As the demolition of the Tropicana casino hotel in Las Vegas draws near, Bally’s Corporation is trying to secure the necessary permits for imploding the property. Because of the procedure’s intricacies, the casino operator would need to secure dust control and asbestos abatement permits, among other permits. Traffic would also need to be taken into mind.

According to the latest reports, the Tropicana will be imploded by Controlled Demolition, the same company that previously imploded the Riviera and the Landmark.

According to Tropicana’s chairman, Soo Kim, the matter is still subject to permitting but Bally’s intends to bring the casino down by the end of the year. This would mark an end to a legendary property that has remained in business for over half a century.

Tropicana originally opened on April 4, 1957, and closed on April 2, 2024, just two days before its anniversary.

Bally’s, which acquired the Tropicana site three years ago, is planning to instead develop a $1.5 billion baseball stadium for the Oakland Athletics and an adjacent hotel.

Some Are Concerned about Bally’s Financial Position

The decision to close Tropicana came after a long period of suboptimal business activity.  Despite its iconic status, the last years saw the property lose much of its luster amid a lack of investment.

Yet, some locals fear that the demolition of Tropicana might be a risky gambit, especially considering Bally’s Corporation’s recent financial hurdles. For reference, the casino company is still struggling to find financing for its downtown Chicago project.

To make matters worse, the company’s credit rating was recently lowered by several credit ratings firms, including Fitch and Moody’s.

Despite that, the company recently told The Progress-Index that it remains bullish on participating in the bidding process for a casino in Petersburg, saying that the lowered rating is unlikely to affect its bid.  

In other news, K&F Growth Capital, an asset management firm and minority shareholder in Bally’s, recently expressed its concerns about Standard General’s recent proposal to acquire all outstanding shares in the casino company.

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Flutter Entertainment, the operator of FanDuel, has spent significant time preparing for this strategic move as it pivots its attention to the lucrative US market. The global gambling giant will maintain its listing on the London Stock Exchange, signifying its ongoing commitment to maintaining a presence in its core jurisdictions. However, the move to the NYSE heralds a new era for the company and should open significant growth opportunities.

The NYSE Listing Is Just a Few Steps Away

Flutter confirmed that its shares will be delisted from the Irish stock exchange as it prepares for the final step required for the US exchange listing, the migration of the settlement system of its shares from Euroclear Bank to the Depository Trust Company. This move has the full approval of shareholders and should be finalized by 6 am GMT on 29 January.

The decision to suspend trading on Euronext Dublin on 24 January aims to facilitate the settlement of pending trades and repositioning instructions ahead of the NYSE listing. This strategic move also aims to minimize regulatory complexities by retaining only two listings – one on the LSE and the other on the NYSE.

Flutter Entertainment shares will remain available on the London Stock Exchange (LSE) under the FLTR ticker symbol. For its NYSE listing, the company will use the symbol FLUT. The move to dual-listing is part of Flutter’s strategy to maximize its presence in the US market, which is responsible for an ever-growing share of its profits.

The Company Remains Focused on the US Market

Flutter’s decision to gradually shift its focus away from Europe comes amidst a series of setbacks on the Old Continent, primarily due to rising regulatory uncertainties. Meanwhile, Flutter’s preliminary Q4 2023 financial results highlighted its robust position in the US market, reporting a 43% share of the country’s sports betting market and a 26% share of the iGaming market. 

Flutter Entertainment CEO Peter Jackson outlined a three-year strategy for success in the US in a recent earnings call. FanDuel, Flutter’s US-facing brand, is ranked as the number one sports betting and number two online casino operator in the US and is uniquely positioned to capitalize on the growing number of jurisdictions offering regulated online gambling.

“The business is in a good place. We’ve got a great product and great momentum to exit the year in the States.”

Peter Jackson, Flutter Entertainment CEO

Investors and industry observers are keenly watching Flutter’s moves as it positions itself for success in the dynamic US gaming landscape. This move to dual-listing is a strategic step to enhance Flutter’s North American profile, recruit and retain US talent, and tap into deeper capital markets, seeking growth opportunities in the expanding American market.

