Wire NORTH AMERICA
GLPI purchases Hard Rock Rockford land
Gaming and Leisure Properties has bought the land associated with the Hard Rock Casino Rockford development project in Illinois.
An approximate 60,000 sq. ft. gaming floor will initially be fitted with 1,250 slot machines and 50 table games, as well as in-person and online sportsbooks.
ILLINOIS OPERATOR NEWS
NEVADA - Realty Income Corporation, The Monthly Dividend Company, and Blackstone Real Estate Income Trust have jointly announced that Realty Income has signed a definitive agreement to invest approximately $950m to acquire common and preferred equity interests from BREIT in a new joint venture that owns a 95 per cent interest in the real estate assets of The Bellagio Las Vegas.
The Bellagio, situated at the centre of the Las Vegas Strip in Las Vegas, is subject to an existing triple net lease with approximately 26 years of remaining term and is operated and maintained by MGM.
US – Inspired Entertainment is expanding its partnership with FanDuel to deliver iGaming content across four North American jurisdictions; Ontario, Pennsylvania, Michigan and most recently, New Jersey.
Players in all four markets now have access to Inspired’s portfolio of online content of varying themes and mechanics through FanDuel. Key launch titles include Big Fishing Fortune, Big Spin Bonus, Gold Cash Free Spins, and Scarab Fortunes Win & Spin, among others.
VIRGINIA – Urban One and Churchill Downs have revealed their new plans for the $562m resort, casino, and entertainment complex along with a new name; Richmond Grand Resort and Casino. The new proposals include a 250-room luxury hotel, resort amenities, convention space, a 55- acre park, a 3,000-person entertainment arena, high-tech film and audio production facilities and local restaurants and breweries.
The project failed in a referendum by a 51 per cent to 49 per cent vote three years ago. The new resort will still be built on an industrial lot on the city’s Southside. Alfred Liggins III, the CEO of Urban One, said: “It’s no secret that we didn’t make a winning case in 2021. I know that last go-round, we bought every billboard in the entire city, and you know, it was probably annoying. Problem is, we should have been talking to more people, as opposed to advertising to more people.”
PENNSYLVANIA – Gaming Realms has extended its presence in the Keystone State after taking its content live with Bally’s Interactive. The operator recently entered the Pennsylvanian market and this latest partnership sees the brand now offer Gaming Realms’ titles to its player base, including the Slingo Extreme game.
Across the US, the provider’s portfolio of Slingo titles have proven popular by combining elements typically associated with slots and bingo to create a unique gameplay experience.
P24 WIRE / PULSE / INSIGHT / REPORTS
Gaming and Leisure Properties has bought the land associated with the Hard Rock Casino Rockford development project in Illinois from an affiliate of 815 Entertainment for $100m. Simultaneous with the land acquisition, GLPI entered into a ground lease with 815 Entertainment for a 99-year term.
Primely located just off Interstate 90, the Hard Rock Casino in Rockford will consist of approximately 177,000 sq. ft. featuring an approximate 60,000 sq. ft. gaming floor, initially with 1,250 slot machines, 50 table games, and in-person and online sportsbooks in the US’s second largest sports wagering market. Te project is currently under construction, with a total projected budget of approximately $358m, inclusive of the temporary facility, with approximately $120m spent to date.
“Our agreements with 815 Entertainment will allow GLPI to expand its footprint with the addition of a new ground lease, a new tenant, and a commitment to provide potential funding,” commented Peter Carlino, GLPI’s Chairman and CEO. “We believe this is an attractive ground lease transaction for our shareholders as the
strong initial results at 815 Entertainment’s temporary facility demonstrate the strength of the location and the depth of the market. Te Hard Rock brand is world renown and will support and solidify the new casino’s position as a tourist destination and entertainment venue.
Te initial annual rent for the ground lease is $8m, subject to fixed two per cent annual escalation beginning with the lease’s first anniversary and for the entirety of its term. In addition to the ground lease, GLPI has also committed to providing up to $150m of development funding via a senior secured delayed draw term loan, subject to regulatory review. Any borrowings under the senior secured delayed draw term loan will be subject to an interest rate of 10 per cent.
“Hard Rock’s incredible financial strength and development trajectory is only made stronger with great partners like GLPI and 815 Entertainment,” said Jon Lucas, Chief Operating Officer for Hard Rock International. “We are really looking forward to opening another world-class entertainment property with Hard Rock Casino Rockford.”
Wisconsin Potawatomi Casino opens new gaming areas
Potawatomi Hotel & Casino has opened the second phase of its $190m renovation project with two new gaming areas; ElevenHundred and the Atrium, offering more slots, table games, new bars, and new restaurants.
Focusing on the casino’s Skywalk level, the second phase of renovations officially opened with a new bar and restaurant called Street Eatz and Te 1833 Club, a VIP space for Potawatomi’s diamond and emerald club members as well as Rock & Brews and Cream City Coffee Co. Earlier in the year, the casino also launched its temporary sportsbook and its new Potawatomi Marketplace food hall space, both found on the ground floor.
Te new gaming areas offer hundreds of new slot machines and more than a dozen new tables with the new ElevenHundred gaming room, offering 600 new machines. he 1833 Club is reserved for
diamond and emerald-level Fire Keeper’s Club members, and offers more slot machines, bartop slots, a sportsbook kiosk and high-limit tables.
Potawatomi Hotel & Casino CEO Dominic Ortiz, said: “Tis really sets us up for long-term success in the city, as we see all of our other key partners elevate their stadiums, their teams, their games. Everybody in Milwaukee seems to be bringing their A-game, right? So we didn’t want to be left out. We want to be champions, we want to be number one and we want to bring the best entertainment destination in the entire region. And that’s what we delivered here today.”
“I really believe the ElevenHundred Bar really resets the stage for the entire city. You have to come see this bar – the elements, the decor, the LED, the integration, the lighting and, last but not least, a first-class list of specialty drinks.”
Massachusetts
Boston Billiard Club & Casino has changed its identity to Gate City to pay homage to Nashua and reflect its major expansion as a gaming destination in New Hampshire and the Greater Boston region.
Te casino’s management team has been working toward the transition for several months. An advertising campaign and new website have been launched along with exterior and interior casino signage and items such as poker chips reflecting the new name.
Delaware North, the global hospitality and entertainment company that purchased Boston Billiard Club & Casino in October, explored new names that would eflect its move away from billiards to adding HHR gaming machines and a DraftKings Sportsbook to complement the venue’s table games and poker room.
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