Rocks Archives - Keno Wizard https://kenowizard.com/tag/rocks/ The Ultimate Keno Destination for Odds, Tips & Tricks Thu, 21 Dec 2023 21:36:06 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://i0.wp.com/kenowizard.com/wp-content/uploads/2023/02/cropped-keno-wizard-icon.png?fit=32%2C32&ssl=1 Rocks Archives - Keno Wizard https://kenowizard.com/tag/rocks/ 32 32 230792155 GiG Completes KaFe Rocks Deal, Sets Out to Conquer the Casino Affiliate Sector https://kenowizard.com/2023/12/21/gig-completes-kafe-rocks-deal-sets-out-to-conquer-the-casino-affiliate-sector/ https://kenowizard.com/2023/12/21/gig-completes-kafe-rocks-deal-sets-out-to-conquer-the-casino-affiliate-sector/#respond Thu, 21 Dec 2023 21:36:06 +0000 https://kenowizard.com/2023/12/21/gig-completes-kafe-rocks-deal-sets-out-to-conquer-the-casino-affiliate-sector/ Leading iGaming tech company Gaming Innovation Group (GiG) has announced the completion of its acquisition of KaFe Rocks, a major online casino affiliate. The announcement was first announced in November and saw the tech giant acquire the affiliate in a EUR 35 million deal. According to GiG, the new acquisition will position its proprietary media [...]

The post GiG Completes KaFe Rocks Deal, Sets Out to Conquer the Casino Affiliate Sector appeared first on Keno Wizard.

]]>

Leading iGaming tech company Gaming Innovation Group (GiG) has announced the completion of its acquisition of KaFe Rocks, a major online casino affiliate. The announcement was first announced in November and saw the tech giant acquire the affiliate in a EUR 35 million deal.

According to GiG, the new acquisition will position its proprietary media division, GiG Media, as the leading iGaming affiliation brand. The move will also cement GiG’s position in the key North American market, the company added.

As previously announced GiG will pay a total of EUR 35 million (roughly $38.5 million current rates) for the acquisition. This includes an upfront cash payment of EUR 15 million (16.5 million), followed by semi-annual payments totaling EUR 20 million ($22 million). GiG may also issue EUR 2.5 million ($2.75 million) in own shares to the sellers in Q1 2024.

KaFe Rocks’ assets are consolidated as of December 21, 2023.

The Deal Is in Line with the Company’s Overall Strategy

The acquisition of Kafe Rocks follows GiG’s takeover of AskGamblers, previously owned by Catena Media.

The growing affiliate strength of GiG Media positions it to drive KaFe Rocks’ growth, allowing it to expand substantially. GiG also believes that the natural synergies with KaFe Rocks will allow the latter brand to secure revenue of $25 million, as well as an EBITDA margin of over 45%.

The acquisition of KaFe Rocks is also in line with GiG Media’s business diversification efforts. Diversification remains an important strategic goal for the company, which seeks to solidify its business by having a wide customer base, multiple websites and businesses in many key jurisdictions.

Jonas Warner, Gaming Innovation Group’s group chief executive officer, commented on the completed deal, expressing his satisfaction with the new acquisition. He said that the transaction is in line with the company’s goal to maintain its leadership position in the world of casino affiliation and expand GiG’s presence across the lucrative North American market.

The inclusion of KaFe Rocks aligns perfectly with these objectives. We’ve identified a thriving business led by an exceptionally skilled team. We eagerly anticipate integrating KaFe Rocks into the GiG family, unlocking additional business value to benefit our partners and investors.

Jonas Warner, group CEO, GiG

In other news, GiG just completed the issuing of an $81 million senior secured bond issue. Shortly after, the company announced the appointment of Matthew Saxon as its new chief technology officer.

The post GiG Completes KaFe Rocks Deal, Sets Out to Conquer the Casino Affiliate Sector appeared first on Keno Wizard.

]]>
https://kenowizard.com/2023/12/21/gig-completes-kafe-rocks-deal-sets-out-to-conquer-the-casino-affiliate-sector/feed/ 0 6237
GiG Sets Out to Acquire KaFe Rocks in a $37M Deal https://kenowizard.com/2023/11/09/gig-sets-out-to-acquire-kafe-rocks-in-a-37m-deal/ https://kenowizard.com/2023/11/09/gig-sets-out-to-acquire-kafe-rocks-in-a-37m-deal/#respond Thu, 09 Nov 2023 05:15:24 +0000 https://kenowizard.com/2023/11/09/gig-sets-out-to-acquire-kafe-rocks-in-a-37m-deal/ Gaming Innovation Group (GiG) has set out to acquire affiliate specialist KaFe Rocks in a new EUR 35 million (approximately $37.4 million) acquisition deal. The deal will solidify GiG Media’s position as a lead generator in the iGaming market and will expand the company’s presence in the lucrative North American casino sector. Under the agreement, [...]

