In a significant legal victory for the city, Norfolk has successfully fended off a $100 million lawsuit filed by Cordish Companies, the developer of Waterside District. The lawsuit claimed that Cordish should have had the first right to develop a casino in Norfolk and sought damages over the city’s casino plans with the Pamunkey Indian Tribe.

Norfolk’s Partnership with Pamunkey Tribe Prevails in Casino Lawsuit Appeal

The Court of Appeals of Virginia, in a 12-page ruling issued on February 27, upheld the lower court’s decision to dismiss Cordish’s lawsuit against Norfolk, Norfolk Redevelopment and Housing Authority (NRHA), and city attorney Bernard Pishko, as reported by The Virginian-Pilot. 

Cordish Companies, a Baltimore-based developer that revitalized Waterside in 2013, argued that it should have exclusive rights to develop and operate a casino based on its Waterside development agreement and lease.

Norfolk’s decision to move forward with the Pamunkey Indian Tribe for the HeadWaters Resort and Casino, located less than a mile from Waterside, triggered the legal dispute. Norfolk District Associates, a Cordish-owned LLC, sued in 2021, alleging breach of contract and an active attempt to exclude Waterside from casino site considerations.

The case was initially dismissed by a Richmond Circuit Court judge in 2022, leading Cordish to appeal. In the ruling from February 27, the Court of Appeals affirmed the lower court’s decision, stating that the 2013 lease agreement did not obligate the city and NRHA to use Norfolk District Associates to develop a casino.

Judge AtLee: Casino Deal Unenforceable

Judge Richard Y. AtLee, representing the three-judge panel, explained that they concluded section 10.2.1 of the agreement could not be enforced because it was essentially an agreement to agree, and the agreement did not allow for a casino. This, he said, supported the circuit court’s decision to uphold the demurrers.

Cordish Companies refrained from providing a comment regarding the ruling. In contrast, city attorney Bernard Pishko conveyed satisfaction, expressing that they were pleased with the court’s confirmation that Cordish and John Lynch had filed the lawsuit against the city, city attorney, and NRHA without a basis.

The appeal process included two rounds, with the second round featuring oral arguments in December 2023 after one judge had to recuse themselves due to a conflict of interest.

The judges who participated in the final round of oral arguments and made the ruling were AtLee, Haley, and Dominique A. Callins, with Causey recusing.The legal victory solidifies Norfolk‘s position in moving forward with the HeadWaters Resort and Casino alongside the Pamunkey Indian Tribe.

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Such a strategic move should have many significant long-term benefits to the organization, aligning with its goals to streamline its business and refocus on core markets. A sturdy financial foundation will be instrumental in Catena Media’s planned 2024 North Carolina launch, requiring significant capital and lasting shareholder confidence.

The Company Completed Its Short-Term Objectives

Catena Media’s shareholders approved the share buyback program during the extraordinary general meeting on 12 July, following an initial resolution from 24 May. The organization noted that the initiative aimed to improve shareholder value while optimizing the underlying capital structure by reducing its share capital. To that end, Catena Media planned the subsequent cancellation of repurchased shares.

During the designated buyback period, Catena Media effectively repurchased 264,969 ordinary shares. The company now has 2,053,976 ordinary shares, while 78,769,812 outstanding shares remain available. This measured approach reflects the organization’s commitment to prudent financial management and its dedication to providing long-term shareholder value.

Carnegie Investment Bank AB facilitated all share repurchases on Nasdaq Stockholm on behalf of Catena Media, guaranteeing a fair and transparent process. The executed buyback demonstrates the company’s confidence in its prospects and underscores its proactive approach to optimizing its capital structure and aligning its financial strategies with its growth objectives. 

Significant Corporate Debt Presents a Pressing Concern

Catena Media’s dedication to prudent financial practices and its focus on generating sustainable value has positioned the company as a leader in the competitive iGaming affiliate marketing sector. Its Q1 2023 financial results reflected significant room for growth despite the dip in revenue. Catena CEO Michael Daly was optimistic about the company’s prospects, predicting new successes.

A stable financial foundation should prove instrumental for Catena’s long-term ambitions. The affiliate is preparing for a 2024 North Carolina launch, hoping to leverage the state’s significant potential. However, Catena’s large corporate debt still presents significant challenges, and its board is considering every avenue to tackle this problem.

As Catena Media continues to navigate the dynamic landscape of the iGaming industry, its commitment to responsible financial management and value creation remains steadfast. With the completion of this share buyback program, the company is well-positioned to pursue its strategic objectives, leverage emerging market opportunities, and contribute to the continued growth and innovation within the affiliate marketing sector.

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Gaming and entertainment giant PENN Entertainment achieved a significant milestone by successfully migrating its Barstool Sportsbook & Casino brand to its proprietary online gaming platform. This strategic undertaking marks a vital step in PENN’s digital expansion ambitions, allowing Barstool to better compete with other leading operators.

The Move Went without a Hitch

Barstool announced the planned migration on 7 July, informing customers of an impending 72-hour shutdown. Fortunately for the operator, the transition finished flawlessly across all 16 states where the brand is active, completing a significant milestone in the brand’s efforts to achieve technological independence. Barstool regarded the move as a significant achievement, allowing it to better compete with industry heavyweights like FanDuel, BetMGM, and DraftKings.

Despite the inconveniences related to the temporary shutdown, Barstool was confident the results would justify the downtime. The new platform offers a user-friendly interface, intuitive navigation, and improved features that cater to online gaming enthusiasts’ evolving needs and preferences. Head of Penn Interactive, Benjie Levy, congratulated the team on their achievement, expressing optimism for the company’s future.

I am extremely proud of our Interactive team who stepped up to the challenge to execute this complex project on time and with minimal disruption to customers.

Benjie Levy, head of Penn Interactive, president & COO of theScore

According to Levy, the migration would grant PENN’s in-house team complete control of all operations and product development, elevating Barstool’s casino experience to a world-class level. The new platform has features specifically designed for the North American market, allowing rapid expansion into new jurisdictions and swift adaptation to changing regulatory requirements.

With complete control over the technology and infrastructure, PENN Entertainment can remain flexible, introducing new features, meeting player demands, and staying at the forefront of industry trends. The new proprietary platform provides a solid foundation for Barstool’s digital expansion plans and positions the brand for continued success in the highly competitive online gaming market.

PENN’s continued investments in the Barstool brand hope to bolster its presence across the USA, improving its position in the country’s highly competitive sportsbook market. The group’s consistent Q1 results provide a stable base for expansion, while its Penn Game Studios subsidiary significantly enhanced the company’s technological base. These efforts place Barstool in the perfect position to improve its market share and grasp new expansion opportunities.

Barstool’s migration to its proprietary gaming platform signifies a significant milestone in the operator’s digital journey. The seamless transition will enhance the user experience, allow exclusive features, and expand players’ betting options. With a strong focus on security, reliability, and innovation, PENN Entertainment is well-positioned to drive growth and provide an exceptional online gaming experience for its customers, opening the doors to new and exciting opportunities.

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