{{short description|Defunct American sports book company}} {{use mdy|date=August 2024}} {{Infobox company | name = Leroy's Horse & Sports Place | logo = | logo_caption = | logo_alt = | type = Private (until 1996)<br />Public (1996-2012) | industry = Gambling industry | predecessor = <!-- or: predecessors = --> | founded = {{start date|1978}} in Las Vegas, Nevada | founder = Leroy Merillat | defunct = {{end date|2012}} | fate = Acquired and rebranded by William Hill | successor = <!-- or: successors = --> | hq_location_city = Las Vegas, Nevada | hq_location_country = United States | area_served = Las Vegas | key_people = | products = Sportsbook | owner = <!-- or: owners = --> | num_employees = | num_employees_year = <!-- Year of num_employees data (if known) --> | parent = American Wagering | website = <!-- {{URL|example.com}} --> }} '''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.
== History == === Inception & expansion (1978–1996) === In 1978, businessman Leroy Merillat bought a sportsbook in a strip mall in Downtown Las Vegas, and named it "Leroy's" after himself.<ref name=zacks>{{cite news|title=High-tech bookie: The man who took Vegas by computer|newspaper=Los Angeles Times|first=Richard|last=Zacks|date=January 8, 1989|url=https://www.latimes.com/archives/la-xpm-1989-01-08-tm-153-story.html|access-date=2018-05-05}}</ref><ref name=stutz>{{cite news|title=Leroy's owner still ahead of game|date=April 24, 2011|newspaper=Las Vegas Review-Journal|first=Howard|last=Stutz|access-date=2018-05-04|url=https://www.reviewjournal.com/business/business-columns/inside-gaming/leroys-owner-still-ahead-of-game/}}</ref> 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.<ref>{{cite news|title=Vegan still faces opposition to his sports book|newspaper=Reno Gazette-Journal|agency=AP|date=June 14, 1979|url=https://www.newspapers.com/clip/19844459/vegan_still_faces_opposition_to_his/|via=Newspapers.com}}</ref><ref>{{cite news|title=Nev. gaming board head under guard after mob threat|newspaper=Variety|date=July 4, 1979|id={{ProQuest|1401354884}}}} {{subscription required}}</ref> Merillat sold the operation to his son-in-law, Vic Salerno, in 1979.<ref name=zacks /><ref>{{cite news|title=NGC head raps Argent probe, poor judgment in licensing ops|newspaper=Variety|date=September 26, 1979|id={{ProQuest|1286033838}}}} {{subscription required}}</ref>
Nevada sportsbooks at the time were predominantly independent operations, rarely found in casinos.<ref name=schnedler>{{cite news|title=The boom in Las Vegas sports books|newspaper=Chicago Sun-Times|first=Jack|last=Schnedler|date=October 30, 1988|url=http://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F0EB36E0CF0B49A30&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}</ref><ref name=sieroty3>{{cite news|title=Salerno helped build Leroy's into a powerhouse|newspaper=Las Vegas Review-Journal|first=Chris|last=Sieroty|date=July 15, 2012|url=https://www.reviewjournal.com/sports/betting/salerno-helped-build-leroys-into-a-powerhouse/|access-date=2018-05-04}}</ref> Around 1983, the popularity of sportsbooks began to boom and they started to become more common in casinos.<ref name=schnedler /><ref name=sieroty3 /> Salerno developed one of the first computerized sportsbook management systems to make his operation more efficient and able to compete with the large casinos.<ref name=beyer>{{cite news|title=One for the bookies|newspaper=Washington Post|first=Andrew|last=Beyer|date=August 20, 1991|url=https://www.washingtonpost.com/archive/sports/1991/08/20/one-for-the-bookies/8465f6a6-fd87-4912-8b24-455bd68ec898/|access-date=2018-05-05}}</ref>
In 1984, Salerno and two partners formed CBS Computer Systems to market their system to other sportsbook operators.<ref name=zacks /> The company, which shared the building with Leroy's, was soon providing systems to almost all of Las Vegas's bookmakers.<ref name=beyer /> They sold CBS in 1989 to United Tote for $3.5 million.<ref>{{cite press release|title=United Tote agrees to buy Nevada's leading race/sports wagering equipment company|publisher=United Tote|date=March 27, 1989|id={{ProQuest|444877249}}}} {{subscription required}}</ref><ref>{{cite press release|title=United Tote reports financial results|publisher=United Tote|date=May 25, 1989|id={{ProQuest|447100133}}}} {{subscription required}}</ref>
