Leroy's Horse & Sports Place

Last updated

Leroy's Horse & Sports Place, also known as Leroy's Race and Sport Book or simply Leroy's, was an operator of sports books in Nevada. As of 2012, it had 72 race and sports books and kiosks. It was based in Las Vegas. Leroy's parent company, American Wagering, was purchased by British bookmaker William Hill in 2012, and its locations were rebranded under the William Hill name.

Contents

History

Inception & expansion (1978-1996)

In 1978, businessman Leroy Merillat bought a sportsbook in a strip mall in Downtown Las Vegas, and named it after himself. [1] [2] The following year, Nevada gaming regulators found Merillat unsuitable for licensing because of questions about the propriety of a land deal in California, and he was forced to sell the business. [3] [4] Merillat sold the operation to his son-in-law, Vic Salerno, in 1979. [1] [5]

Nevada sportsbooks at the time were predominantly independent operations, rarely found in casinos. [6] [7] Around 1983, the popularity of sportsbooks began to boom and they started to become more common in casinos. [6] [7] Salerno developed one of the first computerized sportsbook management systems to make his operation more efficient and able to compete with the large casinos. [8]

In 1984, Salerno and two partners formed CBS Computer Systems to market their system to other sportsbook operators. [1] The company, which shared the building with Leroy's, was soon providing systems to almost all of Las Vegas's bookmakers. [8] They sold CBS in 1989 to United Tote for $3.5 million. [9] [10]

In June 1989, Nevada law was changed to allow outside operators for casino sportsbooks, and Leroy's quickly took advantage of the new law by beginning to open branches in casinos. [8] [11] [12] By 1992, Leroy's was the only independent sportsbook in the state, and had branches operating in 30 casinos. [13]

As publicly traded company (1996-2012)

Leroy's was placed under a holding company, American Wagering, Inc. (AWI), and made its initial public offering in May 1996. [14] [15] Leroy's had 35 locations at the time. [16] The funds raised in the IPO were used to complete the purchase of a 150-room Howard Johnson's hotel and casino near the Las Vegas Strip, which the company planned to remodel as a sports-themed resort. [17]

In October 1996, AWI bought CBS back from Autotote Corp. for $3 million, and renamed it as Computerized Bookmaking Systems. [18] [19]

AWI agreed in April 1997 to buy Imagineering Systems, a maker of keno systems, for $3 million, [20] but canceled the deal in September 1997, deciding instead to build a progressive keno system in-house. [21] Imagineering sued AWI for breach of contract, and was eventually awarded $1.2 million. [22] Meanwhile, AWI launched The Game, a keno offering with progressive jackpots linked to multiple casinos, in August 1999. [23] The company closed its keno operations in 2002. [24]

In July 1997, AWI and International Game Technology jointly launched MegaSports, a parimutuel sports betting system offering high-value progressive jackpots to bettors at Leroy's and other Nevada sportbooks. [25] [26] The company shut down the project in 2000. [27]

AWI, through an Australian subsidiary, launched an online site offering race and sports betting under the MegaSports name in 1999. [28] The site accepted wagers worldwide, except from bettors located in the United States. [28] It was believed to the first online gambling venture by a company licensed in Nevada. [29] Trouble arose, however, later that year, when the Nevada Gaming Commission accused MegaSports of accepting bets from an agent located in Las Vegas who went through a Canadian Internet provider. [30] AWI was ultimately forced to sell the site, or risk losing its Nevada gaming license. [31] MegaSports was sold in July 2002 to Eurast Ltd. of Perth for $2.8 million. [31]

The Howard Johnson's hotel was sold in July 1999 for $4.3 million. [32]

