Open title at the host casino.

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Saturday, November 24, 2018

Atlantic City casino profits tumble after new venues launch

Casino – CalvinAyre.com
Atlantic City casino profits tumble after new venues launch

atlantic-city-casino-profits-plungeAtlantic City casinos posted double-digit profit declines in the third quarter of 2018, as the market’s two new gaming venues cut into the other seven’s bottom lines.

Figures released Friday by the New Jersey Division of Gaming Enforcement (DGE) show Atlantic City’s nine casinos generated net revenue of $920m in the three months ending September 30, a 17.8% rise over the same period last year. For the year-to-date, revenue is up 6.4% to $2.2b.

However, the gross operating profit of these nine venues totaled $213.7m in Q3, a 15.3% year-on-year decline. The figure is only slightly better on the year-to-date front, in which profits fell 9.3% to $508.7m.

The late-June openings of two new AC venues – Hard Rock Atlantic City and the Ocean Resort Casino – clearly impacted the Q3 figures, as the two properties generated combined revenue of $178.5m. Their profits were miniscule — $8.2m for Hard Rock and $1.4m for ORC – as startup costs will have kept a lid on black ink.

Of the ‘original’ seven properties, none of them posted revenue gains in Q3, while only two reported increased profits. The Golden Nugget’s profits were up 6.6% to $13.6m, although this was at least partially due to the property’s market-leading online casino operation. The other profit gainer, Bally’s, barely qualified for that designation, rising only 0.5% to $18.4m.

In percentage terms, the Tropicana suffered the biggest profit decline, falling 31.1% to $31.8m, while the market-leading Borgata was down 21.7% to $63.2m.

Even the online-only operations of Caesars Interactive Entertainment New Jersey and Resorts Digital were in negative profit territory in Q3. Actually, seriously negative, as CIENJ’s revenue fell 10.5% while profit tumbled 69.4%. Resorts Digital fared even worse, with revenue down 51.4% and profit sliding 83.3%, even as the state’s overall online market continued to post solid numbers during the period.

The numbers are a far cry from Q3 2017’s results, which saw profit shoot up 17.6% despite a modest revenue dip, and that dip was due to the soon-to-be-closed Trump Taj Mahal reducing its operations as its closing date drew nearer.

At the time, the fact that AC’s market had seen five casinos close in rapid succession was described as the market’s ‘right-sizing,’ although that narrative suffered a hiccup when Q1 2018’s profits fell 11.7%. However, Q1 saw the region suffer a string of winter storms that kept customers at home, a phenomenon that clearly wasn’t at play in Q3. Moreover, Q2’s profit decline was a more modest 4.6%.

While the market’s hotel occupancy over the first nine months of 2018 was down 5.1 points to 84.1%, at least part of the profit decline is likely due to all operators having to step up their marketing game in the wake of shiny new competition.

The question that hung over the launch of AC’s new properties was whether they could grow the overall financial pie or just nibble away at the seven ‘original’ properties’ slices. Revenue is clearly growing, although some of that growth is goosed by the state’s new legal sports betting options, and it remains to be seen whether the market as a whole will continue to suffer from having two extra mouths to feed.

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Sports Betting Arrives in Rhode Island in Historic Year for US Gambling Industry

Casino News Daily
Sports Betting Arrives in Rhode Island in Historic Year for US Gambling Industry

Rhode Island becomes eighth state to offer legal sports wagering in an eventful week for the US betting industry

Sports betting is coming to Rhode Island starting Monday, November 26, at Twin River Casino in Lincoln. The state will thus become the nation’s eighth one to be offering legal sports gambling and New England’s first one in a landmark year for the US gambling industry.

The Rhode Island General Assembly enacted a sports betting law back in June, and legal wagering services were expected to commence by October. However, delays of different nature pushed back the start of sports betting to the end of November.

The announcement about the official start of sports betting in Rhode Island arrived as the latest big news in an eventful week for US sports betting. Pennsylvania’s first wagering facility opened doors a few days ago. A new sportsbook was launched in West Virginia, as well. The state’s first legal betting operations commenced in late August.

Twin River Casino officials have previously said that the property will begin offering sports betting to its customers around Thanksgiving. As it can be seen they have almost lived up to that promise.

Sports betting operations will commence at the casino at 3 pm local time on Monday, when House Speaker Nicholas Mattiello, Senate President Dominick Ruggerio, and Twin River Worldwide Holdings Chairman John Taylor Jr. will place a ceremonial first bet.

Wagering services will initially be provided at a temporary facility on the third floor of the casino complex. Officials have called that temporary facility Phase 1. Customers will be serviced there while the main sportsbook is under development.

At first, gambling customers will be able to place wagers on US-based games. International competitions such as English Premier League and other European leagues are expected to be added later. Patti Doyle, a spokeswoman for Twin River Casino, has also said that “more exotic” bets will also be available in the betting lounge at a later date.

Under Rhode Island’s newly adopted sports betting law, gamblers will only be able to wager at physical sportsbooks. Online and mobile betting were not included in the state’s sports gambling framework.

Estimated Economic Impact

According to estimates, the state will collect $11.5 million in tax revenue from sports betting through the end of the fiscal year on June 30. The above-mentioned amount is significantly less than the original projection for tax revenue of $23.5 million that was based on the previously announced October 1 launch of Twin River Casino’s sports betting operation. The state expects to get $27.3 million in tax revenue next fiscal year.

Under Rhode Island gambling laws, legal sports betting operations are taxed at 51% on betting revenue.

According to projections, Rhode Island’s two Twin River casinos will annually handle $814 million in wagers. Twin River Casino in Tiverton is expected to launch its sportsbook sometime in December. The Tiverton casino complex opened doors to the public on September 1. Aside from an 85,000-square-foot gaming floor, it also features an 84-room, three-story hotel, and multiple entertainment options.

