Choctaw Casino & Resort in Durant, Oklahoma has entered the final stages of a $600 million expansion project and is just a few short weeks away from unveiling the product of two-years’ worth of construction work at the property.

The Choctaw Nation of Oklahoma, owner of the already glitzy resort, broke ground on its grand extension in the spring of 2019. A subsidiary of major general contractor Tutor Perini had been tapped to deliver the multimillion-dollar scheme.

Property officials this week announced that a ribbon-cutting ceremony to celebrate the new additions to the hotel and casino complex will be held on August 5 and a firework show for the public will take place the following day.

The massive expansion includes a new hotel tower, extended gaming space, a host of new food and beverage facilities, and two new pools, among other attractions and entertainment facilities.

The Sky Tower, the property’s new hotel, will add 1,000 hotel rooms to the resort’s accommodation options. The luxurious 21-story tower will offer luxury suites, traditional king and double bed rooms, and hospitality suites.

The new hotel will also feature a tropical escape spreading over three acres. The new pool complex will incorporate two beautifully designed pools. One of them will be family-friendly and will offer a waterslide. The other one will be adult-only and will feature a swim-up bar serving diverse beverages. The pool complex will further have 50 poolside cabanas.

Expanded Gaming Floor

The expansion project also includes new additions to the property’s gaming offering. It will unveil next month 3,300 new slot machines and 40 new table games located on a new gaming floor. In just a month, the casino will also feature a new poker venue with 30 additional tables.

The existing gaming space and the new floor will be connected by a district amusement center that will also feature an upgraded kids area.

The expansion will further add six new restaurants, 11 new bars and lounges, including The League sports bar, refined and elevated shopping experience, two new theaters, and more.

Commenting on the expansion project, Wendy Carter, Assistant General Manager at the resort, said that the new additions include “everything you would expect to see at a 5-star resort” and that the experience offered is not “rivaled in many Vegas properties on the Strip.”

The property official went on that “it’s very special, and the best part is – unlike many casino resorts – it’s family friendly; there’s something for every single age group to do here.”

The expansion is expected to generate 1,000 new jobs. Around 3,000 people are currently employed at the property’s existing amenities.

Source: New expansion at Choctaw Casino and Resort nearing completion, KXII, July 8, 2021

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Mohegan Gaming & Entertainment (MGE), the casino and hospitality arm of the Mohegan Tribe, has tapped FanDuel as its sports betting partner in Connecticut as the state is entering the final stages of introducing the practice to local sports fans.

Under the terms of this new partnership, FanDuel will provide online and mobile sports betting and casino services and daily fantasy sports in the state and will operate a physical sportsbook at MGE’s flagship casino, Mohegan Sun, in Unscasville, Connecticut.

Subject to licensing and regulatory approvals, FanDuel expects to launch its digital and retail products in the state in partnership with MGE this coming fall. Local sports fans will be able to place bets on professional football, basketball, baseball, and hockey, among a number of other sports.

In addition, FanDuel will provide an online casino experience under the Mohegan Sun brand. The company’s alliance with MGE also enables it to deliver its DFS product across the state.

In March, Gov. Ned Lamont and Connecticut’s two federally recognized tribes – the Mohegans and the Mashantucket Pequots – signed a ten-year gambling compact that authorized the two tribes to conduct sports betting and online casino activities on the territory of the state.

The state Legislature passed a bill on the deal in late May and Gov. Lamont quickly signed it into law. The compact is now under review by the US Department of the Interior. Subject to federal approval, sports betting and iGaming could go live in the state as early as this fall.

FanDuel to Open a Temporary Facility First

FanDuel and MGE said that Mohegan Sun will initially feature a temporary FanDuel Sportsbook while a permanent facility is under construction. The temporary venue will have four betting windows and 16 self-service betting terminals.

The permanent wagering location is expected to open doors this winter, subject to regulatory approvals.

Commenting on their partnership with MGE, FanDuel President Amy Howe said that Mohegan Sun is “an iconic casino and entertainment destination in the Northeast, and we are excited to announce our first tribal gaming partnership with one of the leading tribal operators in the United States.”

The official teased “some incredible plans” for their future retail space at Mohegan Sun, saying it could be the largest FanDuel Sportsbook in the US. Ms. Howe further pointed out that when they combine retail sports betting with the opportunity for online wagering and iGaming, “Connecticut is going to be a key state for us as we look towards the start of football season.”

