Greece’s ongoing monetary crisis and standoff with European leaders could have repercussions that impact the economy that is global.
That effect extends even to the gaming industry, as Greece’s efforts to further avoid defaulting on its debts may show costly to businesses like Overseas Game Technology (IGT) and Scientific Games.
Those manufacturers were hoping to provide video lottery terminals throughout Greece, aided by the games simply days away from a launch that is planned. Nonetheless, the Hellenic Gaming Commission announced lottery that is new in the wake associated with nation’s economic crisis, leaving much doubt regarding the short-term future of the industry.
New Regulations Limit Play, Jackpot Size
Each day under the new regulations, daily loss limits were to be added to the machines, and gamblers would be limited as to how much time they would be allowed to play on a machine. Jackpot levels would also be lower under the brand new laws.
That didn’t sit well with OPAP, the Greek company that operates the video lottery terminal network. In a declaration, the organization stated that the new regulation would make operating the terminals ‘no longer viable,’ and immediately stopped the deployment of 16,500 machines throughout the country.
Looking at the problem realistically, the timing of the regulations that are new OPAP’s choice might be coincidental, and it’s really hard to see how it will be directly related to the battle over Greek debt. But it doesn’t signify the crisis that is ongoingn’t be considered a factor in the way the lottery terminal battle is resolved.
‘The delay doesn’t have anything related to the present financial obligation crises apart from maybe OPAP playing hardball with all the regulators hoping they will cave because they need the new income tax revenue,’ said Todd Eilers of Eilers Research.
IGT, Scientific Games Could Lose Revenue
Should this be merely a tactic that is negotiating the part of OPAP, maybe it’s an expensive one for slot machine game manufacturers like IGT and Scientific Games. Both of the companies were terminals that are producing the Geek market, and the delays may potentially cost those two businesses millions in income.
IGT ended up being awarded a merchant contract to supply 5,500 lottery machines, while Scientific Games was slated to make 5,000 machines for the market. Two European manufacturers, Inspired Gaming and Synot, were also awarded first-phase merchant contracts.
IGT was likely to make up to $30 million in annual revenues through the machines supplied to Greece, while Scientific Games could make as much as $27 million.
The delays while the financial crisis have definitely brought some uncertainty to the Greek video clip lottery terminal market, but Eilers says that in the long term, Greece should still be a profitable market for manufacturers.
‘We still believe the VLT market will move forward and represents a growth that is sizable for vendors,’ he said.
The negotiations throughout the future of Greece’s lottery terminals comes at a right time when much larger battles are increasingly being waged within the nation’s economic future.
Greeks voted ‘no’ on the lending that is strict provided by worldwide creditors on Sunday, with more than 61 percent of voters coming out against the terms.
But that vote does not mean that Greece isn’t planet 7 oz free coupon codes no deposit prepared to negotiate. Prime Minister Alexis Tsipras says that the Greek government is still willing to create some changes to be able to receive assistance from Europe, and asked for a loan that is three-year the eurozone’s bailout fund on Wednesday.
$5 Billion Pinnacle Entertainment Takeover Is Odds On
Pinnacle Entertainment is having an advertising so far as their stock price is soaring year. (Image: Pinnacle.com)
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Pinnacle Entertainment’s share price rose to a yearly at the top of following a revised $5 billion takeover bid from Gaming and Leisure Properties (GLPI); a bid that analysts say Pinnacle would be mad to turn down tuesday.
The offer that is new an increase of $900 million for a bid Pinnacle rebuffed in March.
The news headlines of the proposal sent Pinnacle’s stock price up by 5.82 percent in the New York Stock Exchange, as investors took the view, shared by JP Morgan, that the takeover is practically a done deal.
‘We have a time that is tough a scenario where Pinnacle’s board and management could create the same value in the same time frame that GLPI’s deal would, and we don’t see the probability of a superior bid from another entity,’ JP Morgan Gaming Analyst Joe Greff told the Las Vegas Review Journal on Tuesday.
Bing Crosby No On Board
GLPI, a corporate spin-off of penn National Gaming formed in 2013, trades on the NASDAQ and owns 21 casino and racino properties across the US, like the Penn nationwide Race Course in Grantville, Pennsylvania.
