Gambling in the USA

Banks Promised $7 Billion for Eldorado to Acquire Caesars. Then the Coronavirus Hit

Published

6 years ago

March 10, 2020

Photo Source: iol.co.za

Banks that agreed to provide over $7 billion loan to Eldorado for the acquisition of Caesars now face an uphill battle to offload the debt to investors as fears over the coronavirus outbreak wreak havoc across the travel and leisure industry.

JPMorgan Chase & Co., Credit Suisse Group AG and Macquarie Group Ltd. agreed to the financing last June. Now, with the takeover expected to close as soon as next month, the underwriters are confronting a tight window to sell bond and loan buyers on the idea of lending to a highly leveraged gaming company just as Americans cancel their vacations, casinos empty out and the conference scene grinds to a halt.

“The best comparison might be 9/11, when people were scared to fly. Now people may be scared not only to travel but also to be in a casino with thousands of people,” Gene Neavin, senior investment analyst and portfolio manager at Federated Hermes, said.

To help justify the transaction, Eldorado is banking on about $500 million of cost savings for the combined company, a number that some analysts view as optimistic. The takeover will boost the company’s debt relative to a key measure of earnings to over seven times, according to credit-rating firms, possibly leading to a downgrade.

That funding– comprising about $2.4 billion of loans to Caesars and $4.8 billion of bonds and loans for Eldorado– is the largest and riskiest to potentially emerge since financial markets began their tailspin last month.

Beyond the broader concerns over global growth that have hamstrung the junk-bond and leveraged loan markets in recent weeks, the travel and leisure sector has been hit especially hard as flying restrictions and fear of contagion prompt people to cancel business trips and delay vacations.

Eldorado Chief Executive Officer Tom Reeg called on investors to stick with the company during an earnings call on Feb. 26, arguing that the deal faces “zero risk” on the financing side.

“We feel very good about the execution that we’ll get in the credit markets. This deal is closing. It’s closing soon,” Reeg said.

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Gambling in the USA

IGT Games Deliver Giant Million-Dollar-Plus Jackpots in January

Published

5 days ago

February 25, 2026

GamingAmericas.com

igt-games-deliver-giant-million-dollar-plus-jackpots-in-january

IGT announced that its Wheel of Fortune Slots, Powerbucks, and MegaJackpots games awarded four momentous jackpots in January.

Lucky slots players won the following million-dollar-plus jackpots last month:

• On January 5, a Wheel of Fortune Slots player won $1,132,199 playing Wheel of Fortune Super Cash Link at Beau Rivage Resort & Casino in Biloxi, Miss.

• On January 8, a Powerbucks slots player won CA$1,657,823 playing Whitney Houston Powerbucks slots at Lake City Casino Vernon in British Columbia, Canada.

• On January 15, a Powerbucks slots player won CA$1,056,637 playing Gong Xi Fa Cai Grand at ACE Casino Red Deer in Alberta, Canada.

• On January 18, an online slots player won $1,247,834 playing MegaJackpots Cash Eruption on Caesars Palace Online Casino in New Jersey.

Wheel of Fortune slots have minted over 1200 millionaires and awarded over $3.6 billion in jackpots since their launch in 1996. IGT Powerbucks slots have paid 74 jackpots of CA$1 million or more since their Canadian debut in 2016.

The post IGT Games Deliver Giant Million-Dollar-Plus Jackpots in January appeared first on Americas iGaming & Sports Betting News.

AI in lottery

Scientific Games Appoints Rich Wasserman as Senior Vice President of Product Engineering

Published

6 days ago

February 24, 2026

Wladimir P.

scientific-games-appoints-rich-wasserman-as-senior-vice-president-of-product-engineering

Scientific Games has appointed Rich Wasserman as Senior Vice President of Product Engineering, reinforcing its commitment to advancing lottery systems technology and digital innovation.

Based in Atlanta, the global lottery provider continues to expand its technology leadership as one of the fastest-growing suppliers of retail and digital lottery solutions worldwide.

Leadership Experience from Amazon, Facebook and Stitch Fix

Wasserman brings more than 20 years of experience leading engineering, data science and product teams across high-performance technology platforms.

He previously held senior leadership roles at:

Amazon
Facebook
Stitch Fix

At Stitch Fix, he served as Vice President of Engineering and Data Science, leading automation, AI-driven systems and platform optimization initiatives. Wasserman holds a Ph.D. in Electrical Engineering and a Computer Science degree from the University at Buffalo.

Driving Innovation Across Global Lottery Platforms

In his new role, Wasserman will oversee Product Engineering across Scientific Games’ global portfolio serving more than 150 government-regulated lotteries. His responsibilities include advancing:

Retail lottery systems
Digital lottery platforms
Hardware and software innovation
Data analytics and AI capabilities
Consumer engagement technologies

CEO Pat McHugh stated that Wasserman’s experience scaling AI-powered platforms at world-class technology firms will help accelerate innovation and deliver next-generation lottery solutions focused on sustainable growth.

Strengthening Lottery Technology Leadership

Scientific Games continues to invest in technology, analytics and digital transformation to enhance consumer experiences across retail and online lottery channels. The appointment underscores the company’s strategy to integrate advanced analytics and machine learning into its global lottery ecosystem.

The post Scientific Games Appoints Rich Wasserman as Senior Vice President of Product Engineering appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Gambling in the USA

Scientific Games Appoints Rich Wasserman as Senior Vice President of Product Engineering

Published

6 days ago

February 24, 2026

GamingAmericas.com

Former Amazon, Facebook and Stitch Fix Exec to Lead Product Engineering for Global Lottery Provider

Scientific Games has named Rich Wasserman as Senior Vice President of Product Engineering. Wasserman brings more than 20 years of experience leading global engineering, data science and product organizations across complex, high-performance technology platforms.

As the industry’s fastest-growing lottery systems technology provider, Scientific Games continues to invest in technology and talent to deliver seamless consumer experiences across lottery retail and digital channels.

Wasserman previously held senior leadership roles at Amazon and Facebook, where he led large-scale systems powered by advanced analytics and machine learning. Most recently, he served as Vice President of Engineering and Data Science at Stitch Fix, leading integrated teams focused on automation and platform optimization. Wasserman holds a Ph.D. in Electrical Engineering and a degree in Computer Science from the University at Buffalo.

In his new role, Wasserman will lead Product Engineering across Scientific Games’ global product portfolio serving government-regulated lotteries, advancing hardware and software platforms to accelerate innovation, expand analytics capabilities and consumer-engagement to deliver long-term value for lottery customers worldwide.

“We’re excited to add Rich’s deep technical expertise scaling innovative, AI-driven platforms at world-class organizations to further strengthen Scientific Games’ technology leadership,” said Pat McHugh, Chief Executive Officer of Scientific Games. “As we continue investing in innovation and analytics across retail and digital lottery solutions, his experience and leadership will help us deliver the next generation of high-performance products that drive sustainable growth for our lottery customers worldwide.”

Scientific Games serves more than 150 lotteries globally with a comprehensive portfolio of retail systems, digital platforms, instant games and analytics solutions.

The post Scientific Games Appoints Rich Wasserman as Senior Vice President of Product Engineering appeared first on Americas iGaming & Sports Betting News.