Milbank recently served as counsel to both Eldorado Resorts, Inc. (“Eldorado”) and Empire Resorts, Inc. (“Empire”) in separate agreements for each company to form strategic alliances in the emerging online gambling market.
Milbank advised leading casino entertainment company Eldorado in connection with its 20-year definitive agreement with The Stars Group Inc. (“TSG”) that will provide TSG with options to obtain access to Eldorado’s second skins for online sports wagering.
The agreement provides Eldorado with an upfront equity interest in TSG of $25 million, as well as a revenue share from TSG’s operations under Eldorado’s licenses. TSG provides technology-based online gaming services and related interactive entertainment under its significant portfolio of online event brands. Betting and gaming company William Hill will remain Eldorado’s exclusive provider for land-based retail sports wagering through its definitive agreement with Eldorado announced in September 2018.
Milbank also advised Empire in a 20-year sports wagering agreement with an affiliate of bet365 Group limited (“bet365”), the world’s largest online sports betting company, to offer, pending the approval of applicable regulatory laws, a physical and online sportsbook at Resorts World Catskills casino in New York, the profits of which will be shared equally between the parties. In addition an affiliate of bet365 agreed to purchase up to $50 million in newly issued common stock of Empire.
The Milbank team for both representations was led by Corporate partner Deborah Conrad and included associate Mark Castiglia.
