Categories
Casino

California Supreme Court Grants Permission For Casino Near Madera

After almost two decades of struggle, North Fork Rancheria Resort Hotel & Casino near Madera gets a green signal from the state supreme court.

Elaine Bethel-Fink, Chairperson of North Fork Rancheria Tribe, showed immense pleasure on the court’s approval for their project. In a press release, he said that it had been too long that their tribal community was kept away from 1000s of jobs and economic benefits of billions of dollars that would have come from tribal gaming casinos. However, the community is now thrilled with this decision of the California state court, he added.

It was 2003 when the tribe signed an agreement with Station Casinos of Las Vegas. Under this agreement, the tribe proposed an idea of the development and management of a tribal gaming casino near the city of Madera along Highway 99. Following this, the tribe sought permission in 2004 from the federal government to commence the development of this casino, solely meant for gaming purposes.

The federal review took almost seven years to present its statement in favor of the Madera casino. It requested Gov. Jerry Brown to move forward with his concurrence. The review found this proposed casino project to stand in favor of the tribe and would not disturb the surrounding community of Madera. A year later, in 2012, Brown approved this off-reservation tribal casino project in Madera county.

The New Madera County Casino

The new casino in Madera county by the tribal community will be located at Avenue 17 (adjacent to Highway 99). The site is spread in a 305-acre area in the tribe’s ancestral lands. The plan is to build a 200-room hotel, an entertainment lounge that will be a house to 40 table games and 2,000 slot machines. Additionally, there will be restaurants and meeting spaces available in the building.

Now when the State’s court has granted permission for tribal casinos, the Mono Indians can move ahead with the design, construction, and financing of the casino. Although there was a long-drawn drama for granting permission to a tribal gaming casino, the Mono Indians of North Fork Rancheria are delighted with the State court’s decision in their favor. They are happy with a plethora of financial opportunities associated with this project, as it would benefit their tribe in multiple ways.

Categories
Gambling

DFNN to Acquire Debt-Saddled Australia-listed Gambling Firm

Debt-saddled Silver Heritage Group Ltd, an Australian-listed gambling firm, has been taken control of by DFNN Inc through a term sheet for about P18.88M (which is roughly around A$530,000). The term sheet was routed through Hatch Asia Inc, which is a sister-concern of DFNN, on August 16. DFNN owns a total of 18.98% of Hatch Asia.

Silver Heritage’s creditors have collectively decided to sign the Deed of Company Arrangement (DOCA). An announcement to this effect said,

An announcement to this effect said

The Hatch Asia recapitalization will be as per the Australian Stock Exchange DOCA process. A total of 92% of the Silver Heritage Group issued capital will be acquired by consolidating the shares held by the existing shareholders. Once it is completed, Hatch Australia Holdings Pty Ltd will issue new ordinary shares. This deal is subject to the approval of Silver Heritage shareholders.

DFNN is purchasing the company of Australia for A$530k plus 3% of the shares issued by Silver Heritage, which again is as per the terms by DOCA. The deal’s outcome will be two-fold for DFNN—the shareholder-controlled unit Hatch Asia will be included on the Australian Stock Exchange & DFNN will own a portion of an entity listed on the Australian Stock Exchange.

The Silver Heritage Group operating two casinos in Nepal, has been in the doldrums for quite some time now. In May, it announced that business was at its lowest as the casinos were locked down after the Covid-19 outbreak. It was forced to appoint KPMG administrators, unfortunately just months after it got emergency funding by its lead lender OCP Asia.

This was even after it planned to stay afloat and save the casinos after selling off other strategic assets in Nepal, its Tiger Palace Resort Bhairahawa, and The Millionaire’s Club in Kathmandu.

Categories
Betting

PointsBet Signed a Multi-Year Agreement With NBCUniversal

On Wednesday, PointsBet released an announcement of its five-year deal with NBCUniversal. Under this multi-year partnership, PointsBet has become an official sports betting partner of NBC Sports Group. NBC Sports Group is a division of NBCUniversal.

David Preschlack, Executive Vice President of NBC Sports Group and President of NBC Sports Regional Networks, said that they are excited to commence their partnership with PointsBet. It will surely deliver unsurpassed betting experiences across the US sports market over different platforms, he added.

Under this deal, NBCUniversal has gained a 4.9% stake in PointsBet. This stake is worth $65 million.

PointsBet is a US-based online sportsbook, launched in January 2019. It is amongst the fastest-growing online portals for sports betting. Although PointsBet was originally founded in Australia, it is increasingly expanding its footprint in the USA. It is well-known for its mobile app (both iOS and Android) that provides the best experience and content related sports betting.

Major Highlights of the agreement of PointsBet with NBCUniversal:

  • NBC Sports Predictor App will get PointBet as an official partner that will work on its sports content. Currently, the app is home to games for four sports, including golf, football, NASCAR, and Premier League soccer. PointBet will expand this list.
  • NBC will leverage PointsBet’ full Spanish functionality to reach a wider audience of Hispanic sports.
  • PointsBet will provide props, odds, and trends for the GOLF channel and NBCSN, and other digital properties of NBCUniversal.

On Friday morning, the shares of PointsBet surged to 72%. With the announcement of the agreement, the company has succeeded in bringing in over $75 million in its revenue that is approximately up by 193% from FY19. Additionally, the bookmaker has slightly improved in its previous year’s losses (from $41.9 million to $41.5 million).

According to Sam Swanell, chief executive of PointsBet, the company has gained access to leading broadcast assets that have over 60 million active users per month. PointsBet has a greatly experienced team that is apt for in-house technology and products. The company is hopeful to utilize the existing assets while scaling the NBC platform for client acquisitions and retention in the coming five years, Swanell added.