Bruce Smith Enterprise and The Cordish Companies secured major approval for their proposed $1.4 billion dollar project, Live! Gaming & Entertainment District. The massive mixed-entertainment project is planned to be located in the City of Petersburg, Virginia, using land near the intersection of Wagner Road and Interstate I-95. The strategic location is expected to help with the visitation to the Live! Gaming & Entertainment District, considering that it provides easy access to one of the most important north-south interstates for the East Coast.

On Thursday, the Cordish Companies and Brice Smith Enterprise received approval for their massive project from the Petersburg City Council. The unanimous approval marks an important achievement for the duo, taking them a step closer to the realization of the ambitious project. Still, prior to commencing the project, the matter must be put up with the voters in the state. It is expected that Virginia voters will have a chance to vote for or against the project in a referendum this year in November.

The massive $1.4 billion project is expected to create more than 7,500 new construction and permanent jobs. At the same time, the Live! Gaming & Entertainment District, Anchored by Live! Casino & Hotel Virginia is expected to generate some $504 million in tax revenue for the first ten years. From that total, some $240 million in taxes are expected to benefit the city directly. Overall, the project is expected to bring $2.8 billion in economic stimulus to the region, turning Petersburg into a go-to gaming, entertainment, hospitality and shopping destination.

The Project Is Expected to Deliver World-Class Entertainment, Hospitality

Provided that the project receives a green light, The Cordish Companies and Bruce Smith Enterprise plan to quickly enter into its first phase, developing and opening a new casino that will immediately create new jobs for the city. Once the initial phase is completed, the Live! Gaming & Entertainment District is expected to offer more than 1,000 slots, a dedicated poker room, a casino bar and 23 live action table games.

“We extend our thanks to the entire Petersburg City Council for its thoughtful decision to select Bruce Smith Enterprise and The Cordish Companies as development partners for this transformative, world-class destination in Petersburg.“

Zed Smith, chief operating officer for The Cordish Companies

Zed Smith, The Cordish Companies’ chief operating officer, thanked the Petersburg City Council for its latest decision to support the companies’ ambitious project. He spoke about the Cordish Companies’ experience in developing large-scale mixed-use casino resorts and developments across the country.

Moreover, Smith added that the collaboration with Bruce Smith Enterprise marks the perfect fit for the company. Last but not least, the executive explained that the two companies are looking forward to collaborating with the City and Commonwealth to deliver exceptional gaming experiences and exciting opportunities.

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In a move that signals a significant departure from tradition, Evanston Human Services Committee voted to greenlight the installation of video gaming terminals in up to nine local restaurants with liquor licenses. This decision, overturning a longstanding ban on such devices, has stirred controversy within the community.

Universal Gaming Group Proposal Sparks Debate in Evanston

The proposal, championed by Rob Bady, a sales representative for Universal Gaming Group, received considerable attention during Monday’s committee meeting, reported Evanston Now. Bady, also a former aldermanic candidate, argued in favor of introducing the machines, citing interest from several local eateries. According to Bady, these terminals, akin to those found in Las Vegas, present a lucrative opportunity for both businesses and the city.

Despite concerns voiced by some members of the committee, including Ald. Eleanor Revelle, who expressed reservations about the city’s reliance on gambling revenue, the motion passed with notable support. 

Ald. Devon Reid, while acknowledging personal moral objections to gambling, endorsed the proposal, emphasizing its potential financial benefits for the city. Reid also proposed imposing limits on the share of revenue generated from gambling activities, akin to restrictions imposed on tobacco sales.

Evanston Weighs Pros and Cons of Video Gaming Expansion Amidst Controversy

The decision, however, has sparked a broader debate within the community. Critics, echoing sentiments previously expressed by Ald. Melissa Wynne, questioned the societal implications of introducing video gaming into local establishments. They argue that the potential economic gains may come at the expense of community values and well-being.

On the other hand, proponents highlight the fiscal advantages, pointing to data indicating substantial revenues generated from video gaming across Illinois. With municipalities collectively earning $144 million from such activities last year alone, supporters argue that Evanston stands to benefit financially from embracing this industry.

