Month: September 2021

The company are offering up 100,000,000 shares of common stock priced at $29.50 per share. 50,000,000 shares are being issued and sold directly to the underwriters of the deal at closing, while the other 50,000,000 will be sold on.

Morgan Stanley, Citigroup, J.P. Morgan and Goldman Sachs have all entered into separate forward sale agreements with VICI to sell shares from the latter group on.

The underwriters were also offered a 30-day option to buy a further 15,000,000 shares.

The four forward purchasers are also acting as joint book running managers and representatives of the underwriters during the offering, while BofA Securities, Deutsche Bank Securities, Barclays and Wells Fargo Securities are acting as bookrunners.

VICI plan to use the proceeds from the offering to partially fund the acquisition of land and property associated with The Venetian Resort and The Venetian Expo in Las Vegas – the $6.25bn deal for the properties was agreed with Las Vegas Sands back in March, as the operator sought to leave the US casino market.

VICI pay $4bn in cash for the real estate, Apollo Global management will acquire the subsidiaries that run Sands’ US operations for $1.05bn, and $1.20bn is attributed to seller financing through a loan credit and security agreement.

VICI was originally spun off from Caesars Entertainment – which announced itsfundraising this week – and owns the majority of properties operated by the from original Caesars business before it merged with Eldorado in July 2020.

Caesars intends to raise $1.2bn, $200m more than initially announced, by issuing senior notes carrying a 4.625% interest rate. The notes are due in 2029.

The offering is expected to close by 24 September, subject to customary closing conditions. The proceeds of which are set to fund the Caesars Resorts Collection.

Tipico will operate sports betting in Indiana under the master license held by Harrah’s Hoosier Park Racing & Casino, while in Indiana it will operate on Isle Casino Hotel Bettendorf’s license. 

“We are excited to announce Tipico’s multi-state market access partnership with Caesars Entertainment, which marks an important step as we continue to expand our US footprint,” Adrian Vella, chief executive of Tipico US, said.

“We look forward to establishing our brand presence in the midwest, and introducing our highly scalable, proprietary multi-state sports betting experience to players in Indiana and Iowa.” 

Read the full story on iGB North America

An Australian Communications and Media Authority (ACMA) investigation found that the pay TV and streaming group had breached broadcasting rules by airing a segment promoting a betting service during the live broadcast of an Australian Football League (AFL) match on Easter Monday afternoon.

The promotion ran at 4:30pm during an AFL match between Geelong and Hawthorn, breaking rules in the Subscription Broadcast Television Codes of Practice that bar gambling advertising during or within five minutes of live sports broadcast between 5am and 8.30pm.

Foxtel self-reported the breach to the ACMA following a complaint from a viewer, while the ACMA investigation found that the breach of the rules occurred as a result of human error during the live broadcast.

Following the breach finding, Foxtel provided refresher training to staff about Foxtel’s obligations relating to betting advertising under the code. ACMA said that Foxtel has also introduced new controls to ensure that gambling advertisements are not improperly broadcast during live sporting events in the future.

ACMA chair Nerida O’Loughlin said: “These rules are in place to reduce exposure to betting promotions. In particular, parents worry about their children seeing gambling ads, especially those associated with shared family activities like sport.

“Foxtel is well aware of the rules and it is disappointing that this betting promotion was allowed to go to air.”

Betting commercials were banned during daytime broadcasts in 2018, although so-called ‘low-audience’ sports channels are exempt.

Last month, members of Responsible Wagering Australia (RWA) – which includes most of the country’s largest online betting operators such as bet365, Betfair, Entain and Sportsbet – agreed to support a ban on the use of credit cards to gamble online in the country.

Brent Jackson, chief executive of RWA, announced the measure in his opening address to the country’s “Inquiry into Regulation of the use of financial services such as credit cards and digital wallets for online gambling in Australia”. The inquiry was set up to seek evidence on whether credit cards and digital wallets should continue to be permitted for online gambling.

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The investigation will examine The Star’s compliance to the Casino Control Act 1992 and the Casino Control Regulation 2019, as well as compliance regarding licensing and legal agreements between The Star and the NSW Authority.

