Gambling in the USA

Century Casinos Enters into a Definitive Agreement to Acquire the Operations of Three Casinos from Eldorado Resorts

Published

6 years ago

June 18, 2019

Century Casinos, Inc., announced that it has entered into a definitive agreement to acquire the operations of Isle Casino Cape Girardeau, Lady Luck Caruthersville and Mountaineer Casino, Racetrack and Resort from Eldorado Resorts, Inc. for approximately $107.0 million.

Simultaneous with the closing of the transaction, VICI Properties Inc. will acquire the real estate assets of the three properties for approximately $278.0 million and the Company will enter into a triple net lease agreement with VICI for the three casino properties. The lease will have an initial annual rent of approximately $25.0 million and an initial term of 15 years, with four five-year renewal options. The pro-forma rent coverage ratio at the acquired portfolio level is 2.1x.

The purchase price represents an implied trailing twelve month pro-forma earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiple of 4.1x for the three casinos. The multiple excludes any potential cost synergies and operational improvements. The acquisition is expected to meaningfully enhance the Company’s free cash flow as well as be immediately accretive to earnings.

The Company will finance the $107.0 million purchase with a new credit facility that is anticipated to be issued by Macquarie Capital. On a pro-forma basis, the Company estimates this will result in total leverage of 3.5x and net leverage of 2.2x. The Company expects to quickly delever given the growth across its existing portfolio, newly acquired properties and the ramp up of Century Mile Racetrack and Casino.

“This transaction further highlights our commitment to enhancing shareholder value,” Erwin Haitzmann, Co-Chief Executive Officer of Century Casinos remarked. “Cape Girardeau, Caruthersville and Mountaineer expand the strategic diversity of Century Casinos with attractive assets in strong, stable markets. The expected increase to our free cash flow will allow us to remain well positioned to reduce leverage and evaluate additional strategic growth opportunities,” Haitzmann concluded.

“The acquisition of the operations of Cape Girardeau, Caruthersville and Mountaineer will transform Century Casinos into a premier regional casino operator in North America,” Peter Hoetzinger, Co-Chief Executive Officer of Century Casinos remarked. “We believe these assets are a great fit for our portfolio and will complement Century Casinos’ expertise in operating small to mid-sized casinos. We are pleased to partner with VICI Properties to structure this transaction in a manner that we expect will be immediately accretive to our operating results,” Hoetzinger concluded.

Isle Casino Cape Girardeau is located in Cape Girardeau, Missouri, approximately 120 miles south of St. Louis, Missouri, overlooking the Mississippi river. The property opened in 2012 and consists of a dockside casino featuring 41,500 square feet of casino space, 863 gaming machines, 20 table games, three dining venues, a pavilion and an entertainment center. The property also includes a wide variety of non-gaming amenities, including an events center.

Lady Luck Caruthersville is a riverboat casino located along the Mississippi river in Caruthersville, Missouri. The property opened in 1995 and consists of a dockside casino featuring 21,000 square feet of casino space, 507 slot machines, nine table games, two dining venues, a 40,000 square foot pavilion and a 28-space RV park.

Mountaineer Casino, Racetrack and Resort is a hotel, casino, entertainment and live thoroughbred horse racing facility located in New Cumberland, West Virginia, one hour from downtown Pittsburgh, Pennsylvania. The property originally opened in 1951 with the casino opening in 1994 and features a 357-room hotel, approximately 1,486 slot machines, 36 table games, a poker room, a racetrack and five dining venues.

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Upon closing this transaction, the Company’s portfolio will increase to 10 casinos in North America that include over 6,700 gaming machines and 150 table games. On a pro-forma trailing twelve-month basis the Company expects to generate 96% of its Adjusted EBITDA* before rent from its North American casinos.

The transaction, which is expected to close in early 2020, is subject to antitrust approval and approvals of the Missouri Gaming Commission and the West Virginia Lottery as well as other customary closing conditions.

