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Sat May 15 02:00:04 UTC 2021 content News, Economy/Finance, Mergers, Acquisitions & Partnerships\n\n American casino operator The Cordish Companies has announced that\n it has secured some $180 million in funding from local minority-run\n businesses in order to help realize its proposed Live! Casino and\n Hotel Richmond development.\n\n The Baltimore-headquartered firm used an official Wednesday press\n release to detail that it has also committed to offering minority\n entities a 50% ownership stake in the envisioned central Virginia\n project along with a 40% involvement in all associated construction\n activities.\n\n Progressive program:\n\n The Cordish Companies, which is already responsible for Baltimore’s\n Live! Casino and Hotel Maryland venue, recently opened its new\n Live! Casino and Hotel Philadelphia property under a similar\n scheme and declared that it intends to present ‘additional investment\n opportunities’ to minority-owned enterprises across the region who may\n want ‘to participate in the project’. It moreover stated that these\n could further assist the proposed $600 million Live! Casino and Hotel\n Richmond venture in receiving the required local regulatory approvals\n before opening sometime in 2023.\n\n Liability likelihood:\n\n Zed Smith serves as the Chief Operating Officer for The Cordish\n Companies and he used the press release to describe the commitment to\n his firm’s proposed Live! Casino and Hotel Richmond project as ‘one of\n the largest, if not the largest, minority equity investments in the\n history of Virginia’. He also proclaimed that the envisioned scheme is\n destined to ‘carry half the debt of the competing proposal’ from rival\n runner Urban One and feature ‘a combined $360 million of equity\n investment’. \n In Australia and casino operator Crown Resorts Limited\n reportedly soon intends to begin offering ‘cashless’ play at its trio\n of domestic properties while ceasing the use of foreign junket firms.\n\n According to a report from Yahoo Finance, these revelations came\n from the Chairman for the New South Wales Independent Liquor and Gaming\n Authority, Philip Crawford, during a press conference to discuss the\n firm’s progress towards obtaining a gambling license for its new\n Crown Sydney property.\n\n Detrimental denial:\n\n Crown Resorts Limited was initially refused a casino license for\n the $1.5 billion Sydney development in February owing to concerns\n that it may have been complicit in a slew of money laundering offenses\n tied to its utilization of junkets. Operators purportedly often partner\n with such enterprises in order to promote their venues to wealthy\n overseas gamblers and handle these individuals’ subsequent travel,\n accommodation and foreign banking or credit needs.\n\n Serious suggestions:\n\n The rejection from the New South Wales Independent Liquor and Gaming\n Authority subsequently sent Crown Resorts Limited into turmoil with the\n firm now reportedly working alongside the regulator to institute a\n number of changes earlier recommended by an independent investigation\n chaired by former New South Wales Supreme Court Judge Patricia Bergin.\n The operator, which is also responsible for the Crown Melbourne\n and Crown Perth properties, has already been barred from utilizing\n junkets in the state of Western Australia and purportedly now\n intends to eschew their use nationwide.\n\n Takeover talks:\n\n As it looks to repair its reputation and Crown Resorts Limited is\n reportedly moreover considering a number of buy-out offers including\n a $9.4 billion proposition from fellow Australian casino operator\n The Star Entertainment Group Limited. have reportedly been granted official approval to eschew all\n coronavirus-related capacity restrictions and return to operating\n their gaming floors at full throttle.\n\n According to a Wednesday report from the Las Vegas Review-Journal\n newspaper, all casinos in Clark County were earlier granted permission\n to raise the capacities of their gaming floors from the first day of\n May to 80%. This increase was purportedly widely welcomed by an\n industry that had been operating under 50% provisions since the middle\n of March and last summer suffered through an almost twelve-week\n total shutdown.\n\n Gubernatorial guidance:\n\n However, the newspaper reported that some Las Vegas casinos were\n subsequently granted special permission from the Nevada Gaming Control\n Board to do away with capacity restrictions altogether. This\n purportedly formed part of a plan from Nevada Governor Steve Sisolak\n (pictured) that is to see all limitations removed city-wide by the\n first day of June so long as the state’s vaccination rates continue to\n improve.\n\n Ennead endorsement:\n\n American casino behemoth Caesars Entertainment Incorporated is\n reportedly one of the big winners in this loosening of restrictions as\n gaming floors in all nine of its Las Vegas enterprises can now be run\n at full capacities with no social distancing. This list\n purportedly includes the firm’s Bally’s Las Vegas Hotel and\n Casino, The Cromwell Hotel Las Vegas, Flamingo Las Vegas Hotel and\n Casino, Caesars Palace Las Vegas Hotel and Casino and Harrah’s Las\n Vegas Hotel and Casino properties as well as its The Linq, Paris\n Las Vegas Hotel and Casino, Planet Hollywood Las Vegas Resort and\n Casino and Rio All-Suite Hotel and Casino Las Vegas venues. Sports betting in the United States continues to be a growing industry.