Standard General, a New York-based investment company whose founder is also Bally’s Chairman, has made an offer of about $2b to purchase the shares it doesn’t already own in the company and take Bally’s private.

Standard General’s Chief Investment Officer Soo Kim offered the Bally’s board $38 per share, a 30% premium on the closing price of the stock as of January 24th prior to the announcement. Stock prices surged some 20% on the news to hit a high of $36.76 after registering a low of $26.40. The stock price has swung wildly racing a peak of $75.92 and a low of $26.11 over the previous 52-week period.

Friendly Offer From Current Chair

Standard General currently owns more than 20% of Bally’s stock and Soo Kim noted in the announcement that an acceptance of the offer would let existing stockholders “immediately realize an attractive value in cash for their investment” as well as build-in “certainty of value for their shares, especially when viewed against the operational risks inherent in the company’s business and the market risks inherent in remaining a public company.”

He added inter alia, “Our proposal represents a 30% premium to the company’s closing price as of Jan. 24th, which we believe offers compelling value to Bally’s stockholders.”

Far from appearing to be a hostile takeover bid, the sale would be subject to non-waivable conditions that require approval of holders of a majority of the shares not already owned by Standard General or its affiliates. The proposal is subject to approval by Bally’s Board of Directors.

The letter also said: “It is our expectation that the Board of Directors will appoint a special committee of independent directors to consider our proposal and make a recommendation to the Board of Directors.

“We will not move forward with the transaction unless it is approved by such a special committee.”

The letter went on to paint a picture of a trouble-free and potentially quick acquisition thanks to the offering firm’s intimate knowledge of Bally’s company.

“Finally, given our existing position and history with the company, we will not need to do any due diligence to enable us to be in a position to negotiate and execute mutually acceptable definitive documentation,” said the letter.

In a final warm and fuzzy acknowledgment that there is nothing inherently hostile in the desired acquisition, Standard General said it would remain a long-term stockholder even if the deal is not approved or eventually consummated.

Some Small Investors Wouldn’t Do Well

Positioning for extended reach into emerging US online regulated markets, Bally’s acquired UK online operator with operations in the USA through Tropicana Atlantic City online, Gamesys for $2.7b near the end of last year. Gamesys stakeholders received Bally’s stock at $66 per share in October and the deal could leave them underwater if they go along with it. Competition in the US online marketplace has heated up considerably over the last few months and so has the pace of M&A consolidating key parts of the industry.

Ballys also operates sports betting in the US and some analysts consider the offer price of $38 per share to only take into consideration the value of Bally’s land-based business and the Gamesys revenue stream.

David Katz, an analyst with Jefferies has a target price of $55 on Bally shares. It’s unclear as to why the stock isn’t performing to that level on the street but the opportunities seem to be built in while the share price offer from Standard General seems to ignore the target and seeks a sweetheart deal while share prices are depressed.

Source: Bally’s soars after Standard General fires off an acquisition offer, Seeking Alpha, January 25, 2022

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Raw iGaming is a new-to-scene iGaming developer that promised when they launched last year that they aimed to create something that “stands out in the sea of sameness”. True to word, the studio has released the first add-ons to the proprietary SuperSlice game engine.

Starting at the beginning, the SuperSlice game engine uses wheels instead of reels, so every spin is already a new experience.

The first add-on, Clusterspin, gives players a chance to bet on whether they will win or lose over a course of spins. Options include 5, 10, 15, or 20 game rounds – after deciding how many rounds to bet on, players try to predict if they will net a win or a loss over the round.

The next add-on is called Bonus Rush. It’s a riff on feature buy or bonus buy additions made to games over the last couple of years with the mechanic enjoying massive popularity in no small part thanks to being associated with many Megaways games, those using Big Time Gaming’s proprietary features. With Bonus Rush, players choose a feature and a level, set the bet they want to stake on it, and then jump right into the bonus action with both feet.

Already Certified in Some Markets

Although the add-ons are certified with their attendant games in some jurisdictions, they might not be yet in others, but that’s the way things go when you’re the pink shark in a sea of sameness and set out to make a splash. Wheels of Rock and Journey to Chaos feature the Clusterspin add-on while Journey to Chaos will also offer Bonus Rush.

Tom Wood, Chief Executive at RAW iGaming, said: “Add-ons really complement and enhance player experience and in Clusterspin we have a feature that is truly innovative and unique by allowing the player to play to win, even when they lose.

