According to a Monday report from the Las Vegas Review-Journal newspaper, the enterprise run by casino magnate Derek Stevens revealed the inking of an eight-year deal to run the sportsbook set to be hosted within the $500 million American Place project Full House Resorts Incorporated is building in northern Illinois. The firm purportedly detailed that this agreement will additionally oblige it to pay a $5 million access fee spread out over the full term of the arrangement beginning from when the new endeavour in ‘The Land of Lincoln’ goes live.
Las Vegas-headquartered Circa Sports reportedly divulged that the alliance, which features a pair of four-year extension options, will moreover see it share an undesignated portion of any revenues with Full House Resorts Incorporated although it has assured its partner of a minimum $5 million annually.
Stevens reportedly told the Las Vegas Review-Journal…
“Our goal is for people to walk into our sportsbook and say ‘wow’. We are really fired up to begin operations in Illinois and the population base in suburban Chicago will provide a great market for us there and in Wisconsin.”
Established in June of 2019, Circa Sports is reportedly already responsible for retail sportsbooks at five Nevada casinos encompassing The D Hotel and Casino, Golden Gate Hotel and Casino, Circa Resort and Casino, Tuscany Suites and Casino and The Pass Casino while offering a mobile-friendly sportsbetting app to aficionados in Colorado and Iowa.
Dan Lee serves as the Chief Executive Officer for Full House Resorts Incorporated and he reportedly told the Las Vegas Review-Journal that his company has already received permission to open a makeshift casino on the site of its coming American Place development. The boss purportedly furthermore disclosed that be expects this interim, enterprise, which is to be named The Temporary by American Place, to premiere in the autumn complete with an array of 36 televisions as well as a dedicated wagering area featuring kiosks, ticket windows and digital boards hosting real-time odds.
Reportedly read a statement from Lee…
“For anyone who has seen that beautiful three-story sportsbook at Circa Resort and Casino in downtown Las Vegas, I’m looking forward to having the best sportsbook in the Midwest.”
For its part and Full House Resorts Incorporated reportedly owns, operates and leases gaming facilities across the United States including Mississippi’s Silver Slipper Casino alongside Bronco Billy’s Casino and Hotel in Colorado. The company won the right to bring a casino to the Illinois city of Waukegan in December and is now planning to open its American Place development by the end of 2024 complete with a plethora of restaurants and bars, a 20-villa hotel, a 1,500-seat live entertainment venue and a 75,000 sq ft gaming floor offering a selection of up to 1,600 slots and 100 gaming tables.
In related news and Full House Resorts Incorporated used an official Monday press release to explain that its adjusted first-quarter earnings before interest, tax, depreciation and amortization dropped by a little over 22% year-on-year to stand at about $8.4 million. The Las Vegas-headquartered firm noted that this came as its aggregated revenues for the three-month period decreased by 1.9% year-on-year to stand at roughly $41.4 million and it suffered at the hands of increased expenses and construction costs in addition to declining sportsbook receipts at its Silver Slipper Casino brought on by the recent premiere of online sportsbetting in Louisiana.
Read a statement from Lee…
“In Waukegan, Illinois, we received approvals last week to begin construction on The Temporary by American Place and immediately began work on site fencing and erosion control so that excavation for the foundations can begin this week. Additionally, we have begun hiring our senior management team for The Temporary by American Place and continue to progress towards an expected opening later this year. It took longer than expected to begin construction, moving our projected opening date from the summer into the autumn.”