Gambling in the USA

Fanatics Betting and Gaming, Boyd Gaming Announce Missouri Partnership

Published

9 hours ago

August 25, 2025

Peter Tolan

Fanatics Sportsbook Plans To Launch Online Statewide, Open Retail Sportsbooks Serving Kansas City and St. Louis Markets –

Today, Fanatics Betting and Gaming announced that it is partnering with Boyd Gaming Corporation in the state of Missouri.

Under the terms of their multi-year agreement, Fanatics Sportsbook will operate mobile sports betting under Boyd’s sports betting license in Missouri. The companies will open Fanatics-branded retail sportsbooks at Boyd’s Ameristar Casino Hotel Kansas City and Ameristar Casino Resort and Spa St. Charles, located near St. Louis. Fanatics plans to launch its online and retail betting products with the debut of regulated sports wagering in Missouri this December, contingent upon receipt of all required regulatory approvals.

Upon launching this December, sports fans across Missouri will be able to download the Fanatics Sportsbook on iOS and Android and begin their Fanatics experience. Winning Hits Different in Missouri on Fanatics Sportsbook with up to 10% FanCash back on every bet, win or lose; Fair Play™ injury protection; and events and experiences that only Fanatics can pull off.

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The Fanatics Sportsbook retail locations at the two Ameristar casinos in Missouri will cater to guests looking to enjoy the ultimate sportsbook experience, offering legal betting markets for all major sports including professional and college football, basketball, hockey, baseball, tennis, soccer, golf, MMA, boxing and more. All development and trading of sports betting markets will be done in-house by Fanatics.

For more news and information on the pending launch of legal sports betting in the state of Missouri, follow the Fanatics Sportsbook social channels on X @FanaticsBook and on Instagram @FanaticsSportsbook.

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Gambling in the USA

NYC Mayoral Front-runner Zohran Mamdani Says He Won’t Oppose Casino Development

Published

4 days ago

August 22, 2025

Niji Narayan

As a state lawmaker, Zohran Mamdani generally opposed plans to open full-scale casinos in New York City. In June, when he walked past a billboard showing betting markets for the city mayor’s race, he even quipped that “gambling is haram,” an Arabic word meaning forbidden.

But on Wednesday, Mr. Mamdani said that he did not intend to use his newfound political clout as the Democratic mayoral nominee and the race’s front-runner to try to stop the arrival of casinos that are widely considered a fait accompli.

Speaking alongside the leader of a union pushing the gambling expansion, Mr. Mamdani told reporters that while he still had doubts about the casinos backed by corporate giants, he respected the views of state voters who had approved the downstate gambling expansion more than a decade ago.

Gambling in the USA

Better Business Bureau Reports Increase in Online Gambling Complaints

Published

4 days ago

August 22, 2025

Niji Narayan

According to research from Better Business Bureau (BBB), the illegal online gambling market is nearly four times bigger than the legal online gambling industry; $402 billion to $103 billion (estimates from Researchandmarkets.com and the American Gaming Association, respectively).

The BBB says it has received almost 200 scam reports and more than 10,000 business complaints related to online gambling and gaming since 2022. Some scam reports involved theft, while complaints showed a pattern of unclear terms and consumer misunderstandings. In some cases, consumers lost tens of thousands of dollars.

Here are some common questions with answers from the BBB regarding online gambling:

What red flags should I look out for if using gambling or gaming services?

Big promises around payouts and tempting ads without details are common. Many people aren’t aware the people they are dealing with are in countries overseas. People should also be leery of sweepstakes-style games, payment through cryptocurrency and typos in names.

How can I avoid issues with gambling or gaming companies?

Read your state and provincial laws. There are many different laws for online gambling, depending on where you live.

Check for proper licensure. Even if your state allows gambling, it may have a limited list of allowed websites. Check with your state’s gaming agency to see who is licensed.

Read the fine print. The reality of how winning and withdrawal works may be different than your first impression on a website. Check out the details of a specific service and fully understand how they work before sending them any money.

Even legitimate websites may freeze winnings. There are many reasons why a casino or sportsbook might freeze winnings, even if the money is rightfully yours. Know what actions to take if your account is frozen.

Visit BBB.org to check out a business or register a complaint and BBB.org/ScamTracker to report a scam.