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AGS Announces The Closing Of $95 Million Incremental Term Loan And Amendment To Its Credit Agreement

George Miller

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AGS Announces The Closing Of $95 Million Incremental Term Loan And Amendment To Its Credit Agreement
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AGS announced it has successfully closed an incremental term loan of $95 million and an amendment to its existing credit agreement. The Incremental Term Loan, which matures in February 2024, has an interest rate of LIBOR plus 1,300 basis points, with a 100 basis point LIBOR floor. The net proceeds of the Incremental Term Loan are expected to be used for general corporate purposes.

In addition to the Incremental Term Loan, the Company also amended its existing credit agreement to provide for certain changes, including, but not limited to: a suspension of the testing of the financial covenant through December 31, 2020 and a revised calculation of consolidated EBITDA when determining financial covenant compliance for the first three quarters of 2021.

AGS President and Chief Executive Officer David Lopez said, “During this global pandemic, which has had an unprecedented impact on the casino gaming industry, our focus has been to prioritize the well-being of our employees and the prudent management of the Company’s financial resources for the long-term. Execution of this incremental term loan provides us with additional liquidity and financial flexibility to navigate these uncertain and extraordinary times, and to help get our business back to being fully operational so that we can be the best partners possible to our customers as our industry begins to recover.”

 

Source: AGS

Gambling in the USA

Gaming Americas Weekly Roundup – October 5-11

Niji Narayan

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Reading Time: 2 minutes

Welcome to our weekly roundup of American gambling news again! It was again an eventful week in the USA, despite the still-active virus attack.

Here, we are going through the weekly highlights of the American gambling industry. Read on and get updated.

Latest News

Twin River Worldwide Holdings has entered into an agreement with Delaware North Companies Gaming & Entertainment, Inc. to acquire Jumer’s Casino and Hotel (Jumer’s) in Rock Island, Illinois for a purchase price of $120 million in cash. Jumer’s is located in the Quad Cities in Rock Island, Illinois and features a 40,000 square foot casino floor containing more than 870 slot machines and 25 table games, a 205 room hotel with 11 luxury suites, an events centre, the Oculus Sports Bar, the Edje nightclub and four restaurants.

Gambling operator Loto-Québec has closed two of its land-based venues due to an increase in the number of coronavirus cases. The two venues are Casino de Montréal and the Salon de jeux de Québec. They will remain closed until October 28. Network bingo, Kinzo and video lottery machines (VLTs) in the metropolitan zones of Montreal, Quebec City and the Chaudière-Appalaches region will be inoperative for the same period. Lottery ticket sales will continue.

MegaFans, a San Diego area-based mobile-casual eSports platform, has completed its first charity fundraising event with the International Game Developers Association (IGDA) Foundation, as part of a series using the MegaFans eSports tournament platform. The first tournament ran through September. The eSports tournament Series is being promoted to raise awareness and funds to go towards the IGDA Foundation’s Diversity Initiative, to improve the lives of independent game developers around the world. Previously, MegaFans worked with the IGDA Foundation on the Stay in the Game Relief Fund which raised over $100,000.

NFL bettors received a reminder just how quickly a pandemic can alter the sports landscape. Two COVID-19-related postponements made for a lighter Sunday schedule and the effects will reverberate into Week 5, according to analysts of TheLines.com.

International Game Technology (IGT) and Scientific Games Corporation have released a joint statement regarding the Exclusive Instant Lottery (LOTEX) concession in Brazil.

Northern California’s Cache Creek Casino Resort, which has been shut down since September 20, has confirmed that the closure was the result of an external attack on the property’s computer network.

New Partnerships

Peripherals manufacturer CORSAIR has partnered with Canadian venue and tournament provider Amuka Esports. As per the deal, CORSAIR will become the exclusive peripherals and gaming chair partner of Waves Gaming, the flagship venue from Amuka Esports, which will also host a CORSAIR Gaming Zone.

DraftKings has become the official daily fantasy sports partner and official sports betting partner of the Philadelphia Eagles. As per the new multi-year deal, DraftKings will receive exclusive naming rights to the Field Club at Lincoln Financial Field, a premium lounge which will be called “The DraftKings Field Club.”

Game developer AGS has signed a new agreement with BetMGM in the US. As per the deal, AGS will provide its gaming content to BetMGM’s entire casino gaming network including BetMGM Casino, Borgata Online and partypoker.

Gambling harm minimisation consultancy EPIC Risk Management has once again teamed up with the Kindred Group to provide sector-leading training and development sessions for their staff in the US.

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Gambling in the USA

Gaming Americas Weekly Roundup – September 28-October 4

Niji Narayan

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Reading Time: 2 minutes

Welcome to our weekly roundup of American gambling news again! It was again an eventful week in the USA, despite the still-active virus attack.

Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and new appointments. Read on and get updated.

Latest News

Montreal-based payment technology company Nuvei Corporation has received its sports betting vendor license from Colorado’s Division of Gaming. This permits the company to process payments within the state’s boundaries on regulated sports betting sites and apps. Nuvei can now provide gaming operators and companies with seamless payment services for customers over the age of 21 who place legal wagers on games in the National Football League, Major League Baseball, National Basketball Association, National Hockey League and any other professional and amateur sports betting transactions across the State.

