Gambling in the USA
Bally’s Partners With Private Investor On An Up To $500 Million Sale Leaseback For Future Site Of Bally’s Chicago
Bally’s Corporation announced that it has closed a transaction with one of Chicago’s leading real estate private equity firms (the “Investor”), whereby such Investor acquired for $200 million, the approximately 30-acre Tribune Publishing Center site (the “Land”) on which Bally’s Chicago will be built. Pursuant to the terms of the parties’ agreement, Bally’s entered into a ground lease with the Investor to lease back the Land.
The ground lease includes an initial 99-year term, followed by ten separate 20-year renewals at Bally’s option. As part of the transaction, as specified construction milestones are completed, at Bally’s request, the Investor will fund up to an additional $300 million for Bally’s Chicago’s development through the ground lease structure. The initial rental rate under the ground lease is calculated to yield the Investor an 8.5% annual capitalization rate, adjusting to a 7.0% annual capitalization rate upon the receipt by Bally’s of certain development entitlements and gaming approvals. The rent is also subject to periodic CPI increases.
Soo Kim, Chairman of the Board of Bally’s, said, “We are excited to be partnering with one of Chicago’s leading real estate private equity firm as we progress with building our $1.7 billion flagship property in the Chicago market. We continue to demonstrate our commitment to delivering a world class entertainment facility that supports Chicago’s economy and community.”
Bobby Lavan, Chief Financial Officer of Bally’s, said, “This transaction is an important step in our development plan for Bally’s Chicago as we continue to work towards opening the temporary casino in mid-2023. With this new real estate partnership, Bally’s has ample liquidity on hand to fund Bally’s Chicago without needing to access the capital markets.”
Bally’s has the option to repurchase the Land from the Investor at a fixed capitalization rate during years four through eight of the lease term. In addition, if certain milestones are not achieved or Bally’s defaults under the lease, the Investor may require Bally’s to reacquire the Land at a specified price.
eSports
CAPCOM’S STREET FIGHTERTM 6 GOING TO COLLEGE THIS FALL
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Gambling in the USA
Clark County residents can bring a friend for free to next week’s Super Bingo $160,000 tournament at the Plaza Hotel & Casino, May 6-8
Home to downtown Las Vegas’ only bingo room, the Plaza Hotel & Casino is offering Clark County, Nevada residents who register to play in next week’s Super Bingo tournament the opportunity to bring a friend for free.
Happening Monday, May 6 through Wednesday, May 8 in the Plaza’s expansive ballroom, Super Bingo is expected to draw nearly 1,000 people from the local Las Vegas valley and across the country and Canada for the opportunity to win big playing fun-filled games of bingo over two days, with a $50,000 super coverall both days while socializing with like-minded bingo players.
Bingo-only registration is $160 per person, and Clark County residents who register can bring a friend for free. Registration is available online at https://www.plazahotelcasino.com/bingo/super-bingo-registration/. Hotel-and-bingo packages start at $300 for a four-night stay with no resort fee.
All Super Bingo players receive one 6-on paper pack for both days, two daubers, free drinks via an open bar at all sessions, boxed lunch both days, and $10 in free slot play after the first day’s session.
The Plaza’s Bingo room offers six daily bingo sessions at 11 a.m., 1 p.m., 3 p.m., 5 p.m., 7 p.m. and 9 p.m. and is located on the 3rd floor. By parking on the third floor of the Plaza’s self-parking garage, guests have convenient and direct access to the Plaza’s bingo room and parking is validated for bingo players.
Gambling in the USA
Kambi Group plc extends Mohegan partnership with on-property sports betting agreement in Pennsylvania
Kambi Group plc (“Kambi”), the world’s trusted sports betting partner, has agreed a long-term on-property sportsbook partnership with Mohegan to provide its award-winning sportsbook at two retail locations in the state of Pennsylvania.
The partnership will see Mohegan utilise Kambi’s cutting-edge retail sportsbook offering across more than 20 kiosks in sportsbook locations at Mohegan Pennsylvania and Mohegan Pennsylvania at Lehigh Valley Race and Sportsbook.
The deal further strengthens Kambi’s relationship with Mohegan, which already utilises Kambi’s suite of sports betting products at ilani in Washington, as well as online and on-property in the Canadian province of Ontario at Fallsview Casino Resort and Casino Niagara.
Kristian Nylén, Kambi CEO and Co-founder, said: “With several successful partnerships with Mohegan already in place, we are pleased to agree this new partnership as we continue to build on our strong relationship.
“This latest deal further reinforces Kambi’s position as the sportsbook provider of choice for tribes across North America, and we look forward to our ongoing collaboration with Mohegan.”
Tony Carlucci, President & GM of Mohegan Pennsylvania, said: “Mohegan Pennsylvania is excited to continue utilising the same Kambi technology platform that existed under our Kindred partnership, which will help to create a seamless process as the Sportsbook at Mohegan Pennsylvania fully rebrands later this Spring.”
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