Digital Wager Wire highlights the most important events impacting the domestic and international sports betting and gaming industry each week throughout the year.
Is Rolling Stone Casino Coming to Vegas?
Penske Media Corporation (PMC), the parent company of Rolling Stone and Billboard, is considering the purchase of the former Lady Luck Hotel, which was acquired in 2007 by CIM Group. However, it took nearly six years, $100 million worth of renovations, and a name change before it reopened as the Downtown Grand Hotel & Casino. The owners have been trying to sell the Fremont area property almost as soon as they opened, but in PMC, they may have finally found a buyer.
PMC would like to bolster its presence in the downtown area, as it already owns the Life Is Beautiful Music & Art Festival. Vegas concert-goers may recall that last September, PMC’s A Big Beautiful Block Party was held at the Plaza Hotel and Casino. But instead of leasing a space, PMC is looking to purchase one and cement its foothold in the Sin City landscape.
A PMC spokesperson had previously stated that the festival was making a “long-term investment in Las Vegas real estate” for a future downtown location. “We are committed to growing our international and domestic footprints in both experiential and hospitality for Rolling Stone,” the spokesperson added. “As producers of over three hundred events annually across the portfolio, Las Vegas, like other entertainment centers, remains an important market for us.”
When asked to comment on the purchase of the Downtown Grand Hotel & Casino, a spokesman stated, “While we do not comment on specific investment or acquisition details, Penske Media is always looking for strategic opportunities that meet the long-term goals of our brands.”
Charles Barkley Expresses Interest in Alabama Casino Ownership
They called him the Round Mound of Rebound during his NBA playing days as a member of the Philadelphia 76ers. But whatever one calls Charles Barkley these days, his status as a Hall of Famer will live in perpetuity.
Barkley’s charismatic personality has made him a favorite son of his native Alabama, and he is a staple on TNT Sports, signing a 10-year, $210 million contract in 2022. Barkley is a big man with a larger-than-life personality, so it is not surprising some have considered him a perfect fit to act as a majority owner in an Alabama casino should a commercial casino bill become law.
When asked if he would consider such a proposition, Barkley barked, “Hell yeah. I would love to be part of it.”
There has recently been a groundswell of support for an African American ownership group to develop a resort casino in Alabama, and Senator Bobby Singleton is leading the charge.
“I support gaming in the state 100%,” Singleton said. “I have been in conversation with the potential sponsor, and one of the things I’ve asked for in the bill for us to fully support it is some African American ownership — not just people working in the place. Because it’s my people who walk through those doors more frequently than anyone else, we should at least have some ownership so that we could also be good corporate citizens in our communities.”