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Friday, November 23, 2018

Next Week’s Best Poker Events (November 26-December 2)

Casino News Daily
Next Week’s Best Poker Events (November 26-December 2)

A new week is almost upon us to bring tons of new opportunities for poker players to challenge their skill and luck at exciting poker destinations. Some of the best casinos in Sydney, Manila, and Las Vegas will play host to several major festivals over the week and those will feature massive guaranteed prize pools, prestigious trophies, and huge amounts of fun and thrill for everyone who enters them.

Here is a bit more information about where next week’s best tournament poker action will be offered and how interested players can join poker festivities for a chance at big prizes and non-monetary additions to their collection of poker accomplishments.

WSOP International Circuit – Sydney

Sydney’s The Star Casino will play host to the next WSOP International Circuit stop. The popular series will bring a handful of gold rings Down Under and those will be awarded during a festival that will take place from November 27 through December 17.

The schedule of the next International Circuit stop will include 15 tournaments, with those featuring different formats and different buy-ins. And some of the events will offer attractive guaranteed prize pools to lure players into their fields.

The thrilling Sydney festival will kick off with a A$500 Opening Event with four starting flights and two more days of play and a guaranteed prize pool of A$600,000.

While it should be said that all events offer attractive opportunities for players, Event #7: Main Event will certainly be the one to draw the biggest amount of attention. The tournament will feature four starting flights and three more days of play starting December 7 and running all the way to December 17. Interested players will have to pay a A$2,200 buy-in fee for a chance at the lion’s share of the A$2.1 million guaranteed prize pool and the title. The Main Event winner will also secure a seat into the 2019 Global Casino Championship.

The A$550 Mixed No-Limit Hold’em/Pot-Limit Omaha (starting December 10), the A$20,000 High Roller (starting December 12), and the A$5,000 Challenge with a guaranteed prize pool of A$1 million (starting December 5) are few of the other events that will take place within the upcoming WSOP International Circuit Sydney stop.

APT Finale Philippines

The next APT festival, this year’s final one, is set to take place November 27-December 6 at the glitzy Resorts World Manila casino resort in the capital of the Philippines. The festival will feature 16 different tournaments, special events, satellites, and tons of quality poker action and excitement.

A PHP10,000 Opening Event with a guaranteed prize pool of PHP1 million will kick off poker festivities at the host casino. The PHP50,000 Main Event is slated to start on the second day of the festival and to run through December 2 when the final table will take place. The tournament features a guaranteed prize pool of PHP10 million.

December 3 will see the start of the Championships Event. The PHP150,000 buy-in with a guaranteed prize pool of PHP10 million will run through December 6 to determine the champion of the 2018 season of the popular Asian poker series.

Wynn Signature Series

Wynn Las Vegas is gearing up preparations to welcome players for its Wynn Signature Series. The event will take place from November 28 through December 10 and will feature 11 tournaments. The festival will award more than $700,000 over its course with guaranteed prize pools of between $20,000 and $250,000.

A $600 buy-in No-Limit Hold’em event starting November 24 will be the highlight tournament. With three starting flights, played over three separate days, and an additional day of play, it will be the longest tournament of the series. It will feature a guaranteed prize pool of $250,000.

A three-day $600 No-Limit Hold’em with a guaranteed prize pool of $150,000 will too be part of the poker festivities taking place at the the Strip casino resort. A $5,000 SURVIVOR event with a guaranteed prize pool of $50,000 and a $400 Pot-Limit Omaha are too among the events included in the schedule of the festival.

WPT Five Diamond World Poker Classic

It is that time of the year when the Bellagio in Las Vegas opens its doors to welcome the WPT for one of the most exciting festivals on its annual schedule. The WPT Five Diamond World Poker Classic is set to begin on November 29 and to wrap up on December 15.

The festival will feature 19 tournaments and will kick off with a $1,100 No-Limit Hold’em Series event. It will also feature three $10,000 buy-in Pot-Limit Omaha events, three $25,000 No-Limit Hold’em High Rollers, and the very special $100,000 No-Limit Hold’em high roller tournament.

And of course, the five-day $10,400 Main Event will bring action at the Bellagio to a close. The tournament will run from December 11 through December 15. Ryan Tosoc won last year’s edition of the Main Event for a prize of nearly $2 million. It is interesting to note that the player finished 2nd in the 2016 edition of the tournament.

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Kevin Gerhart Wins Debut WSOP Circuit Gold Ring at Planet Hollywood

Casino News Daily
Kevin Gerhart Wins Debut WSOP Circuit Gold Ring at Planet Hollywood

A Pot-Limit Omaha expert takes down the only PLO event on the schedule of the WSOP Circuit Planet Hollywood stop

Pot-Limit Omaha specialist Kevin Gerhart has won earlier this week his first WSOP Circuit gold ring by taking down namely a PLO tournament at Planet Hollywood. The player, who hails from Ohio but now resides in Las Vegas, emerged victorious in the $400 Pot-Limit Omaha Re-Entry for a cash prize of $10,493 and the gold piece.

The two-day tournament saw 106 entries register to create a prize pool of $34,980. The final 12 players received a share of that prize pool.

Gerhart was one of the four players who bagged chips at the end of Day 1 of the event to progress into its second day. The eventual winner had the third largest stack at the time Day 2 action kicked off. However, he told WSOP Circuit staff after his victory that he had had a feeling that it would be him and the start-of-the-day chip leader, Mesha Zakharov, who would play the heads-up. The two players indeed ran into each other at the tournament’s finale to determine who would take home the gold ring and the first-place prize. Zakharov was too going for his first gold ring from the series, but it was not meant for him this time and he had to settle for a second-place finish.

Pot-Limit Omaha Specialist

Pot-Limit Omaha is Gerhart’s favorite poker game and he has been playing it a lot over the past several years. The player told WSOP staff that he has been trying to play as many PLO tournaments as possible. He won a PLO tournament and finished runner-up in another one in the months prior to his victory at Planet Hollywood.

The player attributes his success in that particular game to his good feel for PLO as well as to the fact that most of his opponents are less experienced. Gerhart went on to say that it is much harder to find information on PLO than it is on No-Limit Hold’em.

