DraftKings to go Public with SBTech NORTH AMERICA
Daily fantasy sports operator DraftKings has entered into a definitive business combination agreement with Diamond Eagle and SBTech
DraftKings offers mobile and online sports betting in Indiana, New Jersey, Pennsylvania and West Virginia, and retail in Iowa, Mississippi, New Jersey and NYC
US SPORTS BETTING
MINESOTA –Konami Gaming’s SYNKROS casino management system has been selected by Red Lake Gaming Enterprises, operator of Seven Clans Casinos. Red Lake Gaming is scheduled to launch SYNKROS across its portfolio of premier Northern Minnesota venues, including Seven Clans Warroad, Red Lake, and Thief River Falls. In total, the rollout will reach more than 1,500 slots and 10 live tables.
“Superior service, exhilarating gaming entertainment, comfort, and convenience have long been at the forefront of our guest experience at Seven Clans Casinos,” said Ray Brenny, chief executive officer at Red Lake Gaming Enterprises, Inc. “Considering this legacy and our vision for growth, Konami’s SYNKROS was the top choice to drive our casino portfolio ahead of the curve.”
“Guests across Seven Clans Casinos will encounter exciting new promotions, tournaments, rewards, and mystery bonus events at all of our locations with the upcoming SYNKROS launch,” said Frances Graves, marketing director at Red Lake Gaming Enterprises, Inc. “SYNKROS’ advanced technology and single ecosystem provide the reliable foundation to support both our immediate and long-term objectives.”
US – Scientific Games is assembling a strong leadership team for long-term success as it continues to lead in large established gaming markets and grow in emerging markets.
Matt Wilson will join the company as EVP and Group Chief Executive, Gaming on March 1, while Siobhan Lane will assume the new role of CCO, Gaming on
February 1, 2020. Connie James joined Scientific Games as the CFO, Gaming on January 6, 2020.
Derik Mooberry, who has served as the Gaming Group Chief Executive, will be transitioning to a strategic advisory role to support the new team.
Mr. Wilson is an accomplished industry leader known for delivering double digit growth, capitalising on new business opportunities and developing strong customer relationships. Siobhan Lane has over 12 years' experience in the Gaming industry and a proven track record of driving business results through strong strategic and executional alignment with a focus on building high performing teams and developing an engaging culture.
Connie James is a global finance executive with a history of delivering successful business, cultural and financial transformations.
P36 NEWSWIRE / INTERACTIVE / MARKET DATA
US daily fantasy sports operator DraftKings has entered into a definitive business combination agreement with Diamond Eagle, a publicly traded special purpose acquisition company, and SBTech. Te combined company will become the only vertically-integrated pure- play sports betting and online gaming company based in the United States. In connection with the closing of the transaction, Diamond Eagle intends to change its name to DraftKings Inc., reincorporate in Nevada and remain Nasdaq- listed under a new ticker symbol. Te transaction is expected to close in the first half of 2020 subject to the registration statement being declared effective by the Securities and Exchange Commission.”
Te new DraftKings will continue to be led by co-founder and CEO Jason Robins and will retain DraftKings’ highly experienced management team, including co-founders Paul Liberman and Matt Kalish. Te SBTech management team who bring a wealth of international markets, trading and risk management experience will also be integrated into the organisation.
Caesars sells Harrah’s Reno property for $50m
Nevada
Harrah’s Reno has been sold to an investment group that will convert the hotel-casino into a non-gaming hotel and mixed- use development. An affiliate of CAI Investments will pay $50m to real estate investment trust VICI Properties and operator Caesars Entertainment for the 83-year- old building in downtown Reno.
Caesars will continue to operate the 940-room hotel- casino after the transaction closes through a short-term lease with CAI. Te property is expected to close in the second half of 2020, ending the presence the Harrah’s name in the Northern Nevada city.
Caesars is merging with Reno- based Eldorado Resorts in a $17.3bn transaction. Eldorado operates three casinos in
downtown Reno – Eldorado, Silver Legacy and Circus Circus, which are collectively referred to as “Te Row.”
Gaming analysts said Eldorado management, which would have acquired the Harrah’s Reno lease through the Caesars purchase, wasn’t interested in operating a fourth casino in the Reno market. In addition, there might have been federal antitrust concerns with one company owning that many gaming properties in the area.
CAI Investments CEO Christopher Beavor said he is originally from the Reno/Sparks community in Northern Nevada and “it is with great pride that we are investing in the Reno area by redeveloping this property.”
“Te combination of DraftKings’ leading and trusted brand, deep focus on customer experience and data science expertise and SBTech’s highly innovative and proven technology platform creates a vertically- integrated powerhouse,” said Jason Robins co-founder and CEO of DraftKings. “I look forward to building significantly upon our goals of continuing our state-by-state rollout and creating the most entertaining and engaging customer experiences for sports fans globally.”
Institutional investors (including funds managed by Capital Research and Management Company, Wellington Management Company and Franklin Templeton) have committed to a private investment of $304m in Class A common stock of the combined company that will close concurrently with the business combination and, subject to any redemptions by DEAC stockholders, there is $400m currently held in Diamond Eagle’s trust account. It is anticipated that the combined company will have an equity market capitalisation at closing of approximately $3.3bn and have over $500m of unrestricted cash on the balance sheet.
Indiana
Caesars’ two racinos in Indiana launched live dealer games from January 1, following approval from the Indiana Gaming Commission. Indiana Grand in Shelbyville now has 43 tables with 304 seats, and Hoosier Park in Anderson has 28 tables with 179 seats. A bill passed in the Spring superseded a previous timescale of 2021 to introduce live-dealer table games. Trent McIntosh, Senior Vice President and General Manager of Hoosier Park, said to help attract job candidates, the casinos guaranteed a minimum wage of $20 per hour. Both casinos opened the live-dealer table games at 1 p.m. January 1. Indiana Grand now offers craps, blackjack, roulette, Mississippi stud, three-card poker and mini-baccarat. Hoosier Park offers craps, blackjack, roulette, Mississippi stud, three-card poker and EZ baccarat.
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