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MGM Will Be Held to Host City Agreement in Possible Springfield Casino Sale, Say Officials

Nearly two months ago, reports surfaced that MGM Resorts International (NYSE: MGM) is mulling the sale of its regional casinos in Ohio and Springfield, Mass. Officials in the Massachusetts city said they intend to hold the gaming company to the terms of the host city agreement should a transaction materialize.

Chang Goo Yoon, physical therapist, casinos
MGM Springfield. City officials said the gaming company must abide by the host city accord if it opts to sell the casino. (Image: Boston Globe)

In March, it was reported that MGM could be evaluating the sale of MGM Springfield and MGM Northfield, a racino near Cleveland. MGM Springfield opened in August 2018 as the first traditional casino in Massachusetts. That venue, which generated $278 million in sales in 2023, hasn’t lived up to the operator’s expectations.

In a recent interview with Western Mass News, Springfield City Council President Michael Fenton, who also chairs the casino oversight committee, said MGM cannot unilaterally decide to leave the city.

I don’t think the public should be concerned because we have safeguards at the city and state level to make sure there’s no unilateral movement by MGM,” Fenton told the media outlet. “MGM doesn’t have the right to decide to move out on their own.”

The Massachusetts venue cost the operator $960 million to build. MGM sold the real estate assets to MGM Growth Properties (MGP) for $400 million in 2021. VICI Properties (NYSE: VICI) acquired MGP for $17.2 billion that same year, gaining control of the property assets of MGM Northfield Park and the Springfield casino, among other MGM venues.

How MGM Can Do Right by Springfield

While MGM has acknowledged that the Massachusetts and Ohio casinos haven’t lived up to expectations, it hasn’t publicly confirmed it’s shopping those venues. The topic wasn’t addressed on the operator’s first-quarter earnings conference call earlier this month.

The obvious avenue through which MGM can assuage Springfield’s concerns about a possible sale of the casino is to line up a buyer from the gaming industry, which would be likely assuming the operator is looking to sell. That’s also important because the property is zoned to be a gaming venue.

As for potential buyers for MGM Springfield’s operating rights, names haven’t been floated, but it’s probably fair to rule out Penn Entertainment (NASDAQ: PENN) because it runs  Plainridge Park Casino in Massachusetts.

It’s possible that tribal gaming entities in New England could be interested in MGM Springfield, but for now, that’s just speculation.

Springfield Wants ‘Same Pedigree’ as MGM

Fenton told Western Mass News that should MGM opt to depart Springfield, the city will require that the replacement operator be of the “same pedigree” as MGM. That’s a subjective term, but there are some hard details.

Under the host city agreement, MGM is required to deliver $25 million in annual payments to various groups in the city and book at least 12 acts per year at entertainment venues near the casino. Fenton said a new gaming operator of the Springfield casino would be held to the same standards.

A transaction involving MGM Springfield materializing over the near term is a possibility, but analysts believe gaming industry mergers and acquisitions are currently hamstrung due to high interest rates. That implies prospective suitors that need financing to buy the operating rights to the venue might be put off and eschew bidding, thus dwindling the pool of potential buyers to those that can pay in cash.

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Wynn Sees UAE Spend of $900M, Confirms Interest in Thailand Casino

Wynn Resorts (NASDAQ: WYNN) expects to contribute approximately $900 million to the Wynn Al Marjan Island integrated resort in Ras Al Khaimah, United Arab Emirates (UAE).

Wynn Resorts
Wynn and Encore on the Las Vegas Strip. The operator said it will spend $900 million in the United Arab Emirates and that it’s interested in a Thailand casino. (Image: Luxury Lifestyle Magazine)

That’s according to comments made by Craig Billings on the gaming company’s first-quarter earnings conference call late Tuesday, and that estimate is in line with the operator’s minority stake in the $4 billion project.

Budgets move here and there, but no substantial movement. Our capital contribution will be round numbers, call it, $900 million, that heavily depends on the construction leverage,” said Billings in response to a question from CBRE analyst John DeCree. “So we’re in the midst of figuring that out now. But you can figure something like 50-50 debt to equity and then we would be 40% of the equity.”

Wynn’s local partners in the UAE are Marjan LLC and RAK Hospitality Holding LLC., while Wynn Design and Development is running creative and design operations.

Wynn Making Fast Progress on UAE Casino Resort

Billings’ comments regarding Wynn’s financial commitments to the UAE  project arrived after the Las Vegas-based company said construction there is advancing rapidly and that the hotel tower could be topped off in late 2025.