Pinnacle, meanwhile, traces its history straight back to 1938 when Jack L Warner, mind of the Warner Brothers Studio, opened the Hollywood Park Racetrack. Initial shareholders in the ongoing business included Walt Disney and Bing Crosby.
The group was initially known as Hollywood Park Entertainment, and later Hollywood Park Inc, before it changed its name to Pinnacle Entertainment when the racetrack was sold to Churchill Downs in 2000.
Today, it owns 15 casino properties in the US, in addition to a managing stake in the racing license owner. Additionally has 26 percent stake in Asian Coast Development Ltd, the master and designer of the Ho Tram Strip in Vietnam, which has benefited from the present economic downturn in Macau, as Chinese high-rollers seek to evade the scrutiny of the government that is chinese.
Better Deal
In 2013 Pinnacle acquired Ameristar Casinos for $869 million and $1.9 billion of assumed debt, adding nine new properties to its portfolio and basically doubling in size.
Under the brand new proposition, Pinnacle shareholders would also receive a better deal; GLPI is offering $47.50 per share of Pinnacle, and would also give Pinnacle investors a 28 per cent stake of GLPI.
However, the language GLPI has used, even its press releases, causes it to be clear that this may be a takeover that is hostile.
‘GLPI has committed financing in place and it is ready to finalize this deal immediately, and we would expect to close our transaction within approximately six months of signing,’ the business said in a declaration. ‘Nevertheless, Pinnacle continues to make new demands, delaying the signing of the definitive contract and denying its investors a value-creating transaction that is obviously superior to Pinnacle’s previously announced standalone separation plan.
Bwin.party Confirms GVC Bid
Bwin.party board says it may ‘see the possible advantages’ of the GVC /Amaya deal, as it files another disappointing report that is financial. (Image: pokergruond.com)
GVC’s Amaya-backed bid for bwin.party ended up being verified by the board today.
Yesterday, The Financial occasions broke the story that GVC had made a $1.4 billion offer to get the entire share capital of the internet gambling firm; today, the bwin.party board said it was considering the offer and might see the ‘potential benefits’ to bwin.party shareholders.
It had been presently committed to resolving number of ‘transaction-related issues,’ it added.
It is unclear whether 888 Holdings, which made an offer for bwin.party in March, remains at the negotiation table.
‘Any offer produced by GVC for bwin.party would include part regarding the consideration in new GVC shares,’ said Kenneth Alexander, Chief Executive of GVC Holdings, today. ‘Based on the successful Sportingbet acquisition to our experience and restructuring, we think that the potential combination of GVC and bwin.party would result in substantial financial and operating synergies and represent an opportunity that is excellent both GVC and bwin.party shareholders.’
Amaya Providing ‘Some of this Capital’
Alexander was also able to confirm that Amaya Inc is supplying ‘some of this money’ in the deal, and would therefore take ‘some of the assets’ should it go ahead.
It’s understood that in the event of the takeover, GVC would own nearly all bwin.party, while Amaya would get the business’s poker operations, thus offering it a foothold in the regulated New Jersey market.
It’s thought Amaya would be given the also option to buy the sportsbook from GVC into the future.
The deal will be a takeover that is reverse of a mix of new GVC shares and money, although all parties have stressed that there can be no certainty that the deal will be accepted.
Poor Sportsbook Results
The headlines coincided with another disappointing economic report from bwin.party, which said that unfavorable sports results had led up to a decline in gross win margins for the first half of the year.
The business’s mobile operations have grown, however, with mobile accounting for 31 percent of total gross gaming revenue in June, up from 23 percent within the previous year.
‘Despite challenging comparatives as well as the impact of EU VAT and POC taxation, we’re pleased with our business performance in the first half,’ bwin,party CEO Norbert Teufelberger stated. ‘ We have completed our new organisational set-up and streamlined our decision-making procedures, significantly improving our operational performance.’
Despite the sports that are poor outcomes Alexander stayed positive about the potential of the bwin.party acquisition. ‘It’s been a really market that is difficult bwin but it’s also been a very hard market for all,’ he said. ‘ From the GVC perspective, one that