As the ordinance progresses to the full City Council for consideration, the discussion surrounding video gaming in Evanston is far from over. The decision to permit these terminals reflects a delicate balance between economic opportunity and ethical considerations, with implications that extend beyond mere revenue generation.

The Evanston debate on video gaming machines comes on the backdrop of another gambling tax change in the state. Illinois’ recently proposed Fiscal Year 2025 budget includes a substantial increase in the tax rate for sports betting, aiming to raise it from 15% to 35%. This change is anticipated to generate around $200 million in revenue for the state, contributing to its economic infrastructure and education initiatives.

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The Peruvian Ministry of Foreign Trade and Tourism has authorized Asensi Technologies and eCOGRA to offer their certification services in the country.

Asensi Technologies Praises This “Significant Achievement”

According to Asensi Technologies, its launch in Peru represents a significant achievement and attests to the company’s commitment to excellence and quality. The accreditation, Asensi Technologies hopes, would allow it to strengthen its partnership with existing clients and forge deals with new ones.

Asensi Technologies’ chief executive officer, Aurora Merino Salas, commented on the achievement, sharing her excitement about the foray into Peru.

This accreditation not only demonstrates our ability and commitment to comply with local regulatory standards, but also, of course, opens up new business opportunities for us in the country.

Aurora Merino Salas, CEO, Asensi Technologies

Salas added that her team is excited to offer its assessments, and technical compliance and certification services to legal business-to-business and business-to-customer actors in Peru.

eCOGRA Enters Peru as Its 38^th Jurisdiction

In the meantime, eCOGRA also secured authorization from the Peruvian Ministry of Foreign Trade and Tourism, allowing it to operate as a certification laboratory in the country as well.

As a result, the company will now offer its full suite of iGaming testing, inspection and certification services to local companies. This follows the launch of eCOGRA’s office in Colorado, further expanding the lab’s footprint. As a result, eCOGRA’s services are now available in 38 global jurisdictions.

For reference, Peru is the third South American country to regulate online gambling, following Colombia and Argentina. Under its regulations, all operators that offer iGaming and online betting must submit applications to the MINETUR by March 13.

eCOGRA’s chief technical officer, Bradley Khoury, commented on the matter, saying that this approval is a testament to his team’s unwavering dedication to the highest industry standards.

We are committed to working closely with Peruvian operators and software providers to ensure the integrity and fairness of online gambling offerings.

Bradley Khoury. CTO, eCOGRA

The recent expansion is in line with eCOGRA’s broader global strategy to promote best practices and safeguard player interests.

A year ago, eCOGRA also secured a license from the Michigan Gaming Control Board, allowing it to grow its North American footprint. The company’s services are also available in New Jersey.

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Lawsuits filed against a number of major hotel-casino operators in Atlantic City were given a green light to be consolidated earlier this week. The lawsuits alleged gambling operators engaged in anticompetitive actions, resulting in a cumulative increase in hotel room rates since 2018. As announced by Play NJ, US District Court Judge Karen Williams recently allowed three class action lawsuits against a total of six casinos in Atlantic City to be consolidated. The decision comes upon a request from the plaintiff.

Named as defendants in the consolidated lawsuit are Hard Rock International, MGM Resorts International, as well as Caesars Entertainment. The legal claim is also against Cendyn Group, a company that “sells and promotes a pricing algorithm platform.” Per the lawsuit, the defendants all used a program supplied by Cendyn Group that enabled them to “share, coordinate, and set supra-competitive prices for guest rooms.”

The alleged conspiration has been ongoing since 2018 through the present date, resulting in an increase in hotel room rates across Atlantic City. According to the plaintiffs, the six casinos in the city breached the Sherman Antitrust Act and the Clayton Antitrust Act.

Price Increases Impact Room Occupancy, Claims Lawsuit

Supporting their statements, plaintiffs included data provided by the gambling regulator in New Jersey, the Division of Gaming Enforcement (DGE). Per that data, room occupancy for Atlantic City’s hotel casinos has been decreasing since 2017. Back then, hotel occupancy hit 87% and after that, in 2018, dipped to 81%. This downward trend continued with 79% hotel room occupancy recorded in 2019 as well as 62% and 68% in 2020 and 2021 respectively. Then, according to DGE’s data, hotel room occupancy in 2022 was 73%, a result that was far below the rates recorded in 2017 and 2018.

