NorthStar Gaming Sews Up $43.4m in Debt Financing to Accelerate Growth

Posted on: January 29, 2025, 10:16h. 

Last updated on: January 29, 2025, 10:35h.

NorthStar Gaming Holdings Inc. announced this week that it’s raised CA$43.4 million (approximately US$30 million) in long-term debt financing, in part to fuel growth initiatives.

NorthStar Gaming has announced CA$43.4 million in debt financing to fuel future expansion plans. (Image: NorthStar Gaming)

In what he describes as a “very attractive” market, Northstar Chairman and CEO Michael Moskowitz says one of his company’s objectives is to build the brand and customer base outside Ontario and, possibly, expand into Alberta.

Beach Point Capital Management LP provided the financing, with Playtech plc and Playtech subsidiaries providing credit support.

According to a company statement: “The Credit Facility represents a significant milestone for NorthStar, strengthening its balance sheet and enabling the Company to continue to accelerate its growth initiatives.”

Part of the money will be used to pay back a $9.5 million loan made by Playtech to the company in April 2024.

Growth in Wagers and Revenue for Q3

“This is a pivotal moment for NorthStar, marking the largest financing in our history,” Moskowitz said in a written statement. “We are grateful to Beach Point Capital Management for their trust in our strategy and vision.”

Moskowitz said the company is also thankful for Playtech’s steadfast partnership, which was instrumental in securing the new funding.

According to Northstar’s Q3 2024 financial report (for the three months ended September 30), total wagers at Northstarbets.ca were $234 million, a 69% year-over-year increase from $138 million in Q3 2023. Revenue was $6.8 million, a 45% year-over-year increase from $4.7 million in Q3 2023.

Revenue includes managed service fees, and gross gaming revenue net of bonuses, promotional costs and free bets.

Gross margin was $2.7 million, a 63% year-over-year increase.

Atlantic Lottery Corporation Appoints New President

The Atlantic Lottery Corporation (ALC) has a new president and CEO. Dallas McCready, who up to now was the crown corporation’s chief strategy officer, replaces Patrick Daigle, who is retiring. McCready brings more than 20 years of experience in the gaming industry and public sector, including serving as a deputy minister with the Government of New Brunswick.

In his role as CSO, McCready helped drive the orgabization’s five-year strategic plan, released recently.

Atlantic Lottery had put together an ad-hoc board committee, working with Royer Thompson, a Halifax executive recruitment firm, to find Daigle’s replacement. There was an international search and more than 120 applicants were considered.

[McCready] brings significant gaming experience and a unique set of skills and experiences that will drive the organization forward at a very exciting time in the industry,” said Sean O’Connor, chair of Atlantic Lottery’s Board of Directors, which made the appointment. “The fact that we were able to identify the ideal next president and CEO from the internal executive ranks speaks to the strength and depth of the team at Atlantic Lottery.”

ALC is jointly owned by the four Atlantic provincial governments – New Brunswick, Nova Scotia, Newfoundland and Labrador, and Prince Edward Island.

FanDuel Adds Popular Slot Game to Ontario Online Casino

Light & Wonder’s Huff N’ More Puff slot game will be available to FanDuel casino players in Ontario, along with players in New Jersey, Pennsylvania, Michigan, West Virginia, Connecticut, beginning Feb. 4, 2025.

The Huff N’ More Puff Slot arrives online exclusively at FanDuel Casino. (Image: FanDuel)

The slot is a favorite on casino floors where players join the Big Bad Wolf in a quest for prizes as he huffs and puffs to blow down houses to reveal rewards and prizes for real money.

FanDuel Casino ambassador Vegas Matt said he’s been playing the game on the casino floor for years, and the new online version is “virtually identical,” the difference being the player can buy a bonus.

Light & Wonder  Vice President Commercial & U.S. Managing Director Dana Jackel said “The Huff N’ Puff brand represents one of our top brick-and-mortar game families, and we are ecstatic to work with FanDuel Casino to bring this series to life.”

BCLC Opens First Two Retail Sportsbook Lounges

British Columbia Lottery Corporation (BCLC) has announced the PROLINE at Parq Casino Sportsbook Lounge and PROLINE at Chances Kelowna Sportsbook Lounge are now open, featuring plenty of television screens plus sports betting terminals offering a full suite of competitive and live odds from the PROLINE platform.

These are the first two PROLINE sportsbook lounges to open in BC, in addition to PROLINE being available at 3,400 retail locations across the province.

Look for more sportsbook lounges at other casinos around the province soon, BCLC said in a statement.

“We are very excited to introduce the PROLINE Sportsbook Lounges at both Parq Casino and Chances Kelowna,” said BCLC Chief Operating Officer Dan Beebe, in a statement to Casino.org. “With wall-to-wall displays and a modern sportsbook offering, we believe these first-of-their-kind in BC lounges will provide an exciting and memorable experience for both sports fans and bettors alike.”

Playson Announces Titanplay Partnership

Playson announced a deal to supply its games portfolio to Titanplay, the iGaming operator licensed in Ontario. Titles include Coin Strike: Hold and Win, Diamonds Power: Hold and Win and Pink Joker: Hold and Win.

Playson entered the Ontario market in 2022. Titanplay went live in Ontario last June.