Greece’s ongoing monetary crisis and standoff with European leaders could have repercussions that impact the economy that is global.
That impact extends also to the gaming casino-online-australia.net industry, as Greece’s efforts to avoid defaulting further on its debts may show costly to organizations like International Game Technology (IGT) and Scientific Games.
Those manufacturers were hoping to provide video lottery terminals throughout Greece, utilizing the games simply days away from a planned launch. But, the Hellenic Gaming Commission announced lottery that is new into the wake for the nation’s financial crisis, leaving much doubt regarding the short-term future of the industry.
Brand New Regulations Limit Play, 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 be lower under the brand new laws.
That didn’t stay well with OPAP, the Greek company that operates the video lottery terminal community. In a statement, the organization said that the brand new regulation would make operating the terminals ‘no longer viable,’ and immediately stopped the deployment of 16,500 machines through the country.
Evaluating the situation realistically, the timing of the regulations that are new OPAP’s decision that are coincidental, and it’s hard to see how it might be directly related to the battle over Greek financial obligation. But that doesn’t imply that the crisis that is ongoingn’t be described as a factor in how a lottery terminal battle is resolved.
‘The delay does not have anything related to the present debt crises apart from maybe OPAP playing hardball because of the regulators hoping because they need the new tax revenue,’ said Todd Eilers of Eilers Research that they will cave.
IGT, Scientific Games Could Lose Revenue
If this is merely a negotiating tactic on the part of OPAP, maybe it’s a costly one for slot machine game manufacturers like IGT and Scientific Games. Both of these companies were producing terminals for the Geek market, and the delays may potentially price those two businesses millions in income.
IGT was awarded a merchant contract to produce 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 yearly revenues from the machines provided to Greece, while Scientific Games could make as much as $27 million.
The delays as well as the financial crisis have definitely brought some uncertainty to the Greek video 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 growth that is sizable for vendors,’ he said.
The negotiations throughout the future of Greece’s lottery terminals comes at time whenever bigger battles are increasingly being waged on the country’s monetary future.
Greeks voted ‘no’ on the lending that is strict offered by worldwide creditors on Sunday, with more than 61 percent of voters developing against the terms.
But that vote doesn’t mean that Greece isn’t ready to negotiate. Prime Minister Alexis Tsipras says that the Greek federal government is still willing in order to make some changes so as to receive assistance from Europe, and asked for a three-year loan from the eurozone’s bailout investment 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 high on following a revised $5 billion takeover bid from Gaming and Leisure Properties (GLPI); a bid that analysts say Pinnacle would be mad to turn down tuesday.
The offer that is new a rise of $900 million on a bid Pinnacle rebuffed in March.
The 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 done deal.
‘We have a time that is tough a situation 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 corporate spin-off of penn nationwide Gaming formed in 2013, trades on the NASDAQ and owns 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 company included Walt Disney and Bing Crosby.
The group was initially known as Hollywood Park Entertainment, and later Hollywood Park Inc, before it changed its title to Pinnacle Entertainment when the racetrack had been sold to Churchill Downs in 2000.
Today, it owns 15 casino properties in the US, in addition to a controlling stake in the racing permit owner. Additionally has 26 percent stake in Asian Coast developing Ltd, the master 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 government that is chinese.
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.
Under the brand new proposition, Pinnacle shareholders would also get a better deal; GLPI is offering $47.50 per share of Pinnacle, and would also give Pinnacle shareholders a 28 % stake of GLPI.
Nevertheless, the language GLPI has used, even its press releases, helps it be clear that this can be a takeover that is hostile.
‘GLPI has committed financing set up and it is prepared to finalize this deal immediately, and we would expect to close our transaction within approximately six months of signing,’ the ongoing business said in a statement. ‘Nevertheless, Pinnacle continues to create brand new demands, delaying the signing of the definitive contract and denying its shareholders a value-creating transaction that is clearly more advanced than Pinnacle’s previously announced separation plan that is standalone.
Bwin.party Confirms GVC Bid
Bwin.party board says it can ‘see the prospective advantages’ regarding the GVC /Amaya deal, because it files another disappointing financial report. (Image: pokergruond.com)
GVC’s Amaya-backed bid for bwin.party had been confirmed by the board today.
Yesterday, The Financial Times broke the tale that GVC had produced $1.4 billion offer to acquire the entire share capital of the web gambling firm; today, the bwin.party board said it had been considering the offer and might see the ‘potential benefits’ to bwin.party shareholders.
It ended up being currently committed to resolving number of ‘transaction-related issues,’ it added.
It is uncertain whether 888 Holdings, which made an offer for bwin.party in March, remains at the settlement table.
‘Any offer made by GVC for bwin.party Today would include part of the consideration in new GVC shares,’ said Kenneth Alexander, Chief Executive of GVC Holdings. ‘Based on our experience because of the successful Sportingbet acquisition 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 of both GVC and bwin.party shareholders.’
Amaya Providing ‘Some of the Capital’
Alexander was additionally able to confirm 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 find the company’s poker operations, thus giving 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 in the future.
The offer could be a reverse takeover comprised of a combination of new GVC shares and money, although all parties have stressed that there can 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 recreations results had led up to a decline in gross win margins for the first half of the year.
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 year that is previous.
‘Despite challenging comparatives along with the impact of EU VAT and POC taxation, our company is happy with our company performance in the very first half,’ bwin,party CEO Norbert Teufelberger stated. ‘ We now have completed our brand new organisational set-up and streamlined our decision-making processes, significantly improving our operational performance.’
Despite the sports that are poor 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 difficult market for everyone,’ he said. ‘ From the GVC perspective, one which