The legal claim alleges that the defendants in the lawsuit control between 72% to 80% of the share of hotel rooms for the market in the city. This majority share enabled them to establish higher rates, claims the lawsuit.

Currently, MGM Resorts operates the Borgata Hotel and Casino in Atlantic City. On the other hand, Caesars is in charge of three properties in the city: Tropicana Atlantic City, Caesars Atlantic City and Harrah’s Resort Atlantic City. Although the company sold its Bally’s Atlantic City property, it was also listed in the lawsuit.

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Colorado’s Limited Gaming Control Commission (LGCC) has greenlit the trial of fixed-odds horse wagering in the state. Voted last month, the measure would allow gambling companies to offer fixed odds products for two years.

This would see Colorado as the second state besides New Jersey to offer fixed-odds betting on horse races. The move comes after years of intense efforts to get fixed odds approved. A number of operators in the state have already expressed their support of the measure.

Colorado initially allowed companies to request permission to offer fixed-odds betting on horse races in 2022. While that measure was set to expire in November this year, the new rule, approved on November 16, would instead expire in 24 months.

During that time, gambling operators are expected to request permission to offer fixed odds on horse races.

Bally’s Is Optimistic about Fixed-Odds Betting

For reference, fixed-odds horse racing allows customers to lock in their odds, potentially capitalizing on some very beneficial offers. Fixed odds do not change based on betting volume, unlike traditional pari-mutuel betting.

Fixed odds are a fairly new concept in the United States and provide high rollers with a sense of security. While the winnings of a pari-mutuel bet are subject to change depending on how many players make the same bet, fixed-odds betting will always provide the same winnings.

Thanks to this, players can wager with confidence, instead of waiting until the last possible minute to place their wagers.

At the moment, America’s biggest operators do not offer fixed-odds horse racing. Experts believe that emerging companies are more likely to explore the vertical than their established counterparts.

However, Bally’s recently wrote an open letter to the LGCC, praising it for greenlighting a trial period for fixed-odds wagering on horse races. The casino corporation believes that the new vertical would allow Colorado’s sportsbooks to capitalize on an expanded audience of fans and an increased betting volume.

The company seems to be convinced of the success of fixed-odds betting and optimistic about what it would bring to the table.

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The central government of Japan has greenlit a revised implementation agreement for Osaka’s integrated resort project. Compiled by the Osaka Prefecture and the MGM Resorts consortium, which are behind the project, the plan would allow a formal agreement to be signed later this month.

The approval was announced by Japan’s Minister for Land, Infrastructure, Transport and Tourism, Tetsuo Saito, last Friday. It follows the prefecture’s submission of a revised agreement earlier this month.

Under the revised agreement, the opening of the integrated resort will be further delayed to 2030. In addition, the initial investment in the property has been increased by $1.3 billion to a total of $8.6 billion. The agreement revisions came amid rising prices of construction materials.

The current approval means that the prefecture and the MGM Resorts consortium could sign the implementation agreement in September, securing the future of the highly-anticipated Osaka integrated resort project.

Depending on how the situation unfolds, construction of the main facility could start in spring 2025.

The IR Project Is Closer to Realization Than Ever Before

The MGM Resorts consortium is comprised of the international casino and hospitality giant MGM Resorts International and its local partner Orix Corp. The planned casino resort would be built on Yumeshima, an artificial island in Osaka Bay.

The property would include as many as 2,500 hotel rooms and some 730,000 square feet of MICE space and tourism facilities. The resort is expected to be a major driver of tourism and visitation, bolstering the local economy.

Some experts believe that the project could turn Osaka into a preferred destination for tourism, reflecting the effect similar projects had in places such as Singapore.

Despite all the arguments in favor of the resort, some groups remain unconvinced. A year ago, for example, an anti-IR group pushed for a referendum in hopes of squashing the project. Certain political groups also opposed the project because of various concerns.

In spite of the challenges, the Osaka IR project is now closer to realization than it has ever been, signifying an important triumph for its supporters. The success of this project can not only provide boons to the Japanese economy but may also change the country’s relationship with the gambling industry.

