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MGM GVC Interactive Announces the Appointment of Adam Greenblatt as Chief Executive Officer of Joint Venture

George Miller

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MGM GVC Interactive Announces the Appointment of Adam Greenblatt as Chief Executive Officer of Joint Venture
Photo Source: verowater.com
Reading Time: 3 minutes

 

MGM GVC Interactive LLC, the U.S. sports betting and online gaming joint venture owned by MGM Resorts International and GVC Holdings Plc , is pleased to announce the appointment of Adam Greenblatt as the venture’s CEO, effective upon receipt of all applicable licensing and regulatory approvals.

Adam takes up the position having played a significant role in the creation of MGM GVC Interactive via his previous role as Director Corporate Development & Strategy at GVC Holdings. The joint venture was established in July 2018 to create a world-class sports betting and online gaming platform in the United States, in order to take advantage of the new opportunities created by the U.S. Supreme Court’s decision to overturn the U.S. federal Professional and Amateur Sports Protection Act (PASPA).

Prior to its acquisition by GVC, Adam served as Director of Corporate and Strategic Development at Ladbrokes from 2010 and led defining transactions for the group, including the strategic partnership with Playtech, the acquisitions which created Ladbrokes Australia and the successful merger between Gala Coral and Ladbrokes in November 2016. Adam has been President of GVC’s U.S. sports betting software business, Stadium Technology since 2012 and sits on the Board of GVC’s joint venture in Spain. Having begun his career as a Chartered Accountant in the UK with Arthur Andersen, Adam then moved into mergers and acquisitions at international investment bank, Rothschild. At Rothschild, Adam focused on the leisure sector and was instrumental in developing the betting and gaming franchise. Adam studied Business Science at the University of Cape Town.

In a joint statement welcoming the appointment, GVC CEO, Kenneth Alexander and Jim Murren, Chairman and Chief Executive Officer of MGM Resorts, said:

“We are pleased to appoint Adam as CEO of the joint venture, who will bring his in-depth knowledge and expertise in on-line gaming and sports betting from both sides of the Atlantic. His determination, experience and vision are exactly what we need to establish a prime position in the rapidly evolving U.S. gaming market.”

Adam Greenblatt added:

“I am delighted to have been chosen to lead MGM GVC Interactive at this historic time for the U.S. sports betting and gaming sector. With the combined brands, technology and market access of our two parent companies, I am determined to make it the most dynamic and successful player in the industry.”

 

ABOUT MGM RESORTS INTERNATIONAL

MGM Resorts International 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 in Massachusetts, 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.

 

ABOUT GVC HOLDINGS

GVC Holdings PLC is one of the world’s largest sports betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports Brands include bwin, Coral, Crystalbet, Eurobet, Ladbrokes and Sportingbet; Gaming Brands include CasinoClub, Foxy Bingo, Gala, Gioco Digitale, PartyCasino and partypoker. The Group owns proprietary technology across all of its core product verticals and in addition to its B2C operations provides services to a number of third-party customers on a B2B basis. GVC acquired Ladbrokes Coral Group plc on 28 March 2018 and is now the UK’s largest high street bookmaker, with over 3,500 betting shops. The Group, incorporated in the Isle of Man, is a constituent of the FTSE 100 index and has licences in more than 20 countries, across five continents.

 

Statements in this release that are not historical facts are “forward-looking” statements and “safe harbor statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including those described in MGM Resorts’ public filings with the SEC. Forward-looking statements are based on management’s current expectations and assumptions and not on historical facts.  Examples of these statements include, but are not limited to, statements regarding the future market position of the joint venture. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include effects of economic conditions and market conditions in the markets in which the joint venture operates and competition with other sports betting platforms, risks relating to permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in MGM Resorts’ Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, MGM Resorts is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If MGM Resorts updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

 

Source:  MGM Resorts International

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

Innovative Technology Americas recruits new Office Manager

George Miller

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Innovative Technology Americas recruits new Office Manager
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Innovative Technology Americas, Inc. is pleased to welcome Beth Clark, Office Manager, to their Wisconsin office.  Beth joins Innovative Technology’s US operations at a crucial time of growth and is an integral part of ensuring excellent customer service provision to its extensive US customer base.

