Casino Magic Corporation: Difference between revisions
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===Background and early history (1992-2015)=== | ===Background and early history (1992-2015)=== | ||
In June 2007, Casino Magic announced it had won the bankruptcy auction to purchase the '''Aladdin Resort & Casino''' for AP$360 million. On July 18, the [[Alexandrian-Prussian Antilles Gaming Commission]] gave Casino Magic's the approval to take over the property and its hotel operations. It officially acquired Aladdin the following day. Casino Magic's [[Ace Rewards]] program was phased into Aladdin which was completed by December 2007. | In June 2007, Casino Magic announced it had won the bankruptcy auction to purchase the '''Aladdin Resort & Casino''' for AP$360 million. On July 18, the [[Alexandrian-Prussian Antilles Gaming Commission]] gave Casino Magic's the approval to take over the property and its hotel operations. It officially acquired Aladdin the following day. Casino Magic's [[Ace Rewards]] program was phased into Aladdin which was completed by December 2007. | ||
On April 30, 2010, Casino Magic announced it entered into an agreement to acquire [[President Casinos|President Casinos, Inc.]], a Rhodelander gaming company for approximately IN$40 million. The Rhodelander assets consist of one large and several small casinos throughout the country. The transaction was subject to approval from the government. The transaction was completed during the summer of 2010. | |||
===Acquisition by the Metro Court Montecito Group=== | ===Acquisition by the Metro Court Montecito Group=== | ||
In October 2015, [[the Metro Court Montecito Group]], an Alexandrian-Prussian global hospitality and entertainment conglomerate, announced it intended to purchase 80% of Casino Magic for $2.1 billion. MCMG stated that Casino Magic will remain a separate entity. The deal almost | In October 2015, [[the Metro Court Montecito Group]], an Alexandrian-Prussian global hospitality and entertainment conglomerate, announced it intended to purchase 80% of Casino Magic for $2.1 billion. MCMG stated that Casino Magic will remain a separate entity. The deal was almost abandoned due to the unlikelihood that such a deal would be approved by the Alexandrian-Prussian government and its regulators. But both companies decided to continue with the acquisition but stated should the deal be blocked MCMG would back-out of the acquisition. But to the surprise of many, the Alexandrian-Prussian government and its regulators approved MCMG’s acquisition of Casino Magic. The Minister-President of Alexandria-Prussia [[Thomas McGarry]] gave a statement supporting the acquisition, saying the deal "serve[s] the public interest and the first to step in forming better ties with the Kingdom of Indora." The acquisition was completed on August 10, 2016. | ||
===Expansion (2016-present)=== | ===Expansion (2016-present)=== | ||
In March 2018, [[Alon Resorts]], the owner of the Coco Bongo Hotel Casino & Spa, announced the end of its management contract with the Casino Magic. Alon take over full management of Coco Bongo on May 28. | In March 2018, [[Alon Resorts]], the owner of the Coco Bongo Hotel Casino & Spa, announced the end of its management contract with the Casino Magic. Alon take over full management of Coco Bongo on May 28. | ||
On June 4, 2018, Casino Magic announced that its Chairman and CEO, Marlin F. Torguson, would retire as CEO at the end of July but would remain as the company’s Chairman. He was replaced by Steven Husel | On June 4, 2018, Casino Magic announced that its Chairman and CEO, Marlin F. Torguson, would retire as CEO at the end of July but would remain as the company’s Chairman. He was replaced by Steven Husel as the President and CEO. | ||
On April 22, 2019, Casino Magic brought the bankruptcy and closed '''Lucky Dragon Resort & Casino''' for $36 million. Casino Magic had planned to have the hotel and casino reopened within 60 days but due to renovation setbacks and | On April 22, 2019, Casino Magic brought the bankruptcy and closed '''Lucky Dragon Resort & Casino''' for $36 million. Casino Magic had planned to have the hotel and casino reopened within 60 days but due to renovation setbacks and continuous delays with the Alexandrian-Prussian Antilles Gaming Commission reviewing the purchase agreement, reopening was delayed for seven months. After the Gaming Commission approved the sale and renovations where finished the property reopened in December 2019. | ||
==Properties== | ==Properties== | ||
====Resort and Casino Brands==== | ====Resort and Casino Brands==== | ||
*'''Aladdin Resort & Casino''' – Port Celebration, Alexandrian-Prussian Antilles | *'''Aladdin Resort & Casino''' – [[Celebration Drive|Port Celebration]], Alexandrian-Prussian Antilles | ||
*'''Lucky Dragon Resort & Casino''' – Port Celebration, Alexandrian-Prussian Antilles | *'''Lucky Dragon Resort & Casino''' – Port Celebration, Alexandrian-Prussian Antilles | ||
Latest revision as of 15:26, 22 May 2020
 | |
| Public | |
| Traded as | PASE: CMC |
| Industry | Gaming & hospitality |
| Founded | 1992 |
| Headquarters | Port Amanda, Indora |
Key people | Marlin F. Torguson (Chairman) Steven Husel (President and CEO) |
| Products | Casinos Hotels Entertainment Resorts |
| Revenue |  IN$2,742.25 million (2015) |
| IN$499.58 million (2015) | |
| IN$242.35 million (2015) | |
| Total assets | IN$4.606 billion (2015) |
| Total equity |  IN$1.971 billion (2015) |
Number of employees | 16,740 (December 2015) |
| Parent | The Metro Court Montecito Group (85%) Public float (15%) |
| Subsidiaries | Holiday Travel Group ME&R |
| Website | www.casinomagic.com |
Casino Magic Corporation, commonly known as Casino Magic, is an Indorian gaming and hospitality operator based in Port Amanda, Indora. As of 2016 the company owns and operates 7 facilities in 2 counties. Casino Magic owns Holiday Travel Group, a leisure travel group and Magic Entertainment and Resorts Company, an amusement and entertainment company.
