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N soon stands to own a harness racing track in central New Jersey and a riverboat casino in Sioux City, Iowa.

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The allure of assets like these was once lost on private equity, but a shifting leveraged buyout scene is causing firms to roll the dice on this business.

A key reason is that gaming companies have real estate assets that look cheap compared with the office and residential sides of that sector. At the same time, a licensing bottleneck that had restricted gaming buyouts has fallen away.

The deal also valued Penn National at nearly 35 times projected earnings per share, according to Reuters Knowledge -- underscoring enthusiasm in an area private equity used to eschew. Casino operators Boyd Gaming Corp.

N and Ameristar Casinos Inc. O trade at multiples of around 25 times forecast earnings. Times have changed in recent months.

Led by the Penn National buyout, announced deals targeting U. One catalyst for the deals is increasing comfort with the regulatory licensing process for gaming facilities.

The amount of disclosure required by state licensing boards had been a major deterrent for buyout firms, which once fiercely guarded their privacy. N announced in December.

Access to mortgage-backed securities, or CMBS, has caused other markets to become more willing to lend to gaming companies. Indeed, some companies that may attract private equity are substantially controlled by single groups. And the amount of private capital chasing a finite number of gaming targets could drive prices up to unsustainable levels.

Casino operator Trump Entertainment Resorts Inc. O sent its shares plummeting this month by announcing it could not reach a deal with potential buyers.

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But Stewart sees a variety of roles for private equity within gaming. Expansion in hot spots like Macau should lead to future consolidation overseas, he said, and private equity may act as a catalyst for strategic deals in the United States.

All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. Answers On Innovation Thomson Reuters.

But as firms like Fortress go public themselves, licensing may be less of a concern. The Thomson Reuters Trust Principles.

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  1. Gaming. Leisure & Luxury. Invested: Casino Royal is one of the largest operators of gaming casinos in Germany. The company operates a portfolio of more than arcades under several regional brands. The portfolio has a geographically diverse footprint all over Germany with a strong presence in.:
    Probably the worst kept secret in the Canadian gaming industry is that the Toronto casino is back on track with construction firms and U.S. gaming companies re-grouping for another kick at the can. One of the major gaming operators re-entering to bid for a Toronto casino is negotiating to partner with a new private equity. CVC Capital Partners' agreement to purchase a controlling stake in Sky Bet for $ billion is the latest big bet by private equity investors on an online gambling business, part of a wave of deals that is reshaping the online gambling industry. Sky Bet was founded by Sky, the British satellite [ ]. Private equity firms are elbowing their way into the U.S. casino industry by flashing big bucks, the latest being the nearly $28 billion leveraged buyout announced last week to take Harrah's Entertainment private. Harrah's is only part of what has become a frenzy of deal making, property swaps and.
  2. Las Vegas Sands' Pennsylvania casino Sands Bethlehem sets a new table games revenue record just as New York private equity firm mulls purchase offer.:
    Private equity firm and hedge fund Fortress Investment Group (FIG.N) soon stands to own a harness racing track in central New Jersey and a riverboat casino in Sioux City, Iowa. Harrah's, the owner of America's largest casino and the company on the verge of buying UK-listed London Clubs International, is in talks to be taken private in one of the biggest private equity deals in history. The company said it had received a $bn offer from Texas Pacific and Apollo Management. Four years later, Caesars was straining under its heavy debt load, and the two private equity shops stood to lose the bulk of their $6 billion equity investment. By having his gala at The pool scene at the Caesars Palace hotel and casino in Las VegasPhotograph by Michael Lewis for Fortune. Instead.

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The allure of assets like these was once lost on private equity, but a shifting leveraged buyout scene is causing firms to roll the dice on this business.

A key reason is that gaming companies have real estate assets that look cheap compared with the office and residential sides of that sector. At the same time, a licensing bottleneck that had restricted gaming buyouts has fallen away. The deal also valued Penn National at nearly 35 times projected earnings per share, according to Reuters Knowledge -- underscoring enthusiasm in an area private equity used to eschew.

Casino operators Boyd Gaming Corp. N and Ameristar Casinos Inc. O trade at multiples of around 25 times forecast earnings. Times have changed in recent months. In China, lending funds to gamble, removing funds in excess of the currency restrictions and collecting gambling debts are all illegal activities that generate proceeds of crime. Under the Microscope A few months ago, a U. Senators with the Commission urged Macau to implement anti-money laundering controls and recommended that the Financial Action Task Force expedite the review of Macau ahead of other countries to force the resolution of issue of the financial crime risks on the financial system posed by Macau.

She can be reached at Christine duhaimelaw. You can reach us at or toll free Looking to Advertise? Chuck Nervick ext. Sean Moon ext. For advertising information, contact Chuck Nervick. Probably the worst kept secret in the Canadian gaming industry is that the Toronto casino is back on track with construction firms and U.

The bets have been in the billions, and that does not even touch the rumored, winked-at or touted deals floated daily in the financial press, where the action is focused on casino interests. The deal for Harrah's may signal other, even bigger shifts. More private equity players and major casino companies themselves are expected to respond to growing consumer interest in gaming by cranking up research into consolidating or finding other ways to get a healthy piece of an industry for which growth prospects, especially with lots of capital available, have never been better.

Already, a string of smaller mergers and acquisitions have affected the industry. It recently bought Harrah's Lake Charles, La.

Holly Thomsen of the American Gaming Association said the growing number of deals involving casino interests reflected "the normalization of this industry. Harrah's faces a number of obstacles before anything changes for the publicly traded company.

Stockholders must first approve the pending deal. Then the equity firms must cross a series of regulatory hurdles to win approval from gaming authorities in each of the eight states where Harrah's does business: That process is expected to take at least a year, with some analysts predicting it could be as long as 18 months.

Although Harrah's, the nation's largest casino company, has been talking for some time about expansion and development in Las Vegas on the prime Strip properties it owns as have competitors, including MGM Mirage , no final plans or timetables have been made public. That prompted analysts to wonder if the delays in regulatory approval, and the takeover process itself, would slow down expansion and change the agendas Harrah's has laid out so far.

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Sep 05,  · What do Hilton Hotels, the Palms Casino Resort, Motel 6 and the Fairmont San Francisco have in common? They’re all owned by private equity firms. The. OKey decision-makers with private equity funds, such as the one eventually selected for the Toronto casino, must be squeaky-clean and pass a gaming suitability. Dec 04,  · CVC Capital Partners’ agreement to purchase a controlling stake in Sky Bet for $ billion is the latest big bet by private equity investors on an.

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