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.<ref name=beyer /><ref>{{cite news|title=Sports book approved|newspaper=Reno Gazette-Journal|date=November 18, 1989|url=https://www.newspapers.com/clip/19845268/sports_book_approved/|via=Newspapers.com}}</ref><ref>{{cite act|title=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...|url=https://www.leg.state.nv.us/Statutes/65th/Stats198906.html#Stats198906page1096|date=June 26, 1989|accessdate=2018-05-05}}</ref> By 1992, Leroy's was the only independent sportsbook in the state, and had branches operating in 30 casinos.<ref>{{cite news|title=A sporting chance: Nevada's bet on sports pays high volume, but low profits|newspaper=Press of Atlantic City|first=Elaine|last=Rose|date=January 5, 1992|url=http://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F0EAEA962891A97FA&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}</ref>
=== 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.<ref>{{cite news|title=Sports book operator poised to exit bankruptcy|date=16 September 2004|newspaper=Las Vegas Sun|access-date=31 March 2012|url=http://www.lasvegassun.com/news/2004/sep/16/sports-book-operator-poised-to-exit-bankruptcy/}}</ref><ref>{{cite report|title=Form 10-K|url=https://www.sec.gov/Archives/edgar/data/1005214/0000950116-00-001047.txt|page=46|publisher=American Wagering|date=1 May 2000}}</ref> Leroy's had 35 locations at the time.<ref>{{cite news|title=Wagering firm goes public|newspaper=Press of Atlantic City|first=Elliot S.|last=Krasne|date=March 17, 1996|url=http://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F0EAEAC180E279534&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}</ref> 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.<ref>{{cite press release|title=American Wagering, Inc. announces completion of initial public offering|url=https://www.sec.gov/Archives/edgar/data/1005214/0000906342-96-000026.txt|publisher=American Wagering|access-date=31 March 2012}}</ref>
In October 1996, AWI bought CBS back from Autotote Corp. for $3 million, and renamed it as Computerized Bookmaking Systems.<ref name=cbs>{{cite press release|title=American Wagering, Inc. announces acquisition of Nevada-based Autotote CBS Inc.|date=30 October 1996|url=http://www.thefreelibrary.com/American+Wagering,+Inc.+announces+acquisition+of+Nevada-based...-a018812852|publisher=American Wagering|access-date=31 March 2012}}</ref><ref>{{cite report|title=Form 10-K|url=https://www.sec.gov/Archives/edgar/data/1005214/0000950116-00-001047.txt|page=2|publisher=American Wagering|date=1 May 2000}}</ref>
AWI agreed in April 1997 to buy Imagineering Systems, a maker of keno systems, for $3 million,<ref>{{cite news|title=American Wagering to buy keno company|newspaper=Las Vegas Review-Journal|url=http://www.reviewjournal.com/lvrj_home/1997/Apr-14-Mon-1997/business/5195146.html|date=14 April 1997|access-date=31 March 2012}}</ref> but canceled the deal in September 1997, deciding instead to build a progressive keno system in-house.<ref>{{cite news|title=Change of Plans for American Wagering|date=4 September 1998|newspaper=Casino City Times|url=http://www.casinocitytimes.com/news/article/change-of-plans-for-american-wagering-116037|access-date=31 March 2012}}</ref> Imagineering sued AWI for breach of contract, and was eventually awarded $1.2 million.<ref>{{cite news|title=Nevada sports book operator files plan for reorganization|date=24 February 2004|newspaper=Las Vegas Sun|url=http://www.lasvegassun.com/news/2004/feb/24/nevada-sports-book-operator-files-plan-for-reorgan/|access-date=31 March 2012}}</ref> Meanwhile, AWI launched The Game, a keno offering with progressive jackpots linked to multiple casinos, in August 1999.<ref>{{cite news|title=LV firm tests new game|newspaper=Las Vegas Sun|date=August 25, 1999|url=https://lasvegassun.com/news/1999/aug/25/lv-firm-tests-new-game/|access-date=2018-05-18}}</ref> The company closed its keno operations in 2002.<ref>{{cite report|title=Form 10-KSB: Annual Report|publisher=American Wagering|date=May 1, 2002|page=1|url=https://www.sec.gov/Archives/edgar/data/1005214/000107579302000175/tenksb.txt|access-date=2018-05-18}}</ref>
