Empire Resorts has partnered with a bet365 Group affiliate to develop a physical and online sportsbook at Resorts World Catskills.
US.- Sports betting continues to expand in the US and companies look to position themselves in the newly regulated market. That’s why Empire Resorts has entered into a 20-year partnership agreement with a bet365 Group affiliate to develop a physical and online sportsbook in New York state at Resorts World Catskills.
Under the deal, Empire and bet365 will establish the sports betting and online gaming option, which will provide for the companies to share profits 50/50 after bet365 recoups its start-up and other costs.
In connection with the agreement, an affiliate of bet365 will acquire up to US$50 million of Empire common stock at a price of US$20 per share in two tranches, making it Empire’s second largest stockholder. Additionally, Kien Huat Realty, Empire’s largest stockholder, has committed to purchase up to US$126 million of convertible preferred stock, with a conversion price of US$20 per share.
“Joining forces with bet365 positions Empire and our flagship Resorts World Catskills to lead a potentially enormous new market,” said Manny Pearlman, Executive Chairman of Empire Resorts, Inc. “bet365’s global expertise in effectively developing and executing world-class sportsbooks strongly complements Empire’s leadership in commercial casino operations in New York. 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.”
Simon Betteley, President of Hillside (New York) LLC (a bet365 affiliate), said: “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.”