$850m

MGM Resorts International and MGM Growth Properties have announced the completion of transactions to acquire Empire City Casino, located in Yonkers, New York.

MGM Resorts acquired the property for approximately $850m, with the company agreeing to pay an additional $50m if Empire City is awarded a license for live table games on or prior to December 31, 2022.

Following the purchase MGP secured the developed real property from MGM for in the region of $625m, and leased it back to an MGM subsidiary that is to undertake daily operations.

Jim Murren, chairman and CEO of MGM Resorts, commented: “We are pleased to welcome the 1,200 employees at Empire City Casino to the MGM Resorts family.

“Over the past three years, we have established a meaningful presence in the northeast with Borgata in Atlantic City, MGM National Harbor in Maryland, and MGM Springfield in Western Massachusetts.

“With this new addition to the MGM Resorts portfolio, we have now gained a foothold in the high-density New York City region, and we look forward to leveraging the MGM platform to maximise value in this evolving marketplace.”

2024

Japan’s Wakayama Prefecture has announced further details of its integrated resort plans, should it win one of up to three licenses that are set to be issued by the country’s central government, report Asian news outlets.

The confident region, one of only three to confirm its interest in being a host thus far alongside Osaka and Nagasaki Prefecture, has earmarked Wakayama Marina City as its preferred site.

Chosen due to its established infrastructure, its location in close proximity to the Kansai International Airport, in addition to tourist spots such as the Shirahama Hot Springs and the Koyasan World Heritage Site, was also praised.

Wakayama is reported to have set aside $1.8m in next year’s budget for related costs, including IR research and wider financial concerns, with it estimated that an additional four million visitors will be attracted per year, bringing $2.75bn as a result.

It is intended that a grand opening will commence in 2024, alongside Osaka which is widely expected to be successful in its bid to host an IR.

51

Paddy Power Betfair has announced that it has secured number one position in the “fast growing regulated online Georgian market,” via the purchase of a 51 per cent stake in Adjarabet for an initial cash consideration of £101m.

The organisation has also agreed a further stipulation, under the terms of which it expects to acquire the remaining 49 per cent after a period of three years, at a valuation equivalent to seven times of 2021 EBITDA.

In a media statement Paddy Power Betfair released further details of its latest deal: “This acquisition provides the group with exposure to two attractive, fast-growing, regulated markets.

“The online Georgian market is estimated to have grown at a CAGR of 40% from 2016 to 2018 to an estimated £180m of gross gaming revenue, with the nascent Armenian market providing a further growth opportunity.

“We believe that the combination of the market-leading brand and local operational expertise with Paddy Power Betfair’s technology, and leading sports capabilities, positions Adjarabet very well to capitalise on this opportunity.”

1

Las Vegas headquartered Caesars Entertainment has announced plans to debut its first non-gaming hotel in the United States, which is to be located in the Arizona city of Scottsdale.

Falling under the organisation’s new Caesars Republic brand, the four star property is to be developed by HCW Development and operated by Aimbridge Hospitality, with Caesars licensing its brand, in addition to advising on design elements and integrating its total rewards loyalty network.

Stated to tap “into the unique pulse of each host city,” Caesars stressed that no two Republic entity’s are to be exactly alike, with “everything from the décor to the culinary offerings inspired by local traditions and taste-makers”.

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The ex-Tropicana Entertainment owner, who sold the firm to Eldorado Resorts for $1.85bn, continues to push for a sale, after it was revealed he owns approximately 9.78 per cent of the organisation.

Revealing earlier in the week that it plans to evaluate the suggestion, Caesars has posted increasing revenues of $2.12bn for the fourth quarter of last year, an 11.3 per cent year-on-year jump from $1.9bn.

Stating that “the year-over-year comparison is not meaningful due to the magnitude of consolidating the results of CEOC and Centaur.”

Earnings for the quarter was reported as $198m, a 90.1 per cent drop for £2bn, with the company stressing that: “During the fourth quarter of 2018, in addition to the $54m decrease in income from operations discussed above, a decrease of $2.04bn in tax benefit and a nonrecurring benefit of $322m for restructuring and support expenses in 2017 primarily drove the year-over-year decrease in net income attributable to Caesars.