In July 1997, AWI and International Game Technology jointly launched MegaSports, a parimutuel sports betting system offering high-value progressive jackpots to bettors at Leroy's and other Nevada sportbooks.<ref>{{cite news|title=Mega$ports hopes to gain yardage with football|newspaper=Reno Gazette-Journal|author=John Stearns|date=August 30, 1997|url=https://www.newspapers.com/clip/20186485/megaports_hopes_to_gain_yardage_with/|via=Newspapers.com}}</ref><ref>{{cite report|title=Form 10-KSB: Annual Report|publisher=American Wagering|date=May 1, 1998|url=https://www.sec.gov/Archives/edgar/data/1005214/0000950116-98-000993.txt|pages=8–9|via=EDGAR}}</ref> The company shut down the project in 2000.<ref>{{cite report|title=Form 10-K: Annual Report|publisher=American Wagering|date=May 1, 2000|url=https://www.sec.gov/Archives/edgar/data/1005214/000095011600001047/0000950116-00-001047.txt|page=2|via=EDGAR}}</ref>
AWI, through an Australian subsidiary, launched an online site offering race and sports betting under the MegaSports name in 1999.<ref name=10kp4>{{cite report|title=Form 10-K|url=https://www.sec.gov/Archives/edgar/data/1005214/0000950116-00-001047.txt|page=4|publisher=American Wagering|date=May 1, 2000|via=EDGAR}}</ref> The site accepted wagers worldwide, except from bettors located in the United States.<ref name=10kp4 /> It was believed to the first online gambling venture by a company licensed in Nevada.<ref>{{cite report|title=Form 10-K|url=https://www.sec.gov/Archives/edgar/data/1005214/0000950116-00-001047.txt|page=1|publisher=American Wagering|date=May 1, 2000|via=EDGAR}}</ref> 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.<ref>{{cite news|title=U.S. firms in trouble over Net betting|date=December 24, 2001|first=Mike|last=Brunker|newspaper=MSNBC|access-date=2012-04-01|url=http://www.nbcnews.com/id/3071040}}{{dead link|date=August 2024|bot=medic}}{{cbignore|bot=medic}}</ref> AWI was ultimately forced to sell the site, or risk losing its Nevada gaming license.<ref name=dumps>{{cite news|url=http://gamingtoday.com/race_sports/article/4650-Mega_ports_dumps_Aussie_sportsbook|date=July 9, 2002|newspaper=Gaming Today|access-date=2012-04-01|title=Mega$ports dumps Aussie sportsbook}}</ref> MegaSports was sold in July 2002 to Eurast Ltd. of Perth for $2.8 million.<ref name=dumps />
The Howard Johnson's hotel was sold in July 1999 for $4.3 million.<ref>{{cite news|title=American Wagering finishes LV hotel sale|newspaper=Las Vegas Sun|date=7 July 1999|url=http://www.lasvegassun.com/news/1999/jul/07/american-wagering-finishes-lv-hotel-sale/|access-date=31 March 2012}}</ref>
Michael Racusin, a financial consultant who assisted with the IPO, filed a lawsuit claiming he was not paid his full fee.<ref name=berke>{{cite news|title=All bets off for American Wagering|newspaper=The Daily Deal|date=3 May 2004|first=Jonathan|last=Berke|access-date=31 March 2012|url=http://www.accessmylibrary.com/article-1G1-116148882/all-bets-off-american.html}}</ref> After a court awarded him $1.3 million in July 2003, American Wagering was forced to file for Chapter 11 bankruptcy protection.<ref name=berke /> Youbet.com attempted to buy the company out of bankruptcy for $9.5 million,<ref>{{cite news|title=Youbet.com eyes rival firm's stock|newspaper=Daily News of Los Angeles|date=October 7, 2004|url=http://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F10598394284B6EE2&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}</ref> but eventually withdrew its offer.<ref>{{cite press release|title=Youbet.com withdraws its reorganization plan for American Wagering; separately, Youbet receives positive settlement of insurance claim|publisher=Youbet.com|date=January 14, 2005|url=http://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F107A438E1591ED58&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}</ref> The company emerged from bankruptcy in March 2005, with most debts having been paid in full, and shareholders retaining their equity in the company.<ref>{{cite news|title=Bankruptcy court approves amended plan|newspaper=Las Vegas Sun|date=June 7, 2005|url=https://lasvegassun.com/news/2005/mar/03/bankruptcy-court-approves-amended-plan/|access-date=2018-05-04}}</ref><ref>{{cite press release|title=American Wagering and Leroy's Emerge from Bankruptcy|date=14 March 2005|publisher=American Wagering|url=http://www.casinocitytimes.com/news/article/american-wagering-and-leroys-emerge-from-bankruptcy-149184|access-date=31 March 2012}}</ref>