The post GiG Sets Out to Acquire KaFe Rocks in a $37M Deal appeared first on Keno Wizard.

]]>

Gaming Innovation Group (GiG) has set out to acquire affiliate specialist KaFe Rocks in a new EUR 35 million (approximately $37.4 million) acquisition deal. The deal will solidify GiG Media’s position as a lead generator in the iGaming market and will expand the company’s presence in the lucrative North American casino sector.

Under the agreement, GiG will pay EUR 15 million in cash once it closes the deal. The rest of the money will be paid out in four semi-annual installments over the next two years. The latter payments will depend on certain performance targets. GiG will also pay EUR 2.5 million in shares subject to specific operational cost-saving targets.

KaFe Rocks is a major iGaming affiliate with a portfolio spanning over 15 markets. The company is behind Time2play.com and USCasinos.com, two US-oriented affiliate brands. Time2Play has been demonstrating spectacular growth, making it a valuable asset for GiG.

GiG Media remains committed to growing the acquired assets and maximizing their profitability. KaFe Rocks is expected to generate revenue of EUR 23 million in 2024 with an EBITDA margin of over 45%.

The acquisition is expected to close in December 2023 and is still subject to regulatory approvals.  

A Momentous Occasion for KaFe Rocks

Aimee Speight, a KaFe Rocks spokesperson, commented on the agreement, calling it a “momentous occasion.” He said that his team considered several buyers but was eventually persuaded to pick GiG Media because of its impressive performance.

For reference, GiG has continued to post record-breaking results for 12 quarters in a row. Speight added:

Joining GiG Media, we are optimistic about seeing Kafe Rocks business venturing into new heights.

Aimee Speight, spokesperson, KaFe Rocks

Jonas Warrer, GiG’s newly appointed chief executive officer, also commented on the agreement, expressing his desire to cement GiG as the leading casino affiliate in the industry. He said that the acquisition of KaFe Rocks “validates these goals.”

In KaFe Rocks, we’ve found a flourishing business led by an exceptionally skilled team. Their reputable affiliate assets will undoubtedly drive growth for the broader group. I eagerly await working closely with the KaFe Rocks team.

Jonas Warrer, CEO, GiG

In other news, GiG just published its Q3 results, reporting another quarter of robust revenue growth across core verticals.

The post GiG Sets Out to Acquire KaFe Rocks in a $37M Deal appeared first on Keno Wizard.

]]>
https://kenowizard.com/2023/11/09/gig-sets-out-to-acquire-kafe-rocks-in-a-37m-deal/feed/ 0 5646
Hard Rock’s Sports Betting Monopoly Could Limit Florida’s Revenue Potential https://kenowizard.com/2023/10/07/hard-rocks-sports-betting-monopoly-could-limit-floridas-revenue-potential/ https://kenowizard.com/2023/10/07/hard-rocks-sports-betting-monopoly-could-limit-floridas-revenue-potential/#respond Sat, 07 Oct 2023 06:52:25 +0000 https://kenowizard.com/2023/10/07/hard-rocks-sports-betting-monopoly-could-limit-floridas-revenue-potential/ Florida’s mobile sports wagering market can become one of the largest in the United States. However, JMP Securities analyst Jordan Bender predicts limited competition could present unique challenges, damaging the sector’s profitability. Hard Rock International, the gaming arm of the Seminole Tribe, will have exclusive control over the state’s mobile sports wagering offerings, presenting substantial [...]

The post Hard Rock’s Sports Betting Monopoly Could Limit Florida’s Revenue Potential appeared first on Keno Wizard.

]]>

Florida’s mobile sports wagering market can become one of the largest in the United States. However, JMP Securities analyst Jordan Bender predicts limited competition could present unique challenges, damaging the sector’s profitability. Hard Rock International, the gaming arm of the Seminole Tribe, will have exclusive control over the state’s mobile sports wagering offerings, presenting substantial revenue implications.

The Seminole Tribe holds exclusive rights to sports wagering in Florida, as stipulated in the Class III Tribal-State Gaming Compact signed into law in 2021. This agreement, endorsed by Governor Ron DeSantis, designates the tribe as the sole operator of sports betting in the state. In return, the Seminole Tribe must contribute $500 million annually to the state’s revenue.

Despite legalizing and launching sports betting for a brief period, the activity remains on hold in Florida due to the ongoing legal battle between the state’s casinos and the Seminole Tribe. Casinos alleged that the gambling compact granting Hard Rock total exclusivity violated federal law on several points, resulting in the current drawn-out proceedings.

However, even a resolution in favor of Hard Rock might not resolve the state’s sports wagering woes, as Jordan Bender predicts yearly revenues can reach $1.3 billion to $1.5 billion, significantly below the potential $2 billion in revenue if the market were open to competition beyond the Seminole Tribe.

