Steve Cohen, an American hedge fund manager and owner of the New York Mets MLB franchise, has refrained from signing a deal with New York City FC to share a certain 50-acre parking lot. The billionaire, who is planning to use the land for a future casino, has not agreed to a deal that would have allowed fans of New York City FC to park there.

Cohen is currently holding the land in hopes of winning one of the NY casino licenses. While the state plans to only award three such licenses, high-profile companies and investors are already making plans for potential gambling venues.

The deal that Cohen did not agree to would have allowed NYCFC fans to park at the Mets’ Citi Field when coming for Willets Point stadium games. The stadium, which is still being built by Queens Development Group, will be a part of a complex that will also include housing and a school. In the second phase of the project, the soccer stadium will be completed, more housing will be added and a new 350-hotel will be built.

While the first facilities wouldn’t be ready until 2026, the project will require a degree of coordination between the Mets and NYCFC. The two franchises have overlapping seasons and will have to coordinate the parking spaces for stadium visitors.

However, to reach an agreement, Cohen must be willing to negotiate with Queens Development Group. The group’s current planning documents outline that attendees of soccer events at the Willets Point stadium would occupy spaces surrounding Citi Field through an agreement with the Mets.

About Cohen’s Project

The billionaire is yet to put his signature on the deal because of his ambition for the land. However, even if he is to build a casino, the process would be arduous, considering that the lot is legally considered parkland.

To make the development of a casino a reality, Cohen will have to alienate the lot. He already introduced a bill for that but despite his lobbying efforts, the city continues to oppose his plans.

A recent poll, on the other hand, showed that many Queens residents tend to be favorable of the idea of a casino in the area. According to a survey conducted by Schoen Cooperman Research, around 78% of the residents expressed their support for the project.

The post Cohen Reluctant on Signing Parking Deal with NYCFC Because of Casino Ambitions appeared first on Keno Wizard.

Lottomatica’s results largely mirror the broader trend in the Italian gambling industry, which has seen significant growth in recent years. Rising revenues across the board should fuel the company’s ambitions after it went public on the Borsa Milan Exchange, hopefully surpassing its projected targets. Despite the global financial instability, Lottomatica hopes to ride the expected IPO market recovery and generate additional value.

Going Public Did Not Hamper Momentum

The Italian lottery and gaming operator first announced its IPO ambitions in January. The company targeted an April listing, hoping to reduce its debt and generate additional proceeds from its new shares. Despite the ongoing turmoil following the recent string of bank failures, Lottomatica pressed on with its plans and successfully secured its listing.

Despite a first-day slip in share prices, controlling shareholder Apollo Global Management, an American global private equity firm, was happy with its results, noting that the move would attract new investors and aid future growth. With consistently good financials and strong demand in the Italian gaming market, Lottomatica sets an example for other companies considering a public listing.

Lottomatica Is Poised for Further Growth

Lottomatica’s Q1 results record substantial growth across most metrics. Overall revenue rose 19.4% year-on-year, reaching a record €424.8 million ($461.3 million). Gaming franchise revenue was the most impactful, contributing €188.0 million ($204.2 million). The company’s online segment experienced the most substantial increase, rising by an impressive 39.3% year-on-year for €124.0 million ($134.7 million).

While Lottomatica’s online sports betting vertical contributed the least at €110.0 million ($119.5 million) in revenue, it retained its healthy position, enjoying an 18.1% market share. Despite such impressive performance, rising inflation and interest rates caused expenses to skyrocket, as the operator lost €247.0 million ($268.3 million) for services payments and €38.0 million ($41.3 million) due to depreciation and write-downs of tangible assets.

Additional expenses of €6.9 million ($7.5 million) on other operating costs and €23.8 million ($25.9 million) in income taxes were not enough to offset Lottomatica’s revenue growth, as the company recorded profits of €46.4 million ($50.4 million)- a 33.8% year-on-year increase. Company CEO Gugliemo Angelozzi was content with the results, hoping the company would maintain its momentum for the rest of the year.

I want to express my gratitude to all my colleagues for these extraordinary results achieved thanks to their incredible dedication and commitment. 

Gugliemo Angelozzi, Lottomatica CEO

The success of Lottomatica’s Q1 2023 should bolster the company’s position in the Italian market and position it well to capitalize on future growth opportunities. The operator is doing an admirable job weathering the ongoing worldwide financial instability, consolidating its position in the Italian market, and setting the stage for further growth.

The post Lottomatica’s Impressive Q1 Financials Bolster Its Post-IPO Ambitions appeared first on Keno Wizard.