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Accel Entertainment to Acquire Fairmount Holdings

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Accel Entertainment Inc. and Fairmount Holdings Inc. announced that the companies have entered into an agreement for Accel to acquire Fairmount, the owner of FanDuel Sportsbook & Horse Racing, for total consideration of approximately $35 million (based on a 20-day trailing average), payable to the sellers as 3.45 million shares of Accel Class A-1 common stock. The strategic transaction adds a promising single-site racetrack and future casino to extend Accel’s convenience gaming expertise to a larger and more concentrated venue – an adjacency in Local Gaming that is complementary to Accel’s steadily growing, route-based footprint.

During the year ended December 31, 2023, Fairmount generated $29 million of revenue and modest Adjusted EBITDA. Accel plans to invest $85-$95 million (over and above the purchase price) to fund temporary and then permanent casino construction and modest track investments. Accel’s five-year forecast suggests an Adjusted EBITDA potential of $20 to $25 million and over 75% free cash flow conversion – pointing to a compelling cash flow return on capital. The asset will be the cornerstone in a local gaming platform that builds on Accel’s capabilities and strengths as a leading route-based operator.

“As a leading distributed gaming operator in the United States, we are excited to partner with ‘Hall of Fame’ value creators Bill Stiritz and Rob Vitale to deploy our local gaming expertise in this promising sportsbook, racetrack and future casino,” said Andy Rubenstein, Accel co-founder, President, CEO and Director.

“We’re also deeply grateful to Mayor Jeff Stehman of Collinsville, state representatives Jay Hoffman (113th District) and Katie Stuart (112th District), state senator Chris Belt (57th District), the Illinois Gaming Board and the Illinois Racing Board for their support of this opportunity to reinvest and support job creation in the southern Illinois and greater St. Louis community. We are excited to be a part of an almost 100-year-old southern Illinois institution in Fairmount Park and support the Illinois agriculture and equine industries,” Rubenstein added.

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“I am delighted by Accel Entertainment’s purchase of FanDuel Sportsbook & Horse Racing. This move is a testament to the vitality and potential of Collinsville. It will undoubtedly spur economic development along the Collinsville road corridor, creating jobs and bolstering our local economy. We look forward to the positive impact this acquisition will have on our city,” stated Mayor Jeff Stehman of Collinsville, IL.

“We couldn’t have found better partners than Andy and his team in this transaction, and we look forward to staying fully aligned on this journey as significant equity owners from here,” noted William Stiritz.

“We’ve long sought strategically aligned, well capitalized and proven operators in the local gaming space to realize the full potential of this sportsbook and racetrack, and Accel is the ideal fit,” said Rob Vitale, current CEO and Chairman of Post Holdings.

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Stretch Network Partners with Vivaro.US to Enhance Poker Offerings

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Stretch Network has officially announced a new strategic partnership with Vivaro. US, a social casino platform. This collaboration is designed to bring ingenious poker operations to a wider audience in the USA, reinforcing Stretch Network’s commitment to expanding its reach in the growing digital market.

Ruslan Bangert, Head of Stretch Network, expressed his enthusiasm for the partnership, stating, “We’re thrilled to partner with Vivaro. US. This collaboration aligns with our goal to innovate and expand in the dynamic world of poker.

The partnership also marks an important milestone for Vivaro. US, allowing the platform to elevate its poker capabilities. Hovhannes Minasyan, COO of Vivaro. US, shared, “This collaboration with Stretch Network enables us to elevate our poker offerings and provide an even more immersive and secure environment for our players.”

“Our partnership with Stretch Network represents an important step in enhancing our poker capabilities and strengthening our platform’s offerings,” said Artak Basoyan, CEO at Vivaro. US.

With a growing presence in the USA through Vivaro. US, Stretch Network is well-positioned to deliver poker experiences to an even broader audience.

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The collaboration is expected to drive player engagement and increase opportunities for both companies, highlighting Stretch Network’s ability to adapt and grow in a competitive digital entertainment market.

 

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Snoqualmie Casino Announces Exciting Rebranding to Snoqualmie Casino & Hotel Ahead of Major Expansion

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Snoqualmie Casino has announced its rebranding to Snoqualmie Casino & Hotel, reflecting an exciting new chapter in the venue’s history as it embarks on a much-anticipated expansion. Set for completion in mid-2025, this project promises to elevate the guest experience, making Snoqualmie Casino & Hotel a premier destination for entertainment, relaxation, and culinary excellence.