Rebecca White, VP of Sales & Business Development commented, “I am delighted to welcome Beth to the US team. Beth has been with us for a few months now and she has made a real difference to the running of the office. Beth has a long work history of office management in the manufacturing and distribution industries making her an ideal fit for the role. The role is varied with responsibility for customer service, order processing, data entry, accounts and sales assistance and Beth has made improvements in all areas already.”

Commenting on her new position Beth said, “I joined the company back in June and I am settling in well, enjoying the job and getting to know the broad range of cash validation products we offer. I am applying my extensive office management and purchasing skills to the role and I have already put in place new procedures to fulfil customer orders as efficiently as possible. I am excited about the opportunity and growth potential here at Innovative Technology Americas and look forward to working with the rest of the US team and my international colleagues as we to expand our reach in the region.”

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Gambling in the USA

GameOn, A First-Of-Its-Kind, Free, Zero-Risk Sports Betting App With Real Cash Prizes, Available For Download Today

George Miller

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GameOn, A First-Of-Its-Kind, Free, Zero-Risk Sports Betting App With Real Cash Prizes, Available For Download Today
Reading Time: 2 minutes

 

GameOn’s 100% FREE App Allows Sports Fans of all Levels – Casual & Hardcore – to Compete, Watch and Win Prizes of up to $1 Million During LIVE Sports

 

Available on the App Store and Google Play, GameOn App Inc. has launched GameOn – a new and free way for fans to compete, watch and win during live sports! FREE to play with real cash prizes of up to $1 Million!

To celebrate Thanksgiving and Americans love of football, GameOn will give away a $1 million prize for Perfect Picks across all three Thanksgiving NFL games. Any players who get all picks right, including the game winners and first touchdown scorers, will take home a share of the $1 Million prize!

GameOn takes the free-to-play model of trivia apps and applies it to the sports world with game predictions. Unlike fantasy and gambling, GameOn is simple and completely free. No player drafting or hard-to-understand points systems.

Just three simple steps:

Before the game
Make picks from player and team-related questions. For example, “Who will win?”, “Who will score the first touchdown?” and “Who will hit the most three-pointers?”

During the game
Accumulate points for each correct pick. The riskier the picks, the more points up for grabs!

After the game
Fans with the most points wins cash and brand partner prizes. A tie-break question will split winners if multiple fans finish equal, so no $0.80 grand prizes like trivia apps.

GameOn’s free platform is also designed to be social, connecting you with other fans in your circle. The app features a group chat and leaderboard where you can follow, engage and keep tabs on how friends are tracking for bragging rights.

A recent GameOn player, Gabriel from Brooklyn NY, won $1,000 on his first time trying the app. Gabriel commented: “I played after a good friend of mine referred the app to me, and the experience was great. Real-time updates on the score, and being able to chat with other app users throughout the game was pretty cool, too.”

“We’re shaking up the sports and betting industries by providing a completely free and legal way for all sports fans – even casual” said Matt Bailey, Founder and CEO of GameOn App Inc. “We’re removing the barriers that casual fans experience when engaging in fantasy and gambling. GameOn is free, intuitive and riskless, with real cash prizes up for grabs thanks to our partnerships with major brands.”

GameOn’s exclusively advertiser-funded gameplay means no risk for players, only rewards, including real cash. Burger King and Motorola are the first brands to integrate the app as strategic partners, offering cash prizes and rewarding products – such as free Burger King menu items and Motorola devices. GameOn has also partnered with Global Sports Data Leader, Sportradar, as part of their Acceleradar program, leveraging their stats and scores data, as well as their relationships with major sports leagues.

In just two weeks since launching, GameOn has driven more than 5,000 installs, with 1,500+ playing in each game who’ve won a total of more than $10,000. The demographic is predominantly millennial, with 25% being female – significantly higher than seen in fantasy and gambling, and a testament to the casual fan-friendly gameplay.

