After recently completing the acquisition of three casinos from Eldorado Resorts, Colorado-based gaming company, Century Casinos, Inc. (NASDAQ: CNTY), has now revealed that Las Vegas-based sports betting brand Circa Sports has agreed to become one of its internet sports betting operators in Colorado.
The 15-year sportsbook agreement will see the brand led by casino owner and Downtown Las Vegas developer Derek Stevens make its debut in the Centennial State at the Century Casino & Hotel Cripple Creek with a mobile sports betting app.
“We are excited to be at the forefront of sports betting in Colorado with our partners at Century Casinos.”
Gambling landscape:
Located approximately 45 miles west of Colorado Springs, the casino is situated in one of only three Colorado jurisdictions, including the mountain towns of Black Hawk, Central City and Cripple Creek, where casinos are legal. The state has two Vegas-style (Class III) tribal casinos operating on their reservations in the southwestern part of the state, Sky Ute Casino Resort in the town of Ignacio, and Ute Mountain casino Hotel in Towaoc.
Beyond Nevada:
In a Wednesday press release, the 51-year-old Chief Executive Officer for Circa Sports Colorado LLC, said that the partnership marks the first venture outside of Nevada for the Circa Sports brand.
“pro-growth regulatory environment”
“We are excited to be at the forefront of sports betting in Colorado with our partners at Century Casinos,” said Stevens.
“Colorado has proven to be an ideal place to mark the official expansion of Circa Sports outside of Nevada with its pro-growth regulatory environment. Furthermore, the Colorado Division of Gaming has done an excellent job to ensure a seamless application and launch process,” Stevens added.
Circa Sports launches:
Stevens officially launched his sports betting venture on June 1, 2019, at the then-new sportsbook at Golden Gate Casino. Circa Sports figures to be a major draw at the adjacent Circa Resort & Casino slated to debut as a part of the Fremont Street Experience in December.
Currently, under construction, the 1.25 million sq ft property will include a 44 story, 777 rooms and suites-focused hotel, along with a state-of-the-art, multi-level, stadium-style sportsbook equipped with what will reportedly be “the biggest screen in sportsbook history.”
The agreement between Circa Sports and Century Casinos includes a market access fee, a share of net gaming revenue and a minimum revenue guarantee to Century each year, according to an official press release from the casino operator. Century has two additional master licenses available for future sports betting partners in Colorado.
Enabling legislation:
In November 2019, Colorado voters narrowly (50.71% to 49.29%) approved Proposition DD legalizing sports gambling in the western U.S. state. The Colorado Division of Gaming is reportedly due to approve rules in February, with sports betting expected to go live in the state on May 1, 2020.
Sports betting app:
According to the news release, the Circa Sports Colorado app will be available for remote download at that time. Both Century Casinos and Circa Sports have submitted applications to obtain necessary licenses before May.
In a statement at the time, Dan Hartman, the director for the state’s gambling regulator, said…
“The Division of Gaming has been ramping up for the possible passage of Proposition DD by setting the groundwork for implementing best practices learned from other states that already conduct sports betting, while keeping in mind the unique needs and wants of the Colorado gaming landscape and industry.
“We look forward to continuing to work with our gaming industry partners to establish responsible standards for sports betting, as they endeavor to bring the highest-quality content to the sports bettor.”
Fine-tuning the D:
In related news, BarCanada is set to open at the D Las Vegas, formerly Fitzgeralds, on March 16. While the bar is primarily focused on hockey, with an opening the day scheduled for the day after Selection Sunday for the NCAA Tournament, it figures to be a huge draw for sports wagerers, according to the Las Vegas Review-Journal.
The anchor of the D’s sportsbook expansion, BarCanada, will take over the second-level Showroom. The 2,000 square foot room will reportedly feature a 60 foot, 20-seat bar, with 85-inch big screens and more.
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