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CDI to Acquire Peninsula Pacific Entertainment Assets for $2.49 Billion

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Churchill Downs Incorporated (CDI) has announced that it has entered into a definitive purchase agreement to acquire substantially all of the assets of Peninsula Pacific Entertainment LLC (P2E) for total consideration of $2.485 billion.

CDI will acquire all of P2E’s assets in Virginia and New York as well as the operations of its Sioux City casino property. The P2E Transaction is dependent on usual and customary closing conditions, including the Company obtaining approvals from the Virginia Racing Commission, the New York State Gaming Commission, and the Iowa Racing and Gaming Commission. The transaction is expected to close by the end of 2022.

“This unique set of assets expands our geographic footprint and provides additional scale. P2E has done an exceptional job developing and managing this collection of assets, which we are very excited to acquire and plan to strategically grow in the years ahead,” Bill Carstanjen, Chief Executive Officer of CDI, said.

Colonial Downs Racetrack and Virginia Historical Racing Entertainment Venues

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CDI will acquire Colonial Downs Racetrack, a Thoroughbred racing facility in New Kent, Virginia (Colonial Downs), as well as six successful and growing “Rosie’s Gaming Emporium” historical horse racing facilities across Virginia. Rosie’s Gaming Emporium locations currently include Collinsville, Dumfries, Hampton, New Kent, Richmond, and Vinton. These facilities currently have approximately 2700 historical racing machines (HRMs). The transaction significantly expands the geographic diversity of CDI’s live and historical racing entertainment venues and reinforces CDI’s role as a national leader in historical horse racing.

del Lago Resort & Casino in Waterloo, New York

CDI will acquire del Lago Resort & Casino (del Lago) in Waterloo, New York. del Lago is a 96,000 sq. ft. casino with approximately 1700 slot machines, 80 table games, a 205-room hotel, nine restaurants/bar areas, 758 covered parking spaces, a 6000 sq. ft. sportsbook area, a 2400-seat entertainment venue, and a 7200 sq. ft. outdoor event venue.

Hard Rock Hotel & Casino in Sioux City, Iowa

CDI will acquire the operations of Hard Rock Hotel & Casino in Sioux City, Iowa (Hard Rock Sioux City). Hard Rock Sioux City is a 45,000 sq. ft. casino with 639 slot machines, 20 table games, a 54-room hotel, 1511 parking spaces with 530 covered, two live entertainment venues, a 100-piece music memorabilia collection, and a Hard Rock-branded sportsbook.

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Under the terms of the P2E Transaction, P2E is expected to reach a definitive agreement to sell the real property associated with Hard Rock Sioux City (Sioux City Property) to a third party. CDI will acquire the operating company and lease the Sioux City Property from that third party. Following the closing, CDI will operate Hard Rock Sioux City and lease the Sioux City Property pursuant to lease terms negotiated prior to the closing. In the event P2E is unsuccessful in reaching a definitive agreement with a third party to purchase the Sioux City Property by a certain date, the Sioux City Property will be included in the P2E Transaction and the total consideration will increase to $2.75 billion.

Other Development Rights

Under Virginia law, CDI will have the opportunity to develop up to five additional historical racing entertainment venues in Virginia with collectively up to approximately 2300 additional HRMs. As part of the P2E Transaction, CDI will also acquire the rights to build a large gaming resort (the Dumfries Project), with up to 1800 HRMs in Northern Virginia. P2E previously announced plans to invest up to $400 million to build the initial phase of the Dumfries Project, which is scheduled to open in 2023.

CDI will also acquire the rights to develop Rosie’s Gaming Emporium in Emporia, the seventh historical racing entertainment venue under P2E’s Colonial Downs license. The Emporia facility, located along I-95 near the North Carolina border, will have 150 HRMs and is expected to open in 2023.

Also, included in the P2E Transaction are the rights to P2E’s ongoing effort in partnership with Urban One, to develop ONE Casino + Resort, a $565 million destination casino in Richmond, Virginia.

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P2E’s gaming license in the State of Louisiana, and its casino development rights in Cedar Rapids, Iowa, are not included in the transaction.