Michael Racusin, a financial consultant who assisted with the IPO, filed a lawsuit claiming he was not paid his full fee. [33] After a court awarded him $1.3 million in July 2003, American Wagering was forced to file for Chapter 11 bankruptcy protection. [33] Youbet.com attempted to buy the company out of bankruptcy for $9.5 million, [34] but eventually withdrew its offer. [35] The company emerged from bankruptcy in March 2005, with most debts having been paid in full, and shareholders retaining their equity in the company. [36] [37]

The company acquired Sturgeon's Inn & Casino in Lovelock, Nevada in March 2006 for $1.8 million. [38] [39]

In 2007, Leroy's began opening sports betting kiosks at its casino locations, allowing patrons with established accounts to place bets at all hours of the day. [40] The following year, the kiosks began being installed in bars and taverns as well. [40]

The company began releasing mobile betting applications for smartphones in 2010, [41] which proved popular. [42]

In June 2012, British bookmaker William Hill bought American Wagering for $18 million, along with Lucky's Race & Sports Book and the satellite sportsbook operations of Club Cal Neva. [42] [43] Salerno was named chairman of William Hill U.S., overseeing 55 percent of the state's sportsbook locations, all of which were rebranded under the William Hill name. [44]

Locations

As of 2012, Leroy's operated sportsbooks and kiosks at 72 locations, [42] including: [45]

Related Research Articles

MGM Resorts International is an American global hospitality and entertainment company operating destination resorts in Las Vegas, Detroit, Mississippi, Maryland, and New Jersey, including Bellagio, Mandalay Bay, MGM Grand, and Park MGM. In January 2019 the company took over Empire City Casino in Yonkers, NY and also recently opened MGM National Harbor in Maryland and MGM Springfield in Massachusetts. It has a majority interest in MGM China Holdings Limited, which owns the MGM Macau resort and casino, and is developing a gaming resort in Cotai. MGM Resorts owns 50 percent of CityCenter in Las Vegas, which features Aria Resort & Casino. It has a majority controlling interest in MGM Growth Properties, a real estate investment trust.

Sports betting gambling

Sports betting is the activity of predicting sports results and placing a wager on the outcome. The frequency of sports bet upon varies by culture, with the vast majority of bets being placed on association football, American football, basketball, baseball, hockey, track cycling, auto racing, mixed martial arts, and boxing at both the amateur and professional levels. Sports betting can also extend to non-athletic events, such as reality show contests and political elections, and non-human contests such as horse racing, greyhound racing, and illegal, underground cockfighting. It is not uncommon for sports betting websites to offer wagers for entertainment events such as the Grammy Awards, the Oscars, and the Emmy Awards.

The Linq casino resort in Las Vegas, Nevada

The Linq is a 2,640-room hotel, casino and shopping promenade on the Las Vegas Strip in Paradise, Nevada. It is owned and operated by Caesars Entertainment Corporation. As of 2012, the casino is 33,890 sq ft (3,148 m2) with 830 slot machines, 55 table games, and a race and sports book.

Sportsbook Sports gambling company

In the United States a sportsbook or a race and sports book is a place where a gambler can wager on various sports competitions, including golf, football, basketball, baseball, hockey, soccer, horse racing, greyhound racing, boxing, and mixed martial arts. The method of betting varies with the sport and the type of game. In the US, the Professional and Amateur Sports Protection Act of 1992 allowed only Nevada, Oregon, Montana, and Delaware to legally wager on sports ; the law was ruled unconstitutional May 14, 2018, freeing the states to legalize sports betting at their discretion.

Downtown Grand casino hotel in Las Vegas, Nevada

The Downtown Grand Las Vegas, formerly the Lady Luck Hotel & Casino, is a hotel and casino in Downtown Las Vegas, Nevada, owned by the CIM Group and operated by Fifth Street Gaming. The Downtown Grand is the centerpiece of Downtown3rd, a new neighborhood and entertainment district in downtown Las Vegas.

