Greece’s ongoing financial crisis and standoff with European leaders could have repercussions that impact the economy that is global.
That impact extends also to the gaming industry, as Greece’s efforts to avoid defaulting further 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, because of the games simply days away from a planned launch. However, the Hellenic Gaming Commission announced lottery that is new within the wake of the nation’s monetary crisis, leaving much uncertainty regarding the short-term future of the industry.
New Regulations Limit Enjoy, Jackpot Size
Under this new laws, daily loss limits were become put into the machines, and gamblers would be limited as to how much time they would be allowed to use a machine every day. Jackpot levels would be lower under the regulations that are new.
That didn’t sit well with OPAP, the Greek firm that operates the video lottery terminal community. The company said that the new regulation would make operating the terminals ‘no longer viable,’ and immediately stopped the deployment of 16,500 machines throughout the country in a statement.
Looking at the situation realistically, the timing of the regulations that are new OPAP’s decision might be coincidental, and it’s really hard to see how it would be directly related to the battle over Greek debt. But it doesn’t mean that the crisis that is ongoingn’t be considered a factor in how the lottery terminal battle is resolved.
‘The delay does not have anything to do with the current debt crises apart from maybe OPAP playing hardball with the regulators hoping they will cave because they need the brand new taxation revenue,’ stated Todd Eilers of Eilers Research.
IGT, Scientific Games Could Lose Revenue
If this is merely a tactic that is negotiating the component of OPAP, maybe it’s a costly one for slot machine game manufacturers like IGT and Scientific Games. Both of those companies were creating terminals for the Geek market, and the delays could potentially price those two businesses millions in income.
IGT had been awarded a merchant contract to give 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 additionally awarded first-phase merchant contracts.
IGT was anticipated to make up to $30 million in annual revenues through the machines offered to Greece, while Scientific Games could generate as much as $27 million.
The delays and also the financial crisis have undoubtedly brought some uncertainty to the Greek video clip lottery terminal market, but Eilers says that in the long run, Greece should still be a lucrative market for manufacturers.
‘We nevertheless believe the VLT market will move ahead and represents a growth that is sizable for vendors,’ he said.
The negotiations throughout the future of Greece’s lottery terminals comes at time when much larger battles are now being waged over the country’s monetary future.
Greeks voted ‘no’ on the lending that is strict provided by worldwide creditors on Sunday, with over 61 percent of voters developing against the terms.
But that vote doesn’t mean that Greece isn’t willing to negotiate. Prime Minister Alexis Tsipras states that the Greek government is still ready to create some changes so as to receive assistance from Europe, and requested a three-year loan from the eurozone’s bailout fund on Wednesday.
$5 Billion Pinnacle Entertainment Takeover Is Odds On
Pinnacle Entertainment is having a banner year so far as their stock price is soaring. (Image: Pinnacle.com)
Pinnacle Entertainment’s share price rose to an annual high on Tuesday following a revised $5 billion takeover bid from Gaming and Leisure Properties (GLPI); a bid that analysts say Pinnacle would be angry to make down.
The new offer represents an increase of $900 million for a bid Pinnacle rebuffed in March.
The headlines of the proposal sent Pinnacle’s stock price up by 5.82 percent regarding the New York Stock Exchange, as investors took the view, shared by JP Morgan, that the takeover is practically a deal that is done.
‘We have a time that is tough a situation where Pinnacle’s board and management could create the exact same value in the same time frame that GLPI’s deal would, and we do not 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 spin-off that is corporate of National Gaming formed in 2013, trades on the NASDAQ and owns 21 casino and racino properties across the United States, including the Penn nationwide Race Course in Grantville, Pennsylvania.
Pinnacle, meanwhile, traces its history back to 1938 whenever https://casino-online-australia.net/planet-7-oz-casino-review/ 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 called Hollywood Park Entertainment, and later Hollywood Park Inc, before it changed its title to Pinnacle Entertainment when the racetrack was sold to Churchill Downs in 2000.
Today, it owns 15 casino properties in the US, also a stake that is controlling the race permit owner. It has 26 percent stake in Asian Coast developing Ltd, the dog owner and designer of the Ho Tram Strip in Vietnam, which has benefited from the recent economic depression in Macau, as Chinese high-rollers seek to evade the scrutiny of this government that is chinese.
In 2013 Pinnacle acquired Ameristar Casinos for $869 million and $1.9 billion of assumed debt, adding nine properties that are new its portfolio and basically doubling in size.
Under the new proposition, Pinnacle shareholders would also be given a better deal; GLPI is offering $47.50 per share of Pinnacle, and would also give Pinnacle investors a 28 % stake of GLPI.
But, the language GLPI has used, even its press releases, helps it be clear that this may be a aggressive takeover.
‘GLPI has committed financing in place and is ready to finalize this transaction immediately, and we would expect to close our transaction within approximately six months of signing,’ the company said in a statement. ‘Nevertheless, Pinnacle continues to help make brand new demands, delaying the signing of the definitive contract and doubting its investors a value-creating transaction that is clearly better than Pinnacle’s previously announced standalone separation plan.
Bwin.party Confirms GVC Bid
Bwin.party board says it could ‘see the possible benefits’ for the GVC /Amaya deal, as it files another disappointing financial report. (Image: pokergruond.com)
Today GVC’s Amaya-backed bid for bwin.party was confirmed by the board.
Yesterday, The Financial circumstances broke the tale that GVC had made a $1.4 billion offer to acquire the entire share money of the internet gambling firm; today, the bwin.party board said it absolutely was considering the offer and could see the ‘potential benefits’ to bwin.party shareholders.
It was currently committed to resolving a true number of ‘transaction-related issues,’ it added.
It is confusing whether 888 Holdings, which made an offer for bwin.party in March, is still at the settlement table.
‘Any offer produced by GVC for bwin.party Today would include part of the consideration in new GVC shares,’ said Kenneth Alexander, Chief Executive of GVC Holdings. ‘Based on our experience utilizing the successful Sportingbet acquisition and restructuring, we believe 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 Offering ‘Some regarding the Capital’
Alexander was additionally in a position to make sure Amaya Inc is supplying ‘some of the capital’ 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 the majority of bwin.party, while Amaya would find the company’s poker operations, thus giving it a foothold in the regulated New Jersey market.
It is believed Amaya would be given the also option to buy the sportsbook from GVC into the future.
The deal is a takeover that is reverse of a mix of new GVC shares and cash, although all parties have stressed that there might be no certainty that the deal will be accepted.
Poor Sportsbook Results
The headlines coincided with another disappointing report that is financial bwin.party, which said that unfavorable recreations results had led up to a decline in gross win margins for the first half of the season.
The company’s mobile operations have grown, however, with mobile accounting for 31 percent of total gross gaming revenue in June, up from 23 per cent within the year that is previous.
‘Despite challenging comparatives along with the impact of EU VAT and POC tax, we’re pleased about our company performance in the first half,’ bwin,party CEO Norbert Teufelberger said. ‘ 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 results Alexander stayed positive about the potential of a bwin.party acquisition. ‘It’s been a very difficult market for bwin however it’s also been a very hard market for all,’ he said. ‘ From the GVC perspective, the one that