The company acquired Sturgeon's Inn & Casino in Lovelock, Nevada in March 2006 for $1.8 million.<ref>{{cite press release|title=American Wagering completes acquisition|url=http://www.casinocitytimes.com/news/article/american-wagering-completes-acquisition-156927|date=March 3, 2006|publisher=American Wagering|access-date=2018-05-06}}</ref><ref>{{cite report|title=Form 10-KSB: Annual Report|publisher=American Wagering|date=May 31, 2007|page=37|url=https://www.sec.gov/Archives/edgar/data/1005214/000110465907044385/a07-12938_210ksb.htm|via=EDGAR}}</ref>
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.<ref name=benston>{{cite news |first= Liz |last=Benston |title= Sports betting made easier, at bars and beyond |url= http://www.lasvegassun.com/news/2008/jan/05/looking-in-on-gaming-sports-betting-made-easier-at/ |work=Las Vegas Sun |date=January 5, 2008 |access-date=2018-05-04 }}</ref> The following year, the kiosks began being installed in bars and taverns as well.<ref name=benston />
The company began releasing mobile betting applications for smartphones in 2010,<ref name=sieroty2>{{cite news|title=Leroy's sports betting app for iPad released|date=28 March 2012|first=Chris|last=Sieroty|newspaper=Las Vegas Review-Journal|access-date=2018-01-21|url=https://www.reviewjournal.com/business/casinos-gaming/leroys-sports-betting-app-for-ipad-released/}}</ref> which proved popular.<ref name=sieroty>{{cite news|title=British bookmaker to buy two Nevada sports betting companies|date=April 14, 2011|newspaper=Las Vegas Review-Journal|first=Chris|last=Sieroty|access-date=2018-05-04|url=https://www.reviewjournal.com/business/casinos-gaming/british-bookmaker-to-buy-two-nevada-sports-betting-companies/}}</ref>
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.<ref name=sieroty /><ref name=green>{{cite news|title=William Hill, Affinity in long-term sports betting deal|newspaper=Vegas Inc.|first=Steve|last=Green|date=28 June 2012|access-date=28 June 2012|url=http://www.vegasinc.com/news/2012/jun/28/william-hill-affinity-long-term-sports-betting-dea/}}</ref> 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.<ref name=velotta>{{cite news|title=British oddsmaker William Hill gets OK to operate 159 books in Nevada|newspaper=Vegas Inc|first=Richard N.|last=Velotta|date=21 June 2012|access-date=28 June 2012|url=http://www.vegasinc.com/news/2012/jun/21/british-oddsmaker-william-hill-gets-ok-operate-159/}}</ref>
==Locations== As of 2012, Leroy's operated sportsbooks and kiosks at 72 locations,<ref name=sieroty /> including:<ref>{{cite web|url=http://leroys.com/locations/all/where-you-can-place-bets-or-set-up-a-mobile-account|title=All Leroy's Locations|publisher=Leroy's Sportsbook|archive-url=https://web.archive.org/web/20120419094822/http://leroys.com/locations/all/where-you-can-place-bets-or-set-up-a-mobile-account|archive-date=2012-04-19}}</ref> {{div col|colwidth=22em}} * Avi Resort & Casino * Buffalo Wild Wings (9 locations) * Colorado Belle * Dini's Lucky Club * Edgewater Hotel and Casino * Ellis Island Casino & Brewery * Golden Gate Hotel & Casino * Gold Spike Hotel and Casino * Gold Strike Hotel and Gambling Hall * Hacienda Hotel & Casino * Hooters Casino Hotel * Hotel Nevada and Gambling Hall * Klondike Sunset Casino * Lucky Club Casino and Hotel * Opera House Casino * Poker Palace * Railroad Pass Casino * Red Garter Casino * Siena Reno * Silver Nugget * Silverton Las Vegas * Skyline Hotel and Casino * Stagecoach Hotel & Casino * Tropicana Express Hotel and Casino * Wendover Nugget * Westin Casuarina {{div col end}}
==References== {{Reflist|2}}
{{DEFAULTSORT:Leroy's Horse and Sports Place}} Category:Bookmakers Category:Companies based in the Las Vegas Valley Category:Gambling companies of the United States