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Cineplex Inc. and VRstudios Inc. Announce Partnership

George Miller

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Cineplex Inc. and VRstudios Inc. Announce Partnership
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Agreement Includes Equity Investment, Commercial Partnership and Expansion Opportunities. Company Plans to Roll-Out 30-40 Virtual Reality Installations in Canada

 

Cineplex, a leading entertainment and media company, announced a strategic partnership with VRstudios, Inc. (“VRstudios”), the largest provider of turnkey, location-based virtual reality solutions in the world. The agreement includes a commercial partnership and an investment by Cineplex to acquire a significant ownership interest in VRstudios. The financial terms were not disclosed.

In addition to installation opportunities at existing Cineplex-owned properties – including its theatre network and location-based entertainment (LBE) network – the agreement also provides broader expansion opportunities in North America and around the globe. Founded in 2014 and based in Seattle, Washington, VRstudios’ product solutions are sold in various configurations for untethered multiplayer, free-roaming, room-scale and warehouse-scale commercial VR attractions. It features eight unique VR experiences in environments ranging in size from 100 to 2,400 square feet.

With more than 65 systems deployed to customers in 15 countries, plus another 120 commercial VR attractions powered by its AMP management software, VRstudios has the largest global installation footprint today and provides virtual reality solutions to popular entertainment destinations including theme parks, arcades, amusement parks, family entertainment centres, casinos and movie theatre complexes. Cineplex has recently installed a VRstudios attraction at The Rec Room in South Edmonton, Alberta, and plans to open approximately 30-40 additional locations across its theatre and LBE networks in Canada by the end of 2021.

“We are not just deploying VR across our network, we are strategically investing in the market to create new revenue streams as well as critical mass and scale for growth. We are proud to be leading the way in the burgeoning location-based VR market,” said Ellis Jacob, President and CEO, Cineplex. “VRstudios’ product portfolio base has obvious application opportunities across the Cineplex ecosystem, and we are particularly excited about growth opportunities for Player One Amusement Group.”

One of North America’s leading providers of interactive video, redemption and amusement gaming equipment, Player One Amusement Group (P1AG) specializes in solution servicing and design for a wide range of customers in the theatrical exhibition vertical as well as community-based entertainment destinations such as bowling centres, restaurants, arcades, shopping centres and water parks. The agreement announced today creates opportunities for P1AG to work closely with VRstudios to manage the sale, support integration and maintenance of VRstudios’ portfolio of systems in North America.

“Cineplex is one of the world’s leading entertainment companies and we are honoured to be working in partnership with them to drive further innovation in the location-based VR marketplace,” said Kevin Vitale, Chief Executive Officer, VRstudios. “There is great synergy in our respective visions for scaling VR in commercial entertainment and the enterprise-wide strategy to make it happen.”

VRstudios offers a complete, customizable end-to-end virtual reality solution that includes an Attraction Management Platform™ for location-based entertainment businesses. Designed from the ground up, these systems facilitate amazing experiences which cannot be duplicated by in-home consumer virtual reality platforms. Emphasizing turnkey installation, easy-operation, training and support as well as owner profitability, the VRstudios solutions utilizes commercial-quality, patent-pending technology to offer ultimate virtual reality attractions.

Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of applicable securities laws, such as statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in Cineplex’s Annual Information Form (“AIF”). Those risks and uncertainties include: adverse factors generally encountered in the film exhibition industry such as poor film product and unauthorized copying; risks associated with national and world events, including war, terrorism and international conflicts; natural disasters or extreme weather conditions; infectious diseases; changes in income tax legislation; and general economic conditions. In addition, these risks and uncertainties include: the ability to achieve the expected synergies and the timing of same; the effectiveness of integration efforts and risks related to the satisfaction of the conditions to closing the transaction; and the related financing arrangements, including future general economic and market conditions and the associated debt and equity capital markets. Many of these risks and uncertainties can affect our actual results and could cause our actual results to differ materially from those expressed or implied in any forward-looking statement made by us or on our behalf. All forward-looking statements in this press release are qualified by these cautionary statements. These statements are made as of the date of this press release and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Additionally, we undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of Cineplex, its financial or operating results or its securities.