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Romania’s sports betting leader, Superbet Group, has reinforced its leadership with the appointment of a new chief executive officer. The one up to the task is Jimmy Maymann who is set to step into the office on January 15, 2024.

Maymann originally joined the company in May, first stepping into the position of deputy chair of the company’s board of directors. Boasting years of corporate experience at various senior and board-level positions, Maymann has an impressive track record as an innovator and entrepreneur.

Maymann specializes in the foundation and development of technology and media service, telecom and NGO companies. His track record includes the creation and development of more than 10 companies and a number of successful sales. This includes the video content platform GoViral, which was eventually acquired by the American company AOL.

Maymann’s prior experiences also include time as CEO of The Huffington Post.

On January 15, 2024, Maymann will replace the incumbent CEO, Johnny Hartnett. As a result of this corporate change, Hartnett will step down and will join the board as a non-executive director.

Maymann Is Looking Forward to Leading the Company

Superbet Group’s board chairman, Hans Hogler-Albrecht, praised Maymann’s impressive background and expertise, saying that he would be a perfect addition to the leadership team. Hogler-Albrecht said that Superbet is confident that Maymann will have a strong positive impact on the operator’s strategy and business model.

Maymann also commented on his new appointment, saying that he is delighted to assume the new role and offer his expertise to the company. He is looking forward to helping Superbet become a global leader in the technology and entertainment sector.

In the meantime, Hartnett commented on his departure, saying that his five years as CEO have been “the ride of a lifetime.” He thanked the colleagues who gave him their support and expressed he hopes Superbet will continue to grow.

Hartnett promised to ensure a seamless transition of responsibilities to Maymann and expressed his desire to continue to work with Superbet as a part of the company’s board of directors.

Superbet was founded in 2008 and is the biggest sports betting operator in Romania. The company boasts backing from a number of big shareholders, including Blackstone. Superbet operates in a number of markets outside of Romania, including Serbia, Belgium and Poland.

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In anticipation of its grand opening on December 13, Fontainebleau Las Vegas, the dazzling resort nestled on the northern stretch of the iconic Las Vegas Strip, has announced pivotal additions to its leadership team. 

Fontainebleau Las Vegas Welcomes New CFO and CAO

John Helderman, a distinguished professional with 25 years of experience in gaming, finance, and accounting, has been appointed chief financial officer of the resort. Accompanying him in the top ranks is Stacie Michaels, who has been promoted from general counsel to chief administrative officer, expanding her responsibilities to encompass legal, risk management, internal audit, compliance, and workers’ compensation functions within the organization.

Mark Tricano, President of Fontainebleau Las Vegas, expressed his confidence in the newly appointed executives, stating: “As we near our global debut, we are developing a successful culture under the guidance and perspective of seasoned leaders in gaming and beyond.” 

He emphasized the invaluable expertise that Helderman and Michaels bring to the resort. Their deep understanding of the Las Vegas market and their exceptional leadership skills align seamlessly with the vision of Fontainebleau Las Vegas.

Fontainebleau Las Vegas, the highly anticipated 67-story casino resort on the iconic Las Vegas Strip, is to open its doors to the public on Wednesday, December 13. Despite facing delays due to economic challenges and the COVID-19 pandemic, the resort, acquired by Fontainebleau Development and Koch Industries in 2021, secured a $2.2 billion loan last year, ensuring the completion of the ambitious project. 

Michaels and Helderman Elevate Resort’s Leadership

Having previously served as chief financial officer for The Brennan Entities, a prominent Las Vegas-based financial services operator, and in a similar capacity for Bluberi Gaming, a leading slot company, John Helderman brings a wealth of experience to his new role. His track record also includes stints as vice president of finance for multiple Las Vegas Strip resorts. Helderman is a graduate of the Las Vegas Chamber of Commerce’s Leadership Las Vegas Class of 2022.

Stacie Michaels, a legal luminary, transitioned into her elevated role at Fontainebleau Las Vegas after a decade-long tenure in various capacities within the Las Vegas gaming and hospitality industries. Michaels, a graduate of New York Law School, earned recognition as one of Vegas Inc.’s “40 Under 40” in 2017. Apart from her professional achievements, she actively contributes to the community, serving on the board of trustees for Discovery Children’s Museum and the Meadows School.

