A casino company is bringing sports betting to the big screen thanks to a recently announced deal with a regional movie company.
What happened: Imagine announcement a partnership with Entertainment Caesars CZR which will bring a dedicated movie bookie from the company to Royal Oak, Michigan.
Emagine Entertainment owns and operates theaters in Michigan, Illinois, Minnesota and Wisconsin with 244 screens and 23,141 seats. The theater has won numerous awards and has been at the forefront of innovation as the first theater chain in the world to convert 100% to digital projection and the first in Michigan to offer stadium seating.
“We are thrilled to announce our partnership with @caesarssports to create The Caesars Sportsbook Lounge powered by Emagine!” Emagine said in a tweet.
The deal will see the Emagine Sports Lounge rebrand as Caesars Sportsbook Lounge Powered by Emagine. The show will host odds for college and professional sports and will be the first sports show created in this way.
“It will be the first sports lounge of its kind, with cinematic screens, audio systems, heated leather recliners, wifi and individual tables for patrons to use when betting on Michigan sporting events,” according to igamingbusiness.
The lounge will be open during normal theater hours and will be free to anyone 21 and over on a first-come, first-served basis.
“We are thrilled with this partnership with Emagine Entertainment and applaud their ingenuity in creating a sports lounge in a movie theater,” said the co-president of Caesars Digital. Eric Hession.
More Emagine sports shows could be coming in the second half of 2022, according to another source.
Related Link: AMC Entertainment Q4 Earnings Highlights: Highest Quarterly Revenues in 2 Years, Strong Batman Bookings
Why it matters: Emagine announced the launch of a sports show in December, as reported by WXYZ Detroit. The Sports Lounge includes a “two-story high, 40-foot-wide” screen that can show multiple live sporting events at the same time.
The launch of a sports fair in partnership with a leader in sports betting could please the ears of AMC Entertainment Holdings Inc. CMA investors. AMC has been working on several growth initiatives to increase revenue outside of just offering movies on the big screen.
AMC is the largest movie theater operator in the United States and could offer huge revenue potential to a sports betting operator with a partnership to turn a movie theater into a dedicated sports lounge with live sports and betting .
CMA CEO Adam Arron said in September 2021 that the company had secured the rights to NFL Sunday Ticket.
“Starting tomorrow in 40 theaters. On Sundays, watch professional football games at AMC”, Aron tweeted. AMC offered free admission to theaters for its AMC Stubs members who purchased a $10 AMC gift card for food and drink.
Aaron too share in July that several AMC fans and shareholders suggested showing professional sports on the big screen, but noted that securing the movie rights to sports is expensive.
Emagine and Caesars have paved the way for what could potentially be a lucrative future revenue generator for movie theaters and will be something to keep watching in the space.
Price action: Shares of Caesars Entertainment were trading at $67.22 on Monday, down from a 52-week range of $62.28 to $119.81.
Caesars is expected to release its first-quarter financial results after the market closes Tuesday. Analysts expect the company to post revenue of $2.34 billion from $1.7 billion in the first quarter of last year, according to data from Benzinga Pro. Caesars has beaten revenue estimates in each of the past three quarters.