Caesars Entertainment
Caesars Entertainment Partners with Raynham Park to Open Caesars Sportsbook Retail Location in Massachusetts
Sports betting is on the way for sports fans in Massachusetts and Caesars Entertainment, Inc. announced plans to offer in-person sports betting through a partnership with Raynham Park, just south of Boston, pending approval by the Massachusetts Gaming Commission. The partnership marks Caesars’ first in-person foray into the Bay State and includes the eventual opening of a 30,000-square-foot Caesars Sportsbook retail location, which will become one of the largest free-standing race and sports wagering facilities in the US.
“Raynham Park is in an excellent location in southeast Massachusetts and will be one of just a few retail sports betting locations in the Commonwealth. It’s great to partner with the Carney family, which has a long history in the community and an exciting vision for a tremendous sports entertainment and pari-mutuel simulcasting facility. We look forward to showcasing the Caesars commitment to world-class experiences through this partnership,” Eric Hession, President of Caesars Digital, said.
Caesars Sportsbook at Raynham Park plans to open as a temporary sportsbook inside the current simulcasting facility before later moving nearby into one of the biggest standalone sports betting and pari-mutuel simulcasting establishments in the US, following regulatory approvals. The state-of-the-art sportsbook will feature an elevated atmosphere fit for a Caesar as part of a new building expected to be complete by the middle of this year.
“Caesars Sportsbook is the strongest retail sports gaming brand in the industry and we are extremely proud to announce our partnership. Our sportsbook will be one of the largest sports gaming destinations not only in Massachusetts, but in the United States. With Caesars’ legendary commitment to quality and integrity, Raynham Park will be a world-class venue that will set a new standard for gaming in Massachusetts,” said Raynham Park owner Chris Carney.
In addition to in-person sports wagering and horse racing simulcast wagering at Raynham Park, Caesars Sportsbook plans to launch on desktop and be available for download on iOS and Android devices. Caesars Sportsbook will be available to eligible Massachusetts sports fans when mobile sports betting goes live later this year since Caesars Sportsbook was found to have met the eligibility requirements for a temporary mobile sports betting license by the Massachusetts Gaming Commission. Once mobile sports wagering launches in Massachusetts, Caesars Sportsbook at Raynham Park will also offer Caesars Sportsbook mobile customers the added convenience of accepting Caesars Sportsbook mobile account cash deposits at the facility.
The Caesars Racebook app also recently launched for Massachusetts customers, offering a full horse racing wagering menu and livestreaming from racetracks around the world. Customers who wager with Caesars Sportsbook and Caesars Racebook can enjoy unparalleled access to unforgettable experiences available only through the industry-leading customer loyalty program Caesars Rewards.
This partnership brings together Raynham Park – with more than 80 years of gaming experience in Massachusetts – with an industry leader in responsible gaming and responsible gaming education in Caesars. Upon launching in the Commonwealth, Caesars Sportsbook will continue to emphasize responsible gaming education and the importance of customers staying in control of their play through tools available on the Caesars Sportsbook app, including Deposit Limits, Spending Limits, Daily Time Limits, and Cool Off Time Limits.
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Caesars Entertainment announced the closing of the previously announced sale of the LINQ Promenade to a joint venture formed between TPG Real Estate (TPG) and the Investment Management Platform of Acadia Realty Trust (Acadia) for $275 million. Concurrent with the closing of the transaction, Caesars made a $275 million voluntary prepayment of the Term Loan B due 2030 with the proceeds from the transaction.
Latham & Watkins LLP and Brownstein Hyatt Farber and Schreck LLP represented Caesars on the transaction. Kirkland & Ellis LLP provided transaction counsel to TPG & Acadia.
Caesars Entertainment
Caesars Entertainment Enters into Definitive Agreement to Sell the LINQ Promenade
Caesars Entertainment has announced that it has entered into an agreement to sell the LINQ Promenade to a joint venture to be formed between TPG Real Estate (TPG) and the Investment Management Platform of Acadia Realty Trust (Acadia) for $275 million. The sale is subject to customary approvals and other closing conditions and is expected to close during the fourth quarter 2024.
“The sale of the LINQ Promenade represents an accretive, non-core asset sale that will accelerate our debt reduction goals. I want to thank all the team members and the tenants of the LINQ Promenade for their partnership over the last 10 years and wish them continued success,” said Tom Reeg, CEO of Caesars Entertainment.
Latham & Watkins LLP and Brownstein Hyatt Farber and Schreck, LLP represented Caesars on the transaction. Kirkland & Ellis LLP provided transaction counsel to TPG & Acadia.
Caesars Entertainment
Caesars Entertainment Closes Sale of World Series of Poker® Brand to NSUS Group for US$500 million
Caesars Entertainment, Inc. (NASDAQ: CZR) (“Caesars”) today announced the closing of the previously announced sale of its intellectual property rights for the World Series of Poker® (“WSOP”) brand to NSUS Group Inc. (“NSUS”). As previously disclosed, the transaction includes US$250 million in cash and a $250 million promissory note due five years after the transaction’s closing secured by the WSOP intellectual property assets being sold.
Caesars retains the right from NSUS to host the flagship WSOP live tournament series at its Las Vegas casinos for the next 20 years and will receive a license from NSUS to continue operating its recently upgraded WSOP Online real-money poker business in Nevada, New Jersey, Michigan, and Pennsylvania for the foreseeable future but will otherwise be restricted from operating online peer-to-peer real-money poker operations for a specified period of time and subject to certain exceptions. In addition, brick-and-mortar poker rooms currently operated by Caesars will continue to feature WSOP branding, and Caesars destinations will continue to enjoy preferential rights to host live WSOP Circuit events going forward.
Concurrent to the transaction, several long-time WSOP executives will transition to key leadership roles within the NSUS team. Ty Stewart will serve as Chief Executive Officer of the newly formed WSOP subsidiary, while Gregory Chochon has accepted the position of Chief Operating Officer. Erik Eidissen also joins as Communications Manager. With more than 30 years of combined experience managing the WSOP brand, these employees will lead the next phase of growth and integration under new ownership.
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