OSheas Casino casino in Las Vegas, Nevada

O'Sheas Casino is a casino located within The Linq, a hotel-casino and shopping promenade on the Las Vegas Strip in Paradise, Nevada. O'Sheas originally opened in 1989 and operated in between the Imperial Palace Hotel and Casino and the Flamingo Las Vegas.

Scientific Games Corporation American electronic gaming and gambling company

Scientific Games Corporation is an American corporation that provides gambling products and services to lottery and gambling organizations across the globe. The publicly traded company is headquartered in Las Vegas, Nevada. Its products include computerized and mechanical slot machines, table games, iGaming and iLottery products, instant lottery games, lottery gaming systems, terminals and services, internet applications, server-based interactive gambling terminals, gambling control systems, social gaming, and sports betting.

The West Virginia Lottery is run by the government of West Virginia. It was established in 1984 via a voter referendum. It is a charter member of the Multi-State Lottery Association (MUSL). The Lottery offers games such as Hot Lotto, Powerball, Mega Millions, and scratch tickets. West Virginia has reinterpreted the amendment to its Constitution that permitted its lottery to include casinos, and thus the West Virginia Lottery Commission also regulates slot machines, which are marketed as "video lottery" and available at several hundred businesses; and five "lottery table games" casinos.

Delaware Lottery American state lottery

The Delaware Lottery is run by the government of Delaware. Its creation was authorized by the state legislature on May 31, 1974. Its "traditional" games include Play 3, Play 4, Multi-Win Lotto, Lucky For Life, Lotto America, Mega Millions, and Powerball. Delaware also offers Keno, sports betting, and video lottery.

Lucky Club Casino and Hotel is a casino and 118-room hotel located on 6.1 acres (2.5 ha) in North Las Vegas, Nevada. The casino is owned and operated by Lucky Silver Gaming.

Caesars Entertainment, Inc. company

Caesars Entertainment, Inc. was a Paradise, Nevada based business that was the largest owner, operator and developer of casinos throughout the world. It was part of the Hilton Hotels chain and was spun off from Hilton as Park Place Entertainment in 1998 and renamed as Caesars Entertainment in 2003. The company was acquired in 2005 by Harrah's Entertainment, which later took on the Caesars Entertainment name.

Jerrys Nugget

Jerry's Nugget Casino is a casino in North Las Vegas, Nevada, privately owned and operated by the Stamis family, with 24,000 square feet (2,200 m2) of gaming space.

The LV Strip is one of the designated Nevada Gaming Control Boards reporting areas. It consists of the Las Vegas Strip casinos and many of the surrounding casinos. The Strip earns roughly 50% of the gaming revenue from all sources for the state of Nevada.

Klondike Sunset Casino

Klondike Sunset Casino is a locals casino located on 2.2 acres (0.89 ha) of land at 444 West Sunset Road, west of Boulder Highway, in Henderson, Nevada.

Fitzgeralds Gaming was a gaming and hotel company based in Reno, Nevada, that operated four casinos under the Fitzgeralds brand. It filed for Chapter 11 bankruptcy in December 2000, and subsequently sold all its properties.

Twin River Casino

Twin River Casino Hotel, previously Lincoln Park, is a casino, hotel, and former race track in Lincoln, Rhode Island, owned and operated by Twin River Worldwide Holdings. The facility has 162,000 square feet (15,100 m2) of gaming space, with 4,108 slot machines, 97 table games, and 23 poker tables. The hotel has 136 rooms. Other amenities include a 29,000-square-foot (2,700 m2) event center, 16 eateries, 7 bars, and a racebook.

United Tote is an American company that provides totalizator equipment and services for parimutuel wagering at racetracks. It is owned by Churchill Downs, Inc.

Fiesta Rancho hotel and casino in North Las Vegas, Nevada

Fiesta Rancho is a hotel and casino located on 25.46 acres (10.30 ha) of land at 2400 North Rancho Drive in North Las Vegas, Nevada, across the street from the Texas Station hotel and casino. The Maloof family opened the Fiesta on December 14, 1994, with 100 rooms and a 25,000 sq ft (2,300 m2) casino.

