Each week, CasinoBeats breaks down the numbers behind some of the industry’s most interesting stories. Today we take a look at casino concerns in the UK, a first tribal presence in the “entertainment capital of the world” and an FTC green-light.
US casino operators Caesars Entertainment and Eldorado Resorts have announced that the Federal Trade Commission has accepted a proposed consent order, which concludes the FTC’s Hart-Scott-Rodino review of the pending merger. The FTC’s acceptance of the consent order satisfies all required antitrust clearances for the merger.
The completion of the transaction remains subject to the satisfaction of other closing conditions, including receipt of all consents and approvals from the Nevada Gaming Control Board, Nevada Gaming Commission, New Jersey Casino Control Commission, Indiana Gaming Commission and Indiana Horse Racing Commission.
“We are pleased that the FTC’s approval of our planned merger with Eldorado paves the way for securing the remaining consents and approvals from regulators in Indiana, Nevada and New Jersey. All of us at Caesars are committed to completing the merger, which is expected to create the largest US gaming company,” noted Tony Rodio, CEO of Caesars Entertainment.
The $17.3bn cash and stock transaction that is to see Eldorado acquire Caesars to create the largest casino operator in the US, providing access to approximately 60 domestic casino–resorts and gaming facilities across 16 US states.
Tilman Fertitta and Landcadia Holdings II have unveiled a purchase agreement regarding US online real money casino Golden Nugget Online Gaming.
Upon closing, Landcadia II, a publicly traded special purpose acquisition company co-sponsored by Fertitta Entertainment and Jefferies Financial Group, intends to change its name to Golden Nugget Online Gaming and its Nasdaq trading symbol to GNOG.
Set to become only the second pure publicly traded online casino company in the country, both parties assert an expectation that the transaction will close in the third quarter of the year.
“GNOG is one of the best positioned companies to capitalise on this massive online gaming opportunity in the US,” said Rich Handler, co-chairman of Landcadia II and CEO of Jefferies. “We at Jefferies couldn’t be more thrilled to partner with Tilman and bring this great opportunity to the public markets.”
GNOG began its operation in New Jersey during the fourth quarter of 2013, and is lauded as being the first online gaming company to launch live dealer in the US. After becoming profitable four years ago it recorded net income of more than $11m in 2019.
The Betting and Gaming Council has again urged the government to respond “positively and quickly” to enable the region’s land-based casinos to reopen, warning of potential job losses should a decision be significantly delayed.
Ministers have been urged to respond positively to all the steps taken by casinos, with BGC chief executive Michael Dugher stating that it was clear the venues had “pulled out all the stops” after visiting Rialto Casino in London.
This comes after Prime Minister Boris Johnson confirmed that the land-based casinos would remain closed beyond July 4, a date which will see many segments of the region’s hospitality industry reopen to strict COVID guidelines.
This came despite the sector, which employs more than 14,000 people and pays £300m a year in tax, introducing a range of strict anti-COVID measures to ensure the safety of their staff and customers.
These include ensuring that seating and table areas, as well as roulette chips, must be sanitised before and after use. Customers are also limited to play at one table and must sanitise their hands before and after, and patrons will have to remain seated and are not permitted to circulate when playing table games. Face coverings are also available for customers on request.
Mohegan Gaming and Entertainment has rolled-out further details of its impending new destination in Las Vegas, signifying the first tribal casino presence in the “entertainment capital of the world”.
The company’s’s 60,000-square foot premium gaming venue, currently undergoing extensive renovation, is located within Virgin Hotels Las Vegas, part of the Curio Collection by Hilton.
MGE has named Joe Hasson as general manager to lead the brand’s first foray into the Las Vegas market, overseeing the strategic direction of business operations and financial performance of the casino property in coordination with the senior management team.
Tyler Conover has also been drafted-in as director of marketing, and will be charged with amplifying the firm’s presence and furthering key business initiatives to attract guests.
Under their leadership, MGE asserts an aim of delivering “memorable guest experiences, best in-class operations, and unmatched personalised service”.
Situated at the site of the former Hard Rock Hotel and Casino, subject to regulatory approval the re-imagined Las Vegas resort is slated to open at the end of the year.