Of his plans for the rest of the Planet Hollywood series, the brand new WSOP Circuit champion said that he had originally intended to play the Main Event over the weekend, but after his triumph, he decided to try to snatch a bit more points for the Casino Championship race by playing a few more tournaments. The player who accumulates the most points by the end of the stop will secure a seat into the season-ending $1 million guaranteed Global Casino Championship.

However, Gerhart will have to play No-Limit Hold’em tournaments until the end of the Planet Hollwood series, as its schedule does not include any other Pot-Limit Omaha events. It is to be seen how the player will cope and whether he is just as good in No-Limit Hold’em as he is in the poker game he loves so much.

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Pariplay announces content partnership with High 5 Games

Casino City Times
Pariplay announces content partnership with High 5 Games
Through this partnership, H5G's full suite of proven slot content will be integrated into Pariplay Fusion, a comprehensive state-of-the-art solution.

PAGCOR official drops Wynn Macau lawsuit appeal, might sue in US

Casino – CalvinAyre.com
PAGCOR official drops Wynn Macau lawsuit appeal, might sue in US

This past May, Rogello Bangsil submitted a lawsuit in Macau against Wynn Resorts, operator of Wynn Macau, alleging that the company had distributed his personal information with others. The former executive with the Philippine Amusement and Gaming Corp (PAGCOR) lost the case in July and asserted that he would file an appeal. It now appears that Bangsil has changed his mind PAGCOR official drops appeal of Wynn Macau lawsuit, might sue in the U.S.and won’t move forward with the appeal. He might, however, decide to try to fight his battle in the U.S. court system.

In an exclusive report by the Macau News Agency, Bangsil is not going to follow through with an appeal of the verdict that was handed down by the Court of First Appeal in the case, which sided with Wynn Resorts. He explained that the decision was based on the fact that the legal fees associated with an appeal would have been too much of a burden.

As a PAGCOR officer in charge of gaming, Bangsil and his wife found both of their names listed on an FBI report from 2011 that dealt with an “improper relationship” that revolved around several PAGCOR officials and Kazuo Okada, then a shareholder in Wynn Resorts. Bangsil unsuccessfully argued that, per the Office for Personal Data Protection (OPDP), Wynn Macau had illegally provided the names to Wynn Resorts. The OPDP had recognized that information was shared and fined Wynn Macau $2,500.

Bangsil sued for $1.2 million in 2014, but lost the case. It only lasted across three hearings, but apparently that was enough for the courts to decide the outcome, which determined that Bangsil had not been able to prove that he didn’t offer the information voluntarily. He had between 30 to 40 days to file an appeal, but that timeframe has already passed.

The former executive asserts that he was not able to properly argue his case due, in part, to “faulty” Chinese to English translations. As such, he might take his case to the U.S. He stated, “Since in my case the violation was actually done in the U.S., I may have better chances of getting justice there. I’m consulting now with U.S. lawyers to file the case there.”

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Thursday, November 22, 2018

Guitar smash at opening of Hard Rock Cafe

Casino City Times
Guitar smash at opening of Hard Rock Cafe
To celebrate the grand opening of the new Hard Rock Cafe Hollywood and adjacent casino expansion, Seminole Hard Rock Hotel & Casino Hollywood will host a guitar smash and media availability on 27 November.

Cosmin Joldis Joins WSOP Circuit Winners Club with Victory at Planet Hollywood

Casino News Daily
Cosmin Joldis Joins WSOP Circuit Winners Club with Victory at Planet Hollywood

Joldis, a good friend of 12-time gold ring winner Valentin Vornicu, took down the $600 Double Stack No-Limit Hold’em for his first piece of WSOP Circuit gold

Cosmin Joldis from Romania has become the latest player to capture a gold ring from the ongoing WSOP Circuit Planet Hollywood series. The player was crowned the victor of Event #5: $600 Double Stack No-Limit Hold’em to claim his first piece of Circuit jewelry and a first-place prize of $19,758.

The event drew an international field of 137 entries who created a prize pool of $70,555. Players battled it out for two days until there was just one last contender left. Day 1 of the event ended with 27 hopefuls still in contention for the gold piece. They had two important tasks ahead for Day 2 – to burst the money bubble and then to determine the champion.

There were payouts for the top 15 finishers, min-cashes were worth $1,191. Action unfolded quite quickly on Day 2 of the tournament and it was not long before the money bubble burst. Players then kept leaving the poker tables at the host venue until there were just four of them left at the time when action stopped for dinner break.

Joldis was the chip leader at the time with 2.3 million and a good advantage over his three remaining opponents. Daniel Perkins had the second largest stack at that point, but he only had 1.2 million worth in chips.

Joldis Eyes Global Casino Championship Seat

The final stage of the tournament was quite a race. It took relatively quickly for the final four to be whittled down to just Joldis. Martin Logue was the Romanian’s final challenge before claiming the title. Logue was eyeing his first gold ring from the series, but eventually finished second to scoop his first WSOP Circuit cash of $12,210.

As for the winner, he came into the Double Stack event fresh off a fourth-place finish in a $400 buy-in event at Planet Hollywood. The player now has 77.5 points from the stop and holds a firm lead in the Casino Championship race. The player who becomes the Planet Hollywood Casino Champion, that is the one who accumulates the most points throughout the stop, will secure a seat into the season-ending $1 million guaranteed Global Casino Championship.

Joldis told WSOP staff that he will be playing the Main Event over the weekend in a bid to cement his top spot.

The Romanian player is a good friend of WSOP Circuit star and record-breaking gold ring winner Valentin Vornicu, who himself hails from Romania. Aside from his participation in WSOP Circuit events, Joldis has also had quite the run in the WSOP. The player cashed for over $225,000 during last year’s edition of the summer poker series. Most notably, he finished 50th in the 2017 WSOP Main Event, collecting $145,733 for his deep run.