Poker Palace casino in North Las Vegas, Nevada

Poker Palace is a locals casino located at 2757 North Las Vegas Boulevard in North Las Vegas, Nevada, near Nellis Air Force Base.

Circa Resort & Casino is a hotel and casino currently under construction in downtown Las Vegas, Nevada, on the Fremont Street Experience. Circa will have 777 guest rooms, five restaurants, a two-level casino, "the largest sports book in Las Vegas" according to owners Derek and Greg Stevens, and a nine-story parking garage dubbed "Garage Mahal." Above the casino will be "a rooftop deck and amphitheater with six swimming pools and a 125-foot screen." It is expected to open in December 2020. Circa will be located on the site of the former Las Vegas Club and Mermaids Casino, which were demolished in 2017.

References

  1. 1 2 3 Zacks, Richard (January 8, 1989). "High-tech bookie: The man who took Vegas by computer". Los Angeles Times. Retrieved 2018-05-05.
  2. ↑ Stutz, Howard (April 24, 2011). "Leroy's owner still ahead of game". Las Vegas Review-Journal. Retrieved 2018-05-04.
  3. ↑ "Vegan still faces opposition to his sports book". Reno Gazette-Journal. AP. June 14, 1979 – via Newspapers.com.
  4. ↑ "Nev. gaming board head under guard after mob threat". Variety. July 4, 1979. ProQuest   1401354884. – via ProQuest (subscription required)
  5. ↑ "NGC head raps Argent probe, poor judgment in licensing ops". Variety. September 26, 1979. ProQuest   1286033838. – via ProQuest (subscription required)
  6. 1 2 Schnedler, Jack (October 30, 1988). "The boom in Las Vegas sports books". Chicago Sun-Times– via NewsBank.
  7. 1 2 Sieroty, Chris (July 15, 2012). "Salerno helped build Leroy's into a powerhouse". Las Vegas Review-Journal. Retrieved 2018-05-04.
  8. 1 2 3 Beyer, Andrew (August 20, 1991). "One for the bookies". Washington Post. Retrieved 2018-05-05.
  9. ↑ "United Tote agrees to buy Nevada's leading race/sports wagering equipment company" (Press release). United Tote. March 27, 1989. ProQuest   444877249. – via ProQuest (subscription required)
  10. ↑ "United Tote reports financial results" (Press release). United Tote. May 25, 1989. ProQuest   447100133. – via ProQuest (subscription required)
  11. ↑ "Sports book approved". Reno Gazette-Journal. November 18, 1989 – via Newspapers.com.
  12. ↑ "1989 Statutes of Nevada, Chapter 519 - An act relating to gaming; temporarily allowing the operation of a sports pool or race book at a nonrestricted operation by a licensee other than the person licensed to operate the nonrestricted operation...". Act of June 26, 1989 . Retrieved 2018-05-05.
  13. ↑ Rose, Elaine (January 5, 1992). "A sporting chance: Nevada's bet on sports pays high volume, but low profits". Press of Atlantic City– via NewsBank.
  14. ↑ "Sports book operator poised to exit bankruptcy". Las Vegas Sun. 16 September 2004. Retrieved 31 March 2012.
  15. ↑ Form 10-K (Report). American Wagering. 1 May 2000. p. 46.
  16. ↑ Krasne, Elliot S. (March 17, 1996). "Wagering firm goes public". Press of Atlantic City– via NewsBank.
  17. ↑ "American Wagering, Inc. announces completion of initial public offering" (Press release). American Wagering. Retrieved 31 March 2012.