The cornerstone of the expansion is the construction of a luxurious hotel, which will offer guests unparalleled comfort and stunning views of the Snoqualmie Valley and Mount Si. With a focus on sustainability and modern design, the hotel will feature upscale accommodations, a full-service destination spa, and amenities that cater to both leisure and business travelers. Plus, there are architectural details inspired by Snoqualmie culture from a modern slant roof hotel design representing the original longhouses of the Snoqualmie Tribe’s ancestors to carefully chosen artwork placed throughout for guests to enjoy.

Snoqualmie Casino & Hotel’s destination spa will offer an immersive escape that blends relaxation with the healing power of nature. Nestled in the serene landscapes of the Pacific Northwest, the spa provides a range of rejuvenating treatments. Experience the perfect blend of wellness and nature where luxury, tradition and innovation come together for an incredibly transformative experience.

“It is my honor and privilege to announce that Snoqualmie Casino has now become Snoqualmie Casino and Hotel. Over the past three years, the Snoqualmie Tribe and Casino have been diligently working to bring a one-of-a-kind, world-class hotel to the Snoqualmie Valley,” said Interim CEO Mary Lou Patterson.

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In addition, Snoqualmie Casino & Hotel will expand its gaming floor, introducing an array of new options to enhance the entertainment experience for guests. This expansion will include the latest slots, electronic and traditional table games, as well as a dedicated high-limit gaming area for discerning players seeking a more exclusive gaming experience.

One of the highlights of the expansion is the development of a state-of-the-art 2000-seat entertainment and convention center. This versatile venue will host a variety of events, from concerts to conferences, positioning Snoqualmie Casino & Hotel as a key player in the region’s entertainment landscape. With cutting-edge technology and a focus on guest comfort, the center will attract top-tier talent and events, making it a must-visit destination.

In addition to the award-winning Vista Prime Steaks & Seafood, 12 Moons, and Falls Buffet, a new sports bar and grill will be introduced to provide patrons with the ultimate game day experience. Other new dining options, set to open later, will showcase local ingredients and flavors, ensuring a memorable culinary experience for guests.

Snoqualmie Casino & Hotel recently launched a brand-new valet garage. The dual level indoor and outdoor structure, with 600 additional spaces, doubles the previous capacity for valet parking creating easier access into the casino. This is the first piece of new development at Snoqualmie Casino & Hotel that has opened for immediate use. The entire project anticipates creating numerous job opportunities for local residents, contributing to the economic growth of the Snoqualmie area.

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EvenBet Gaming Launches Innovative Poker Solutions with JugaMax in Paraguay

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EvenBet Gaming has announced the launch of its advanced poker solutions in partnership with JugaMax, one of the largest and most respected casino operators in Paraguay. This strategic collaboration marks EvenBet’s debut in the Paraguayan iGaming market, solidifying the company’s expansion within Latin America.

The newly established partnership enables the integration of EvenBet Gaming’s poker offering on the JugaMax platform. Players will now have access to an engaging range of cash games, Sit & Go and Spins tournaments, providing opportunities for both novice and seasoned poker enthusiasts.

The collaboration with JugaMax comes at a pivotal time for the Paraguayan iGaming market, which has witnessed significant growth due to recent regulatory advancements and increasing player demand. In 2023, online casino revenues in the country rose by 14.2%, surpassing USD 23 million, with an average annual revenue per user (ARPU) of over USD 1500. Market projections indicate nearly 30% growth over the next three years, highlighting substantial opportunities for operators and suppliers.

By joining forces, EvenBet Gaming and JugaMax are poised to leverage this growth trajectory and cater to the evolving preferences of the region’s player base. This partnership not only broadens EvenBet’s presence in the Latin American market but also enriches JugaMax’s portfolio with cutting-edge poker solutions.

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Manuel JimĂ©nez, Head of LatAm Sales at EvenBet Gaming, said: “We are thrilled to partner with JugaMax and bring our innovative poker solutions to the burgeoning Paraguayan market. With JugaMax’s reputation as a leading operator, coupled with our advanced gaming technology, we are confident that this partnership will transform the online poker landscape in the country and expand our footprint in Latin America.”

Pablo Bergesio, President of JugaMax,said: “The integration of EvenBet’s poker solutions significantly enriches our offering, helping us to attract a wider audience of poker players across Latin America who appreciate exciting and innovative content. With the iGaming market in Paraguay showing promising growth, the partnership is set to play a significant role in our future success in the region, solidifying our position as a leading operator.”

This collaboration underscores EvenBet Gaming’s commitment to delivering exceptional gaming solutions and reinforces its position as a leading provider in the Latin American market.

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