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Greek Financial Crisis May Impact IGT. Prime Minister Alexis Tsipras says

Greek F<span id="more-4480"></span>inancial Crisis May Impact IGT. Prime Minister Alexis Tsipras says that Greece continues to be willing to negotiate with European leaders on the country’s debts.

Greece’s ongoing economic crisis and standoff with European leaders could have repercussions that impact the worldwide economy.

That impact extends also to the gaming industry, as Greece’s attempts to avoid defaulting further on its debts may show costly to companies like Overseas Game Technology (IGT) and Scientific Games.

Those manufacturers had been hoping to provide video lottery terminals throughout Greece, with all the games just days away from a launch that is planned. But, the Hellenic Gaming Commission announced lottery that is new within the wake of this country’s financial crisis, leaving much uncertainty as to the short-term future of the industry.

New Regulations Limit Play, Jackpot Size

Under the new regulations, daily loss limits were become added to the machines, and gamblers would be limited as to how long they would be allowed to use a machine each day. Jackpot levels would also be lower under the regulations that are new.

That didn’t sit well with OPAP, the Greek company that operates the video lottery terminal system. In a statement, the company stated that the new regulation would make operating the terminals ‘no longer viable,’ and immediately stopped the deployment of 16,500 machines through the entire country.

Taking a look at the situation realistically, the timing of the brand new laws and OPAP’s decision that are coincidental, and it’s really hard to see how it will be directly related to the battle over Greek debt. But that does not imply that the crisis that is ongoingn’t be considered a element in the way the lottery terminal battle is resolved.

‘The delay does not have anything regarding the current debt crises apart from maybe OPAP playing hardball with all the regulators hoping that they will cave because they require the brand new tax income,’ stated Todd Eilers of Eilers Research.

IGT, Scientific Games Could Lose Revenue

Should this be merely a negotiating tactic on the part of OPAP, it could be a costly one for slot machine game manufacturers like IGT and Scientific Games. Both of those companies were terminals that are producing the Geek market, and the delays may potentially cost those two firms millions in income.

IGT ended up being awarded a vendor 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 vendor that is first-phase.

IGT was likely to make up to $30 million in yearly revenues from the machines supplied to Greece, while Scientific Games could bring in as much as $27 million.

The delays therefore 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 still believe the VLT market will move ahead and represents a sizable growth possibility for vendors,’ he said.

The negotiations on the future of Greece’s lottery terminals comes at time whenever much larger battles are increasingly being waged on the country’s monetary future.

Greeks voted ‘no’ on the strict lending terms made available from worldwide creditors on Sunday, with more than 61 percent of voters being released contrary to the terms.

But that vote does not mean that Greece isn’t ready to negotiate. Prime Minister Alexis Tsipras states that the Greek federal government is still ready to create some changes in an effort to get 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 year so far as their stock price is soaring. (Image: Pinnacle.com)

Pinnacle Entertainment’s share price rose to a yearly at the top of Tuesday following a revised $5 billion takeover bid from Gaming and Leisure Properties (GLPI); a bid that analysts say Pinnacle would be mad to make down.

The brand new offer represents a growth 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 inventory Exchange, as investors took the view, shared by JP Morgan, that the takeover is practically a deal that is done.

‘We have 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 chances 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 has 21 casino and racino properties across the United States, such as the Penn nationwide Race Course in Grantville, Pennsylvania.

Pinnacle, meanwhile, traces its history right back to 1938 whenever Jack L Warner, mind of the Warner Brothers Studio, opened the Hollywood Park Racetrack. Initial shareholders in the ongoing company included Walt Disney and Bing Crosby.

The group was known as Hollywood Park Entertainment, and later Hollywood Park Inc, before it changed its title to Pinnacle Entertainment when the racetrack ended up being sold to Churchill Downs in 2000.

Today, it owns 15 casino properties in the US, as well as a controlling stake in the race license owner. It also has 26 percent stake in Asian Coast developing Ltd, the owner and developer of the Ho Tram Strip in Vietnam, which has benefited from the present economic depression in Macau, as Chinese high-rollers seek to evade the scrutiny of the Chinese government.

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 essentially doubling in size.

A 28 percent stake of GLPI under the new proposition, Pinnacle shareholders would also receive a better deal; GLPI is offering $47.50 per share of Pinnacle, and would also give Pinnacle shareholders.

Nonetheless, the language GLPI has used, even its press releases, makes it clear that this may be a takeover that is hostile.

‘GLPI has committed financing in place and is prepared to finalize this transaction immediately, and we would expect to shut our transaction within approximately six months of signing,’ the ongoing company said in a statement. ‘Nevertheless, Pinnacle continues to produce new demands, delaying the signing of a definitive contract and denying its investors a value-creating transaction that is actually superior to Pinnacle’s previously announced separation plan that is standalone.

Bwin.party Confirms GVC Bid

Bwin.party board says it may ‘see the possible advantages’ for the GVC /Amaya deal, because 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 Times broke the story that GVC had produced $1.4 billion offer to get the share that is entire of the web gambling firm; today, the bwin.party board said it absolutely was considering the planet 7 oz withdrawal offer and might see the ‘potential benefits’ to shareholders that are bwin.party.

It was currently committed to resolving a true number of ‘transaction-related issues,’ it included.

It is ambiguous whether 888 Holdings, which made an offer for bwin.party in March, remains at the negotiation table.

‘Any offer made by GVC for bwin.party would include part for the consideration in new GVC shares,’ said Kenneth Alexander, leader of GVC Holdings, today. ‘Based on the successful Sportingbet acquisition to our experience and restructuring, we believe that the potential combination of GVC and bwin.party would result in substantial financial and operating synergies and represent an excellent chance for both GVC and bwin.party shareholders.’

Amaya Offering ‘Some associated with Capital’

Alexander was additionally able to concur 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 the majority of bwin.party, while Amaya would acquire the business’s poker operations, thus offering it a foothold in the New Jersey that is regulated market.

It is thought Amaya would be given the also choice to buy the sportsbook from GVC within the future.

The offer would be a reverse takeover comprised of a mix of new GVC shares and cash, although all events have stressed that there may 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 sports results had led 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 % in the previous 12 months.

‘Despite challenging comparatives together with the impact of EU VAT and POC taxation, our company is satisfied with our business performance in the half that is first’ 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 poor sports book outcomes Alexander remained upbeat about the potential of a bwin.party purchase. ‘It’s been a very difficult market for bwin however it’s also been a very hard market for everyone,’ he said. ‘ From the GVC viewpoint, the one that

 

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