Gambling in the USA
Caesars Reportedly Exploring $1B+ Flamingo Sale
Caesars Entertainment is allegedly seeking a buyer for its Flamingo casino in Las Vegas at a price of more than $1 billion, according to Bloomberg. However, some buyers would have thus far passed on the transaction given the casino’s age, according to reports.
The casino has been reportedly offered to private equity firms and other operators, some of whom have been reluctant to buy an older property that needs “a lot of maintenance.” Additionally, another issue brought up in Bloomberg’s report is that Flamingo could potentially lose a lot of business when separated from the Caesars customer loyalty program.
Caesars has long said it plans to sell one of its casinos on the Las Vegas Strip as part of an effort to reduce debt. The company considered selling Planet Hollywood but decided to keep that property so it can continue using its theater for concerts, one of the people with knowledge of the matter told the cited source.
The intention to sell a Strip property was reiterated in a call with investors earlier this week to discuss first-quarter results, but company officials did not name a specific property. The move was also brought up in February, but this time around, Tom Reeg, CEO, stated a definitive agreement was expected to be reached by the middle of the summer.
“You shouldn’t expect us to give you a play-by-play,” Reeg told investors, according to Las Vegas Review-Journal. “Know that it is in motion and governed by the documents that govern our Vici agreement.”
Vici Properties, a real estate investment trust that owns a number of Caesars properties, has the right of first refusal on the first two Strip properties the company intends to sell. The first asset subject to the agreement would be from a group that includes Flamingo, Paris Las Vegas, Planet Hollywood Resort and Bally’s. This could complicate the sale process.
Spinomenal, the leading iGaming content provider, has made its US debut after launching an exciting collaboration with a leading operator in the state of New Jersey, and is anticipating many more valuable collaborations with top tier online casinos.
Following impressive growth rates, Spinomenal is making a major move into the New Jersey iGaming market, marking a key step in its global expansion. By entering this crucial U.S. region, Spinomenal will bring its innovative games to a new audience, strengthening its presence and leadership in the iGaming industry.
Spinomenal’s specially selected titles will be going live via Pariplay’s Fusion aggregation platform in the New Jersey market. Some of the outstanding titles being made available for NJ players are Demi Gods II, Majestic Wild Buffalo and Kitsune’s Scrolls.
This marks a major milestone in Spinomenal’s strategic expansion plan, as this debut establishes the company’s initial presence within the New Jersey market, with further growth anticipated across the US iGaming ecosystem. This move underscores Spinomenal’s commitment to expanding its global footprint and further solidifying its position as a leader in the online casino industry.
Lior Shvartz, CEO for Spinomenal commented: “After a decade of establishing and positioning Spinomenal as a leading provider in the iGaming industry, we have now taken a big leap and will provide our exciting content to the esteemed New Jersey audience. We are highly optimistic about entering this prominent market, following the process of obtaining approval from the DGE.”
The Mechoopda Indian Tribe has announced that the Mechoopda Economic Gaming Authority (MEGA) Board has made the decision to suspend operations at Mechoopda Casino. The final day of operations will be Friday, January 31, 2025.
The Mechoopda Casino says this decision comes after months of deliberation and efforts to address the various challenges affecting the casino’s operations.
Dennis Ramirez, Tribal Chairman of the Mechoopda Indian Tribe, said: “Suspending operations at the Casino is a heart-wrenching decision that affects not only our Tribe but also our valued employees, customers, and the surrounding community. While this chapter is closing, our commitment to the Casino’s long-term vision remains steadfast. For over 25 years, this project has been a cornerstone of our economic development goals, and we will continue to work toward its future reopening.”
The Tribe is taking steps to support both its employees and community partners during this transition period:
Employee Support: The Tribe is committed to offering resources and guidance to assist team members through this difficult time.
Remaining Open Until January 31: The Casino will remain open through its final day of operation, giving guests the opportunity to enjoy the remaining days of service.
-
Canada5 days agoBragg Gaming Announces Preliminary Unaudited Results for the Year Ended December 31, 2024 and 2025 Strategic Initiatives and Guidance
-
Canada5 days agoPlayson Signs Agreement with Light & Wonder in Global Distribution Deal
-
Gaming6 days agoFourth Star Launches Immersive Media Streaming Platform
-
Compliance Updates2 days agoGovernor Lombardo Appoints Chandeni Sendall to Nevada Gaming Control Board
-
Compliance Updates5 days agoKambi Group plc secures licensing approval in Nevada
-
Compliance Updates2 days agoPA Gaming Control Board Levies Fines Totaling $282,205
-
Latest News5 days agoSCCG Launches Cybersecurity Services (CSaaS) to Safeguard the Gaming Industry
-
Latest News1 day agoSCCG Launches ProServices to Expand a Full Suite of Professional Services for the Gaming Industry