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

Greek F<span id="more-9496"></span>inancial Meltdown May Impact IGT. Prime Minister Alexis Tsipras says that Greece is still willing to negotiate with European leaders within the country’s debts.

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 industry, as Greece’s attempts to further avoid defaulting on its debts may show costly to organizations like International Game Technology (IGT) and Scientific Games.

Those manufacturers had been hoping to provide video lottery terminals throughout Greece, because of the games simply days away from a planned launch. Nevertheless, the Hellenic Gaming Commission announced lottery that is new within the wake for the nation’s economic crisis, leaving much doubt regarding the short-term future of the industry.

Brand New Regulations Limit Play, Jackpot Size

Under https://casino-online-australia.net/planet-7-oz-casino-review/ the newest laws, daily loss limits were to be included with the machines, and gamblers would be limited as to how much time they would be permitted to use a machine each day. Jackpot levels would be lower under the new regulations.

That didn’t stay well with OPAP, the Greek company that operates the video lottery terminal network. 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 in a statement.

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

‘The delay doesn’t have anything to do with the present financial obligation crises apart from maybe OPAP playing hardball with 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 just a tactic that is negotiating the part of OPAP, it could be a pricey one for slot machine game manufacturers like IGT and Scientific Games. Both of these companies were terminals that are producing the Geek market, and the delays could potentially price those two businesses millions in income.

IGT ended up being awarded a vendor contract to give 5,500 lottery machines, while Scientific Games was slated to make 5,000 devices 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 bring in as much as $27 million.

The delays and the financial crisis have definitely brought some uncertainty to the Greek movie 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 forward and represents a growth that is sizable for vendors,’ he said.

The negotiations within the future of Greece’s lottery terminals comes at a right time when much larger battles are being waged on the nation’s economic 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 against the terms.

But that vote does not mean that Greece isn’t prepared to negotiate. Prime Minister Alexis Tsipras states that the Greek federal government is still ready to create some changes so as to get assistance from Europe, and requested a three-year loan from the eurozone’s bailout investment on Wednesday.

$5 Billion Pinnacle Entertainment Takeover Is Odds On

Pinnacle Entertainment is having a banner so far as their stock price is soaring year. (Image: Pinnacle.com)

Pinnacle Entertainment’s share price rose to an annual at the top of 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 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 regarding 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 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 Las Vegas Review Journal on Tuesday.

Bing Crosby No On Board

GLPI, a corporate spin-off of penn National Gaming formed in 2013, trades on the NASDAQ and owns 21 casino and racino properties across the US, including the Penn nationwide 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 initially known as Hollywood Park Entertainment, and later Hollywood Park Inc, before it changed its title 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 master and developer of the Ho Tram Strip in Vietnam, which has benefited from the current 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 properties that are new its portfolio and basically doubling in size.

Under the 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 percent stake of GLPI.

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

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

Bwin.party Confirms GVC Bid

Bwin.party board says it could ‘see the possible advantages’ for the GVC /Amaya deal, as 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 tale that GVC had produced $1.4 billion offer to get the entire share capital of the internet gambling firm; today, the bwin.party board said it was considering the offer and could see the ‘potential benefits’ to shareholders that are bwin.party.

It was presently committed to resolving 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 negotiation 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 the successful Sportingbet acquisition to our experience and restructuring, we think that the potential combination of GVC and bwin.party would result in substantial financial and operating synergies and represent an opportunity that is excellent both GVC and bwin.party shareholders.’

Amaya Providing ‘Some for the Capital’

Alexander was additionally in a position to make sure Amaya Inc is supplying ‘some of the capital’ 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 get the company’s poker operations, thus offering it a foothold in the regulated New Jersey market.

It’s 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 mixture of new GVC shares and money, although all parties 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 % in the previous year.

‘Despite challenging comparatives together with the impact of EU VAT and POC taxation, we’re pleased with our company performance in the very first half,’ bwin,party CEO Norbert Teufelberger stated. ‘ We have completed our brand new set-up that is organisational streamlined our decision-making procedures, significantly improving our operational performance.’

Despite the poor sports book outcomes Alexander stayed positive about the potential of a bwin.party acquisition. ‘It’s been an extremely hard market for bwin but it’s also been a very hard market for everybody,’ he said. ‘ From the GVC viewpoint, one that

 

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