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Macau’s off-duty casino staff ban to be enforced via random checks

Casino – CalvinAyre.com
Macau’s off-duty casino staff ban to be enforced via random checks

Macau has been considering implementing a ban that would prevent employees from visiting casinos when they’re not on the clock—a move that is similar to one seen in other countries. What they still haven’t been able to figure out, however, is how best to establish the controls to enforce the ban. The latest option would be to conduct random checks on personnel, instead of facial recognition, which had previously been suggested.

Macau's off-duty casino employee ban to be enforced through random checksLawmakers are said to be discussing the possibility of employing a dedicated inspector to conduct random checks on casino staff. The decision comes following a meeting of the Macau Standing Committee, which was convened to discuss the ban and its implementation.

The inspector, or inspectors, would be appointed by the Gaming Inspection and Coordination Bureau (DICJ, for its acronym in Portuguese), the agency that regulates casinos, and would be responsible with conducting random checks at casinos throughout the city. The individual would be required to file a report on any worker that is found to be in violation of the ban, if and when it’s enforced.

In speaking with local media outlets, First Standing Committee Chairman Ho Ion Sang indicated that there would also be third-party reports accepted. He stated that there could be a 24-hour telephone hotline that would allow individuals to provide tips, as well as the distribution of campaign material to educate casino personnel about the ban and the measures being implemented to enforce it.

The ban is expected to be considered by the city’s Legislative Assembly this December. If approved, it would cover approximately 54,000 casino workers across Macau and is designed to prevent them from being overexposed to gambling. The ban covers floor employees, cashiers, food and beverage personnel, public relations employees and security and cleaning staff. It might also include 8,000 individuals employed by junket operators.

54,000—or 62,000, if the junket employees are included—is a big number. The chances of the program being effective if only one inspector is employed are lower than the chances of winning the Power Ball lottery. While the purpose of the program—to help ensure employees don’t turn into gambling addicts—is a noble one, the design of the program is impractical and won’t be able to meet the goal.

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GVC Aspires to Australian Betting Market Dominance with Neds Acquisition

Casino News Daily
GVC Aspires to Australian Betting Market Dominance with Neds Acquisition

GVC adds Neds International to Australian business amid consolidation wave in the local sports betting field

Gambling giant GVC Holdings has snapped up Australian online sports betting operator Neds International in a bid to further extend its footprint across the lucrative Australian gambling market. GVC would pay up to A$95 million for the newbie bookie which only launched its operations last year but has grown tremendously.

GVC operates in Australia through the Ladbrokes brand. The Isle of Man-headquartered gambling group acquired Ladbrokes Coral and its digital and retail operations across multiple markets in a £4-billion deal this past March.

Neds was founded last year by bookmaker and entrepreneur Dean Shannon. Mr. Shannon was previously the CEO of Ladbrokes’ Australian business, which makes the recent tie-up between his new company and the one he was formerly employed at not an entirely unexpected move.

Despite being in the field for about a year, Neds is on track to handle A$1-billion worth of wagers and generate A$100 million in revenue this year.

GVC said in a statement from today that the combination of Ladbrokes’ Australian operation with Neds would result in cost savings of around A$16 million per year. Jason Scott, the current Ladbrokes Australia CEO, will lead the enlarged business, while Mr. Shannon will stay on as a consultant.

Commenting on the deal, GVC CEO Kenneth Alexander said in a statement that “Australia is a core market for the Group and today’s acquisition further strengthens [their] position.”

Mr. Shannon pointed out that “GVC is a natural fit for the Neds business” and that “[they] share the same entrepreneurial ideals” while delivering “market leading products and service to [their] customers.”

Wave of Consolidation

GVC’s acquisition of Neds has become the latest deal of this kind to be taking place within the Australian bookmaking space. Growing competition and demand for quality betting services as well as regulatory pressure and new gambling taxes have spurred unprecedented consolidation activity in Australia.

Early this year, William Hill announced that it would sell its underperforming Australian business after years of struggles to establish itself Down Under. CrownBet (now BetEasy) was selected as the winning bidder to acquire William Hill Australia after a competitive bidding process. At about the same time, Canadian gambling giant The Stars Group announced that it would buy an 80% stake in CrownBet from its previous owner, Australian casino operator Crown Resorts.

As the Australian sports betting field has grown rapidly over the past several years, a number of states and territories have decided to implement the so-called point of consumption tax, seeking a share of what licensed bookmakers generate for servicing punters based within their borders. New South Wales and Victoria are to become the latest states where said tax will be rolled out. That is set to happen on January 1, 2019. It is believed that the new tax regimes across Australian states and territories have, too, contributed to the wave of consolidation in the sector.

GVC said that with the acquisition of Neds it expects its Australian business to enter top three of the corporate bookmakers servicing the local market. The gambling company also hopes to become the market leader in the region at some point in future.

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Wednesday, November 21, 2018

VIP tax hike for Genting Malaysia expected at 20%

Casino – CalvinAyre.com
VIP tax hike for Genting Malaysia expected at 20%

With taxes set to increase for Genting Malaysia starting the next year, financial research firm UOB Kay Hian Research forecasts that the tax on VIP operations will go up to 20% from the current 10% rate.

VIP tax hike for Genting Malaysia expected at 20%This is significantly smaller than the 35% rate similar to that announced for the casino’s gross gaming income from 2019 onwards.

Inside Asian Gaming reported on the note released by UOB Kay Hian, that said, “Given that the negative impact from the gaming tax hike has been fairly priced in, and with the lower-than-initially expected VIP gaming tax serving as a pleasant surprise, investors may now refocus on Genting Group’s catalysts in 2019.”

Earlier this month, with Malaysian Finance Minister Lim Guan Eng announcing the income tax hike from 25% to 35%, and increase of Genting Malaysia’s yearly license fee from MYR120 million ($28.7 million) to MYR150 million ($35.9 million), shares of the firm fell approximately 20%, from MYR4.5 ($1.08) per share to MYR3.6 ($0.86), where it has been hovering since.

Genting Malaysia’s Highlands casino is the only physical casino in Malaysia, where the industry is severely restricted.

UOB Kay Hian came up with its analysis based on channel checks, and noted that the Genting Group had originally predicted an increase from 10% to 20% for the VIP segment.

