theScore Bet to Run Online NJ Casino for Twin River

Twin River Casino
Score Media and Gaming Inc has been given access to run an online casino for Twin River Worldwide Holdings Inc. in New Jersey.

Said John Levy, founder and CEO of theScore:

“The addition of an online casino offering to our award-winning and truly differentiated mobile sports betting platform broadens our reach and deepens our strong portfolio of assets. This is yet another step towards providing theScore’s media and betting patrons with a completely holistic and tightly integrated media and gaming experience.”

A Long Term Deal

In an announcement made on Thursday, Score Media subsidiary theScore Bet said that it signed a long term deal with Twin River for the opening of an online casino in the Garden State. The launch is expected to be in the second half of 2021, subject to the procurement of the necessary permits and licenses from the New Jersey Division of Gaming Enforcement.

Under the agreement, Twin River will receive a percentage of the revenue made by theScore Bet in its online casino operations in New Jersey, subject to minimum guaranteed amounts and an upfront fee.The contract is for 10 years but theScore Bet has the option to extend the pact for another five years plus five more years if both parties consent.

Contingent on Bally Atlantic City Purchase

Score Media has been taking bets in New Jersey since 2019 when it launched its sports betting app there. The Canadian betting company is close to opening its doors in Colorado and is in the process of securing regulatory approvals in Indiana. theSports Bet was named as the Best Online Mobile Sports Betting Experience at the Cynopsis Sports Media Awards earlier this year.

Meanwhile, Twin River is entering the Garden State via a $25M acquisition of Bally’s Atlantic City in Boardwalk. The deal, announced in April, is currently under works but has not been finalized. Twin River’s covenant with theScore Bet is contingent on the completion of the purchase.

Twin River Serious in New Jersey

Based on its recent moves, Twin River is serious in New Jersey and it is looking to maximize the potential of its purchase of Bally’s. The treaty with theScore Bet is its third big move in two weeks that is related to its Garden State business.

Twin River entered into a sports betting contract with Esports Entertainment Group last week. Just this Tuesday, the gambling company also revealed a similar accord with Philadelphia-based sports betting startup Sporttrade.

Twin River Could Lay Off 1,300 Workers Next Month

Twin River Casino
Twin River has notified the Rhode Island labor officials that it could be laying off a total of 1,300 employees next month .

According to Twin River spokeswoman Patti Doyle, the company filed a layoff notice with the State Department of Labor and Training last August 11th. Doyle clarified that 1,043 furloughs in Lincoln, and another 296 in Tiverton are set to become permanent at the end of next month.

Doyle added that the workers who are facing layoff are currently furloughed by the company and they continue to receive health insurance benefits. She added that the number of workers let go could still change, depending on the on the business conditions at that time.

Numbers Could Still Change

In a call with analysts, Twin River CEO George Papanier revealed that the company tried to bring back as many employees as possible after the coronavirus pandemic forced the closure of their establishments. However, he said that with the current restrictions they are faced with since reopening, they don’t know how many will ultimately be brought back. Said Papanier:

“While we have been able to welcome back a large percentage of those affected, there are still a large number of employees affected on furlough while we await the ability to increase capacity and amenities.”

Last August 11th, Twin River reported a $24M second quarter loss as a result of the casinos being forced to shutdown in March due to the coronavirus pandemic and also by the decreased capacity it has operated with since they were allowed to reopen.

Rhode Island Slow to Recover

However, CEO Papanier said that Twin River is pleased with the results they have seen since they were allowed to reopen in June. Out of their $24M Q2 loss, only $2M came in the month of June and the initial figures for the month of July were encouraging for a return to profitability. Added Papanier:

“While we continue to be willing to spend money to capture market share and drive revenue, we don’t expect to simply return to the old way of doing business. We believe many of the efficiencies we have realized are sustainable over the long term and will result in improved profitability for our properties even while increased sanitation and cleaning costs become the norm.”

Business in the South and West casinos of Twin River have picked up faster than their Rhode Island flagship with states like Colorado and Mississippi faster to ease COVID-19 health restrictions. However, Twin River Rhode Island President of Operations Marc Crisafulli is optimistic because he hopes that they will be allowed to return to 24-hour operations in the coming weeks.

The Isle of Capri Casino is Set for a Major Upgrade

Not long ago, Twin River Worldwide Holdings Inc. officially acquired the Isle of Capri Casino in Kansas City, Missouri. Company officials hinted they planned to add some new features to this struggling gaming venue. According to new reports, the Isle of Capri Casino is set for a $61 million upgrade soon.Isle Of Capri Casino

Twin River certainly sees the potential in the venue. Hope is that this company can turn this casino into a major tourist destination. Today, we’re going to look at what exactly Twin River has planned for this property.

Let’s get into it!

Eldorado Resorts Completes Acquisition of Caesars Entertainment

The merger between Eldorado Resorts and Caesars Entertainment first began back in June of 2019. It was huge news for the US casino industry. Eldorado agreed to pay $17.3 billion for the acquisition of Caesars, the most money ever paid for a casino company.