Wynn Al Marjan Island could be the first casino hotel in the Middle East North Africa (MENA) region and, if it’s approved to operate a gaming venue, it could be a significant long-term earnings driver for Wynn while potentially touching off a spate of casino development in the Emirates. The property is expected to command 5.6 million square feet, but the casino would account for just 4% of that space.

Billings called Wynn Al Marjan Island “a meaningful high return on investment (ROI) project” while adding that more updates could be made public later this year. Last year, Wynn said the UAE endeavor can generate up to $600 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) — a forecast that’s not been altered.

Additionally, gaming won’t be the centerpiece of the integrated resort. Dubai, which is located just an hour away from Al Marjan Island, is one of the most visited parts of the Middle East, and the tourists that flock to the emirate embrace high-end dining options, luxury retail, and other glitzy amenities, all of which are synonymous with Wynn’s Las Vegas properties.

Wynn Interested in Thailand, Too

Against the backdrop of a rapidly evolving regulatory process in Thailand, Billings confirmed Wynn is monitoring that situation and could eventually make a play to open a casino resort in the Southeast Asian country.

In Thailand, it’s early days and we have yet to see the regulatory and licensing structures,” said the Wynn chief executive officer on the earnings call. “Thailand is already a major tourism destination with significant tourism infrastructure and a world-class service culture. So we will continue to closely monitor advancement of the legalization process. I remain incredibly bullish about the future of our company.”

Billings added that Thailand is a compelling market with sound infrastructure and a robust tourism industry while acknowledging a variety of gaming companies could pursue casino licenses there.

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Softswiss Strengthens Its Position in Europe by Acquisition of Ously Games’ Social Casino

Softswiss continues to acquire big industry names all over the world, and the most recent is purchasing stakes in Ously Games GmbH from Germany, following the acquisition of Turfsport in January 2024.

Acquisition of the biggest social casino in Europe

softswiss_takes_stake_in_major_european_social_casinoThe company is best known for its popular social casino SpinArena.net, which is the largest social casino in the whole of Europe, and now Softswiss has a significant stake in it.

On the other hand, Ously Games will get a chance to try some of the most advanced technologies and modern solutions developed by Softswiss.

Social casinos recorded rapid growth in the recent period, so some people call it the future of gaming, and it seems that Softswiss recognized its potential. One of its main assets is gaming and betting without real money included, so it’s completely risk-free for players. Instead, they can use virtual currency to place their bets, and the revenue comes mostly from sales of virtual goods.

The good news for operators is that social casinos don’t require licenses, and there aren’t any advertising restrictions. According to Softswiss, the global social casino market will be worth around $10 billion by 2030. At the moment, around $85 million people are active on social casinos.

SpinArena.net currently offers more than 3,000 captivating games from about 40 providers. Its players network has more than 700,000 players, and its annual turnover is €1.0 million.

Softswiss’ founder, Ivan Montik, commented on the deal: “Anticipating the development of social casinos within the igaming industry, Softswiss made strategic investments to diversify its portfolio. Together, we aim to create a comprehensive platform for social casinos, enriching the robust ecosystem of igaming products provided by our company.”

Jochen Martinez, the owner of Ously Games, added: “We are delighted to forge a strategic partnership with the global technology provider Softswiss. This alliance brings invaluable insights, innovations, and profound expertise to both parties.”

Successful year

The year started well for Softswiss. In January, the company expanded to Africa through a deal with Turfsport. Turfsport is one of the leaders in the industry when it comes to sports betting, horse racing, and lotto. Its operations in South Africa are recognized by more than 40 operators who want to partner with the company in this market.

Andrey Starovoitov, co-CEO, thinks that the African expansion is the natural next step for Softswiss since that market keeps growing rapidly, becoming more and more important in the global iGaming industry. He said: “With this agreement, Softswiss takes a significant step forward in its extensive expansion into South Africa and the African continent. I believe this region is becoming the next focal point globally, following Latin America.”

Source: “Softswiss takes stake in major European social casino”. iGamingBussines. April 17, 2024.

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2024 Casino Operations Summit Sponsored by EGT and EGT Digital to be Held from 23-25 April 2024

egt_and_egt_digital_will_be_platinum_sponsors_of_casino_operations_summit_for_second_year_in_a_row2024 edition of the Casino Operations Summit kicks off in Amsterdam on April 23 to run through April 25. One of the most prestigious gaming events gathering together European multi-channel casino operators will once again feature industry-leading sponsors and stakeholders. Once again, this year’s edition of the Summit will feature its platinum sponsors EGT and EGT Digital, industry-leading gaming technology and content providers.