Genting Malaysia had reacted to the fee and rate increase announcements, saying it was “assessing the full implications of the additional taxes and will take the appropriate next course of action which includes a review of its marketing expenditure and cost structure to mitigate the impact of the tax increases.” No specific changes have been announced since.

Last month, both Maybank Kim Eng Research and Nomura International said that the increases, which at the time had not been specified, would not have a serious effect on Genting Malaysia, given the company’s financial condition and prospects.

For the second quarter of this year, the company reported a profit of MYR378.3 million ($91.6 million), 117% higher than the MYR174 million ($42.1 million) reported for the same period last year.

Revenue was MYR2.42 billion ($586 million), 5.7% higher year on year. MYR1.59 billion ($385 million) of this came from its leisure and hospitality businesses in the country.

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Virginia Legislature to Open Sports Betting Legalization Debate Next Year

Casino News Daily
Virginia Legislature to Open Sports Betting Legalization Debate Next Year

Two Virginia lawmakers to introduce sports betting bills during next year’s legislative session

Virginia has made first solid indications that it is ready to get on the sports betting bandwagon as the practice is cementing itself as the hottest US gambling industry topic. Local news outlet the Virginia Mercury reported on Tuesday that two state lawmakers have announced plans to introduce sports betting bills during the Virginia Legislature’s 2019 session, which starts in January.

State Sen. Chap Petersen revealed yesterday that he would introduce a legislation to legalize wagering as part of a plan to reduce tuition fees at Virginia’s community colleges. Under his bill, titled Virginia Sports Gaming Tuition Reduction Act, state cities and counties would have to hold a referendum in order to decide whether they want sports betting services to be provided on their territories.

Betting on college games would not be allowed under Sen. Petersen’s piece. Tax revenue from legal wagering services would be split between localities and the state’s community college system, it became known on Tuesday.

Another Virginia legislator said yesterday that he would table a sports betting bill once the new legislative session is under way. Del. Mark Sickles explained that under his piece, legal sports betting would be taxed at 15% on revenue. According to initial estimates, wagering services could generate up to $41 million. The money would be used to fund research activities at Virginia’s universities.

Under Del. Sickles’ bill, the Virginia Lottery would be tasked with regulating and overseeing the state’s sports gambling industry. There will be five sports betting licenses for grabs, if that particular legislative piece is enacted. Del. Sickles’ proposal would ban wagering on Virginia college and university games, but would allow “wagering on collegiate athletic tournaments in the commonwealth if allowed by the sporting league.”

Commenting on his plan to introduce a sports betting bill, Sen. Petersen said in a Tuesday statement that he sees no reason why betting should be kept illegal when neighboring states are “already moving to legalize.” West Virginia went live with legal sports wagering in August, while North Carolina, Tennessee, and Kentucky lawmakers are all expected to discuss the matter next year.

In a separate statement, Del. Sickles said yesterday that with his legislation, he aims to provide a “framework for an open, transparent, and responsible market for legal sports betting.”

A Handful of Gambling-Related Topics to Be Discussed

The apparent start of a sports betting debate in Virginia should surprise no US gambling aficionado. The state was the first to legalize daily fantasy sports back in the spring of 2016 after the activity had taken center stage in prolonged and heated debates and legal actions in multiple states around the nation.

Bearing the above in mind, Virginia could certainly become a target for a concerted effort for the legalization of sports gambling. Companies like DraftKings and FanDuel have already gained foothold in Virginia with their daily fantasy sports product, but they have also been expanding their sports betting operations across the states where the practice is legal to secure a chunk of the lucrative wagering market. As a result, they can have a particularly smooth entry into Virginia when and if the state moves to legalize sports gambling.

It should also be noted that sports betting would not be the only gambling-related topic to be discussed in the Virginia General Assembly next year. A business group in Bristol is lobbying for the legalization of casino gambling in the state in order to be able to build a $150-million casino resort at the site of the vacated Bristol Mall, arguing that a development of this kind would have a “transformative” impact on the city, the region, and the state as a whole.

And while the Virginia Legislature has traditionally been against any form of gambling expansion in the state, it seems that following the latest gambling developments around the nation, it might have adopted a little bit more relaxed stance on betting and casino gaming.

Earlier this year, lawmakers authorized the new owner of the shuttered Colonial Downs racetrack to add historical horse racing machines at the property as well as at up to ten off-track betting facilities around the state.

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Live 5 goes premium with SG Digital

Casino City Times
Live 5 goes premium with SG Digital
Building on Live 5's existing partnership with SG Digital, which includes back-end game development services, Live 5 plans to level up its content offering to focus on premium gaming experiences.

The Bellamy Brothers return to Roland

Casino City Times
The Bellamy Brothers return to Roland
The band will bring “Let Your Love Flow” and other hits back to Lee Creek Tavern inside Cherokee Casino and Hotel Roland on 14 December.

Tuesday, November 20, 2018

Sands China receives credit line worth $2 billion

Casino – CalvinAyre.com
Sands China receives credit line worth $2 billion

Sands China, a subsidiary of Las Vegas Sands, has reportedly had to reach out for a helping hand. The company has reached an agreement with lenders that are going to extend the casino operator a $2-billion revolving line of credit. The money, according to Sand China, will be used for “general corporate purposes.” It makes one wonder how solvent the company is if it needs to seek such a large handout.

Sands China receives credit line worth $2 billionThe agreement was announced through a filing with the Hong Kong Stock Exchange and the U.S. Securities and Exchange Commission (SEC). It will be available until July 31, 2023 and Sands China will be able to pull funds in either HK or U.S. dollars.

If the company draws funds in U.S. dollars, it will pay an interest rate equal to the London Interbank Offered Rate (LIBOR). The LIBOR is one of the most common benchmarks for establishing interest rates. If funds are drawn in HK dollars, the exchange rate will be based on the Hong Kong interbank offered rate. The initial margin has been set at an annual rate of 2%.

In addition to those funds, Sands China will also be given access to a swing-line loan sub-facility. This will be priced using separate benchmarks and is expected to carry an annual interest rate of 1%.