“In the fourth quarter of 2017, Caesars recognised a tax benefit relating to US tax reform and CEOC’s emergence from bankruptcy.”

Caesars, which exited an $18bn bankruptcy in October 2017, reported a full year net income of $303m, representing a $671m swing from a 2017 $368m loss.

Outgoing president and chief executive officer Mark Frissora, who is to depart the role on April 30, unless a the company exercises a one month extension, and whose replacement Icahn has stressed a desire to be involved in finding, explained: “In 2018, Caesars delivered a fourth consecutive year of higher net revenues and adjusted EBITDAR, as well as expanded margins. Caesars’ solid performance is due in part to further labour productivity improvements and, in 2018, over $140m of marketing efficiencies.

“Our casino properties, including in Las Vegas and Indiana, performed well, partially offset by the impact of new competition in Atlantic City.

“We also launched the first instalments of our asset-lite, branding and licensing strategy by opening the Caesars Bluewaters Dubai Resort, announcing another non-gaming resort scheduled to open next year in Cabo San Lucas as well as a new tribal partnership in Northern California, and our first non-gaming hotel in the US, Caesars Republic, in Scottsdale, Arizona.

“This year, Caesars will implement more efficiency and growth initiatives, including expanded sports betting. While we will be making additional value-added investments in the business this year, including the Caesars Forum meeting center on the Las Vegas Strip, our financial priority over the next few years is to further de-lever the balance sheet.”

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The new Caesars Republic brand is to be developed by HCW Development and operated by Aimbridge Hospitality, with Caesars licensing its brand, in addition to advising on design elements and integrating its total rewards loyalty network.

Following on from the announcement, Marco Roca, chief development officer for Caesars Entertainment, spoke to CasinoBeats in more detail about the project.

CasinoBeats: What were the thoughts behind the establishment of the Caesars Republic brand? How, and what, does it add to the organisation as a whole?

Marco Roca: Caesars Republic is our first brand specifically developed for non-gaming properties. A welcome addition to the Caesars portfolio, it offers an exciting, trendy new lifestyle experience.

This brand enables us to fit into any destination. No two Caesars Republic hotels will be the same as much of the inspiration for each property comes from local tastemakers and culture. Inspiring the imagination, Caesars Republic will tap into the unique pulse of each city and amplify its energy and spirit.

CB: Scottsdale, Arizona, is the location of the first US-based non-gaming entity, what made this city and state the ideal location to launch this new venture?

MR: Scottsdale is a vibrant community that draws 4.5 million visitors a year. Caesars Entertainment is confident that Caesars Republic Scottsdale will provide a truly unique and dynamic experience to both locals and guests travelling from afar.

Scottsdale is a social hotspot that’s trendy and adventurous – just like our Caesars Republic brand. We couldn’t have picked a better place expand the iconic Caesars brand, than this luxurious city.

Our partners also presented us with a desirable location – in Downtown Scottsdale, directly across from the Scottsdale Fashion Square Mall. The area is undergoing a transformation with new office spaces and upscale residences, giving us the perfect opportunity to bring Caesars Republic to locals and visitors.

CB: It is stated that each property is to be unique, how important is it to incorporate a flavour of each host city into the design and daily working of Caesars Republic properties?

MR: Our commitment to tapping into local influences is one of the things that really sets Caesars Republic apart. We pride ourselves on being more than just a hotel in a major travel destination.

Just as all republics are social in nature, we will incorporate thoughtful local details and brand rituals that facilitate connections among our guests. Drawing on the style, trends and influences of the community, we will create an engaging, curated social experience that our guests won’t find anywhere else.

CB: This latest move follows similar steps made within both Dubai and Mexico, what does this say about the global appeal of the Caesars brand that moves into the non-gaming space can be made?

MR: Caesars is an iconic brand known for its luxurious, elevated standard. With more than 55 million Caesars Rewards members worldwide who seek both gaming and non-gaming experiences, our guests know that when they visit any Caesars property, they will enjoy the standard of service and quality of experience that has distinguished our company over the past 80 years.

