New York City Casino Bidders Race to Up the Ante
Two prominent bidders for a New York City casino have sweetened their proposals as competition remains intense to win one of three downstate casino licenses.
Hedge fund billionaire and New York Mets owner Steve Cohen is sweetening his proposal to transform 50 acres of parking lot space at the Mets’ Citi Field ballpark into Metropolitan Park, which would include a Hard Rock casino and 25 acres of green park space. Cohen is now pledging to transform the Willets Point area west of Citi Field into a major entertainment destination.
Cohen’s project also would include improved roadways and cycling paths, and a $163 million “community impact fund” that would provide grants to local Queens nonprofits.
Meanwhile, rapper Jay-Z, whose Roc Nation organization is a partner in the proposed Caesars Palace Times Square project, is proposing to sweeten the pot for that bid, pledging an initial $15 million to the local community, plus regular grants based on 0.5% of the casino’s profits. Jay-Z and Rod Nation have pledged to commit more than $250 million in total grant money to the Hell’s Kitchen neighborhood.
Sanborn Secures Pseudo-Extension for Concord Casino Sale
The forced sale of Andy Sanborn’s Concord Casino has been tied up in legal proceedings for nearly a year, and the saga will continue after Sanborn secured an extension to the sale deadline that was set to expire Sept. 30. According to the New Hampshire Bulletin, the extension is more of a judicial workaround in a story that involves misappropriated Covid relief funding, hot cars and state politicians.
On Sept. 22, Judge Gregory Albert stayed his order denying an extension until 30 days after a 15-day rehearing window expires or, if a motion for rehearing is filed, 30 days after a ruling for rehearing is issued. In other words, Albert is circuitously extending the process by about 40 to 50 days.
Sanborn and his attorneys have reportedly agreed to terms with a buyer. But the prospective buyer has yet to be found suitable for licensure by the New Hampshire Lottery Commission. The regulator didn’t confirm whether the process will be complete by the 30 September deadline, prompting the psuedo-extension.
If the casino had not sold by the deadline, its gaming license would have been suspended for two years. Such a scenario would render the casino nearly worthless. As the process has gone on, both sides have accused the other of stalling. State officials pushed back on an extension, arguing that it unjustly rewards Sanborn in a process meant to punish him.
Boyd Acquires Resorts Digital
The Associated Press Sept. 23 reported that Boyd Interactive acquired Resorts Digital, the iGaming platform of Resorts casino in Atlantic City, for an undisclosed price. The deal closed on Sept. 1, according to Resorts President Mark Giannantonio.
In the deal, Boyd acquired ResortsCasino.com and MoheganSunCasino.com as well as one additional unused skin. The physical Resorts casino will still retain its partnerships with its other online partners, including Penn, DraftKings, PokerStars and ESPN Bet.
So far in 2024, Resorts Digital has far outpaced its physical counterpart. The digital platform has recorded revenue of $573 million so far this year, compared to $109 million for the casino. In a statement, Boyd said the deal was aligned with its “strategy of building a profitable regional iGaming business integrated with our existing nationwide portfolio.”
NV Regulators Working to Ban Jackpots for Trespassers, Excluded Players
Under current Nevada law, trespassers and excluded players must still be paid if they win jackpots. But regulators are trying to change that and the Nevada Gaming Control Board (NGCB) held a workshop on the matter on Sept. 24.
Senior Deputy Attorney General Mike Somps laid out a series of proposed rule changes regarding trespassers and excluded players. The changes involve the formation of a new regulation and an amendment to the definition of “patron”. Somps was tasked with formulating the new language after the NGCB held a separate workshop on the issue last October.
The new rule, Regulation 5.095, would lay out several provisions related to preventing bad actors from winning jackpots. Somps also said that the definition of “patron” in Regulation 7A would be amended to remove anyone who falls under the above provisions. Moving forward, the only recourse for claimants would be civil court rather than the board’s patron dispute protocol.
The issue of paying trespassers and excluded gamblers has been debated for years. But it reached a tipping point last year. On Oct. 4, the board ruled in a split vote that Casablanca Casino in Mesquite was required to pay $2,045 in winnings to Rhon Wilson, a gambler who had trespassed at the casino six times across multiple years.
Full House Holds Local Meeting to Present New Haven Casino Plans
Full House Resorts Sept. 23 held a meeting at the New Haven Community Center to present its plans for a $500 million casino in the city and solicit feedback from local residents. According to WANE, the casino would be situated on a 65.5-acre plot and would be built in two phases. The first phase would include a casino, sportsbook and dining options. Then the second phase would include a hotel, salon, event center and other amenities.
WFFT reported that the meeting was packed, and garnered spirited debate among those who supported and opposed the project. Full House operates regional casinos around the country, including the Rising Star casino in Rising Sun, Ind. The company would close that location in favor of the New Haven one, if approved.
Hornbuckle, Jackson to headline G2E
G2E announced Sept. 24 that Flutter Entertainment CEO Peter Jackson and MGM Resorts President and CEO Bill Hornbuckle will be the Tuesday (Oct. 8) keynote speakers at the annual conference. CNBC’s Contessa Brewer will lead a discussion about how “industry leaders are navigating the current economic landscape, expansion into new markets and verticals, and business challenges and opportunities ahead.” The talks are set for 9 a.m. local time at the Venetian Hotel Expo Center.
“Peter and Bill are two titans of the gaming industry whose perspectives will illuminate where the industry is headed and set the table for the ideas and innovations that will be explored throughout this year’s G2E,” American Gaming Association (AGA) President and CEO Bill Miller said via press release.