Fontainebleau Las Vegas recently strengthened its senior-level team. Mark Tricano, a veteran with extensive experience in hospitality, gaming, and finance, was appointed as the resort’s president. Michelle Reda, another industry expert with over two decades of experience, took on the role of chief casino marketing officer, while Kimberly Virtuoso, who contributed significantly to the resort’s human resources strategy, was promoted to senior vice president of people. 

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Liquor & Gaming New South Wales announced that it will be responsible for overseeing the upcoming cashless gaming technology trial in the Australian state and invited industry bodies to participate. Hosted by The Independent Panel on Gaming Reform, the trial will explore the potential of cashless systems to change gambling in NSW.

According to the announcement the panel has now issued invitations for venues and technology providers to apply to participate in the trial.

Applicants should meet certain standards and must be committed to protecting the market from harm and fraud, the regulator explained.

Applicants should meet the minimum requirements set by the Independent Panel to take part in the cashless gaming trial, including harm minimization protections, anti-money laundering protections, and data security and privacy protections, and specific requirements for venues.

Liquor & Gaming NSW statement

Companies have until October 13 to apply for the trial.

The Trial Will Help NSW See If Cashless Gaming Is Worth Investing In

Cashless gaming has been one of the hot topics of the gambling industry in the Australian state for several months now. Many believe that the statewide implementation of the technology will help to prevent gambling-related fraud while protecting at-risk consumers from harm.

However, certain parties, including local industry groups, remain skeptical of the technology and its potential, with many arguing that it may prove to be nothing more than an expensive risk.

In any case, Liquor & Gaming NSW wants to give cashless gaming a chance and see if the technology can usher in a new era of compliance. The trials will help the authority assess how the solutions operate in practice.

An independent researcher will evaluate the effectiveness of cashless gaming by leveraging customized research methodologies.

Liquor & Gaming NSW hopes that the research will lead to a change in player behaviors, mitigating harm and preventing illicit activities.

Cashless gaming trial runs will run for three or more months, allowing the regulator and independent researcher to gather enough data.

A few days ago, the NSW government allocated $100 million to combat gambling harm as the state seeks to reduce the problem gambling rates. The investment came from the redirection of fines imposed on Star Casino.

The investment is notably a part of the Minns Labor Government Budget and reflects a dedication to preventing gambling harm and gambling-related crime.

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In a statement, Push Gaming CEO James Marshall has said that he was extremely proud to see his company take this next step which will allow it to decisively consolidate its presence in key regulated markets and spread its award-winning and player-favorite games further and wider.

Push Gaming Embarks on New Growth Opportunities

“The acquisition is a testament to the talented team we have built along with their skills and industry insight that have led to where we are today,” Marshall said in a press statement and added that Push Gaming was determined to continue and deliver the same excellent quality product that its customers and players have grown accustomed to expecting from it.

Push Gaming is not going to be impeded by red tape in any way as part of this acquisition, as it would remain an independent and highly creative company unchained by unnecessary administrative tasks. Marshall said that everyone in the company was more determined than ever to prove what the company was capable of and the acquisition would no doubt play an important role in that.

With Leo Vegas Group and MGM Resorts International’s backing, Push Gaming is looking at entirely new opportunities. The supplier is already known for many exciting games such as Big Bamboo, Jammin’ Jars, and Razor Shark among others.

Pish Gaming has been in the meantime working tirelessly to ensure that its presence in global markets would be felt. The company has signed a string of prominent partnerships with well-established operators, including Kaizen Gaming in Greece.

Beyond pursuing local opportunities, Push Gaming has also expanded with Betway as part of a global content alliance that will see the supplier deliver its titular and cutting-edge titles to one of the best-established companies in the gaming sector.

In the meantime, Push Gaming already provides content for a string of trusted and established names in the industry, including Tipico, Betsson, Sky Bet, Svenska Spel, Entain, and bet365.