Ray Pineault, President & CEO of MGE, said that they are excited to now be working with “one of the leading sports-tech entertainment companies in the US” and bring FanDuel’s innovative sports betting and iGaming solutions to their flagship casino.

Mr. Pineault went on to add that this alliance is a priority for Mohegan Digital as they “look to grow and enhance our casino, sportsbook, and online operations in Connecticut – and beyond.”

It was late last month when MGE announced the launch of its interactive division, Mohegan Digital. The company said at the time that its goal would be for its newly established online gambling arm to “lead the charge” in the provision of “cutting-edge” digital solutions to its loyal fan base.

MGE earlier this year debuted its first Las Vegas gambling venue – Mohegan Sun Casino at Virgin Hotels Las Vegas. The casino operator announced its partnership with the hospitality business of British tycoon Richard Branson in September 2019. The facility features a Betfred-operated sportsbook.

Source: FanDuel Announces Market Access Partnership with Mohegan Gaming & Entertainment to Operate Sports Betting, iGaming and DFS in Connecticut, PR Newswire, July 7, 2021

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Choctaw Casino & Resort in Durant, Oklahoma has entered the final stages of a $600 million expansion project and is just a few short weeks away from unveiling the product of two-years’ worth of construction work at the property.

The Choctaw Nation of Oklahoma, owner of the already glitzy resort, broke ground on its grand extension in the spring of 2019. A subsidiary of major general contractor Tutor Perini had been tapped to deliver the multimillion-dollar scheme.

Property officials this week announced that a ribbon-cutting ceremony to celebrate the new additions to the hotel and casino complex will be held on August 5 and a firework show for the public will take place the following day.

The massive expansion includes a new hotel tower, extended gaming space, a host of new food and beverage facilities, and two new pools, among other attractions and entertainment facilities.

The Sky Tower, the property’s new hotel, will add 1,000 hotel rooms to the resort’s accommodation options. The luxurious 21-story tower will offer luxury suites, traditional king and double bed rooms, and hospitality suites.

The new hotel will also feature a tropical escape spreading over three acres. The new pool complex will incorporate two beautifully designed pools. One of them will be family-friendly and will offer a waterslide. The other one will be adult-only and will feature a swim-up bar serving diverse beverages. The pool complex will further have 50 poolside cabanas.

Expanded Gaming Floor

The expansion project also includes new additions to the property’s gaming offering. It will unveil next month 3,300 new slot machines and 40 new table games located on a new gaming floor. In just a month, the casino will also feature a new poker venue with 30 additional tables.

The existing gaming space and the new floor will be connected by a district amusement center that will also feature an upgraded kids area.

The expansion will further add six new restaurants, 11 new bars and lounges, including The League sports bar, refined and elevated shopping experience, two new theaters, and more.

Commenting on the expansion project, Wendy Carter, Assistant General Manager at the resort, said that the new additions include “everything you would expect to see at a 5-star resort” and that the experience offered is not “rivaled in many Vegas properties on the Strip.”

The property official went on that “it’s very special, and the best part is – unlike many casino resorts – it’s family friendly; there’s something for every single age group to do here.”

The expansion is expected to generate 1,000 new jobs. Around 3,000 people are currently employed at the property’s existing amenities.

Source: New expansion at Choctaw Casino and Resort nearing completion, KXII, July 8, 2021

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The train company planning a high-speed line connecting Las Vegas to Southern California has purchased land near the Strip for a terminal station. 

Brightline West has secured a 110-acre lot south of McCarran International Airport near the South Premium Outlets mall. Clark County records show the $140 million land purchase closed on July 1, according to the Las Vegas Review-Journal.

Brightline Holdings CEO Michael Reininger said the Las Vegas station is “tangible evidence of our commitment and progress.”

Las Vegas officials hope a high-speed train will alleviate the Interstate 15 traffic jams. On Monday, traffic was backed up for miles in scorching desert temperatures after the July 4 weekend. 

Clark County Commissioner Michael Naft told the newspaper the interstate highway to California “is simply insufficient.” Brightline’s land purchase demonstrates the rail company’s commitment to the project, he said.

It could not come soon enough, as was evident over the July 4 weekend,” Naft said.

The proposed terminal is in Clark County, outside Las Vegas city limits.