“RAW iGaming is all about challenging industry norms and to deliver new & innovative player experiences, and our Add-ons are designed to support that progression.”

Wheels are the New Reels

The SuperSlice engine itself delivers random and dynamic slices on any wheel in the game with each iteration a surprise to players – you never know how many slices will be generated or what will appear on them. Possibilities include mini-games, free spins, high-value symbols, and multiplier triggers. They can also appear empty.

RAW iGaming was founded in March 2021 by industry veteran Tom Wood, formerly of Scientific Games, Williams Gaming, Jadestone, Nordic Gaming Group, and Betsson. He was joined in January by NetEnt Alum, Henrik Fagerlund as Chief Operating Officer (COO), and Videoslots dot com CTO, Ricardo Ruiz who holds the same position at RAW. Headquartered in Malta, the team keeps bases in Malta, Spain, and Sweden.

Source: RAW IGAMING TAKES PLAYER EXPERIENCE TO THE NEXT LEVEL WITH “ADD-ONS”, RAW iGaming News, January 19, 2022

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The tallest building in Nevada has sat empty since it was topped out in 2009 and has never heard the footfall of tourist traffic inside its walls. Having come full circle after a series of false starts, Fontainebleau Development Chairman and Chief Executive Officer Jeffrey Soffer says that the 67-story casino that his company recently re-acquired should open by the end of 2023 and prior to the Superbowl coming to town in February 2024.

The uncompleted project has changed hands several times, including a period wherein Carl Icahn owned it, dumping tens of millions into keeping the infrastructure in mint condition for its eventual opening. Construction was stopped on the $2.9 billion property with the great recession gnawing at its limbs in 2009.

Passed around and handed down

Icahn bought the 70-75% completed luxury casino resort project at bankruptcy for a scant $150m in 2010 and after holding and maintaining it for seven years, sold it at 400% profit.

The resort is located on the North end of the strip near SLS Las Vegas and Circus Circus at 2777 S. Las Vegas Blvd. The property covers about 25 acres and is adjacent to the Las Vegas Convention Center and the Las Vegas Global Business District.

An interim owner had intended to open it in late 2020 under the name The Drew, in association with Marriott International with 4,000 upscale rooms and half a million square feet of convention space, dining, and nightlife.

In February 2021 it was announced that Soffer had acquired his original property again through a “deed in lieu of foreclosure.” Partnering in the project is Koch Real Estate Investments.

There’s no time like the present for second chances.

Construction to complete the behemoth vertically integrated project has already begun in earnest and will reopen as soon as late 2023 under the name Fontainebleau Las Vegas.

Fontainebleau Development Chairman and Chief Executive Officer Jeffrey Soffer said: “We are grateful to have the opportunity to finish what we started and finally introduce the iconic Fontainebleau brand into one of the world’s largest hospitality destinations,

“We have been extremely selective when it comes to expanding our brand. Las Vegas has always been our number one choice.

“The building is in mint condition, and we have already commenced construction. We are excited to make this dream a reality.”

Jake Francis, President of Koch Real Estate Investments added: “Our partnership was forged from our combined belief in Las Vegas, not just as a destination but as a global brand where people from all over the world come together to enjoy world class venues, entertainment, and nightlife.”

Completion of the development is in good hands with esteemed Las Vegas builder Richardson Construction in the led position. Additional development and design partners are expected to be announced in the coming months.

Source: Fontainebleau sets its sights on opening at end of 2023, G3 Newswire, January 18, 2022

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American online slot developer Armadillo Studios has announced the launch of its first game to world markets – 15 Armadillos rolls out Thursday, January 20.

The game is set in the Florida Everglades, near the company’s offices and studios in Miami. The 5×3 title has 243 virtual paylines and is highly volatile with multiple bonus mechanics and theoretical return to player percentage (RTP) of 94.7%.

The game, which is currently certified in six markets already will be distributed exclusively by Spearhead Studios, the in-house development arm of EveryMatrix.

David Stoveld, COO of Armadillo Studios, says: “We are proud to debut our first game of many as an American-focused gaming studio. Nestled in Florida’s beautiful Everglades, 15 Armadillos sets the tone for our innovative style, where volatile features are accumulated into each animal for a truly unique and rewarding player experience.”