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Several days ago, MGM Resorts International was hit by an unprecedented cybersecurity issue, forcing it to shut down multiple computers and temporarily shut down its official website. Believed to be a cyberattack, the issue affected the casino and hospitality giant’s business in multiple states.

Following reports about an earlier cyberattack on Caesars Entertainment, another casino juggernaut, people familiar with the matter claimed that the cyberattack on MGM Resorts had been initiated by the same group.

Sources identified the wrongdoers as the Scattered Spider group, a notorious team of cybercriminals, believed by experts to be comprised of tech-savvy young people. Currently one of the most dangerous hacker groups in the United States, the Scattered Spider group cleverly uses social engineering to get hold of users’ login credentials and OTP codes.

The efficacy of this tactic has resulted in multiple successful cyberattacks, disrupting companies’ business.

MGM Prepares for Material Losses

MGM Resorts earlier admitted that the incident carries a significant material risk to the company. This was reflected in the company’s share price. Currently trading at a price of $41.47 per share, MGM’s stock has been on the decline since the first news of the incident.

In addition, the shutdown of multiple corporate emails, sites and booking systems is likely to incur further losses. Even worse, the shutdowns have caused significant disgruntlement among unhappy MGM Resorts customers who continue to express their worries about their personal data on social media.

Adding to the casino giant’s woes, Moody’s, an influential credit rating agency, noted that the recent attack is likely to affect MGM’s credit rating negatively because of the underlying security weaknesses.  

While MGM refused to comment on Moody’s warning, the company filed an 8-K report to the Securities and Exchange Commission, warning it about the potential impact of the cyberattack.

In the meantime, reports claim that Caesars Entertainment had been hit by a similar breach several days prior to the MGM Resorts incident. According to people familiar with the matter, Caesars had to pay tens of millions of dollars to the wrongdoers in order to secure its business.

Elsewhere, Stake.com, a leader in online and crypto gambling, recently lost millions of dollars in cryptocurrencies following an attack from another cybercrime group. The FBI later identified the attackers as the Lazarus Group, a team of hackers with ties to North Korea.

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In a recent press interview, Eric Sjöden, senior advisor for international affairs at l’Autorité Nationale des Jeux (ANJ), France’s gambling regulator, underlined that the authorities must develop a closer relationship with operators in the market for the benefit of the players.

The Excessive Advertising Issue

The gambling market in France was in turmoil following one of the biggest competitions in European football, the 2020 UEFA European Championship which was eventually held in 2021 due to the novel coronavirus pandemic. That competition saw most operators in France engage in a frenzy of advertising, which prompted ANJ to crack down on gambling marketing.

In 2022 ANJ made significant moves towards reducing the number of gambling ads, justifying those measures by saying that they should protect young people and vulnerable groups.

However, the measures were not imposed by the authorities on the market. ANJ launched a public debate, asking both the public and the operators to have their say before eventually deciding the next steps.

Eric Sjöden explains that this is the way ANJ wants to deal with the French gambling market, engaging in constant dialogue both with the operators and the general public. “We speak with them about problem gambling, regarding AML, so it’s normal for us to speak with them in regards to advertising and advising,” Eric Sjöden added.

Constant Communication

The dialogue is kept alive as each year ANJ requires all licensed operators to submit action plans regarding fraud, money laundering, safe gambling, and terrorism financing. This allows for ongoing dialogue between the regulator and operators because after the latter submits the action plans the ANJ replies with recommendations.

However, some of these action plans receive plain rejections from ANJ if they are not good enough. Earlier this year the French regulator dismissed six such plans, belonging to casinos and gaming clubs.

“This is our idea of regulation,” Eric Sjöden explained. The ANJ advisor added that the French regulator dishes out fewer sanctions than regulators in other European countries and that is because operators on the French market have a better understanding of the regulation framework.

Sjöden also revealed that ANJ is currently working on two new tools for the French gambling market, a guide on tracking gambling harm and an instrument under the regulator’s control which would allow to set up loss limits.

