Caesars Entertainment
Caesars Announces Multi-year Partnership with Cleveland Cavaliers
Caesars Entertainment announced a multi-year partnership with the Cleveland Cavaliers to make Caesars Sportsbook an “Official Sports Betting Partner” and Caesars Entertainment the “Official Casino Partner” of the team.
This partnership includes plans to open a best-in-class retail sportsbook on the street level inside the Northwest Atrium area of the team’s home venue, Rocket Mortgage FieldHouse, pending regulatory approvals.
“We’re ready to welcome Ohio sports fans into the Caesars Sportsbook Empire, while also making history with our second sportsbook at an NBA arena. Building upon our already established roots with Scioto Downs in Columbus, we’re excited to announce our partnership with the Cavaliers at an exciting time in their franchise’s history. As we prepare to launch sports betting in Ohio later this year, this wide-ranging partnership enables us to connect with the Cavs’ passionate and highly engaged fanbase. Caesars Sportsbook at Rocket Mortgage FieldHouse will be a first-class venue providing an exciting atmosphere for sports betting and more,” Chris Holdren, Co-President of Caesars Digital, said.
Caesars Sportsbook at Rocket Mortgage FieldHouse will have betting windows for cash wagering and combine custom VIP and hospitality experiences for Caesars Rewards members, along with on-site activations throughout the year.
With construction starting soon, Caesars Sportsbook will be located on the street level inside the north atrium of the venue near the intersection of Huron Road and Ontario Street. The Sportsbook will be open year-round on both event and non-event days for both eligible fans with tickets to events and those without tickets who want to place wagers. Caesars Sportsbook at Rocket Mortgage FieldHouse is expected to be open by the end of 2022, subject to regulatory and other necessary approvals and further details and renderings will be announced at a later time.
In addition, Caesars Sportsbook gains access to the use of official Cleveland Cavaliers logos and marks, broadcast and digital content across Cavs properties, as well as TV-visible in-game signage.
Brownstein Hyatt Farber and Schreck LLP
Caesars Entertainment Closes Sale of the LINQ Promenade
Caesars Entertainment announced the closing of the previously announced sale of the LINQ Promenade to a joint venture formed between TPG Real Estate (TPG) and the Investment Management Platform of Acadia Realty Trust (Acadia) for $275 million. Concurrent with the closing of the transaction, Caesars made a $275 million voluntary prepayment of the Term Loan B due 2030 with the proceeds from the transaction.
Latham & Watkins LLP and Brownstein Hyatt Farber and Schreck LLP represented Caesars on the transaction. Kirkland & Ellis LLP provided transaction counsel to TPG & Acadia.
Caesars Entertainment
Caesars Entertainment Enters into Definitive Agreement to Sell the LINQ Promenade
Caesars Entertainment has announced that it has entered into an agreement to sell the LINQ Promenade to a joint venture to be formed between TPG Real Estate (TPG) and the Investment Management Platform of Acadia Realty Trust (Acadia) for $275 million. The sale is subject to customary approvals and other closing conditions and is expected to close during the fourth quarter 2024.
“The sale of the LINQ Promenade represents an accretive, non-core asset sale that will accelerate our debt reduction goals. I want to thank all the team members and the tenants of the LINQ Promenade for their partnership over the last 10 years and wish them continued success,” said Tom Reeg, CEO of Caesars Entertainment.
Latham & Watkins LLP and Brownstein Hyatt Farber and Schreck, LLP represented Caesars on the transaction. Kirkland & Ellis LLP provided transaction counsel to TPG & Acadia.
Caesars Digital
Gaming Realms Launches Exclusive Blackjack Game on Caesars Entertainment’s iGaming Platforms
Gaming Realms, a leading provider of mobile-focused gaming content, has expanded its partnership with Caesars Entertainment with the launch of a new exclusive title, Caesars Blackjack X-Change.
Now live on Caesars Palace Online Casino and Caesars Sportsbook & Casino in New Jersey, Michigan, and Ontario. Caesars Blackjack X-Change is a reimagining of Gaming Realms’ popular Blackjack X-Change title, featuring a revamped aesthetic anchored by the Caesars brand and the excitement of the Las Vegas strip’s most iconic casino.
The game combines the thrill of traditional blackjack with an innovative X-change feature, allowing players to swap their cards between hands, adding a layer of depth and decision-making to classic blackjack gameplay. This title marks Gaming Realms’ second custom launch on Caesars’ digital platforms following the successful launch of Caesars Palace Slingo last year.
This latest collaboration emphasises Gaming Realms’ ability to provide localised content and branded games that align with operator and player needs. It follows other exclusive games made for leading operators worldwide such as MrQ, Superbet and Sky Betting & Gaming.
Gareth Scott, Chief Commercial Officer at Gaming Realms, said: “Our partnership with Caesars continues to be a resounding success, with players demonstrating a natural affinity for the strategic depth and variety offered by our portfolio. Building on the success of last year’s exclusive game, Caesars Blackjack X-Change is a natural progression in our ongoing collaboration and underscores the popularity of our titles with the operator.”
Matt Sunderland, Senior Vice President and Chief iGaming Officer at Caesars Digital, said: “The launch of Caesars Blackjack X-Change on our platforms is another example of the exciting custom game content we aim to bring to our players on a regular basis. Our partnership with Gaming Realms has continued to deliver innovative concepts and new titles for our players. This exclusive title is a fun spin on the classic live casino game beloved by many players that offers a fresh and engaging experience.”
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