bet365 seals major partnership with New York’s Empire Resorts

bet365 seals major partnership with New York’s Empire Resorts

Thursday, November 15, 2018 Posted by News Team
New York Catskills
Deal is operator's second US sports betting partnership after Hard Rock deal

bet365 has agreed a strategic partnership with New York-based casino operator Empire Resorts that will could see the company become a major player in the state’s future betting and gaming market.

The deal will see bet365 develop a physical and online sportsbook for Empire Resorts’ Resorts World Catskills venue, as well as launching online gaming. 

The 20-year agreement signed by the operator’s Hillside (New York) subsidiary and Empire becomes effective as and when the state passes the appropriate legislation, and is likely to see the bet365 brand and platform used. 

The companies will split profits from the venture evenly, once bet365 has recouped its start-up and other costs. 

“Joining forces with bet365 positions Empire and our flagship Resorts World Catskills to lead a potentially enormous new market,” Empire Resorts executive chairman Manny Pearlman commented. 

“bet365’s global expertise in effectively developing and executing world-class sportsbooks strongly complements Empire’s leadership in commercial casino operations in New York,” he explained. “This collaboration, which will enable Resorts World Catskills to be a leading destination for sports wagering in New York State, highlights our commitment to the continued growth of Resorts World Catskills, as well as our dedication to working with the best, most innovative pioneers in the industry to provide world-class gaming options.”

As part of the deal bet365 is to acquire up to $50m of Empire common stock, priced at $20 per share, which will see it become the business’ second-largest shareholder. It is currently owned by Kien Huat Realty, a subsidiary of Malaysian business conglomerate Genting Group. 

Kien Huat will also purchase up to $126m of convertible preferred stock, further strengthening Empire’s financial position.

The deal is the second US partnership signed by bet365 following the repeal of PASPA in May this year, with the company striking a market access agreement with Hard Rock Atlantic City in July.

“This landmark agreement, which combines Empire’s gaming operating skill with our expertise in providing best-in-class online sports betting, allows bet365 to tap into what we believe will be one of the most significant online and sportsbook markets in the United States,” Hillside (New York) president Simon Betteley said.

Hillside (New York) has now closed its initial investment in Empire Resorts, holding 4.9% of Empire’s outstanding common stock.

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