The French authorities are also preparing to legalize online casinos through Bill 1248, which was introduced in May 2023 by Philippe Latombe, a representative of the Democratic Movement party. The bill’s purpose is to take players to legal online casinos instead of offshore operators that don’t have responsible gambling measures in place.

Source: “France focus: Is the market a success yet?“. iGaming Business. September 5, 2023.

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Finlandia Casino, the online casino brand that has become very popular on the Finnish market for the past ten years, has announced its rebranding to “Winlandia” as the company seeks to expand on multiple European markets.

Taking Europe by Storm

Finlandia Casino is regarded as one of the most respected brands on the Finnish online gaming market thanks to its impressive portfolio of slot games, table games and live casino titles, along with numerous payment options and enticing promotions and bonuses.

These strengths eventually attracted even players from other markets and that is why the company decided to change its brand to a more internationally-appealing one as it looks to expand into Europe.

Following the rebrand to “Winlandia”, the online casino has entered the Swedish market while three other major markets are lined up: Denmark, Norway and the United Kingdom. The online casino states that it wants to stand out from other brands by offering a tailored player experience, delivered with a Nordic twist.

Winlandia has a wide range of games in its offering, with its portfolio surpassing 5,500 titles from all the big developers in the world. However, the online casino also includes games from smaller providers which offer fresh and innovative titles.

The operator also announced that it intends to be among the first to apply for a license once Finland finally decides to dissolve the gambling monopoly and allow private operators to compete on the market in the coming years. Moreover, Winlandia announced that it intends to reach other continents as it will attempt to expand into Canada and New Zealand as well.

Hugely Passionate About Online Casino

Christoffer Grönlund, Head of Acquisitions & PR at Winlandia, was the one that announced the expansion plans, confirming that the online casino brand is looking to expand further into Europe and beyond.

“The team behind Winlandia is hugely passionate about online casino and delivering the absolute best experience to our players,” Christoffer Grönlund added, underlining that the company has a “very experienced” team with over 15 years of work in the iGaming industry.

“We have some incredibly exciting plans in the works and look forward to more players than ever before being able to enjoy what Winlandia has to offer,” the Winlandia executive concluded.

Source: “Finlandia Casino Rebrands to Winlandia and Goes Global“, BusinessWire. August 31, 2023.

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Apollo Global, an American global private equity firm, has confirmed its IPO plans for the Lottomatica division, saying that it plans to have it go public on the Euronext Milan exchange by the end of April. The IPO is expected to help Lottomatica reduce its debt.

According to the announcement, the IPO will consist of both new and existing shares, although the exact number to be sold is still undetermined. Gross proceeds from the new shares, the Italian operator hopes, will reach $467 million.

Lottomatica’s initial public offering was reportedly approved by shareholders in February, following earlier rumors that the company is set to go public. In January, rumors claimed that the company will be looking to raise at least $1 billion through its initial public offering.

However, at that time, the Italian company was still evaluating the market conditions. As a result, the IPO plan was not officialized until later.

Lottomatica is a sports betting operator that offers retail and online betting in Italy. The company has been continuously growing its local presence, improving profitability across the board.

It reported adjusted core profits of around $170 million in Q1, which translates into a year-on-year increase of 15-16%. Meanwhile, Lottomatica’s revenue rose by 21% YOY to $308 million.

The company hopes to deliver mid-point core profits of $615 million. Lottomatica’s guidance for 2023, on the other hand, expects the Italian operator to earn $1.73 million and $1.83 billion.

The IPO Might Be Coming at the Perfect Time

Experts say that the IPO may be coming at just the right time, considering the IPO drought in Europe. In 2022, high interest rates and increased inflation discouraged investors from taking daring actions. However, this pent-up demand for listings might work to Lottomatica’s benefit, helping it achieve and surpass its IPO targets.

Although it is yet to be seen if this projection will come true, the current conditions are something that Lottomatica’s leadership has certainly considered.

Last year, the Italian operator strengthened its business through key deals with notable B2B companies. For example, the company was able to secure an exclusive payment deal with the innovative payment provider Nuvei and an iPoker deal with Playtech.

In November 2022, the company also finalized the acquisition of Betflag, an Italian gaming company.

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