The filing specifies, “The Facility Agreement contains affirmative and negative covenants customary for similar unsecured financings, including, but not limited to, limitations on indebtedness secured by liens on principal properties and sale and leaseback transactions. The Facility Agreement also requires the Borrower to maintain a maximum leverage ratio and a minimum interest coverage ratio.

“The Facility Agreement also contains certain events of default (some of which are subject to grace and remedy periods and materiality qualifiers), including, but not limited to, events relating to the Borrower’s gaming operations and the loss or termination of certain land concession contracts.”

In a recent analyst note by the Nomura brokerage firm, the company said that shares in Las Vegas Sands, due in part to its operations in Asia, could produce returns of just 13% if Macau’s gross gaming revenue slips by 3% as predicted. This pales in comparison to others, such as MGM resorts (35%) and Melco Resorts (27%). It’s even worse than Wynn Resorts, which is expected to produce returns of about 17%.

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MGM to see big gains in Macau market next year, says Nomura brokerage

Casino – CalvinAyre.com
MGM to see big gains in Macau market next year, says Nomura brokerage

The gambling scene in Macau may be receding somewhat currently. This recession might continue into next year, but MGM China will more than likely not be impacted. In fact, the Macau-based casino operator could actually increase its share of the gambling market, according to analysts of Japan’s Nomura brokerage firm.

MGM to see big gains in Macau market next year, says Nomura brokerageAccording to three analysts from the company – Harry Curtis, Brian Dobson and Daniel Adam, “Investors should expect MGM Cotai’s ramp to be gradual through 2020.” The company already operates two casinos in the city, the MGM Macau on the peninsula and MGM Cotai, which just opened this past February.

The analysts added, “However, two new junkets opening in the next few weeks and the expected opening of the Mansion [villas] by Chinese New Year (February 5, 2019) should help MGM Resorts International be a share gainer in a declining Macau market next year.” They made their comments after meeting with Aaron Fischer, the chief strategy officer of MGM Resorts, this past Sunday.

MGM Cotai was responsible for around $172 million of the net revenues taken in by MGM China during the third quarter of 2018. All gaming segments of the company reported sequential volume growth, but at lower hold rates.

In October, MGM China announced that it would be launching a President’s Club at the MGM Cotai in December. The club is designed to be an exclusive premium mass gaming area. Following the launch of the club, as reported by MGM China CEO Grant Bowie, the company will have high-end villas ready to go at MGM Cotai prior to the upcoming Chinese New Year.

Nomura has previously said that gross gaming revenue in Macau could decline as much as 3% next year, driven by a drop of 10% in VIP revenue. That drop would be offset by a 4% increase in mass revenue and a 3% increase in slot revenue, according to company analysts.

The analysts took the opportunity to touch on the possibility of MGM receiving a casino license in Japan. They said, “Given MGM Resorts’ willingness to partner and its successful track record partnering with third parties such as Pansy Ho [Chiu King] in Macau and Dubai World at CityCenter, we believe MGM Resorts is one of the best-positioned, if not the best-positioned global gaming operator” for acquiring a license.

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BingoBilly's Save the Turkey slot tournament

Casino City Times
BingoBilly's Save the Turkey slot tournament
The $1,789.00 prize pot will be split among the top 30 slot players who accumulate the most winnings between 19-25 November.

Galaxy narrowing down options for planned Japan IR

Casino – CalvinAyre.com
Galaxy narrowing down options for planned Japan IR

Hong Kong-listed Galaxy Entertainment Group is considering where to best put up an integrated resort (IR) in Japan, if it is fortunate enough to obtain a license when this is made available in the next couple of years or so.

Galaxy narrowing down options for planned Japan IRGalaxy Deputy Chairman Francis Lui revealed to Inside Asian Gaming that the Group has filed requests for information with seven different locations in Japan. Among these are five cities: Nagasaki, Osaka, Tomakomai in Hokkaido, Wakayama, and Yokohama. The other two locations are the prefectures Aichi and Hokkaido.

During a media roundtable held in Tokyo, Lui said, “At the moment, we are continuing to study all the cities that are interested to have an IR in Japan… Different cities have different needs or different requirements and preferences. Bigger cities like Osaka and smaller cities like Wakayama–each of them have their own uniqueness and own preferences which is why we need to understand more before we make a decision.”

He said that the construction of specific nongaming facilities would have to complement the particular location chosen. “[I]n a city like Osaka, we would not be building a theme park such as a Universal Studios, and we won’t be building a baseball park in Osaka either because we don’t want to build facilities that would be competing with existing facilities,” he said, adding, “[W]e need to learn what we can do for each city—that’s our approach.”

Lui also said that the company was undecided on local partners to work with. “We are always looking for good, reliable Japanese partners to be helping the consortium… But on a shareholder level it is something we can’t answer at the moment because like in any international practice we have to decide which partner will do what,” he said.

According to the new IR law passed last July, the Japanese government will be awarding no more than three licenses to operators for the construction of large-scale casino resorts. No sites have been chosen yet, with public consultations still ongoing.

Notably absent among Galaxy’s choices is Tokyo, viewed as a possible candidate for an IR. Besides Tokyo, Japanese brokerage Nomura has pointed to Yokohama and Osaka as ideal spots for constructing IRs, due to the large local population, high inflow of tourists, and adequate infrastructure. Residents of Yokohama have already expressed negative sentiment to having an IR in their city.

Galaxy reported a net revenue of $3.56 billion for the first half of the year, 25% higher year on year. Adjusted EBITDA, meanwhile, was $1.09 billion, up 34% from the same period last year.

Net profit attributable to shareholders increased 56% year on year, to $917.2 million.

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Monday, November 19, 2018

Tree lighting ceremony at Sam's Town

Casino City Times
Tree lighting ceremony at Sam's Town
The Las Vegas resort will light up its celebrated Winter Wonderland display at Mystic Falls Park on 21 November at its annual tree lighting ceremony, hosted by Boyd Gaming Executive Chairman Bill Boyd.