Unique Jackpot Mechanic

Wild respins help players accumulate animal powers by building suspense in anticipation of triggering the “Armadillo Link” where all 15 accumulated positions can drop a 10,000x jackpot into their laps.

Free spins are augmented with a fusion of bonus picks and symbol collection to take the features over the top in a true high volatility fashion. Just like the 5 reel, 3 row set of symbols becomes 243 ways to win when developers think outside the box, putting multiple combinations of feature choices into the players’ hands makes the game stay novel and fresh with each choice.

While the Armadillo Link jackpot is always on a player’s mind, mixing and matching feature combinations can generate free spin wins that rival even the top jackpot.

Further Releases for 2022

While the studios have not published a complete roadmap for their first full year of operations, they announced earlier that a branded game featuring female fighting superstar Amanda Nunes will be rolling out in the second half of the year. Another pending title, Queen of Egypt – Exotic Wilds is available for free play on the studio’s website but no release date or regulatory approvals have been announced yet.

The studio was established in 2021 in Miami, Florida. It is ultimately part of EveryMatrix which employs over 600 people in the online gaming industry across 9 countries with multiple products and solutions. EveryMatrix is an active member of the World Lottery Association, European Lotteries Association, and iDEA Growth in the U.S.

The studio was launched to develop opportunities in the busting but still nascent US online gambling markets with a focus on player preferences and using market-specific logic.

Source: 15 Armadillos is Here!, Armadillo Studios, January 18, 2022

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888poker is beginning its 20th Anniversary year with the announcement of a new Cultural Ambassador – Chris Eubank Jr. Eubank is the former two-time IBO-super middleweight world champion of boxing.

888poker is part of 888 Holdings plc (LSE: 888).

Eubank is currently ranked number one by BoxRec and the World Boxing Association in the global middleweight division. In recent years he has chiseled his legacy out in stone at the pinnacle of boxing. On the heels of 2021 defeats of Wanik Awdijan and Marcus Morrison, the fighter will take to the center of the ring with Liam Williams in February to give UK fight fans the domestic clash they’ve been waiting for.

The opponents have a contentious rivalry and either man will increase his chances of securing a shot at the world title in 2022 with a win.

A Highly Skilled Player

His prowess is not limited to the canvas however, Chris Eubank Jr. is an ardent fan of the game of poker as well as a disciplined and proficient player. He’s been seen in high stake games around the globe and has appeared as a guest on Poker After Dark, PokerGo’s high-stakes poker series that wrapped up its 13th and final season in 2021.

888poker’s announcement of his signing coincides with its 20-year anniversary which will be a recurring theme throughout the year. Since being established in 2002, the brand has grown to take a place among the world’s leading poker destinations online. Milestones reached in the last two decades include over $6 billion in global tournament prizes awarded, the welcoming of more than 15 million players to the site, and over 25 billion hands being dealt.

In late 2020, 888Poker rolled out its Made To Play Poker8 platform, with cutting-edge advancements and a content-rich environment that puts players first in every game through innovations in 888’s proprietary technology – always just ahead of the leading edge.

Player-focused Events with the Ambassador All Year

The company is keeping the year’s upcoming events with Chris Eubank Jr. under wraps for the time being but teases that it will host a series of player-focused events with the fighter throughout the year.

Weighing in, the Ambassador said: “Poker is one of the great passions in my life, so I am delighted to partner with 888poker. For me, the beauty of poker is in its community and 888poker is doing a fantastic job of making poker more about the fun and less about the grind for players at all levels with its user-friendly platform.

“I’m excited to officially kick-start the partnership in the coming months and can’t wait to meet the 888poker community at the tables!”

Amit Berkovich, VP, Head of Poker at 888, added: “I am happy to welcome Chris to the 888poker family as our Cultural Ambassador. The authenticity, integrity, and excitement he brings – whether that’s in the ring or at the poker table – perfectly matches our values and creates a great fit for our brand. This is a fantastic partnership and an exciting kick off for our 20th anniversary year.

“Like Chris, over the last two decades 888poker has firmly established itself as one of the best in the world thanks to our commitment to constantly improve in order to bring our players the highest level of entertainment. As we look ahead, we have lots planned to support the continued evolution of the 888poker brand which will ensure we continue to deliver fun, creative and exciting experiences to players around the world.”

Source: 888poker kicks off 20th anniversary year by signing Chris Eubank Jr. as Cultural Ambassador, Hudson Sandler, January 14, 2022

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