Appeals, investments and proposals:
The week in numbers
Each week, CasinoBeats breaks down the numbers behind some of the industry’s most interesting stories. Today we take a look at an appeal from the Swedish regulator, significant manoeuvres in Illinois and a bumper purchase by Genting.
Genting has unveiled a bolstering of its gaming portfolio after entering into an agreement to purchase LeoVegas’ live gaming specialist Authentic Gaming.
The leisure and entertainment operator is to pay €15m on a debt free basis for the subsidiary of the online gambling operator, a price that represents a return of more than 100 per cent during a period of a little over three years.
Bringing together offline and online experiences, Genting is to utilise Authentic’s streaming technologies and expertise across its land-based and digital estate, both in the UK and internationally.
Continuing to operate independently from the larger group, the purchase comes as Genting strives for growth across a European live casino sector that analysts estimate to be worth €2.5bn.
Full House Resorts has outlined further plans for American Place, after submitting plans to the Illinois Gaming Board outlining its proposed casino development in the city of Waukegan.
Submitting to an owners gaming licence application, it follows Waukegan City Council certifying American Place as one of three proposals at a recent special meeting.
The Full House submission ranked as the top proposal with North Point Casino and Rivers Casino also progressing for further consideration, however the spurned Potawatomi Casino is said to be suing the city over a decision to reject its plans.
Should the group ultimately be successful, its first phase American Place would include a “world-class” casino with a “state-of-the-art” sportsbook, a boutique hotel comprised of twenty villas, each ranging from 1,500 to 2,500 square feet with full butler service, a 1,500-seat live entertainment venue, a gourmet restaurant that it is said “will rival the finest restaurants in Chicago,” additional eateries and bars and other amenities that it is hoped will attract gaming and non-gaming patrons from throughout Chicagoland and beyond.
The Spelinspektionen is appealing an Administrative Court judgement that saw a penalty package previously issued to Casino Cosmopol be reduced from SEK 8m (£638,680) to SEK 3m (£239,505).
Stressing that it “does not consider that the reduction is justified,” the Swedish regulator also commented that it is “not clear from the judgement of the Administrative Court why the court chose to reduce the penalty fee”.
Appealing to the Administrative Court of Appeal in Jönköping, the authority also expressed puzzlement at the Linköping court sharing its viewpoint that the company was guilty of serious and systematic violations of the regulations.
Sweden’s Administrative Court in Linköping reversed the decision earlier this month, following an initial ruling made by the country’s regulator last year.
New York headquartered real estate investment trust Vici Properties has entered into a $843.3m agreement with Jack Entertainment that will see the firm acquire two Ohio-based entities.
Vici is to purchase 100 per cent of the membership interests of affiliates that own casino-entitled land and real estate and related assets associated with Jack Cleveland Casino, located in downtown Cleveland, and Jack Thistledown Racino, situated in the city of North Randall.
Simultaneous with the closing of the transaction, expected to be early 2020 subject to regulatory approvals and customary closing conditions, Vici will enter into a triple-net lease agreement with Jack Entertainment.
Coming at an initial term of 15-years, with four 5-year tenant renewal options, the master lease will have an initial total annual rent of $65.9m.