Sa gaming sold; plans underway to turn casino into apartments, retail stores

RENO, Nev. (AP) — Harrah’s Reno has been sold to an affiliate of a Las Vegas investment firm with plans to turn the long-time hotel-casino into a non-gambling property with apartments, office space and retail stores.

Caesars Entertainment confirmed the sale of the iconic downtown hotel-casino dating to the 1970s to an affiliate of CAI Investments for $50 million, subject to regulatory approval. sa gaming

The Reno Gazette Journal first reported the deal Wednesday, which calls for a 75-25 split of the proceeds between VICI Properties and Caesars. Caesars had been leasing Harrah’s Reno from VICI and will continue to do so from the CAI affiliate for the first half of the year.

The registered agent listed in state records for the new buyer, Reno City Center LLC, is Chris Beaver, CEO of CAI Investments, which plans to build a separate 20-story boutique hotel a few blocks away.

Plans call for the remodeled Harrah’s to become the Reno City Center, with about 530 apartments, office space and retail space including grocery, gym, restaurants, bar, coffee shop and entertainment.

The casino’s roots date to 1937 when founder William Harrrah opened a bingo parlor on the site. Harrah’s Inc. became the first gambling company listed on the New York Stock Exchange in 1973.…

sa gaming Sports is selling a big stake to a casino company, in a deal that values the company at $450 million

The buzzy and controversial millennial media brand Barstool Sports is selling a stake to a regional casino company in a deal that values the media company at $450 million, Katharine Sayre and Benjamin Mullin at the Wall Street Journal first reported on Wednesday. 

Penn National, the casino company, agreed to buy a 36% stake in Barstool for $163 million, the companies announced.

Penn, which operates casinos in many of the US states where sports betting is legal and online, will become Barstool’s exclusive gaming partner as part of the deal. The companies plan to launch a Barstool-branded sportsbook in its retail casinos in the coming months and a betting app in August. Penn also will be able to use the Barstool brand in its casinos and betting properties, and launch Barstool sports bars or restaurants.

Barstool, which has a coveted audience of millennial sports fans, made a big play for sports bettors last fall with the launch of a dedicated content hub for gamblers, as Business Insider previously reported. CEO Erika Nardini and founder Dave Portnoy said at the time the company aimed to build a robust database of bettors that it could attract more revenue from advertising and other revenue streams, like affiliate fees.

Casino and gaming companies, like Penn, have been partnering with and pursuing deals with media companies to gain a สมัคร บาคาร่า national profile and cut down on the costs to acquire sports bettors. Barstool said it also had talks with players like FanDuel and PointsBet ahead of the deal.

The deal between Barstool and Penn comes at a time when other digital-media companies that depend primarily on advertising revenue have struggled to live up to their high valuations. Some digital brands, like Vice Media and Refinery29, have combined in recent months.

The deal could also drive other media tie-ups, as gaming companies scramble to secure media partners.

The Chernin Group, which owns 60% of Barstool Sports, will own a lesser stake of 36% after the deal with Penn closes, the companies said. Barstool employees will own the rest.

The deal also includes plans for Penn to invest another $62 million in Barstool after three years and boost its stake in Barstool to about 50%. Penn also has the option of bringing in another partner. For a deeper look at the deal and its implications, and interviews with key execs, read our full inside story on BI Prime:And, for a detailed breakdown of what lies ahead for Barstool’s business, read our analysis on BI Prime: Read more about how media companies are leveraging legal sports betting on BI Prime:  …

Sa gaming train dealers for new mobile casino

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