Once the merger was complete, this would become the largest casino operator in the United States. Obviously, gambling commissions around the United States began taking a close look at this deal. These commissions wanted to ensure that this new company would not result in a monopoly.

The FTC approved this merger back in June of this year. Eldorado and Caesars received the final approvals from three more gambling commissions last week. On Monday, news broke that this merger finally concluded.

Getting to this point wasn’t easy. Over the past 13 months, Eldorado and Caesars were forced to sell many of their biggest properties. That includes the Isle of Capri Casino in Kansas City, Missouri.

Twin River Worldwide Holdings Inc. purchased this venue in June of this year for $230 million. It was well-known that this venue was struggling and many had questions about how Twin River planned to turn things around. This week, the company’s plans became more clear.

Here’s what’s currently being planned.

Twin River Plans $61 Million Upgrade to the Isle of Capri Casino

Back in 1996, the Hilton Flamingo casino first opened its doors near the Missouri River in Kansas City. This venue struggled to generate players and in 2000, was sold to Isle of Capri Casinos. The casino started to see its revenue increase and in 2017, Eldorado Resorts announced it was purchasing this venue.

In order for Eldorado Resorts to merge with Caesars, the Missouri Gaming Commission required this company to sell the Isle of Capri. Twin River Worldwide Holdings Inc. revealed that it bought the venue in June for $230 million. Officials within Twin River have just revealed an exciting new upgrade to this property.

According to the development committee of the board that oversees the Port Authority of Kansas City (Port KC), Twin River wants to add several new additions to this venue. Jon Stephens, president and CEO of Port KC, spoke about these plans to the media this week.

“This is downtown’s casino, so to speak,” Stephens said. “And so if they’re willing to invest, we do think it helps to secure the long-term growth and availability of the greater riverfront.”

It’s clear from financial reports that the Isle of Capri Casino is one of the least financially-successful casinos in this area. Twin River plans to add a new restaurant, retail, spa, and amphitheater. The company is also considering adding a hotel to this venue.

Officials in Kansas City are excited to hear about these plans. The city profits when casinos are successful. How long will it take for revenue to begin increasing here, though?

US Casino Industry Continues to Struggle

It’s exciting news to hear that Twin River plans to upgrade the Isle of Capri Casino. Of course, it may be a long time before this company sees the profits from this move. The US land-based casino industry is still struggling right now and no one can accurately say when things will get back to normal.

Many casinos around the country have already reopened. Over in Las Vegas, nearly all of the casino-resorts on the Las Vegas Strip are now up and running. Unfortunately, tourism here continues to drop as rates of Covid-19 increase.

Atlantic City began allowing its casinos to reopen over the Fourth of July weekend. City officials hoped that, despite the intense safety measures set in place, visitors would still flock to this gaming destination. That does not appear to be the case.

More gambling revenue reports continue to come out. All states have seen their earnings plummet over the past few months. Most analysts predict this trend will continue throughout 2020.

Casino companies are doing everything they can to boost tourism. This is much easier said than done. We’ll need to wait and see how efforts to contain the new coronavirus in the country progress over the next few months.

Are you excited to see the Isle of Capri get this upgrade? Let us know in the comments section below!

Colorado’s Sports Betting Industry is Coming Together

For almost two years, every state in the country has been able to set its own laws on sports gambling. Unsurprisingly, a huge number of states have now legalized this industry and are profiting massively as a result. Colorado’s sports betting industry is just emerging and is expected to be one of the country’s biggest.Colorado Flag Picture

Colorado is home to several major sports teams and a huge number of passionate sports fans. Many major sports betting companies are now attempting to break into this industry. Today, we’re going to look at this state’s path to sports betting legalization, and discuss how it may expand over the next few years.

Let’s get into it!

Sports Betting is Officially Made Legal in Colorado

For decades, only Nevada was legally able to offer sports betting odds in the United States. All other states were prevented from legalizing sports betting due to the Professional and Amateur Sports Protection Act, or PASPA. This bill limited the country’s sports betting operations to Nevada.

For years, lawmakers around the country have been pushing to get PASPA removed. New Jersey, in particular, has been very critical of the controversial bill. Finally, things took a major turn.

In May of 2018, the US Supreme Court decided to officially strike PASPA down. This immediately gave every state in the country the ability to set their own laws on sports betting. Several states, including New Jersey and Delaware immediately legalized this form of wagering.

Certain lawmakers in Colorado have pushed to make sports betting legal since PASPA was removed. In November of 2019, voters in the state finally passed a ballot that allows both land-based and online sports betting. The first sportsbooks are expected to begin operating here in May of 2020.

Colorado’s sports betting industry is already beginning to grow. Several casinos are gearing up to launch their sports betting options.

Colorado’s Sports Betting Industry is Coming Together

Many states have chosen to officially legalize sports betting. Several of these states have passed sports gambling bills, yet are still coming up with regulations. This is the case with Colorado. Sports betting is now legal here, yet no sportsbooks have officially begun operating in the state.

That doesn’t mean casinos aren’t getting prepared, though. Some of the state’s biggest and most profitable gambling venues have officially begun gearing up to launch their sports betting platforms. Many casinos in the state are preparing their land-based and online sportsbooks.