Main Topics

The Summit, exclusively open to land-based and online multi-channel casino operators and sponsors, focuses on a variety of themes pending to the industry, with Volatility, Think Different in Technology, and Land-Based Casinos and Sustainability/ESG emphasized as the main topics of the conference. Held under the slogan ‘’Think Different,’’ the Summit expects to facilitate the exchange of information and opinions of around 300 attendees for the mutual benefit.

Event Schedule

The flagship event includes the Gaming in Holland mini-conference exclusively tailored for Dutch casino operators and scheduled for the first day of the Summit. However, all the attendees of the 2024 Casino Operations Summit will also have a chance to check out the latest developments coming from the EGT and its vertical EGT Digital, platinum sponsors of the event.

Platinum Sponsors EGT and EGT Digital

The visitors will therefore be able to view and try out some thrilling products, like the four new-released jackpot products. The exciting line-up starts with the 4-level Bell Link Boost and the Asian-themed Sheng Sheng Bu Xi, to continue with the player-favorite Bell Link and take the game at another level with the Gods & Kings Link jackpot experience.

Latest Multi-Game Developments

Further, the platinum sponsors will present some superior multi-game developments, such as the popular titles Gold General, Blue General and Winner Selection. On top of that, the latest Supreme Selection multi-game series will offer an exclusive insight into the first installment, the Supreme Green Selection release. In fact, EGT and EGT Digital will offer a total of 50 engaging titles for the visitors to personally sense the level of excitement radiating from each game of the impressive package.

Customized Products

The Summit held in the vibrant city of Amsterdam also represents an opportunity for the Dutch operators to review some EGT’s solutions customized for the Dutch market. One of these is the cutting-edge Phoenix AWP cabinet, powered by Exciter platform and featuring 27-inch monitors and state-of-the-art keyboard with video and electro-mechanical options. The solution includes the multi-game Bonus Prize Collection AWP, specially designed for the Dutch players, and much more.

2024 Casino Operations Summit, sponsored by EGT and EGT Digital, opens its gates today to facilitate valuable connections among industry stakeholders.

Source: “EGT and EGT Digital Will be Platinum Sponsors of Casino Operations Summit for Second Year in a Row’’. European Gaming. April 23, 2024.

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Washington State Casino Unprovoked Stabbing Leaves Man Dead

A suspect was apprehended Sunday morning after he allegedly fatally slashed a stranger inside Auburn, Wash.’s Muckleshoot Casino Resort.

Gaming machines at Muckleshoot Casino Resort
Gaming machines at Muckleshoot Casino Resort, pictured above. A man was fatally stabbed inside the gaming property. (Image: TripAdvisor)

The assailant and would-be victim didn’t know each other before the suspect snuck up to the victim from behind, while he was standing at a gaming table.

Random Attack

All of a sudden, the suspect stabbed him in the neck. Police are calling it a “random” attack. The victim passed away inside the gaming property.

No word on the victim’s identity. He was described as being in his late 20s.

Muckleshoot Casino staff immediately contacted the Auburn Police Department at about 1:30 a.m.

Officers arrested the unnamed suspect a short time later. He was booked at the King County Jail at about 8 a.m. Police said he will be charged with murder.

The suspect is 31 years old, according to Seattle TV station KCPQ. Police didn’t release a motive for the stabbing.

No one else in the Washington State gaming property was injured. It’s unclear how many guests or tribal casino employees were located near the victim when he was stabbed.

Stabbing Investigated

Police likely spoke to witnesses to the deadly attack. They also searched the crime scene for physical evidence. It’s possible detectives will review surveillance video to watch the activities of the suspect before he allegedly pulled out a weapon and stabbed the victim.

It’s likely the victim will undergo an autopsy to confirm the manner and form of death. Officials will also later describe the stab wounds and murder weapon used in the attack. The medical examiner’s office additionally will confirm the victim’s identity.

It’s unclear whether police seized a murder weapon from the crime scene.

They didn’t reveal whether it was a knife or other object. On the casino’s website, it clearly states, “Weapons, including firearms, are NOT ALLOWED in the casino or in the resort.”

Police didn’t explain how an object was snuck into the gaming room that could be used in such a fatal attack.

The casino is located about 16 miles east of Tacoma, Wash. The gaming property is operated by The Muckleshoot Indian Tribe.

Casino Expansion

Earlier this year, the casino held a ribbon-cutting for a major expansion. It includes 401 new guestrooms, an enlarged gaming floor, and a steakhouse located on the rooftop. The restaurant is called Smoke & Cedar.

An indoor heated pool will be opening soon, along with a hot tub and full-service bar.

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