Despite only serving as CEO for less than a year, Eriksen was instrumental in advancing many of the operator’s safe gambling policies and social initiatives. He will remain with the company for a few more months to assist in the search for his successor and ensure a smooth transition. The leadership change should not disrupt Norsk Tipping as the company continues to serve as an example to operators worldwide.

The CEO leaves behind a legacy of success

Eriksen took up the leadership position at Norsk Tipping in September 2022 after previous CEO Åsne Havenelid stepped down due to personal reasons. Despite his short tenure, Eriksen contributed significantly to the operator’s safe gambling initiatives, advancing several milestone campaigns and focusing on charity efforts. His people-oriented mindset earned him the respect of his colleagues, who wished him luck in his future endeavors.

According to official data, the reason behind Eriksen’s premature departure is his new position as CEO of Bane Nor, the national agency managing Norway’s railways. The government likely noticed Eriksen’s success, deciding to direct his talents where they would make the most significant impact. The CEO was sad to leave his position but expressed content in his progress, thanking the Norsk Tipping team.

In one year, I have become very happy with Norsk Tipping’s social mission and our employees. Overseeing a strong and future-oriented Norwegian railways is exciting and something I have chosen to accept.

Lars Buer Eriksen, Norsk Tipping CEO

Eriksen will remain at the helm of Norsk Tipping until 1 October, assisting the operator with securing a worthy successor and ensuring a smooth transfer of responsibilities aligned with the company’s values. The recruitment process will likely involve careful consideration of candidates with a strong understanding of the gambling industry and a commitment to responsible gambling practices and innovative strategies. 

Norsk Tipping retains its focus on safe gambling

Norsk Tipping’s future CEO will have the challenging mission of leading the country’s sole regulated operator, keeping up with the company’s community-focused efforts. From January to April, the operator donated $24 million to good causes, allowing gamblers to choose their supported organization. Such funding is part of its Grassroots Share (Grasrotandelen) program allocating 7% of gamblers’ bets to charity.

The monopoly also invests significantly in safe gambling initiatives, mitigating the harmful social impact associated with the industry. Under Eriksen’s management, Norsk Tipping introduced new loss limits for younger players under 20, focusing on customers facing higher risks of gambling-related harm. The company also ceased its TV sports betting advertisements after the country’s broadcasters vowed to stop promoting unlicensed operators.

While Lars Buer Eriksen’s departure as head of Norsk Tipping marks a significant transition for the state-owned gambling operator, searching for a new CEO presents an opportunity to bring fresh perspectives and strategies. The company’s new leader will face the challenge of maintaining Norsk Tipping’s responsible gambling efforts while adapting to emerging market trends.

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A Bloomberg article detailed that there was a total of 5 offers exceeding $1 billion. The bids were international, with a variety of plans for the future of the waterfront land – from high-end condos or office spaces to situating an entertainment destination there. The Malaysian gambling giant hasn’t announced a final decision yet; however, it was reported that three candidates would be shortlisted before that comes to fruition.

Genting Ready for a Large Profit

Genting’s Miami property sale could be finalized within weeks. The Malaysian operator started marketing their decision to sell the 16 acres of prime real estate back in November 2022, so attracting five bids over $1 billion is an achievement in and of itself. The parcel was home to the Miami Morning Herald newspaper and sits across Miami Beach on Biscayne Bay.

The decision to sell, however, follows a failed push to legalize non-tribal casinos in Florida. As such, Genting is reportedly going to use the proceeds from the sale to fund its casino expansion into New York and further expand its extensive Las Vegas offerings. The operator at potentially very sizable profit from the sale. The land was originally purchased for $236 million in 2011.

Genting’s international status could also potentially enable the operator to distribute the sale profits across markets other than the US. However, such a decision would be motivated very differently. The Genting Casino Nottingham was closed recently, mainly due to “commercial considerations.” The operator didn’t win a Macau concession, so prospects for that market would also require further investment.

And so, although the company’s intentions to use the proceeds from the sale to further strengthen its positions in New York and Las Vegas date a few months back, this is still the more likely option. Other operators have been pouring money into their Macau businesses such as Wynn or MGM, but both won their concession bids, and Genting doesn’t have one.

Eyeing a New York Casino License

Another reason to look to New York specifically is that after Genting’s Macau push didn’t bear fruit during the concession renewal bids, the state has an ongoing bidding war over three new licenses. The competition is expected to be fierce, though, as two of the three licenses are expected to go to racing casinos, potentially leaving only one city casino license available.

The bidding process is run by the New York Gaming Facility Location Board, which said in January that it would not be imposing artificial deadlines due to the complexity of the process. While the state is looking to cash in more gaming tax revenue, the application fees themselves are at $500 million per applicant. So, that’s already a not-insignificant investment just for the attempt.

Genting operates Resorts World which sits close to the Aqueduct Racetrack in Queens. The operator’s plans for expanding the slot-machine facility with a hotel, resort, and casino, could potentially cost more than $1 billion, so the Miami property sale could fill in a big chunk of that investment, or cover all its license application costs and leave some change.

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