Healthy Competition Can Foster Higher Revenues

The potential exclusivity of Hard Rock International in Florida’s mobile sports betting market could limit the sector’s profitability. Such a scenario has occurred in other states, including Connecticut, Oregon, and Rhode Island, where a lack of competition has affected revenue growth. States like New Hampshire, where a single operator enjoys a monopoly, have faced similar challenges.

States that have gone the route of one to three licenses… have underperformed… with a core reason being less incentive to invest in players and the product with no competition.

Jordan Bender, JMP Securities analyst

Bender highlights that competition often benefits states seeking to maximize sports betting revenue. For example, New York should see sports wagering revenue of $2 billion at maturity despite having a population and per capita income statistics similar to Florida. Arizona and Colorado have thriving sports wagering markets because they allow multiple competitors to participate alongside tribal casinos.

While Hard Rock International operates the Hard Rock Bet sports betting app in several states outside Florida, technology constraints have limited its ability to secure a market share and compete with industry leaders. An undisputed monopoly in its home state could mitigate these limitations despite its potential long-term negative impact.

The post Hard Rock’s Sports Betting Monopoly Could Limit Florida’s Revenue Potential appeared first on Keno Wizard.

]]>
https://kenowizard.com/2023/10/07/hard-rocks-sports-betting-monopoly-could-limit-floridas-revenue-potential/feed/ 0 5217
Hard Rock’s Rocksino Opens in Deadwood, South Dakota https://kenowizard.com/2023/08/12/hard-rocks-rocksino-opens-in-deadwood-south-dakota/ https://kenowizard.com/2023/08/12/hard-rocks-rocksino-opens-in-deadwood-south-dakota/#respond Sat, 12 Aug 2023 03:29:41 +0000 https://kenowizard.com/2023/08/12/hard-rocks-rocksino-opens-in-deadwood-south-dakota/ Visitors to Deadwood, South Dakota are in for a treat, after Hard Rock International celebrated the opening of its newest boutique hotel and casino, offering different entertainment and hospitality options. A grand ceremony, commemorating the opening of the Rocksino by Hard Rock, took place earlier this week. The glamorous event saw the participation of the [...]

The post Hard Rock’s Rocksino Opens in Deadwood, South Dakota appeared first on Keno Wizard.

]]>

Visitors to Deadwood, South Dakota are in for a treat, after Hard Rock International celebrated the opening of its newest boutique hotel and casino, offering different entertainment and hospitality options. A grand ceremony, commemorating the opening of the Rocksino by Hard Rock, took place earlier this week. The glamorous event saw the participation of the state’s governor, leaders of the Seminole Tribe of Florida and the South Dakota Sioux tribes, along with music stars and many guests.

The new Rocksino brings iconic Hard Rock hospitality, offering a boutique hotel and casino. The venue is slightly smaller in size than the usual Hard Rock resort properties, but it is still packed with entertaining options, including music memorabilia, a full-service restaurant and a bar that offers craft cocktails.

Not unexpectedly the Rocksino offers gambling entertainment as well and visitors can play 86 new slot machines. As with other such entertainment locations, a Rock Shop is also available where visitors can purchase custom apparel from Hard Rock Deadwood. Judging by a statement released by Hard Rock, later this year, the property will open its renovated luxury guest rooms.

Celebrating the grand opening ceremony, Hard Rock Deadwood made a donation of $40,000 to the Oglala Sioux Tribe Veterans Shelter. The generous contribution came from the Hard Rock Heals Foundation in collaboration with the Willie G. Invitational Golf Tournament.

Besides the donation, the opening ceremony included Hard Rock’s popular Guitar Smash where 22 individuals appeared on stage, smashing guitars. However, Big Kenny, from the country music duo Big & Rich, explained that the smashed guitars weren’t real guitars but rather Hollywood props. He outlined that thousands of real guitars are donated by Hard Rock to different communities around the globe.

Deadwood Expands Entertainment Options

David Ruth, Deadwood’s Mayor, praised the efforts of Steve Slowey and Marc Oswald, which helped deliver the iconic Hard Rock brand to one of the most popular Wild West towns in the US. “As a community famous for entertaining guests since 1876, Deadwood is excited to welcome Rocksino by Hard Rock Deadwood as our newest, can’t-miss property,” he said. Finally, Ruth pointed out that the new Rocksino will fit well with the region and deliver supreme experiences for its visitors.

Our rich, Old West history combined with the Hard Rock brand will enhance the Deadwood experience for which we are known for. The Rocksino by Hard Rock Deadwood is sure to be an additional gem luring visitors to this amazing town.

