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Blackstone Buys Bellagio for US$4.2bn


MGM Resorts has formed a joint venture with Blackstone that values the real estate of Bellagio at $4.25bn, a purchase price multiple of 17.3x rent


In the future MGM is monetising and/or unlocking value from its real estate portfolio, including MGM Grand, MGM Springfield and CityCenter properties


NEVADA CASINO OPERATIONS


In this landmark transaction for the gaming and entertainment industry, the joint venture will acquire the Bellagio real estate and lease it back to a subsidiary of MGM Resorts for initial annual rent of $245m. MGM Resorts will receive a five per cent equity interest in the joint venture and cash of approximately $4.2bn. Te transaction is expected to close in the fourth quarter of 2019, subject to certain closing conditions.


Jim Murren, Chairman and CEO of MGM Resorts International, said: “Tis transaction confirms the premium value of our owned real estate assets, highlights the unique value of Bellagio as a premier asset in gaming and solidifies our status as a premier operator of gaming and entertainment properties. We will use the proceeds from this transaction, together with the proceeds from the sale of Circus Circus Las Vegas, to build a fortress balance sheet and return capital to shareholders. By the end of 2020 we intend to have domestic net financial leverage at our operating properties of 1x.”


“Tese transactions enhance the company’s strategic and operational flexibility and reinforce its commitment to targeted new growth opportunities, including securing and investing in one of the integrated resort licenses in Japan and becoming an industry leader in


Seven new members join AGEM gaming organisation


US


AGEM’s Board of Directors has approved the membership of seven new companies, bringing the trade group comprised of gaming suppliers to a total of 170 members.


Te new AGEM members are: AmericanChecked, based in Tulsa, Oklahoma, a nationally accredited consumer reporting agency that conducts employee and vendor background screening and drug testing for the gaming industry, with an emphasis on tribal operations. Central Account Management System (CAMS), based in Las Vegas, provides a consolidated suite of key services to online gaming and sportsbook clients around the world. iPro, Inc.,


sports betting in the U.S. We remain committed to delivering on our 2020 goals and continue to be on track to achieve our previously announced targets.”


Jon Gray, Blackstone President & COO, added: “As big believers in MGM Resorts and Las Vegas, we are thrilled to partner with MGM to acquire the Bellagio on behalf of our BREIT investors. We look forward to a long and productive partnership with this world-class company.”


MGM Resorts’ commitment to its asset-light strategy is the culmination of an extensive strategic review of the interplay of its real estate portfolio, overall valuation and operational potential. Tis strategy is expected to unlock the significant unrealized value of the company’s real estate and highlight the strength of its operating business. MGM Resorts is evolving its business model away from primarily a capital intensive, brick-and-mortar real estate business towards a developer, manager and operator of leading gaming, hospitality and entertainment properties. Tis strategy is designed to accelerate the company’s top line growth, enhance its return on investment profile and result in a more financially robust, global enterprise that is best positioned to take advantage of future growth opportunities.


based in Incline Village, Nevada, is a mobile and online gaming technology and platform company.


Reed Exhibitions, based in Norwalk, Connecticut, is a leading global events organiser, with more than 500 events in 30 countries, including G2E in Las Vegas and Macau. Shenzhen TMD Technology Co., based in Shenzhen, China, is a technical company producing touch monitors for gaming equipment. Sports Betting Community, based in London, is a news, media and events organiser that works with industry leaders to advance the betting and gaming industry. US Bank, based in Minneapolis, Minnesota, with a large presence in Las Vegas, provides a complete range of banking and financial services for individuals, businesses, government entities and other financial services.


US


Te acquisition of five casinos helped Boyd Gaming report third-quarter revenues of $819.6m, up from $612.2m in the third quarter of 2018 although the best quarter since 2005 in the Las Vegas Locals segment, also boosted performance, led by record performances at Te Orleans and Aliante. Results for the third quarter of 2019 include $212.9m in revenues and $62.1m in Adjusted EBITDAR from Ameristar Kansas City, Ameristar St. Charles, Belterra Resort and Belterra Park, acquired on October 15, 2018; and Valley Forge Casino Resort, acquired in 2018. Tird-quarter 2018 results included $5.8m in revenues and $1.1 million in Adjusted EBITDAR from Valley Forge. In the Las Vegas Locals segment, third-quarter 2019 revenues were $213.3m, up 2.2 per cent from $208.8m in the year-ago quarter.


KENTUCKY – Churchill Downs will bring 1,500 historical racing machines to the Turfway Park racetrack in Florence, Kentucky, as it revamps the property after buying it for $46m from jack Entertainment. Churchill Downs will spend $150m on renovating the racetrack, building a new grandstand, a clubhouse, food and beverage venues and a new inner dirt track to complement the existing 1-mile synthetic main race track. The purchase of Turfway has replaced Churchill’s previous plans to build a new $200m racetrack called Latonia Racing and Gaming.


Kevin Flanery, President of Churchill Downs Race Track, said: "Our team is poised to restore Turfway to its former glory, anchored by northern Kentucky’s first historical racing machine facility. The result will be a first-class racing product fueled by increased purses that keeps high-quality horses in Kentucky.”


Mark Dunkeson, CEO of Jack Entertainment, said: “Churchill Downs is dedicated to keeping the historic racing institution a strong part of the Northern Kentucky racing community. We know that Churchill Downs has Turfway’s best interests in mind and will ensure that Turfway remains an exceptional facility that is well positioned to carry on the rich history of thoroughbred racing. Together, Turfway and Churchill Downs will bring an exciting future to this mainstay of the Kentucky racing circuit.”


US – JCM Global and Eurocoin have expanded their long-term relationship. Under a new agreement, JCM will now represent Eurocoin printers in North America and Latin America for a wide range of commercial applications. JCM is the leading supplier of thermal printers in the casino market, and adding Eurocoin printers to its portfolio will allow the company to offer additional choices and greater flexibility to its commercial and gaming customers.


“Our commercial partners in the Americas have expressed to us their need for a roll-style thermal printer that was more compact with greater flexibility to accommodate the variety of applications they use today. We listened, and we sought out the very best roll-style thermal printers available. We were delighted to find the perfect solution in the EP802 product line from our long- term partner Eurocoin,” said David Kubajak, JCM’s SVP of Sales, Marketing and Operations.


JCM will represent Eurocoin’s EP802-TMP and EP802-TM Thermal Printers, each featuring roll- feed paper that allows operators to print as much or as little information as needed for each individual transaction. The EP802 series of printers are highly reliable and intended for use in sports betting and gaming, as well as across a wide range of other applications.


NEWSWIRE / INTERACTIVE / MARKET DATA P33 NORTH AMERICA


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