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Bally Bet Sportsbook & Casino app

Bally’s Interactive Launches the New Bally Bet Sportsbook & Casino App in Ontario

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Bally’s Interactive, the digital and sports betting division of Bally’s Corporation, has launched the all-new Bally Bet Sportsbook & Casino app in Ontario, Canada. This latest release marks another significant milestone for the company, following the recent app update in New Jersey and a series of successful app launches in the past year, including the introduction of Bally Bet Sportsbook across multiple states and Bally Casino in Rhode Island.

The updated Bally Bet Sportsbook & Casino app represents a major step forward, as it combines the functionalities of the existing Bally Casino app and Bally Bet Sportsbook app into one comprehensive platform. Powered by White Hat Gaming, this new app allows players residing in or traveling to Ontario to conveniently place wagers on both sports and casino games using a single app, account, and universal wallet.

“We are thrilled to introduce the new Bally Bet Sportsbook & Casino app, marking a significant milestone for Bally’s. This integrated platform merges the features of our previous apps, providing players in Ontario with a seamless experience for both sports and casino betting. Our commitment to enhancing the player experience remains at the forefront as we strive to personalize the enjoyment of playing Bally Bet,” said Robeson Reeves, CEO of Bally’s Corporation.

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BCLC

Be #GiftSmart: Scratch the Idea of Gifting Scratch & Win Tickets to Kids

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BCLC reminds adults to gift responsibly this holiday season

With the holiday season in full swing, BCLC is reminding British Columbians to gift responsibly and scratch lottery products from their shopping lists for kids.

“Scratch & Win tickets can make great stocking stuffers for the adults in your life, but they’re not for kids,” said Ryan McCarthy, BCLC’s Director of Player Health. “The research shows that children who have early encounters with gambling are four times more likely to develop riskier gambling behaviour as they grow up. While people are out shopping for those last-minute gifts, BCLC wants adults to be aware of the potential risks associated with gifting lottery products to children and to consider safer alternatives.”

While Scratch & Win tickets are among the most common ways kids can be introduced to gambling, children are increasingly exposed to various online forms, such as gambling streams.

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“With the convergence of gaming and gambling, youth are becoming more exposed to gambling content in online spaces like streaming sites, where creators are able to live-stream their own gambling, usually while playing online slots and instant games,” said Dr. Luke Clark, Director for Gambling Research at UBC. “Our research at the UBC Centre for Gambling shows that a higher frequency of watching online gambling streams is associated with a more positive attitude towards gambling and a high intention to gamble in the future.”

In B.C., it is illegal to sell lottery products to anyone under the age of 19 and BCLC encourages adults to have conversations with the kids in their lives about the risks associated with gambling.

“Open and honest conversations are crucial when it comes to navigating childhood exposure to gambling,” said McCarthy, who shared the following tips to adults:

  • Monitor for gambling-related lifestyle changes. For example, developing a positive attitude towards gambling or a preoccupation with video games or streaming sites.
  • Be a positive role model. Exhibit safer gambling behaviour and talk about the risks.
  • Limit exposure. Monitor kids’ online activities and discourage engagement with gambling content. Explain how gambling is based on chance.
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AGCO

Jackpot Digital Receives Approval from AGCO as a Registered Gaming Supplier

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Jackpot Digital Inc., a leading provider of innovative dealerless electronic poker gaming solutions, has announced that the Alcohol and Gaming Commission of Ontario (AGCO) has approved the Company to be licensed as a registered Gaming Related-Supplier (the “Supplier License”) under the Gaming Control Act in the Province of Ontario.

This significant achievement allows Jackpot Digital to enter one of the most dynamic and rapidly growing regulated gaming markets in North America. The Supplier License authorizes Jackpot Digital to supply its electronic table games to Ontario’s gaming venues, including casinos and other regulated gaming facilities.

Jackpot Digital’s flagship product, the Jackpot Blitz electronic table game system, offers a modern, dealerless, player-friendly solution that integrates traditional multiplayer poker games with cutting-edge digital technology. The Supplier License will enable the Company to offer its innovative gaming solutions to operators throughout Ontario, driving new revenue opportunities and enhancing player experiences.

“Receiving AGCO’s approval is a major milestone. This approval provides us with the opportunity to offer our top-tier electronic gaming systems to operators throughout all of Ontario, positioning us for further growth in one of the world’s most robust gaming markets. We are excited to bring our innovative products to Ontario’s gaming community and continue our commitment to providing exciting, technology-driven entertainment experiences,” said Jake Kalpakian, CEO of Jackpot Digital.

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