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

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Feb

17

2020

Greek E<span id="more-40933"></span>conomic Crisis May Impact IGT. Prime Minister Alexis Tsipras says that Greece continues to be willing to negotiate with European leaders on the nation’s debts.

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

That impact extends also to the gaming industry, as Greece’s efforts to avoid defaulting further on its debts may prove costly to organizations like International Game Technology (IGT) and Scientific Games.

Those manufacturers had been hoping to provide video lottery terminals throughout Greece, utilizing the games just days away from a planned launch. Nonetheless, the Hellenic Gaming Commission announced new lottery regulations in the wake associated with country’s economic crisis, leaving much uncertainty as to the short-term future of the industry.

New Regulations Limit Enjoy, Jackpot Size

Each day under the new regulations, daily loss limits were to be added to the machines, and gamblers would be limited as to how much time they would be allowed to play on a machine. Jackpot levels would additionally be reduced under the regulations that are new.

That didn’t stay well with OPAP, the Greek company that operates the video lottery terminal system. In a declaration, 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.

Evaluating the specific situation realistically, the timing of the regulations that are new OPAP’s choice might be coincidental, and it’s really hard to see how it would be directly related to the battle over Greek debt. But that doesn’t signify the ongoing crisis won’t be described as a factor in how a lottery terminal battle is resolved.

‘The delay does not have anything to do with the current debt crises other than maybe OPAP playing hardball with the regulators hoping which they will cave because they require the brand new income tax income,’ said Todd Eilers of Eilers Research.

IGT, Scientific Games Could Lose Revenue

Should this be merely a tactic that is negotiating the part of OPAP, maybe it’s a pricey one for slot machine manufacturers like IGT and Scientific Games. Both of the companies were terminals that are producing the Geek market, and the delays may potentially price those two firms millions in income.

IGT had been awarded a merchant contract to offer 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 vendor contracts.

IGT was expected to make up to $30 million in annual revenues through the machines offered to Greece, while Scientific Games could make as much as $27 million.

The delays while the crisis that is financial definitely brought some uncertainty to the Greek video clip lottery terminal market, but Eilers says that in the long run, Greece should still be a profitable market for manufacturers.

‘We nevertheless believe the VLT market will move forward and represents a sizable growth opportunity for vendors,’ he said.

The negotiations on the future of Greece’s lottery terminals comes at a right time whenever much larger battles are now being waged over the nation’s economic future.

Greeks voted ‘no’ on the lending that is strict provided by international creditors on Sunday, with more than 61 percent of voters coming out against the terms.

But that vote does not mean that Greece isn’t prepared to negotiate. Prime Minister Alexis Tsipras claims that the Greek federal government is still willing to produce some changes to be able to get assistance from Europe, and requested a three-year loan from the eurozone’s bailout fund on Wednesday.

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$5 Billion Pinnacle Entertainment Takeover Is Odds On

Pinnacle Entertainment is having a banner year as 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 angry to show down.

The new offer represents a growth of $900 million for a bid Pinnacle rebuffed in March.

The news of the proposal delivered Pinnacle’s stock price up by 5.82 percent on the New York inventory Exchange, as investors took the view, shared by JP Morgan, that the takeover is practically a done deal.

‘We have a tough time envisioning a scenario where Pinnacle’s board and management could create the exact same value in the same time frame that GLPI’s deal would, and we don’t see the probability of a superior bid from another entity,’ JP Morgan Gaming Analyst Joe Greff told the nevada Review Journal on Tuesday.

Bing Crosby No On Board

GLPI, a spin-off that is corporate of nationwide Gaming formed in 2013, trades on the NASDAQ and owns 21 casino and racino properties across the United States, such as the Penn National Race Course in Grantville, Pennsylvania.

Pinnacle, meanwhile, traces its history right back to 1938 when Jack L Warner, head 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 name to Pinnacle Entertainment when the racetrack was sold to Churchill Downs in 2000.

Today, it owns 15 casino properties in the US, in addition to a stake that is controlling the race permit owner. It has 26 percent stake in Asian Coast developing Ltd, the dog owner and developer 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 associated with the Chinese government.

Better Deal

In 2013 Pinnacle acquired Ameristar Casinos for $869 million and $1.9 billion of assumed debt, adding nine properties that are new its profile and basically 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, helps it be clear that this is often a takeover that is hostile.

‘GLPI has committed financing in place and it is prepared 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 a definitive contract and doubting its shareholders a value-creating transaction that is obviously superior to Pinnacle’s previously announced separation plan that is standalone.

Bwin.party Confirms GVC Bid

Bwin.party board says it can ‘see the prospective advantages’ of the GVC /Amaya deal, because it files another disappointing financial report. (Image: pokergruond.com)

GVC’s Amaya-backed bid for bwin.party had been verified by the board today.

Yesterday, The Financial circumstances broke the story that GVC had made a $1.4 billion offer to acquire the share that is entire of the online gambling firm; today, the bwin.party board said it had been considering the offer and could see the ‘potential benefits’ to shareholders that are bwin.party.

It had been presently committed to resolving a true number of ‘transaction-related issues,’ it added.

It is unclear whether 888 Holdings, which made an offer for bwin.party in March, is still at the settlement table.

‘Any offer made by GVC for bwin.party would include part of this 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 window of opportunity for both GVC and bwin.party shareholders.’

Amaya Offering ‘Some associated with Capital’

Alexander was additionally in a position to confirm that Amaya Inc is supplying ‘some of the money’ in the deal, and would therefore take ‘some of the assets’ should it proceed.

It’s understood that in the event of a takeover, GVC would own nearly all bwin.party, while Amaya would get the business’s poker operations, thus providing it a foothold in the New Jersey that is regulated market.

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

The deal will be a takeover that is reverse of a combination of new GVC shares and money, although all events have stressed that there may be no certainty that the deal will be accepted.

Poor Sportsbook Results

The news 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 percent in the previous 12 months.

‘Despite challenging comparatives along with the impact of EU VAT and POC taxation, we have been happy with our business performance in the very first half,’ bwin,party CEO Norbert Teufelberger said. ‘ We have completed our new set-up that is organisational streamlined our decision-making processes, significantly improving our operational performance.’

Despite the poor sports book results Alexander remained upbeat about the potential of a bwin.party acquisition. ‘It’s been an extremely hard market for bwin however it’s also been an extremely tough market for everyone,’ he said. ‘ Through the GVC viewpoint, the one that

 

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