\n New states enter the market on a regular basis as legislation is\n approved and with the help of new operators launching on a consistent\n basis, revenues and handle continue to increase. In Tennessee, sports\n betting is a booming business. The state offers only online betting,\n with no brick-and-mortar facilities, but that hasn’t stopped it from\n dominating the industry.\n\n Just this week, it was revealed that the industry has already generated\n over $1 billion in sports betting handle. The Tennessee Education\n Lottery has provided the latest revenue numbers from April, which\n helped the state reach this record number. Tennessee is the first state\n in the US to see over $1 billion in bets placed within the first six\n months of operation.\n\n Betting Totals\n\n In April, sportsbooks were able to create a gross handle of just\n over $172 million. From that amount, a $2.8 million privilege tax was\n paid. This equals around $14 million in adjusted gross earnings for\n operators.\n\n The April bet amount is lower than March, by just over 13%. The\n previous month was a big draw for sports bettors due to the NCAA March\n Madness tournaments. In March, over $205 million in bets were placed.\n\n April saw a drop in bets within several markets and it is expected that\n the summer months will be a bit slow for betting. Right now, the\n industry has only regular-season baseball and basketball to pull\n in wagers.\n\n Consistently Growing\n\n The online sports betting industry in Tennessee launched back in\n November. Since that time, over $1 billion bets have been placed in the\n state. Overall, $18.5 million in taxes have been paid to the state.\n This means that Tennessee was able to hit the $1 billion handle in\n less than six months. On the heels of yet another commercial agreement and leading\n online and mobile casino software provider iSoftBet has unveiled\n the latest addition to its growing table games portfolio, Gem Roulette,\n an innovative take on a casino gambling staple.\n\n According to the London-headquartered provider, the sparkling new\n gaming experience is based on the American Wheel version of what is one\n of the most recognized land-based casino games. iSoftBet has taken the\n iconic table game and added a “unique twist” by replacing the\n traditional zero space with a pair of gold spots for the new Gem Bet.\n\n New bet additions:\n\n Two new spaces on the roulette wheel include Gem Bet, one of which\n is a Ruby and the other a Diamond. If a player lands a successful Gem\n Bet, a special bonus wheel is activated. Furthermore, Gem Roulette also\n features multiple side bets which offer players an immersive gameplay\n experience while providing a “user-friendly and familiar classic\n roulette interface.”\n\n Head of Games for iSoftBet, Mark Claxton used a company presser to\n comment on the innovative new release…\n\n “Gem Roulette takes a casino classic and adds innovative and lucrative\n bonus with Gem Bet giving players even more ways to win.\n\n “We’re always looking for ways to expand our portfolio and we’re very\n pleased with our latest addition that provides roulette players with a\n unique twist to the iconic table game.”\n\n Product success:\n\n The British provider’s table games and slots games offerings have\n both become more successful over the last year, having incorporated\n multiple top-performing Hold & Win and Megaways, which is under license\n from BTG, products including popular titles such as Sea of\n Riches, Aztec Gold Extra Gold Megaways, sequel to the 2019\n hit, and from the Twisted Tale series, Queen of Wonderland Megaways. In a move that it says will immediately establish its U.S. operating\n footprint and set the foundation for the firm’s growth strategy in the\n region, Bragg Gaming Group (TSXV:BRAG) will reportedly acquire\n Nevada-based interactive software developer and distributor Spin\n Games LLC in an approximately $30 million cash and stock transaction.\n\n Announced Wednesday, May 11th, 2021, terms of the definitive agreement\n includes the Reno-headquartered firm receiving a $10 million cash\n payment alongside $20 million in Bragg common shares, $5 million of\n which are to be issued upon closing of the deal, subject to regulatory\n approval, with the balance paid over the next three years.\n\n Chief Executive Officer for Bragg Gaming Group, Richard Carter\n explained in a press release that “Spin’s existing state gaming\n licenses and established integrations with online casino operators,\n comprising the majority of the US market, uniquely positions our\n company for future growth in the North American market.”\n\n The transaction, said Carter, “lays a strong foundation for our\n strategy of building a tier one vertically integrated iGaming business\n in the US.”\n\n Spin Games‘ remote gaming server (RGS) along with its casino\n content are fully licensed and distributed in Michigan,\n Pennsylvania, and New Jersey, and is licensed with dispersal\n pending in Canada‘s westernmost province, British Columbia.\n Founded in Reno, Nevada in 2012, the firm’s portfolio comprises more\n than 150 interactive games including slots, bingo, video\n poker, virtual sports games, keno, and “out-of-the-box content\n concepts. And has content and RGS licensing agreements with\n industry-leading content providers including Illinois-based designer,\n developer and manufacturer of entertainment products, Incredible\n Tecnologies, Inc, Everi, and Konami Gaming.