CB: Further steps are sure to be made both within the US and worldwide, what jurisdictions/states/nations hold a particular appeal for added expansion?

MR: As we continue to expand our global footprint, we are focusing more and more on developing properties in key gateway cities around the world. We currently see the biggest opportunities for international development projects in Europe, Asia, North America and Latin America.

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Falling under the organisation’s new Caesars Republic brand, the four star property is to be developed by HCW Development and operated by Aimbridge Hospitality, with Caesars licensing its brand, in addition to advising on design elements and integrating its total rewards loyalty network.

Stated to tap “into the unique pulse of each host city,” Caesars stressed that no two Republic entity’s are to be exactly alike, with “everything from the décor to the culinary offerings inspired by local traditions and taste-makers”.

Mark Frissora, Caesars Entertainment president and chief executive officer, explained: “Caesars Republic Scottsdale represents the introduction of a new world-class brand, and further progress on our strategy to expand our non-gaming business into premier destinations.

“This project will be our first non-gaming asset in the United States and demonstrates the global strength of the Caesars brand.

“We look forward to partnering with HCW Development and Aimbridge Hospitality to create a world-class experience in one of the nation’s most desirable communities.”

The 11 story glass structure is to feature 266 rooms, whilst also housing a 7,000-square foot column-free ballroom with 34-foot sliding glass doors, in addition to encompassing Scottsdale’s only rooftop pool and bar which will come complete with “breathtaking views of Camelback Mountain”.

“We are very excited to work alongside our new partners to introduce the Caesars Republic brand to the world,” commented Richard Huffman, chief executive officer and president of HCW Development.

“Scottsdale is a vibrant community and we are confident that this high-end facility will provide a truly unique and dynamic experience to both locals and guests travelling from afar.”

Robert Burg, Aimbridge Hospitality president and chief operating officer, added: “We are honoured to partner with Caesars Entertainment, and add a hotel with the iconic Caesars brand to our management portfolio.

“We share Caesars’ commitment to operating excellence and look forward to managing Caesars Republic Scottsdale.”

This announcement follows the opening of Caesars’ two beachfront luxury resorts and beach club on Meraas’ Bluewaters Island in Dubai, with plans also unveiled to develop a non-gaming Caesars Palace resort along the coast of Puerto Los Cabos, Mexico.

Check out the below video announcing plans for the new non-gaming property.

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Remaining closed since August 11 due to various counts of damage caused throughout the property, namely amongst administrative offices, meeting rooms and cafes on the lower levels, it is said that a long-term power outage was the chief obstacle in setting a reopening date.

Welcoming patrons once again at the end of last month (Sunday 24 September), the Salt River Pima-Maricopa Indian Community owned and operated property has announced a guest appreciation week, to thank its loyal hoard of customers.

Ramon Martinez, director of public relations at Talking Stick Resort, addressed the hype around business once again being taken: “There has been a level of excitement surrounding our reopening that has rivalled our grand opening in 2010.

“We hope to continue the momentum and show our appreciation to guests who have demonstrated patience and support during our closure.”

During the course of the celebration, Talking Stick states it is to give away in excess of $150,000 in prizes, including two Polaris Slingshots worth more than $54,000 as part of the ‘Amplify Your Winnings’ promotion.

To win, guests will earn entries playing their favourite games such as keno, blackjack, slots and more, whilst in the hotel’s Arena Poker Room, players can participate in the $100,000 Mega Hold’em Bad Beat Jackpot. The tournament is a continuation of play which began on September 27 with a $30,000 pot, with a further $10,000 added each day through to Thursday 4 October.

Beyond the plethora of prizes and promotions, which also sees a number of offers amongst restaurants and spa facilities, the resort has also launched a “comprehensive” advertising campaign.

The print, outdoor and television targeted advertisements, featuring the Talking Stick’s hotel tower complete with LED lights shaped like an equaliser, aims to “communicate that the power is back on with more power than before,” a video example of which can be viewed below.

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