About Cineplex:
A leading entertainment and media company, Cineplex (TSX:CGX) is a top-tier Canadian brand that operates in the Film Entertainment and Content, Amusement and Leisure, and Media sectors. As Canada’s largest and most innovative film exhibitor, Cineplex welcomes over 70 million guests annually through its circuit of 165 theatres across the country. Cineplex also operates successful businesses in digital commerce (CineplexStore.com), food service, alternative programming (Cineplex Events), cinema media (Cineplex Media), digital place-based media (Cineplex Digital Media), amusement solutions (Player One Amusement Group) and an online eSports platform for competitive and passionate gamers (WorldGaming.com). Additionally, Cineplex operates a location based entertainment business through Canada’s newest destination for ‘Eats & Entertainment’ (The Rec Room), and will also be opening new complexes specially designed for teens and families (Playdium) as well as exciting new sports and entertainment venues across Canada (Topgolf). Cineplex is a joint venture partner in SCENE, Canada’s largest entertainment loyalty program.

Proudly recognized as having one of the country’s Most Admired Corporate Cultures, Cineplex employs approximately 13,000 people in its offices across Canada and the United States. To learn more visit Cineplex.com or download the Cineplex App.

About VRstudios:
VRstudios is a pioneer and leader in delivering turn-key large-scale, multiplayer, free-roaming commercial VR attraction systems for the LBE industry. The company offers a product line of complete solutions that can be quickly installed and efficiently operated, VRstudios is a one-stop-shop that makes it easy for owners and operators to offer innovative virtual reality attractions to their visitors. VRstudios launched in 2014 and has shipped over 65 systems to 15 countries.

Source: Cineplex

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Gambling in the USA

MGM Resorts International Announces Fourth Quarter And Full Year 2018 Earnings Release Date

Zoltan Tundik

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"Bellagio" in Las Vegas by Night (Photo credits: Patrick Pelster) - Photo source: wikimedia.org
Reading Time: 2 minutes

 

MGM Resorts International (NYSE: MGM) will release its financial results for the fourth quarter and full year 2018 after the market closes on Wednesday, February 13, 2019. MGM Resorts will host a conference call that day at 5:00 p.m. Eastern Time, which will include a brief discussion of the results followed by a question and answer session. In addition, supplemental slides will be posted prior to the start of the call on MGM’s Investor Relations website at http://investors.mgmresorts.com.

The call will be accessible via the Internet through http://investors.mgmresorts.com/investors/events-and-presentations/or by calling 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 3924102.

A replay of the call will be available through Wednesday, February 20, 2019.  The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088.  The replay access code is 10127989.

ABOUT MGM RESORTS INTERNATIONAL
MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 28 unique hotel offerings including some of the most recognizable resort brands in the industry. Expanding throughout the U.S. and around the world, the company in 2018 opened MGM Springfield inMassachusetts, MGM COTAI in Macau, and the first Bellagio-branded hotel in Shanghai. The 81,000 global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine’s World’s Most Admired Companies®. For more information visit us at www.mgmresorts.com.

Statements in this release that are not historical facts are “forward-looking” statements and “safe harbor statements” under the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including risks and/or uncertainties as described in the Company’s public filings with the Securities and Exchange Commission.

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Gambling in the USA

PA Gaming Control Board to Hold Public Hearing on February 20th for Parx Casino License Renewal

Zoltan Tundik

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Reading Time: 3 minutes

 

The Pennsylvania Gaming Control Board will hold a public hearing on Wednesday, February 20, 2019 to gather evidence, including public comment, on the renewal of the Category 1 Slot Machine Operator’s license for Greenwood Gaming and Entertainment, Inc., operator of the Parx Casino in Bucks County.

The hearing will begin at 10:00 a.m. in Council Chambers at the Bensalem Township Municipal Building, 2400 Byberry Road in Bensalem, Pennsylvania.

Complete information on the hearing, including links to sign up to present oral comment at the hearing or to provide written comment prior to the hearing, is on the Board’s web site, www.gamingcontrolboard.pa.gov, under its Quick Links section of the home page. The deadline for registration to speak at this hearing is noon on Tuesday, February 19, 2019.