Imperial Pacific reopens casino

Casino – CalvinAyre.com
Imperial Pacific reopens casino

Imperial Pacific International Holdings Limited (IPI) resumed operations of its Saipan casino last Sunday, just two days after closing its doors in the wake of Super Typhoon Yutu.

Imperial Pacific reopens casinoIt made the announcement in a filing with the Hong Kong Stock Exchange.

The casino was closed last Friday, because according to IPI, the closing of the island’s international airport had “put a complete halt to the tourism industry.” Saipan International Airport had been damaged by the storm when it hit late October, and only emergency operations, in particular, the provision of relief goods by the military, were allowed.

Because the company “did not want to continue to keep casino open by attracting only residents,” and that there were “millions of dollars in unexpected damage” that required repairs, it decided to close the casino late last week.

Even with the reopening, IPI has said that it would take “several weeks” before things return to normal, due to continued limited entry of tourists to patronize the establishments.

The Saipan Tribune cited sources that said operations will be limited to one shift, with the casino being open only from 6 p.m. to 2 a.m., until the situation normalizes. The news outlet also said that regular daytime flights have already resumed, with regular nighttime flights expected to resume tomorrow.

Completion of the construction of the resort’s hotel, which has been delayed several times, was most recently set to sometime in 2020.

Earlier this month, IPI announced the launch of a bond placement in order to raise $38.3 million, to be used “for general corporate purposes.”

The company recently reacted to a rumor of its going bankrupt, which it said was “completely baseless and untrue,” and that it was going to take “legal action against the original online source spreading slanderous fake news.”

Revenue for the company for the first half of the year was $281.6 million, 51% lower year on year. Earnings were 72.2% lower than the first half of 2017, at $57.8 million, while it made a profit of $10.1 million.

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Two Tribes Sue Southern California Cardrooms for Providing House-Banked Card Games

Casino News Daily
Two Tribes Sue Southern California Cardrooms for Providing House-Banked Card Games

The complaint filed by the two tribes seeks to stop non-tribal cardrooms from operating house-banked card games

Two tribes are suing several Southern California cardrooms, claiming that they have been violating state laws by providing house-banked card games, including blackjack, as well as percentage card games, local news outlets report.

The federally recognized California-based Santa Ynez Band of Chumash Indians and the Rincon Band of Luiseño Indians filed a lawsuit on Friday against twelve private, for-profit corporations operating cardrooms across Southern California and a number of unnamed third-party proposition player firms.

The Chumash and Luiseño tribes explained that their suit did not aim to challenge the right of the cardrooms to operate but to challenge the operation of house-banked and percentage card games. Back in 2000, state voters approved Proposition 1A, under which only federally recognized tribes were allowed to offer the above-mentioned card games on tribal land.

In their lawsuit, the two Indian nations said that they would not have taken legal action, if the state Department of Justice and the Gambling Control Commission had moved to enforce the provisions of Proposition 1A. The Chumash and Luiseño tribes further noted that they had been trying to solve the issue for well over a decade now, but with no success.

The legal complaint, filed in the San Diego County Superior Court late last week, stated that by offering house-banked and percentage card games, the defendant card rooms breached the California Constitution and existing gambling laws.

Legal Remedies

The complaint seeks injunction to compel the defendants to stop offering house-banked and percentage card games and legal relief for the financial losses sustained by the two tribes, which has also resulted in the loss of revenue for the government, employment opportunities for tribal members, and goodwill. Allegations in the lawsuit further included unfair competition and public nuisance, among others.

Hustler Casino, Oceans 11 Casino, Hollywood Park Casino, and Hawaiian Gardens Casino were among the defendant card rooms named in the lawsuit. Defendant players were named John Doe 1 through 25 and Green and Red Companies I through XXV.

California tribes and the state’s cardrooms have been in a turbulent relationship for nearly two decades now. As mentioned earlier, the tribes were given the exclusive right to operate house-banked card games back in 2000. A year later and following mounting pressure from California’s non-tribal cardrooms, state lawmakers allowed them to offer card games as long as players acted as the bank, not the house as it was at tribal casinos.

Shortly after, cardrooms started hiring proposition players to act as the bank, thus circumventing the law. A whole new industry emerged as a result, with third-party proposition player companies penning agreements with the cardrooms to provide players. There were also cardrooms that later on started banking their card games, dismissing the law altogether.

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Walter Rodriguez Leads Final Table of WSOP Circuit Planet Hollywood Event #2

Casino News Daily
Walter Rodriguez Leads Final Table of WSOP Circuit Planet Hollywood Event #2

Walter Rodriguez leads stacked final table with four former gold ring winners and a former gold bracelet winner; Nate Bandy (pictured) headlines, eyes fifth title from the series

The 712-person field of the WSOP Circuit Planet Hollywood Event #2 is now down to nine players who will return to battle it out for the title today at 3 pm local time at the host casino. The nine final tablists are each guaranteed a min-cash of $4,375, but sights are set on the first-place prize of $46,509 and the accompanying gold ring.

Day 2 of the $400 buy-in tournament was played yesterday, starting with the 70 survivors from the six starting flights. They were all guaranteed a min-cash of $790. As action progressed, the field was whittled down until there were just nine players left. They bagged and tagged for the night to have some time to rest and come up with a winning strategy for the final day of play.

Walter Rodriguez was the player to bag the largest stack at the end of Day 2. The player put 2.34 million into his bag. Austin Reilly trailed not far behind with 2.155 million. Rodriguez and Reilly were the only two players to pass the two-million mark, placing themselves on excellent spots for the beginning of today’s final table.

Nate Bandy with 1.535 million, Longsheng Tan with 965,000, and Steve Foutty with 915,000 were the other three players to make it into top five of the temporary leaderboard.

Tough Competition

While Rodriguez might have secured a somewhat comfortable start into Day 3, the player still has a lot of work to do if he wants to win the lion’s share of the prize pool and the accompanying piece of WSOP Circuit jewelry.