Caesars Entertainment is in advanced talks to acquire the UK-based bookmaker William Hill for £2.9 billion. In a joint statement, the companies said that Caesars was considering offering 272 pence per share for William Hill. To fund the deal, Caesars said it was announcing a new equity raise, and would also take out $2 billion of new debt secured against William Hill’s non-US businesses.

New research by CasinosHunter.com, an independent online casino reviewing platform for gamblers, has revealed the new challenges that have emerged as a result of the COVID-19 pandemic, as well as the possibilities now available to the Canadian gamblers. Gambling is hugely popular in Canada. Data indicates that 60% of locals participate in gambling on a regular basis, spending on average $100 per month on games. Overall, the industry generates significant income – $31 billion to be exact – paying up to 15% in taxes. However, the pandemic has changed this significantly.

Former Catena Media C-level executive Andreas Ericson and online gambling veteran Gustav Lipcsey have secured seed round of financing from famous iGaming industry investors. The proceeds from this round of financing will fuel the business operations of US Sportsbonus, a Hoboken, NJ, based legal online sports betting resource site that provides expert US sports betting picks, provides partner referral resources, industry news and more.

New Partnerships

Gambling technology company Playtech has announced the roll out of its casino software in New Jersey across BetMGM’s gaming network. BetMGM is the joint venture created by MGM Resorts International and GVC Holdings. As per the deal, Playtech will provide its industry-leading casino software to BetMGM Casino, Borgata Online and PartyCasino NJ.

Scientific Games Corporation has secured a five-year contract renewal with long-term customer Flutter Entertainment. Through the contract renewal, Scientific Games will continue providing its OpenSports technology to the operators’ portfolio of global brands. The five-year renewal comes on the back of FanDuel selecting Scientific Games to power their sportsbook offering across all current and future regulated markets in the US.

RG24seven, a video-based responsible gaming training platform, has partnered with the National Indian Gaming Association to provide tribal-specific, video-based, responsible gaming training to its members.

New Appointment

Bragg Gaming Group has appointed gaming industry veteran and former SB Tech CEO Richard Carter to its Board of Directors as Non-executive Chair. Carter will advise and provide support to CEO Adam Arviv on developing a global strategy focused on partnerships with best-in-class brands, continued growth of their organic business and consideration of all accretive M&A opportunities.

Compliance

Sports Wagering Committee of the Tennessee Education Lottery Board of Directors has approved the sports betting licenses of Betfair Interactive, BetMGM and Crown TN Gaming (DraftKings). The Board will consider more on October 5 and 16.

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Gambling in the USA

Gaming Americas Weekly Roundup – September 21-27

Niji Narayan

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Reading Time: 2 minutes

Welcome to our weekly roundup of American gambling news again! It was again an eventful week in the USA, despite the still-active virus attack.

Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

Celer Network’s mobile eSports platform CelerX has become the first mobile esports platform on blockchain to surpass $3 million in player winnings in one month. Since the global release of the BUST-A-MOVE Real Money Tournament in July 2020, CelerX has seen new record-highs in the number of games played each week and users making an average of $20 per day – with top users making $1000+ per day. So far, mid-August has proven to be the biggest gaming day of 2020 and complements CelerX’s $3 million worth of player winnings across the mobile esports platform and game portfolio in one month.

Construction of Fusion Arena, the $50 million esports arena in Philadelphia, has been put on hold because of the COVID-19 pandemic. The 3500-seat facility was expected to open in 2021 and was commissioned by Comcast Spectacor, owner of the Philadelphia Fusion of the Overwatch League.

The Legislature of the city of Buenos Aires has addressed a proposed law on the prevention of gambling addiction and the regulation of online gaming on September 24. The bill was proposed by the Lottery of the City of Buenos Aires (LOTBA).

The Carson Nugget casino in Nevada is going to replace and upgrade its old casino management system with Table Trac’s CasinoTrac management system.

Carousel Group has announced that its online sportsbook, SportsBetting.com, has gone live in Colorado. SportsBetting.com took its first wager from Colorado late last Wednesday, a bet on the Dodgers, which resulted in a winning ticket for the customer. The next full day of betting saw a customer win $7,000 on a six-team MLB parlay. SportsBetting.com has rolled out a number of promotions to kick off the launch.

New Partnerships

Online bookmaker Betway has entered into a partnership with North American esports organisation beastcoast. As per this new one-year deal, the bookmaker will back beastcoast’s Peruvian Dota 2 team. Betway will obtain rights to jersey branding, as well as player access, allowing the bookmaker to “bring its fans closer to the action.”

Simplicity Esports and Gaming Company has partnered with Newzoo, the world’s leading provider of games and esports analytics. The partnership will enable the two companies to exchange esports market data and insights. Also, Simplicity will have access to Newzoo’s data analytics tools.

Awards

For the third consecutive year, Mohegan Gaming & Entertainment’s (MGE) flagship property Mohegan Sun was voted “Best Casino Hotel” in USA Today’s 10Best Readers’ Choice Awards. Nominees for the awards were selected by a panel of experts, including editors from both USA Today and 10Best.com, as well as relevant expert contributors. This year’s list of nominees featured some of the most well-known casinos and resorts in the US.

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