Written comments can be mailed, with a postmark no later than Tuesday, February 19th to:

PA Gaming Control Board 
P.O. Box 69060
Harrisburg, PA 17106
Attention: Board Clerk

Comments can also be faxed prior to that deadline to 717-265-7416 or e-mailed to boardclerk@pa.gov.

Pursuant to section 1326 of the Pennsylvania Race Horse Development and Gaming Act, all licenses shall be subject to renewal every five years.  The renewal application must include an update of the information since its last renewal.

To implement the renewal requirement, the Board utilizes a two-step process:

  • First, the February 20th public hearing will be held before the Director of the PGCB’s Office of Hearings and Appeals for the purpose of receiving documentary evidence, hearing testimony and building a record upon which the Board will base its licensing decision.  The hearing record, along with a report from the Director of Hearings and Appeals, will be transmitted to the Board.
  • The second step is to hold a separate public hearing in Harrisburg at a later date where Greenwood Gaming and Entertainment, Inc. representatives will offer oral arguments and Board members can ask additional questions.

At the renewal hearing, the burden is on the renewal applicant to establish and demonstrate, by clear and convincing evidence, its eligibility and suitability for renewal of the gaming license last renewed in November 2014.  During the hearings, the renewal applicant will be given the opportunity to demonstrate, among other things, its good character, honesty, and integrity; compliance with its statement of conditions; tax revenue generated; jobs created; amenities added since the last renewal; success in implementing its diversity plan; and involvement in the surrounding communities.

Following these proceedings, the Board will then be able to determine whether the licensee remains eligible and suitable consistent with the laws of the Commonwealth and are otherwise qualified to have the license renewed for a five-year period.

All questions that are not press-related should be referred to the PGCB’s Office of Hearings and Appeals at (717) 265-7451.

About the Pennsylvania Gaming Control Board:

The Pennsylvania Gaming Control Board is tasked to oversee all aspects of the state’s casino industry, along with oversight of new gaming initiatives created through amendments to the Race Horse Development and Gaming Act recently approved by the signing of Act 42 of 2017. To date, the PGCB regulates the play within the Commonwealth of Fantasy Sports Contests along with four casino operators offering Sports Wagering. Additional new gaming initiatives are expected to launch in the coming months.

The Commonwealth’s casino industry currently consists of 10 stand-alone and racetrack casinos in operation, along with the two smaller resort casinos.  These facilities collectively employ 17,000 people and annually generate approximately $1.4 billion in tax revenue from slot machine and table games play. The largest portion of that money is used for property tax reduction to Pennsylvania homeowners.

Additional information about both the PGCB’s gaming regulatory efforts and Pennsylvania’s gaming industry can be found at gamingcontrolboard.pa.gov. You can also follow the agency on Twitter by choosing @PAGamingControl.

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Gambling in the USA

New Illinois Governor discusses gambling expansion

Niji Ng

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New Illinois Governor discusses gambling expansion
JB Pritzke, the 43rd governor of Illinois. / Photo Source: politico.com
Reading Time: 1 minute

 

The governor that started his term on Monday has discussed a possible gaming expansion in the state.

The newly elected Illinois Governor J.B. Pritzker has already initiated discussion on the expansion of casinos in the state. He said that gambling expansion will boost the state’s revenues.

Pritzker seems to have identified gambling expansion as one of the ways to balance the state budget and help pay for a capital bill is through gaming expansion. He also said that now that the Supreme Court has struck down PASPA, the federal act that prevented states from offering sports betting, Illinois has a bigger chance to pass a bill.

“We could implement that in the state as one example. There certainly are opportunities for us to expand casino gaming in the state,” Pritzker said. “So those are a couple of ways for us to expand gaming. Balancing the budget is very important, it’s not just about those revenue enhancements. It’s also about bringing efficiencies to state government.”

Moreover, he said that new casinos could be located near the state border in order to prevent that money from leaving the state. Chicago Mayor Rahm Emanuel has recently called for a casino in his city: “I don’t disagree with you there’s been some cannibalisation within the state and there’s a limited amount of dollars that could exist in the state, but I also know this has to do with geography. Where you put a casino matters to how many dollars might flow from places they haven’t seen dollars flow before… We ought to be thinking about how do we keep the dollars here that are being expended in other states.”

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