In part, the NSW Authority will focus on evidence given by The Star on August 4 2020 before the Bergin Inquiry into rival resort operator Crown Resorts. In this evidence, The Star stated that it was continuing to work with junket operators, which had been a major source of the investigation into Crown. Crown had been ordered to stop working with these businesses through the inquiry.

In May this year, the Authority learned that The Star had continued these junket dealings until October 2020 at least.

The Authority also took into consideration that The Star had dealings with known junket operator Suncity among others.

To determine any wrongdoing, the investigation will cover several areas of operation, including The Star’s bank account management and anti-money laundering practices. This will examine deposits from overseas and VIP patrons, maintenance of transaction receipts and methods of withdrawing credits from The Star’s bank accounts.

Money laundering detection systems will also be assessed for adequacy.

The investigation will also cover staff responsibilities within the casino to study The Star’s core values, uncover any moneylending or loan sharking and examine the management of VIP and international patrons.

In addition, security measures will come under scrutiny. Surveillance facilities will be examined, along with facial recognition technology and how exclusion orders are executed.

The NSW Authority’s investigation into The Star bears similarities to the Bergin Inquiry. The Bergin Inquiry was launched by the NSW Authority to assess operator Crown Resorts’ suitability to operate a casino at Barangaroo in Central Sydney, after Asian gaming giant Melco agreed to purchase a 19.99% stake in CPH Crown Holdings for AUD$1.76bn (£981.9m/€1.06bn/US$1.19bn) in May 2019.

The investigation uncovered money laundering practices and organised crime at the flagship Crown casino in Melbourne.

As a result, Crown was ordered to pay AUD $22.5m (£12.4m/€14.4m/$17.3m) towards the inquiry, along with an annual Casino Supervisory Levy.

Following the inquiry, New South Wales implemented a number of new reforms, including setting up plans to create a new independent regulator.

Following the Bergin report, two new state-level inquiries looked into Crown’s existing licences. In Victoria, State Premier Daniel Andrews announced a royal commission that will consider whether Crown Melbourne should be allowed to hold a Victorian licence to operate its flagship casino and entertainment resort.

The Western Australia government is currently conducting its own investigation into Crown Resorts’ suitability to host a casino in the state, which has been extended to March 2022.

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Under the terms of the deal, the tournament will be known as SuperSport Croatian Football Cup during the 2021-22 season, starting with the round of 16 matches that are scheduled for this week.

SuperSport – which is majority owned by private equity group EMMA Capital – will donate K10,000 ($1580/€1340/£1140) to each host club in the round of 16 to assist them in organising the matches. Its standing in the jurisdiction will be boosted by five of the eight games being broadcast live by Croatian Football Television (HNTV).

“The Croatian Football Cup deserves a title sponsor and that is why we are looking forward to this cooperation with SuperSport,” said Tomislav Svetina, executive director of the Croatian Football Federation (HNS).

“This is an important step in the further commercialisation of the competition under the auspices of HNS, which confirms the exceptional popularity and potential of Croatian football.”

SuperSport director Goran Đurić said: “We are extremely pleased with the agreement reached with HNS on sponsorship of the SuperSport Croatian Football Cup.

“We are aware of how much our players love and follow football, and how interesting the cup is for them due to its uncertainty, so it makes us proud that such an important competition is named SuperSport.”

SuperSport claims to be Croatia’s largest betting operator, with a more than 50% market share across retail and online. Founded in 2000, SAZKA Group became a strategic partner in 2018 by acquiring a controlling 67% stake in the business. However, the European lottery giant then sold this stake in May 2019, for a total consideration of €302.6m.

The pricing comes ahead of Sportradar’s IPO, which is expected later today (September 14th). The IPO will consist of 19 million class A ordinary shares, meaning the total value of shares sold should come to $513.0m if all shares are sold.

Sportradar has already allotted one million shares to a number of investors, who have not been named.

These allocated shares will not be subject to a lock-up agreement, which is a deal that prohibits company “insiders” from selling shares for a certain period of time.

Sportradar initially filed for IPO in August. Once this is complete, the company will be able to list of the National Association of Securities Dealers Automated Quotations (NASDAQ) stock exchange.

Earlier this month, Sportradar announced plans to sell 19 million shares in its IPO.

The news comes after several recent deals for Sportradar, including Fédération Internationale de l’Automobile (FIA), FanDuel and the Austrian Tennis Association.