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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Incentive Games wins interim Pennsylvania gaming licence

Published

20 hours ago

May 18, 2026

Wladimir P.

incentive-games-wins-interim-pennsylvania-gaming-licence

Incentive Games has been granted an interim gaming licence in Pennsylvania by the Pennsylvania Gaming Control Board, effective immediately. The approval allows the B2B supplier to offer its real-money gaming products to licensed operators in the state.

The Pennsylvania approval follows Incentive Games’ licensing in Michigan in 2025, as the company continues to expand across regulated North American markets.

Incentive Games said the Pennsylvania licence gives it access to one of the most established and competitive US iGaming markets, where compliance and player protection requirements are tightly enforced.

Ahmed Baker, Chief Commercial Officer at Incentive Games, said, “Being granted an interim licence in Pennsylvania is a huge achievement for our business and a strong endorsement of our regulatory approach. It strengthens our position in North America and supports our ambition to grow through trusted partnerships in regulated markets. We look forward to working with operators in Pennsylvania to deliver high-quality real-money gaming experiences to their players.”

The post Incentive Games wins interim Pennsylvania gaming licence appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Detroit casinos

Detroit Casinos Report $118.87M in April Revenue

Published

4 days ago

May 15, 2026

GamingAmericas.com

detroit-casinos-report-$118.87m-in-april-revenue

Detroit’s three commercial casinos reported $118.87 million in aggregate revenue (AGR) for April 2026. Table games and slots generated $118.03 million, while retail sports betting produced $837,397 in qualified adjusted gross receipts (QAGR).

April market shares were:

• MGM, 49%

• MotorCity, 29%

• Hollywood Casino at Greektown, 22%

Table Games and Slot Revenue

April 2026 table games and slot revenue increased 7.8% compared with April 2025 and 5.8% from March 2026. For the period January 1 through April 30, revenue was up by 1.4% year-over-year.

Casino-level results compared with April 2025 were:

• MGM: up 14.3% to $58.42 million

• MotorCity: up 3.2% to $34.13 million

• Hollywood Casino at Greektown: up 0.8% to $25.48 million

The casinos paid $9.6 million in state gaming taxes in April, compared with $8.9 million in April 2025. They also reported submitting $14.0 million in wagering taxes and development agreement payments to the City of Detroit.

Retail Sports Betting Revenue

Detroit casinos reported $8.74 million in total retail sports betting handle for April. Total gross receipts were $868,546. QAGR increased by $520,859 from April 2025 and 3.3% from March 2026.

April QAGR by casino:

• MGM: $78,681

• MotorCity: $234,997

• Hollywood Casino at Greektown: $523,719

The casinos paid $31,654 in state taxes and submitted $38,688 in wagering taxes to the City of Detroit based on April retail sports betting activity.

Fantasy Contests

For March 2026, fantasy contest operators reported $448,069 in adjusted revenues and paid $37,638 in taxes.

The post Detroit Casinos Report $118.87M in April Revenue appeared first on Americas iGaming & Sports Betting News.

AGS

AGS hires three executives to expand slot sales strategy team

Published

5 days ago

May 14, 2026

Wladimir P.

ags-hires-three-executives-to-expand-slot-sales-strategy-team

AGS has appointed three gaming executives to expand its commercial slot sales strategy and operations team. John McColl joins as Senior Director of Slot Sales Strategy, Mark Morton as Vice President of Slot Sales Strategy, and Loren Rosenberg as Vice President of Commercial Slot Strategy & Operations.

“These hires represent a significant step forward in building a best-in-class commercial organization,” said Jackosn Floyd, Vice President of Slots at AGS. “John, Mark, and Loren have each demonstrated an ability to translate strategy into measurable results, and their leadership will help the team sharpen our focus on performance, efficiency, and delivering greater value across our slot portfolio.”

McColl will lead sales strategy and commercial opportunity, with a focus on expanding market share and driving revenue growth. AGS said he will build a data-driven approach to mapping the company’s total addressable market (TAM) to identify new opportunities. McColl has more than 30 years of experience across casino operations, gaming technology, and enterprise B2B sales, including roles at Gaming Analytics, Scientific Games / Bally Technologies, and Harrah’s Entertainment.

Morton will focus on customer synergy and strategic alignment, streamlining internal sales processes, and expanding enterprise sales opportunities, according to the company. He previously served as Senior Vice President at Marker Trax and Koin, where AGS said he led commercial strategy, pricing, and enterprise contract execution with operators including Boyd Gaming, Golden Entertainment, and Penn National.

Rosenberg will oversee commercial strategy and operations, with responsibility for maximizing value across AGS’ product portfolio and supporting commercial expansion. He brings nearly 20 years of experience across product, commercial and enterprise strategy roles, including senior leadership positions at Aristocrat and Everi. Rosenberg began his career at WMS, later acquired by Scientific Games, and has held roles across operations, strategy and commercial functions.

The post AGS hires three executives to expand slot sales strategy team appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.