David Ruth, Mayor of Deadwood, South Dakota

South Dakota Gov. Kristi Noem also attended the recent grand opening ceremony. She said that for years, different initiatives delivered unique experiences for visitors to Deadwood. Now, according to Gov. Noem, the new Rocksino will further expand the entertainment options available for visitors to the city.

The post Hard Rock’s Rocksino Opens in Deadwood, South Dakota appeared first on Keno Wizard.

]]>
https://kenowizard.com/2023/08/12/hard-rocks-rocksino-opens-in-deadwood-south-dakota/feed/ 0 4502
Clark County Greenlights Hard Rock’s Guitar-Shaped Tower in Vegas https://kenowizard.com/2023/03/28/clark-county-greenlights-hard-rocks-guitar-shaped-tower-in-vegas/ https://kenowizard.com/2023/03/28/clark-county-greenlights-hard-rocks-guitar-shaped-tower-in-vegas/#respond Tue, 28 Mar 2023 22:04:16 +0000 https://kenowizard.com/2023/03/28/clark-county-greenlights-hard-rocks-guitar-shaped-tower-in-vegas/ 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 [...]

The post Clark County Greenlights Hard Rock’s Guitar-Shaped Tower in Vegas appeared first on Keno Wizard.

]]>

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.

The post Clark County Greenlights Hard Rock’s Guitar-Shaped Tower in Vegas appeared first on Keno Wizard.

]]>
https://kenowizard.com/2023/03/28/clark-county-greenlights-hard-rocks-guitar-shaped-tower-in-vegas/feed/ 0 2508
Hard Rock’s Russia Connections Jeopardize Casino License in New York City https://kenowizard.com/2023/03/05/hard-rocks-russia-connections-jeopardize-casino-license-in-new-york-city/ https://kenowizard.com/2023/03/05/hard-rocks-russia-connections-jeopardize-casino-license-in-new-york-city/#respond Sun, 05 Mar 2023 16:56:39 +0000 https://kenowizard.com/2023/03/05/hard-rocks-russia-connections-jeopardize-casino-license-in-new-york-city/ The New York Post reported, however, that sources close to the bidding process say that the company’s business ties to Russia have complicated the bid.  Yale Report Card Slams Hard Rock for Ignoring Calls to Cease Russia Operations Governor Kathy Hochul issued an executive order last year prohibiting any state entity from contracting with a [...]

The post Hard Rock’s Russia Connections Jeopardize Casino License in New York City appeared first on Keno Wizard.

]]>

The New York Post reported, however, that sources close to the bidding process say that the company’s business ties to Russia have complicated the bid. 

Yale Report Card Slams Hard Rock for Ignoring Calls to Cease Russia Operations

Governor Kathy Hochul issued an executive order last year prohibiting any state entity from contracting with a company doing business in Russia due to President Vladimir Putin’s military invasion of Ukraine. The order aims to prevent New York’s activities from supporting Russia’s unjustified war and the killing of innocent Ukrainians.

Hard Rock has had two franchise restaurants in Russia, one in Moscow and the other in St. Petersburg. However, a company spokesman said that the issue is now irrelevant since they do not own or operate any property in Russia. The independently owned Hard Rock Cafe in Moscow has already closed, and the operator of the Hard Rock Cafe in St. Petersburg agreed to close operations.

Despite this, Yale University’s School of Management gave Hard Rock an “F” grade for continuing to do business in Russia. The report card identified firms that have severed business ties with Russia and exposed other firms still doing business there. The report card identified Hard Rock as one of the 238 companies that persisted in conducting business as usual in Russia, despite demands to reduce or cease their activities there.

Furthermore, Hard Rock has been politically active, contributing $50,000 to Hochul’s re-election campaign and holding a fundraiser for her. The company also spent $110,000 lobbying state lawmakers on casino gaming before the executive order signing and at least $120,000 afterwards.

No Date Set for Casino Bid Despite Interest from Hard Rock and Others

Governor Hochul’s spokesperson said that affected state entities must obtain a certification from bidders as part of a solicitation for a new contract or extension of an existing contract that the business has no dealings with the Russian government, including those on the Federal sanctions list. 

Additionally, the state Gaming Commission’s Brad Maione said that no date has been set yet for a casino bid, and potential bidders, including Hard Rock, have yet to submit formal proposals.

Other gaming operators are also vying for one of three downstate casino licenses. Bally’s is proposing a casino on the Trump Organization’s public golf course at Ferry Point in The Bronx. The owners of the existing slots parlors at the Aqueduct race track in Ozone Park, Queens, and Yonkers race track, Genting/Resorts World, and MGM’s Empire City are expected to submit bids to expand their offerings to include table games.

The post Hard Rock’s Russia Connections Jeopardize Casino License in New York City appeared first on Keno Wizard.

]]>
https://kenowizard.com/2023/03/05/hard-rocks-russia-connections-jeopardize-casino-license-in-new-york-city/feed/ 0 2129