Cordish Companies Paying Pennsylvania Another $10M for Second Sports Betting License
The Cordish Companies was been sanctioned by the Keystone State Gaming Control Board (PGCB) to gain a back $10 billion sports betting license.
The PGCB this hebdomad agreed to permit Cordish to purchase a endorsement sports wagering permit. The Baltimore-based cassino and hospitality unshakable obtained its first-class honours degree sportsbook rights inwards Oct of 2019, also for $10 million.
Cordish owns and operates Live! casinos inwards Old Line State and Pennsylvania.
The keep company opened Live! Casino Pittsburgh remote the Steel City inwards Westmoreland, Pa., endure November. The planet locus is a Category 4 surgical operation that is permitted to have upwardly to 750 one-armed bandit machines, 30 tabular array games, and sportsbook.
Cordish opened Live! Casino Hotel Philadelphia, its larger, full-scale Category 2 casino resort in Pennsylvania, in Jan of this year. At both properties, FanDuel operates the casinos’ retail sportsbooks.
Why Second License
Pennsylvania’s 2017 Expanded Gaming Act legalized sports betting and the Category 4 satellite casinos.
In Pennsylvania, Category 1 casinos are full-scale gaming venues at body politic horse racetracks. The 2017 expansion statute law allows such properties to purchase ane $10 1000000 sports betting permit that canful follow used at their Category 1 venues, as fountainhead as at their Category 4 satellites. The license is also good for the casino to partner with peregrine sportsbook and iGaming operators at both locations. The wandering partner does not need to live the same entity.
There are hexad Category 1 casinos — Hollywood Casino at William Penn National Race Course, Harrah’s Philadelphia, The Meadows Racetrack and Casino, Mohegan Sun Pocono, Parx Casino, and Presque Isle Downs.
For Category 2 casinos — standalone resorts not at a horse track — a $10 meg sports betting permit put up be used for the main casino, as comfortably as at its satellite. However, a Category 2 sports betting allow only when allows for single mobile/online gaming partner.
Cordish purchasing a arcsecond $10 jillion sportsbook permission allows the troupe to partner with a indorsement iGaming firm. All iGaming and mobile sportsbooks must follow tethered to a brick-and-mortar casino.
Partner Unknown
Cordish isn’t divulging in which iGaming platform it power have its eyes set on. The who’s who of online sportsbooks hold already aligned with casinos, including DraftKings, FOX Bet, BetMGM, FanDuel, Unibet, and Barstool.
Live! is hard invested inward Pennsylvania. It spent $700 trillion on its Philly gambling casino resort, and $150 gazillion on its Pittsburgh satellite.
iGaming has get a major component of Pennsylvania’s gaming industry. It’s one of only if fivesome states with online slots and tabularise games. Gross gaming revenue from interactive gambling casino games Jan through May totaled $240.5 million.
Online gaming inward Pennsylvania continues to flourish, but concerning is that brick-and-mortar play hasn’t returned to pre-pandemic levels. Pent-up demand has resulted inward other commercial gaming states experiencing track record revenue.
A take note from Deutsche Bank this hebdomad voiced interest that COVID-19 power make resulted inward a permanent migration of some Pennsylvania gamblers to online casinos. That is, of course, non what The Cordish Companies wants to hear after lately gap 2 land-based casinos at a cost of $850 million.