In other news, Osaka selected the business consultancy Deloitte Touche Tohmatsu for the provision of support services for the development of its upcoming integrated resort earlier this year.  

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The International Cricket Council is mellowing down on its stance on gambling sponsorships. The organization is set to allow sponsorships on player attire and equipment in international bilateral matches, increasing the visibility of betting brands.

The change was proposed in November but rejected. After several teams displayed gambling sponsorships, ICC agreed to further discuss the matter during a March meeting in Dubai. Eventually, the Chief Executives Committee (CEC) agreed to lift some of the restrictions. The change is effective from April but sponsorships will still be prohibited in major ICC tournaments.

CEC secretary Clive Hitchcock commented on the matter, saying that the ban would have prevented certain teams from presenting their sponsorship logos in their country. Seeing that teams are signing agreements with operators, the committee felt that the members should be able to freely decide whether to use their betting logos in bilateral and domestic cricket.

In addition, the number of logos permitted on player equipment during Test and ODI matches will be increased. At the same time, colored clash kits will no longer be mandatory in ICC events and bilateral cricket.

The legalization of kit sponsorships in bilateral games is a major development for the cricket sector. However, it comes amid a time of intense scrutiny for gambling sponsorships in professional sports. Certain mature markets, especially ones in Europe, are becoming more and more critical of sports betting ads and sponsorship, claiming that they send children the wrong message and encourage problem gambling.

Because of that, Forbes reported, some people were shocked at the news. Certain cricket administrators were outraged, with one noting that corruption in sports is oftentimes linked with betting. That administrator added that he realizes that betting is legal in many markets but still considers the measure to be “hypocritical.”

In Britain, many anti-gambling activists promote the idea of a gambling-free Premier League. The intense opposition demands an official ban on all gambling sponsorships in the league. Meanwhile, the EPL is seeking compromise with these people and has agreed to remove the front-of-shirt sponsorships, instead moving logos to its players’ sleeves. Unfortunately, this may not be enough as some have slammed the move as “incoherent.”

Despite the scrutiny gambling sponsorships may attract, they can benefit professional cricket a lot. Now that players can feature gambling logos on their equipment, they can secure additional revenue streams that will nurture the sector.

Cricket has always been able to attract bettors. Because of that, BetDEX, a Web3 sports betting exchange, recently expanded its offering, adding Indian Premier League markets to its platform. The addition was praised as a major milestone by the company CEO, Varun Sudhakar.

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The iconic guitar, synonymous with the international entertainment brand Hard Rock, will soon be arriving on the Strip in the gambling capital of the world, Las Vegas. Earlier this week, Clark County officials greenlighted the design for the new guitar-shaped tower that is expected to emerge at the Mirage, likely replacing the volcano site.

The guitar-shaped tower will be a hotel offering some 600 rooms for guests. Additionally, the new tower would feature restaurants, gaming space and other amenities, spanning nearly 40 floors in height. The Clark County Commissioners’ vote that greenlighted the guitar-shaped tower happened on Wednesday. The permits for the plan and re-design of the Mirage confirm that the existing tower will remain. However, next to it, a new 660 feet tall guitar-shaped tower would be built.

“Clark County Commissioners just approved permits and designs for the plan on the current site of the Mirage Las Vegas volcano. The existing tower will remain and a new 660 feet tall guitar-shaped tower with 600 suites will be built,“

reads a statement released by Clark County

The Company Plans to Revamp the Mirage

It was back in December when Hard Rock International (HRI), secured approval for the acquisition of the Mirage from MGM Resorts. The company agreed to acquire the property in a deal for $1.08 billion, which was initially announced late in 2021.

Although HRI hinted at plans to revamp the property, the entertainment giant confirmed that those plans would not impact its operation and it won’t be closed. At the time, the company noted it has “no current plans to cease operation of The Mirage and any reporting to the contrary is inaccurate.”

Still, considering the construction works needed for the revamp of the property, HRI did not rule out a short temporary closure of the property. However, if that happens it may be at some point in 2024 and only given that the construction works require it.

The latest approval now marks another major milestone for Hard Rock as it allows the company to get closer to introducing a guitar-shaped tower that will likely become one of the landmarks in Las Vegas.

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