Construction Delayed

The company earlier announced it planned to start construction on the rail line by this summer. However, construction has been delayed at least until 2022. Brightline officials said they encountered difficulties financing the $8 billion project during the coronavirus pandemic.

Among some longtime Las Vegas residents, the delays have caused concern that this might be another promised train that doesn’t materialize.

“Shelving high-speed rail plans is not exactly new here,” KSNV-TV reporter Tom Hawley said late last year. “We’ve been hearing variations going back three-and-a-half decades.”

The newest proposed rail line would run from the Southern end of the Las Vegas Strip to a main terminal 90 miles east of Los Angeles in Apple Valley. Ultimately, separate extension projects would link that terminal to Los Angeles. 

The train would be the fastest in the nation, traveling at 200 mph. The company expects 11 million passengers a year to use the service. 

Casinos Nearby

The proposed Southern Nevada terminal is west of the Strip between Warm Springs Road and Windmill Lane. 

For instance, the proposed terminal is about 10 miles from the downtown Las Vegas casino district. That equates to about a 15-minute car ride on Interstate 15, according to Google Maps.

Allegiant Stadium, home of the NFL’s Las Vegas Raiders, is four miles away. The Raiders moved to Las Vegas from Oakland in 2020, but the team made Los Angeles its home during the 1980s and early ’90s. The Raiders still have a large Southern California fan base. Many of those fans are expected to show up for games in Las Vegas. 

The Las Vegas Convention Center is about eight miles from the proposed train terminal at the southern end of the Strip. Convention-goers are seen as vital in filling up Las Vegas hotel rooms, especially during the slow midweek days. Last year, during the height of the pandemic, some resorts closed their hotel rooms during the middle of the week because of low consumer demand.  

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Finalto (formerly TradeTech), the financial trading unit of gambling technology firm Playtech, has received a $250 million takeover offer from Gopher Investments, news emerged last week.

Gopher is an investment vehicle backed by investors with experience in the gaming and financial sectors, and is an affiliate of Hong Kong-based boutique advisory firm.

In a July 2 statement, Playtech confirmed that it received a non-binding conditional offer from Gopher on June 29, but said that the “timing at which Gopher has chosen to come forward with its indicative proposal makes it very difficult for the Playtech Board to properly assess the proposal.”

In late May, the major gambling technology provider announced that it has entered into a binding agreement for the sale of Finalto to an Israeli consortium led by Barinboim Group and backed by Leumi Partners Limited and Menora Mivtachim Insurance Limited for $210 million.

In its Friday statement, Playtech said that the terms of its agreement with the consortium bar it from engaging in “negotiations with any third party regarding a potential transaction involving the sale of Finalto.”

Shortly after Playtech announced that it would offload its financial trading unit to the Israeli consortium, reports emerged that at least one major investor in the company was disappointed by the $210 million selling price and that a shareholder row was brewing over the matter at the time.

A Better Offer?

Gopher, which is currently a 4.97% shareholder in Playtech, is offering to pay the entire amount of $250 million in cash with no deferred or contingent component. In comparison, the consortium’s offer includes a $185 million initial payment and a $15 million deferred payment for up to two years, along with a $25 million contingent.

The higher price offered and the deal being an all-cash upfront one make Gopher’s proposal look significantly more attractive.

Announcing its offer last week, Gopher explained that it represents a 47% premium to the consortium’s base proposal and a 35% premium to the guaranteed consideration of that proposal. The investment vehicle further noted that it is offering a 19% premium to the maximum consideration payable by the other interested buyer.

Playtech formed its financial trading unit in 2017 after the $120 million acquisition of CFH Group and the $150 million acquisition of FX and CFD market maker Alpha Capital Markets. Finalto also includes Playtech’s retail FX brokerage arm Markets.com.

After extremely weak performance in 2019, Finalto saw its fortunes spike in the first half of 2020 amid increased market volatility and trading volumes caused by the coronavirus pandemic.

Finalto’s poor performance in 2019 forced Playtech to launch a review into the unit and its future within the larger group. The gambling technology powerhouse has been considering to sell its financial trading division for nearly two years now. News about the consortium’s interest in Finalto first emerged last summer.

In early 2021, Playtech rebranded its financial unit as Finalto (formerly TradeTech) saying that the new name would better reflect what it does and how it does it as finance is at the core of its operations and it always aims higher.

Source: Gopher Investments Makes USD 250 Million Offer for Playtech’s Finalto Business, BusinessWire, July 2, 2021

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