Sean Demeule, vice president and general manager of Ameristar Casino in Black Hawk, commented on the casino’s sports betting preparations to the media this week.

“(We’re) thrilled that the voters passed sports betting last November. We’re starting to plan how we’re going to roll it out here at Ameristar. We’re going to start with a sportsbook here on property, working on the design right now,” he said. “We’re taking what’s been done in Vegas and improving on that.” 

Colorado is likely to begin earning millions of dollars a month from these legal sports betting options. The revenue will help to fund various state water projects. We’ll need to wait and see which sports betting companies begin entering into this state over the next few years!

Several Companies Already Set to Offer Sports Betting Options in Colorado

The US sports betting industry is growing at an unprecedented rate. Bank of America recently claimed that this industry will be worth $22 billion by 2020. As more states legalize this form of gambling, more money begins flowing in.

It’s no surprise to see so many companies push to break into Colorado’s sports betting industry. Not long ago, Twin River purchased three popular Colorado casinos. The company also received three sports betting licenses here, all of which will go live in less than 90 days.

DraftKings and FanDuel are also working hard to enter Colorado. These companies are currently active in many states including New Jersey.

Several major UK companies such as William Hill are interested in Colorado, as well. Based on the way things are going, this could become one of the most lucrative sports betting states in the country.

Colorado’s sports betting industry is already growing. Stay tuned for more updates over the next few months!

Affinity Gaming Sells Three Popular Colorado Casinos

Colorado’s casino industry is one of the best in the country. There are a huge number of popular land-based casinos in this state, all of which are confined to just three cities. This week, a major Las Vegas-based casino company announced that it had sold three popular Colorado casinos.Colorado Flag Picture

Affinity Gaming has been focused on selling properties for the past few months. It appears the company is prepared to loosen its hold on the Colorado casino market. Today, we’re going to look at some of the updates to Colorado’s casino laws and talk about why these three casinos were recently sold.

Let’s get into it!

Colorado’s Casino Industry Continues to Grow

Colorado is thought of as one of the most liberal states in the country. Lawmakers here have been hugely progressive and recently have begun to expand the state’s gambling industry. For a while, however, this state was largely against most forms of gambling.

The first casino opened in Colorado back in 1822. At this time, gambling regulation was non-existent. Throughout the 1800s, a huge number of casinos began popping up around the state and Colorado became known as a popular gambling destination.

Eventually, lawmakers here connected gambling to crime and worked to ban this industry. Casino gambling was eventually banned and it was decades before any legal forms of gambling became available again. In 1988, after the Supreme Court passed the Indian Gambling Regulatory Act, lawmakers realized it was time to rethink their approach.

In 1991, casino gambling was legalized in this state once again. Interestingly, these casinos were only legalized to operate in three states. Black Hawk, Central City, and Cripple Creek are the only parts of Colorado where casinos can be opened.

Gambling fans here are lucky. There are many popular Colorado casinos that both locals and tourists enjoy. A huge number of great online casinos in CO are also currently available. This week, three of these venues were officially put up for sale.

Twin River Acquires Three Popular Colorado Casinos

Affinity Gaming is a major casino operator based in Las Vegas, Nevada. The company owns several major venues across the country, including several in Colorado. Around a year ago, the company announced that it was selling three venues to Twin River, a casino company based in Rhode Island.

This week, the sale of these properties officially concluded. Twin River now owns the Golden Gates, Golden Gulch and Mardi Gras casino properties in the city of Black Hawk. It all comes as part of a broader strategy for Twin River to diversity its portfolio.

As we already mentioned, the company owns several properties in Rhode Island. It’s also expanded into Delaware and is focused on expanding west. The acquisition of these three popular Colorado casinos is one of the biggest moves for this company in their history.

It’s also a great move for Affinity Gaming, which is also focused on expansion. Unlike Twin River, however, the Vegas-based company is focused primarily on properties in Iowa and Missouri.

With the acquisition of these properties, Twin River also receives the right to offer sports betting options in this state. The company issued a statement to the media this week.

“As previously announced, with the completion of this acquisition, Twin River has also acquired the right to three sports gaming licenses in Colorado in connection with the passage of Proposition DD on November 5, 2019,” an official within Twin River said. 

Is Colorado bracing to become the next sports betting capital of the US?

Colorado’s Sports Betting Market Will Be Massive

In May of 2018, the US Supreme Court struck down PASPA. This decision immediately gave every state in the country the ability to legalize sports gambling. Within just a couple of weeks, several states including New Jersey passed laws to make sports betting legal.

Colorado took its time with this industry. Finally, in November of 2019, lawmakers here officially approved a measure to make sports gambling legal and regulated. Both land-based and online gambling will become available here. No sports betting operators will begin operating here until May of 2020.

Some of the biggest sports betting companies in the country have expressed a desire to break into this state. Colorado is known for having a large and passionate sports fan base. The state is likely to earn millions of dollars via taxes every year from this industry.

All of the most popular Colorado casinos are set to offer sports betting options. This includes the three properties that Twin River has just acquired.

It’s an exciting time for gambling fans in this state. Stay tuned for more casino news here over the next few months!