\n\n The merger agreement is in keeping with the global B2B gaming\n technology platform provider’s previously announced strategy to\n diversify its revenue from European regulated markets and increase its\n U.S. operations in an attempt to take advantage of the rapidly\n expanding online casino markets in the U.S and Canada. titled 3-Clown Monty. If you are looking for fun and excitement under\n the big top, you will find it here, just on the creepy side. Instead of\n taking place in a big open field, this circus is found on the dark side\n of town. An exciting clown show awaits by the Monty Brothers, Bumbo,\n Schmucky, and Whatda. Find these and other crazy characters on the\n reels, along with interesting features as you play the new game!\n\n 3-Clown Monty Details\n\n As you load the Play’n GO title, you might be a little iffy about\n this circus. The sign seems to be broken and the cast of characters a\n little crazy. Select your bet and spin the reels, watching as the\n symbols stop to hopefully provide a winning combination or activate a\n special feature.\n\n The gorilla character is the wild here, providing payouts and symbol\n substitutions. Any wins with the multiplier wild will multiply the win\n by the value shown on the wild symbol. The icon will substitute for all\n symbols on the reels except for the scatter.\n\n Speaking of the scatter, land two on the reels to earn extra wilds or a\n third scatter symbol. The scatters will turn into wilds during the\n special Dealers Choice round to give you a better shot at earning a\n win. When you earn three, four, or five scatter symbols, you get to\n pick a card. The card you choose will determine the number of extra\n spins you earn. From five to 12 are on offer.\n\n In the extra spins round, there is a Monty Spins option. If you trigger\n this option, you can get pick a card that reveals the number of Monty\n Spins you earn. During Monty Spins, the multiplier wild shows up and\n will remain fixed. Wilds are sticky during this round so any you find\n will remain to help create winning combinations.\n\n Charlotte Miliziano, the Head of Games for Play’n GO, commented on\n the new title by stating: “Storytelling is the basis of any great form\n of entertainment, and we are entertainers. But for a story to engage,\n it has to bring something different to the table. \n After recently inking a pair of multi-vertical content deals, Pragmatic\n Play has added its second new slot for May having just launched the\n fantasy-themed title, Phoenix Forge.\n\n Inspired by the red and gold-feathered bird-like creature that\n regenerates itself by burning up into ash and being reborn from those\n ashes, the provider‘s 5-reel, 3-row video slot challenges\n players in this quest for mythical riches. While searching for the\n ancient and legendary phoenix, players maneuver the 20-payline game\n while features like tumbling reels with a built-in multiplier system\n set them up for huge wins!\n\n Symbols and gameplay action:\n\n The game is set in what looks to be a Roman temple with a great hall\n flanked by Tuscan columns and filled with mountains of gold coins much\n like Smaug’s hoard at Mount Erebor while symbols include seven\n different colored gems encrusted in silver, which serve as the regular\n pays, while the elaborate golden Phoenix egg is the wild. The latter\n appears on reels 2-4 and with the exception of the bonus substitutes\n for all symbols.\n\n Symbols that are part of a winning line are removed from the reels and\n replaced with an increasing multiplier before new symbols drop down to\n fill it. Every successful cascade that fills the empty spot sees the\n multiplier count grow by 1x during that spin. Landing at least three\n Phoenix Scatter symbols, meanwhile, triggers the extra spins mode.\n Throughout this bonus round, all occurring multipliers stay sticky on\n the reels, which means the greater number of tumbling wins a player\n lands, the higher the multipliers ascend.\n\n Commenting on the new hit in a company press release, Chief\n Business Development Officer for Pragmatic Play, Yossi Barzely said…\n\n “Phoenix Forge takes a classic slot experience and adds tumbling\n wins to a 5×3 grid, as well as increasing multipliers for every\n successful cascade. Wins can be fast, furious, and huge in size and\n we’re delighted with our newest hit. On the heels of the launch of the latest addition to its fast-growing\n slots portfolio and B2B multi-product provider Relax Gaming has\n received UK Gambling Commission (UKGC) approval for all of its products\n and services for its Gibraltar branch.\n\n Lauded as “another major commercial highlight,” the approval signals\n greater opportunities for growth in what the St Julian’s-headquartered\n firm refers to as one of the world’s strongest iGaming markets.\n\n Growing UK presence:\n\n Courtesy of the UKGC nod, Relax’s impressive roster of premium\n online casino games will now be accessible to UK operators\n via its Gibraltar arm. Furthermore, the company has seen yet another\n milestone in its impressive recent growth, having successfully\n transferred leading operators 32Red, Boylesports, and BetVictor\n onto its Gibraltar network, with international sports betting and\n gaming group Entain plc‘s (LSE: ENT) Coral and Ladbrokes UK\n brands, among the next to do the same.\n\n In a company press release, Chief Executive Officer for Relax\n Gaming, Tommi Maijala said…\n\n “Following a fruitful relationship with the UKGC through our\n Malta-based company, having all our products and services approved for\n our Gibraltar branch is another major commercial highlight for us. Its\n significance will be felt across the business, including by our valued\n third-party partners.”\n\n He added that the license acquisition represents a “fresh opportunity”\n in its “drive to deliver excellence and growth across all regulated\n markets.
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