Wire NORTH AMERICA
Tropicana Replacement Planning Underway
Iowa - $250m Cedar Crossing Casino proposal The Cedar Rapids Development Group, which includes operator Peninsula Pacific Entertainment, is pursuing land in northwest Cedar Rapids in Iowa, in the hope of developing a casino there. The aim is to build a $250m, 160,000sq.ft entertainment and cultural arts complex called the Cedar Crossing casino. The council has confirmed a public hearing date to consider the development on July 11.
Jonathan Swain, President of Peninsula Pacific Entertainment, said: “I’m perpetually optimistic both about the commission and the Legislature. All we ask for is the opportunity to present our case before both bodies and make this opportunity for Cedar Rapids come to life.”
Nevada - Betsson and L&W expand agreement Light & Wonder has forged a new deal with operator Betsson Group. Building on a longstanding existing relationship, the new agreement deal ensures a continuation of Light & Wonder and various third- party content made available via the OpenGaming system, but most importantly gives the operator a significant increase in content available across all existing and newer markets that they currently operate in or are on the brink of entering.
The duo has worked together for many years, with Light & Wonder providing content to Betsson Group as they have fostered growth in key markets globally. The OpenGaming ecosystem delivers more than 3,500 games from a global network of studios.
Virginia - ONE Casino project back on the table Having failed in a previous referendum in 2021, Richmond City Council is now giving the ONE Casino + Resort project another chance with another public vote in November. Back in 2021, the $562.5m casino project narrowly failed with a vote of 51 per cent against but now councilors want a second coming for the project due to the economic opportunity it presents.
RVA Entertainment Holdings, a partnership between Urban One and Churchill Downs, has been named as the preferred casino operator. City Councilor Mike Jones said: “I believe the citizens should have an opportunity to vote on this next time. You can’t compare the deal. There is no comparison to this deal. There just isn’t.”
The casino would boast 2,000 slots and 110 table games, including poker and a sports book, a 250- room hotel with the option of expanding to 600 rooms, 15 bars and restaurants, 3,000 capacity event centre, 200 entertainment events annually and TV & Radio production studios. It’s now down to the Virginia Lottery and Richmond Circuit Court to approve the referendum for progress to be made.
P20 WIRE / PULSE / INSIGHT / REPORTS
Te Oakland Athletics baseball team is set to move into a $1.5bn, 30,000-seat ballpark in Las Vegas on land currently occupied by the Tropicana.
Nevada Governor Joe Lombardo has signed in Senate Bill 1 securing funding for the Oakland Athletics baseball team to move into a $1.5bn, 30,000-seat ballpark in Las Vegas on land currently filled by the Tropicana. Owner Bally’s Corp. is now considering when the Tropicana will be demolished and whether a new resort casino will be added alongside the new stadium.
“I’m excited to officially sign SB1 this afternoon. Tis is an incredible opportunity to bring the A’s to Nevada, and this legislation reflects months of negotiations between the team, the state, the county, and the league,” commented Mr. Lombardo. “Las Vegas’ position as a global sports destination is only growing, and Major League Baseball is another tremendous asset for the city.”
Te land the Tropicana is built on is owned by Bally’s and Gaming and Leisure Properties. Tey have offered the A’s nine acres of the 35-acre site for free, despite the land being worth an estimated $180m. Te SB1 bill will bring further funding with $380m of public money, $180m from the state and $145m from Clark County.
Florida
VPointsBet’s board has unanimously recommended Fanatics Betting and Gaming’s improved proposal of US$225m to acquire its US business, representing a 50 per cent (US$75m) increase to the prior bid. Te news is a blow to DraftKings who had previously submitted a $195m offer.
Te operator had expressed its excitement regarding the potential synergies available by acquiring PointsBet’s U.S. business, including offering customers new bet types and accelerating its roadmap of bringing in-house more mobile sports betting technology.
Ultimately, PointsBet’s board has determined that the FBG Transaction is superior in terms of both pricing and certainty of being able to complete on a timely basis.
Bally’s Corp. Chairman Soo Kim confirmed that with public financing deal finalised, planning can now get underway - with larger and smaller resort casinos being considered.
Mr. Kim said to the Las Vegas Review-Journal: “We still need to talk to the A’s and make sure we’re coordinating on timing. We put up as much money as the county or the state and we did that because the economic benefits, to us, were clear. Te market size itself wouldn’t necessarily merit a team, but because you have tourism and its the world-famous Strip, I just think it’s an amazing opportunity for the sport, as well as the state.
“Te A’s told me that the best way to do baseball is to have a distribution of parking spots and a walking experience. So whatever is built we’ll be a beneficiary of. But just as close of a beneficiary is MGM, because they are literally on three of the four corners.
“People will absolutely park at one of the MGM properties and walk across. Tat’s good for them, good for us and good for everyone.”
Ontario Canadian Gaming Summit doubles attendance
Te 26th edition of the Canadian Gaming Summit took place on June 13-15 for the first time since its acquisition from the Canadian Gaming Association last year.
Tis year's conference and tradeshow, held in partnership with the CGA, surpassed previous records by drawing more than 2,000 attendees at the Metro Toronto Convention Centre, doubling the number of participants from 2022.
Spanning three days, the event showcased a multitude of conference sessions, each taking place concurrently in three conference rooms and led by over 180 speakers. Complementing the educational experience was a show floor housing over 90 exhibitors and sponsors and a series of networking events. Te event featured a First Pitch startup
competition, which culminated in Linemate, a B2C app catering to entry-level sports bettors, emerging as the victorious contender. Attendees also benefited from a masterclass focused on comprehending and implementing return-to-player principles to optimise electronic gaming revenues.
Rasmus Sojmark, CEO & Founder of SBC, said: “Our inaugural experience surpassed all expectations. Prior to the summit, we engaged in extensive conversations with exhibitors, sponsors, and speakers, delving into the nuances of the market to better cater to our audience. Leveraging the vast network of SBC connections, we managed to elevate this event into the pinnacle gathering for the Canadian gaming industry. Congratulations to our entire team.”
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