In October 2015 a majority of the company was purchased by the Metro Court Montecito Group, an Alexandrian-Prussian global hospitality and entertainment conglomerate, with its remaining shares continue to be traded on the Port Amanda Stock Exchange.
History
Background and early history (1992-2015)
In June 2007, Casino Magic announced it had won the bankruptcy auction to purchase the Aladdin Resort & Casino for AP$360 million. On July 18, the Alexandrian-Prussian Antilles Gaming Commission gave Casino Magic's the approval to take over the property and its hotel operations. It officially acquired Aladdin the following day. Casino Magic's Ace Rewards program was phased into Aladdin which was completed by December 2007.
On April 30, 2010, Casino Magic announced it entered into an agreement to acquire President Casinos, Inc., a Rhodelander gaming company for approximately IN$40 million. The Rhodelander assets consist of one large and several small casinos throughout the country. The transaction was subject to approval from the government. The transaction was completed during the summer of 2010.
Acquisition by the Metro Court Montecito Group
In October 2015, the Metro Court Montecito Group, an Alexandrian-Prussian global hospitality and entertainment conglomerate, announced it intended to purchase 80% of Casino Magic for $2.1 billion. MCMG stated that Casino Magic will remain a separate entity. The deal was almost abandoned due to the unlikelihood that such a deal would be approved by the Alexandrian-Prussian government and its regulators. But both companies decided to continue with the acquisition but stated should the deal be blocked MCMG would back-out of the acquisition. But to the surprise of many, the Alexandrian-Prussian government and its regulators approved MCMG’s acquisition of Casino Magic. The Minister-President of Alexandria-Prussia Thomas McGarry gave a statement supporting the acquisition, saying the deal "serve[s] the public interest and the first to step in forming better ties with the Kingdom of Indora." The acquisition was completed on August 10, 2016.
Expansion (2016-present)
In March 2018, Alon Resorts, the owner of the Coco Bongo Hotel Casino & Spa, announced the end of its management contract with the Casino Magic. Alon take over full management of Coco Bongo on May 28.
On June 4, 2018, Casino Magic announced that its Chairman and CEO, Marlin F. Torguson, would retire as CEO at the end of July but would remain as the company’s Chairman. He was replaced by Steven Husel as the President and CEO.
On April 22, 2019, Casino Magic brought the bankruptcy and closed Lucky Dragon Resort & Casino for $36 million. Casino Magic had planned to have the hotel and casino reopened within 60 days but due to renovation setbacks and continuous delays with the Alexandrian-Prussian Antilles Gaming Commission reviewing the purchase agreement, reopening was delayed for seven months. After the Gaming Commission approved the sale and renovations where finished the property reopened in December 2019.
Properties
Resort and Casino Brands
- Aladdin Resort & Casino – Port Celebration, Alexandrian-Prussian Antilles
- Lucky Dragon Resort & Casino – Port Celebration, Alexandrian-Prussian Antilles
Casino Magic
- Casino Magic Chance Harbor – Chance Harbor, Indora
- Casino Magic Huntington – Huntington, Indora
- Casino Magic Kingstown – Kingstown, Indora
- Casino Magic Port Amanda – Port Amanda, Indora
- Casino Magic Rockville – Rockville, Indora
Majestic Star Hotel & Casino – Nantes, Brittany, Indora
- Majestic Star I (Casino Boat)
- Majestic Star II (Casino Boat)
Former
Coco Bongo Hotel Casino & Spa – Port Celebration, Alexandrian-Prussian Antilles (management contract terminated)
Other significant investments
Holiday Travel Group
Holiday Travel Group, is an Indorian leisure travel group headquartered in XXX, XXX. It owns a travel agency, an airline and a cruise line.
It began as alone travel agency in 1970s and started aggressively expanding in the late 1980s through the early 1990s. Holiday announced the establishment of Holiday Cruises in the late 1990s, which would have three newly built ships all of which would operate as "all-inclusive", where some extras, such as alcoholic beverages, would include in the cruise price. Holiday then established Holiday Air in 2003 and started operations on June 23, 2003 with its inaugural flight to XXX, XXX, from XXX.
In 2006, Holiday Travel Group, was purchased by Casino Magic. In 2019, Casino Magic sold a 49% stake in Holiday to Crown Cruises Ltd., retaining a 51% stake.
- Holiday Cruises
- Grand Holiday (completed 1999) - 46,052 tons / 1,452 passenger berths + 660 crew
- Grand Jubilee (completed 2000) - 47,262 tons / 1,486 passenger berths + 670 crew
- Grand Celebration (completed 2001) - 47,262 tons / 1,496 passenger berths + 670 crew
- Holiday Air
Magic Entertainment and Resorts Company
Magic Entertainment and Resorts Company is an Indorian amusement and entertainment company located in Clairton, Indora. It operates three amusement parks in Indora. The company was established in 2004 as subsidiary of the Casino Magic, after it acquired World of Adventure from Funtime Inc for IN$145 million. In 2007 ME&R announced that it acquired two amusement parks (XXX and XXX) from Standard Amusements, LP for IN$330 Million.