The player will have to navigate his way through a tough field of four former Circuit ring winners and a former WSOP gold bracelet winner. Rodriguez himself is vying for his first piece of Circuit paraphernalia.

Nate Bandy, who currently holds the third largest chip stack, is going for his fifth gold ring from the series. The player claimed his four previous pieces during the series’ 2016/2017 season. Reilly and Bill Hamilton, currently the short stack, each have one ring from the Circuit, while Foutty is eying his fourth title and gold piece.

Chinese player Longsheng Tan is the former gold bracelet winner that has made it into the final table of Event #2 at Planet Hollywood. He won his piece of jewelry over the summer for topping the 1,351-strong field of the $1,500 No-Limit Hold’em. The player also scooped $323,472 in prize money.

The final nine players will return to the poker room at Planet Hollywood today at 3 pm local time to resume action and play down to a champion.

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Sunday, November 18, 2018

Day 2 of WSOP Circuit Planet Hollywood Event #2 Kicks Off with 70 Hopefuls

Casino News Daily
Day 2 of WSOP Circuit Planet Hollywood Event #2 Kicks Off with 70 Hopefuls

The tournament drew 712 entries, 70 made it through their respective flights to secure a spot among those returning for Day 2

All six starting flights of the $400 No-Limit Hold’em or Event #2 on the schedule of the WSOP Circuit Planet Hollywood stop are now complete and those who managed to survive through their respective Day 1s are set to return at the host casino today at 3 pm local time to play Day 2.

Days 1E and 1F took place at the poker room at Planet Hollywood on Saturday. And it should be said that it was a busy, action-packed day. Flight E kicked off at noon local time to draw 221 entries who added another $72,930 to the prize pool.

The tournament’s fifth flight was scheduled to end once all 18 levels were played or until there were ten players left at the tables of the host casino. The top 24 players were to cash from Day 1E, min-cashes starting from $673, and the money not paid out throughout that day was to be added to the overall prize pool.

Once all 18 levels were complete, there were eighteen players left. They will join the survivors from the previous days to resume competition for the title and the first-place prize later today.

Flight F

The final flight was scheduled to feature 18 levels, just as the ones that had already taken place. Day 1F drew 157 entrants, of whom the top 18 were to make the money. Action was slated to continue until there were ten players left or until all scheduled levels were marked as complete. Flight F’s min-cashes were worth $695. Only 16 players managed to put chips in their bags when all 18 Day 1F levels were done.

All in all, the tournament drew a field of 712 entrants throughout its six starting flights and they generated a prize pool of $234,960, thus crushing the $200,000 guarantee. While the first-place prize and the rest of the payouts are yet to be revealed, organizers confirmed that all players that are to cash from the tournament would leave with no less than $788.

As many as 70 players made it through their respective starting flights and will return at the host casino later today to continue their participation in the exciting tournament.

James Millman, the player who bagged the chip lead at the end of Flight C, will be leading the pack of 70 hopefuls. He will start Day 2 with a hefty stack of 502,000 and a significant advantage over his remaining opponents. Jason Alvarez with 373,500, Volha Burdukouskaya with 325,000, Terrence Teo with 305,000, and Thomas Minnich-Weber with 277,000 are the other contenders who represent top 5 of the temporary chip counts chart.

As mentioned earlier, action is set to resume at 3 pm local time at the poker tables of Planet Hollywood. The first-place prize will be announced later on Day 2. Those who make it through the day will return Monday for a final day of action.

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Churchill Downs and Partner Get OK to Build New Kentucky Racetrack with Gambling Parlor

Casino News Daily
Churchill Downs and Partner Get OK to Build New Kentucky Racetrack with Gambling Parlor

Churchill Downs and Keeneland will operate jointly Kentucky’s first new harness racetrack in 25 years

The Kentucky Horse Racing Commission selected on Friday Churchill Downs and Keeneland Inc. as the winning bidders for the construction of a harness racetrack and a gambling parlor in Western Kentucky. Their joint venture will be the first racetrack to be built in the state in 25 years.

Churchill Downs and Keeneland have presented a plan to jointly develop and operate a $150-million racetrack in Oak Grove in Chistian County. The latter company will only own 5% in the project.

The winning bidders will build a five-eighths of a mile racetrack that will host 12 days of standardbred races. Construction is expected to begin as early as next year. The new complex will also feature 1,500 historical racing machines. Last month, a Circuit Court Judge ruled that these machines were pari-mutuel, which made them legal under Kentucky laws that guard gambling on horse racing. Churchill Downs opened a gambling parlor with historical racing machines at its Louisville property earlier this year.

The machines have been estimated to have produced over $21 million for the state’s coffers since 2010. Churchill Downs Racetrack President Kevin Flanery told media that they expect the machines at their new property to annually generate $10 million.

The new racetrack complex will also include a 125-room hotel with an event center, food and beverage facilities, a 3,000-person outdoor amphitheater, a 1,200-person seat-grandstand with space for indoor events, and a modern equestrian center, among other facilities.

The new Oak Grove track is expected to create 800 construction jobs and 400 full- and part-time jobs once operational. The venue will be located along I-24 on the Kentucky-Tennessee border, aiming to draw visitors from Nashville.

Losing Bidders Voice Disappointment

Kentucky Downs in Franklin and Caesars-Bluegrass Downs in Paducah were the other two bidders for the new racetrack license. Both expressed disappointment and frustration with the bidding process.

News emerged earlier this week that racehorse owner Ron Winchell and former casino analyst Marc Falcone would buy a majority interest in Kentucky Downs for an undisclosed purchase price. Mr. Falcone told local media on Friday that they felt the selection process needed more time to be well thought out.

The new Kentucky Downs owners also revealed that they would enhance a previously announced expansion plan at the racetrack in order to make it more competitve now as a new player is entering the state’s horse racing field.

Comments by Caesars Entertainment executive Dan Real showed that the company was frustrated with losing the bid, arguing that Churchill Downs and Keeneland had no signed horsemen agreements and no history and relationships in the region, something the other bidders clearly had.

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