To learn more or to download GameOn, visit gameon.app.

 

Source: GameOn App Inc.

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Gambling in the USA

Penn National Gaming Enters into Definitive Agreement to Acquire Operations of Greektown Casino-Hotel

George Miller

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Penn National Gaming Enters into Definitive Agreement to Acquire Operations of Greektown Casino-Hotel
Photo Source: sugarbushtavern.com
Reading Time: 3 minutes

 

Penn National Gaming, Inc., announced that it has entered into a definitive agreement to acquire the operations of Greektown Casino-Hotel in Detroit, Michigan for approximately $300 million in cash.

Simultaneous with the closing of the transaction, Penn National will enter into a triple net lease agreement with VICI Properties Inc. for the Greektown facility. The lease will have an initial annual rent of approximately $55.6 million and an initial term of 15 years, with four 5-year renewal options. The rent coverage ratio in the first year after closing is expected to be 1.8x.

Timothy J. Wilmott, Penn National’s Chief Executive Officer, stated, “The acquisition of the Greektown Casino-Hotel operations from JACK Entertainment, LLC will further expand Penn National’s already diverse operating base with a facility that is extremely well-positioned in one of the nation’s largest regional gaming markets. At the same time, Greektown and its customers will benefit from becoming part of a larger gaming operator, with access to properties in Las Vegas and across the country. We are pleased to partner again with VICI Properties to structure this transaction in a manner that is immediately accretive to Penn National’s operating results upon closing.

“Detroit is undergoing an exciting renaissance as a result of billions of dollars of new investments in the city’s residential, commercial, entertainment and cultural center, all of which are driving new residents, businesses, tourists and employment to the downtown area. Greektown is the only casino in the heart of downtown, and we look forward to welcoming patrons from the many nearby attractions, such as Comerica Park, Ford Field, Little Caesars Arena, the city’s theater district, GM’s Renaissance Center and the Cobo Conference Center. We also look forward to working with JACK Entertainment and VICI to ensure a seamless transition for all of our constituents including customers, employees, vendors, local government and Michigan regulators.”

The transaction will be financed with a combination of cash on hand and debt. On a pro forma basis, and reflecting the October 15, 2018 completion of the acquisition of Pinnacle Entertainment and expected late fourth quarter close of Margaritaville Resort Casino, the Company continues to forecast to be at its target debt levels within 12 -18 months.

Mr. Wilmott added, “Greektown Casino-Hotel further strategically diversifies our revenue, operating and customer base, and presents well-defined paths to the realization of significant synergies. With an OpCo purchase multiple of 6.3x anticipated annual run-rate adjusted EBITDA and including synergies to be realized within eighteen months, we believe this transaction again highlights our commitment to enhancing shareholder value. With the expected increase to our free cash flow, we remain well positioned to reduce leverage, evaluate additional accretive strategic growth investments and opportunistically return capital to shareholders.”

Opened in 2000, Greektown Casino-Hotel features 100,000 square feet of casino space, approximately 2,700 gaming machines and 60 table games, a poker room, three restaurants, seven fast casual food outlets, four bars and a coffee shop. In addition, the casino boasts a AAA Four Diamond 400-room, luxury high-rise hotel with 14,000 square feet of event and catering space. The property employs approximately 1,700 team members and has partnered with nearly 20 local restaurants to offer fine dining rewards to guests.

Upon closing the Greektown transaction, Penn National’s portfolio of regional gaming facilities will increase to 41 properties in 19 jurisdictions.

The transaction, which is expected to close in mid-2019, is subject to the approval of the Michigan Gaming Control Board and other customary closing conditions.

 

About Penn National Gaming:
Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. Reflecting the recent completion of the Pinnacle Entertainment transaction the Company now operates 40 facilities in 18 jurisdictions. In total, Penn National facilities feature approximately 49,000 gaming machines, 1,200 table games and approximately 9,000 hotel rooms. The Company also offers social online gaming through its Penn Interactive Ventures division and has leading customer loyalty programs with over five million active customers.

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