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.
Harrah’s Gulf Coast Pays Out Unforgettable $538,530 Jackpot Win
Harrah’s Gulf Coast casino recently played host to a huge jackpot win when Alan S. struck gold on a progressive table game, pocketing an eye-watering $538,535 in winnings.
The excitement and disbelief of the win were palpable, with onlookers cheering and high-fiving an elated Alan, who was in shock at his unexpected fortune.
When it comes to progressive jackpots, Harrah’s Gulf Coast is in a league of its own and is the proud hub of the largest progressive jackpots in Mississippi. Harrah’s Gulf Coast is part of the Caesars Entertainment network, connecting it with four sister properties in Mississippi. This remarkable partnership brings players the opportunity to participate in shared progressive jackpots that grow and expand with every bet placed – leading to jaw-dropping payouts and heart-pounding wins!
This life-changing jackpot win has left Alan reeling! One thing’s for sure, his lucky day at Harrah’s Gulf Coast casino will always be a moment he’ll never forget.
LIGHT & WONDER UNLOCKS HUGE POTENTIAL IN MICHIGAN AS PLAYZIDO™ PLATFORM GOES LIVE
Light & Wonder, Inc. ((NASDAQ and ASX: LNW) (together with its subsidiaries, “Light & Wonder,” “L&W” or the “Company”) has taken its dynamic content creation platform Playzido live in Michigan, opening the door for players across the state to enjoy an exciting new offering.
The Michigan Gaming Control Board (MGCB) recently awarded a B2B supplier license to Playzido, the innovative gaming platform acquired by Light & Wonder last year. This will allow operator partners in the Great Lake State to benefit from a new stream of content developed through its proprietary Remote Gaming Server (RGS) platform and access to many new studios never before live in the US.
Playzido’s flexible technology is purpose-built for creative independent studios and supports every game type including multiplayer games and jackpots.
The first games set to go live with operators in Michigan through the new Playzido license, the platform’s first in the United States, include CHARLIE’S ANGELS™, DIAMOND MULTIPLIER RESPIN™ and BLAZING 777 2x3x5x™.
This new license represents the next phase of Light & Wonder’s iGaming content strategy across the U.S., as the Company continues to further strengthen its content delivery capabilities across North America.
Dana Jackel, Head of US Commercial at Light & Wonder iGaming, said: “This new license for Playzido in Michigan is a significant moment for us in terms of creation and delivering content that truly appeals to players in the state.
“Playzido’s platform is rightly regarded as one of the industry’s strongest and has already enjoyed enormous success in Europe. Everyone at Light & Wonder is ecstatic to harness the Playzido technology to bring next-level studios and games to our operator partners and players in Michigan to enjoy.”
Gamesforum North America 2023 – Uniting Mobile Games Visionaries in the Heart of Seattle
The highly anticipated Gamesforum North America 2023 is set to take centre stage at the Bell Harbour International Conference Center in the vibrant city of Seattle next month, where industry leaders, and innovators in the realms of UA, Ad Monetisation, ASO and Product will come together for one of the most important events on the games industry calendar. With a mission to foster innovation and knowledge in the mobile games industry, Gamesforum North America promises to be an insightful experience packed with quality, relevant content for all participants.
At the core of Gamesforum North America – and the wider Gamesforum series of events – is its content. Curated and delivered by industry experts who understand the mobile games industry intimately, the event will be home to representatives from some of the biggest powerhouses in the ecosystem, including, but certainly not limited to:
Super Evil Megacorp
Gamesforum North America is set to be the company’s biggest event to date, following the success of Gamesforum Hamburg in June 2023. Attendees will be able to enjoy content from a selection of tracks, including:
App Store optimisation
Recognising the power and potential of the thriving mobile games market, Gamesforum is renowned for its quality-first approach to event content. With unparalleled networking opportunities and the widely-regarded “Unfiltered” panels, which provides a gloves-off platform for panellists to discuss industry trends, Gamesforum North America is set to be the go-to event for mobile games professionals across the continent.
John Speakman, CEO at Gamesforum said: “Gamesforum is a pivotal hub for the mobile games industry, serving as a crucible of ideas, innovation, and connections, we can’t wait to get the ball rolling on our biggest event to date..
In an era where gaming has emerged as a cultural and economic force, Gamesforum plays a vital role in shaping the industry’s future. I’m deeply committed to our mission of bringing together visionaries, pioneers and experts from across North America and the world. At Gamesforum North America, attendees can expect an immersive journey through the heart of gaming, featuring world-class speakers, unparalleled networking opportunities, hands-on experiences with cutting-edge technology, and thought-provoking workshops that equip them with the tools to thrive in this dynamic ecosystem.
Our incredible sponsors are what make this possible, so I would love to thank them for taking part in this. See you all in Seattle!”
Sponsors for Gamesforum North America include:
OFFICIAL DIRECT DISTRIBUTION AND MONETIZATION PARTNER
NETWORKING LUNCH SPONSORS
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