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Crown’s Alon Maintains Holding Pattern James Packer’s third attempt to enter the Las Vegas casino market has run into


trouble with plans for his Crown Resorts’ Alon project on Te Strip on hold due to ‘weakened American debt markets’


Crown’s plan to secure $1bn in US debt to finance the project has been delayed although Crown is insistent that it is not working to any deadlines


NEVADA CASINO DEVELOPMENTS


In 2014, Australian casino operator James Packer bought the 35-acre former site of the New Frontier, located across from Wynn Las Vegas and next to the Fashion Show Mall, for $260m. However, since that time there has been little to no development activity at the site. Crown is believed to have taken a 73 per cent share in Alon Leisure Management, but is known to have spoken to institutional investors about a selling off some of that shareholding taking its ownership down to 45 per cent.


Andrew Pascal, CEO of Alon, and former Wynn executive, recently defended the project saying: “Te report related to Alon’s financing has more to do with the macro financial markets than with Alon Las Vegas specifically. Tere is no question that the environment is difficult for everyone at the moment, but deals are still getting done. With that said, the Las Vegas market has never been stronger – record visitation, record revenue. We have the right team, the right idea, the right timing and the


New Jersey


Te New Jersey Division of Gaming Enforcement has posted its Temporary Regulations regarding skill-based gaming. Te Division’s regulations mirror the Nevada skill-based regulations published in September 2015, so that any product approved in New Jersey would also be eligible for approval in Las Vegas and vice versa. However, companies that bring their skill based products to New Jersey before any other jurisdiction will have an additional advantage with a provision referred to as “New Jersey First.” Tis provision allows gaming products that are submitted to New Jersey prior to or simultaneously with any other jurisdiction or testing lab to be tested and, if approved, put on the casino floor within 14 days. Games manufacturers must make sure that the game prominently explains that the outcome of their bet can be influenced by their physical or mental skill as opposed to traditional gambling devices that are based on chance.


right location. We will continue to advance the development and ultimately secure the capital we need.”


Crown’s Chief Financial Officer Ken Barton added: “Obviously there’s been some volatility around capital markets particularly in the leveraged space, so that hasn’t been all that conducive, but we’re obviously working on other things that are supportive of building out the business case. We haven’t been prescriptive about what the right mix of debt or equity is or what the source of that equity is.”


Deutsche Bank analyst Mark Wilson isn’t confident though. He commented: “Crown and its partners are continuing design work on the project as well as developing a number of funding options and necessary permits have been applied for and a construction contract is being negotiated. We believe this project may be difficult to progress given the recent increase in credit spreads.”


the Michigan Lottery to provide added convenience to its players and retailers through additional self-service lottery vending products and the use of evolving technology.”


Michigan Lottery extends technology deal with IGT


Michigan


IGT Global Solutions Corporation, has signed a four- year contract extension with the Michigan Lottery to continue providing lottery technology and services through January 19, 2021. Te Michigan Lottery has been an IGT customer since 1988.


“IGT is committed to providing products and services for sustainable lottery growth,” said Michael Chambrello, IGT CEO, North America Lottery (pictured). “To that end, we will continue to work closely with


Under the terms of the contract extension, IGT will provide the Lottery with additional self- service lottery vending machines, as well as upgrades to the Internal Control System hardware and relating operating system and application software that interfaces with IGT’s lottery central system.


In addition, the Lottery will receive IGT’s ES Anywhere (ESA) which provides secure, reliable, and high performance APIs (Application Programming Interface) to customer software, such as mobile apps and web browsers. Te APIs are standardised across delivery channels, so that lotteries using ESA get maximum reusability and faster time to market when adding new channels.


NEW JERSEY – At least half of Atlantic City’s failed Revel Casino Hotel could be open again by June 15 with Florida-based Polo North Country Club promising that a third of the rooms, a gaming floor and all the restaurants will be operational by the summer.


The boardwalk property, the most expensive casino in Atlantic City and one which was once seen as the city’s saviour, has been shut since September 2014, having never made a profitable month. Polo North Country Club’s owner Glenn Straub, who bought the $2.4bn property for $82m last April said the property would be renamed when it reopens.


Talking to the Associated Press he said: “It’s definitely not going to be ‘Revel. It doesn’t mean anything. We’re not going to have all 1,800 rooms open; we’ll probably have 500 open that day. All the restaurants will be open, I think. They’ve been wanting to re-open since the day it closed.”


Atlantic City’s Licensing and Inspection Chief said Mr. Straub will however have to secure a certificate of occupancy, a gaming licence and permits to reopen the restaurants, the hotel and to carry out any construction work. Mr. Straub plans to hire a casino group to operate the gaming floor.


NEW JERSEY – Billionaire casino investor Carl Ichan has agreed to plough US$100m into his newly bought Taj Mahal casino in Atlantic City but only if New Jersey rejects plans to allow two new casinos to be built in the north of the state, just outside New York City.


Mr. Icahn, whose Tropicana Entertainment will operate the Taj Mahal, said any in-state competition added to that from neighbouring states would make it impossible to invest that much money into his new casino as the model would be unprofitable.


Mr. Icahn, Chairman of the Board of Icahn Enterprises, said: “Although I had planned to invest up to $100m in the Taj, just as I previously made substantial investments in the Tropicana, obviously it would not be judicious to proceed with those investments while gaming in North Jersey remains an open issue. We will have to wait to see the outcome of those proposals.”


His warning followed Tropicana Entertainment’s announcement that it would take over the management of Trump Taj Mahal Casino from Trump Taj Mahal Associates. It said it would manage the Trump Taj Mahal Casino Hotel and provide consulting services relating to the former Plaza Hotel and Casino in Atlantic City, New Jersey. Both the Tropicana and TTMA are subsidiaries of Icahn Enterprises.


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