  18. ↑ "American Wagering, Inc. announces acquisition of Nevada-based Autotote CBS Inc" (Press release). American Wagering. 30 October 1996. Retrieved 31 March 2012.
  19. ↑ Form 10-K (Report). American Wagering. 1 May 2000. p. 2.
  20. ↑ "American Wagering to buy keno company". Las Vegas Review-Journal. 14 April 1997. Retrieved 31 March 2012.
  21. ↑ "Change of Plans for American Wagering". Casino City Times. 4 September 1998. Retrieved 31 March 2012.
  22. ↑ "Nevada sports book operator files plan for reorganization". Las Vegas Sun. 24 February 2004. Retrieved 31 March 2012.
  23. ↑ "LV firm tests new game". Las Vegas Sun. August 25, 1999. Retrieved 2018-05-18.
  24. ↑ Form 10-KSB: Annual Report (Report). American Wagering. May 1, 2002. p. 1. Retrieved 2018-05-18.
  25. ↑ John Stearns (August 30, 1997). "Mega$ports hopes to gain yardage with football". Reno Gazette-Journal– via Newspapers.com.
  26. ↑ Form 10-KSB: Annual Report (Report). American Wagering. May 1, 1998. pp. 8–9 – via EDGAR.
  27. ↑ Form 10-K: Annual Report (Report). American Wagering. May 1, 2000. p. 2 – via EDGAR.
  28. 1 2 Form 10-K (Report). American Wagering. May 1, 2000. p. 4 – via EDGAR.
  29. ↑ Form 10-K (Report). American Wagering. May 1, 2000. p. 1 – via EDGAR.
  30. ↑ Brunker, Mike (December 24, 2001). "U.S. firms in trouble over Net betting". MSNBC. Retrieved 2012-04-01.
  31. 1 2 "Mega$ports dumps Aussie sportsbook". Gaming Today. July 9, 2002. Retrieved 2012-04-01.
  32. ↑ "American Wagering finishes LV hotel sale". Las Vegas Sun. 7 July 1999. Retrieved 31 March 2012.
  33. 1 2 Berke, Jonathan (3 May 2004). "All bets off for American Wagering". The Daily Deal. Retrieved 31 March 2012.
  34. ↑ "Youbet.com eyes rival firm's stock". Daily News of Los Angeles. October 7, 2004 – via NewsBank.
  35. ↑ "Youbet.com withdraws its reorganization plan for American Wagering; separately, Youbet receives positive settlement of insurance claim" (Press release). Youbet.com. January 14, 2005 – via NewsBank.
  36. ↑ "Bankruptcy court approves amended plan". Las Vegas Sun. June 7, 2005. Retrieved 2018-05-04.
  37. ↑ "American Wagering and Leroy's Emerge from Bankruptcy" (Press release). American Wagering. 14 March 2005. Retrieved 31 March 2012.
  38. ↑ "American Wagering completes acquisition" (Press release). American Wagering. March 3, 2006. Retrieved 2018-05-06.
  39. ↑ Form 10-KSB: Annual Report (Report). American Wagering. May 31, 2007. p. 37 – via EDGAR.
  40. 1 2 Benston, Liz (January 5, 2008). "Sports betting made easier, at bars and beyond". Las Vegas Sun. Retrieved 2018-05-04.
  41. ↑ Sieroty, Chris (28 March 2012). "Leroy's sports betting app for iPad released". Las Vegas Review-Journal. Retrieved 2018-01-21.
  42. 1 2 3 Sieroty, Chris (April 14, 2011). "British bookmaker to buy two Nevada sports betting companies". Las Vegas Review-Journal. Retrieved 2018-05-04.
  43. ↑ Green, Steve (28 June 2012). "William Hill, Affinity in long-term sports betting deal". Vegas Inc. Retrieved 28 June 2012.
  44. ↑ Velotta, Richard N. (21 June 2012). "British oddsmaker William Hill gets OK to operate 159 books in Nevada". Vegas Inc. Retrieved 28 June 2012.
  45. ↑ "All Leroy's Locations". Leroy's Sportsbook. Archived from the original on 2012-04-19.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.