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MGM Resorts International And MGM Growth Properties Announce Transaction On Park MGM And NoMad Las Vegas

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MGM Resorts International (“MGM Resorts”) (NYSE: MGM) and MGM Growth Properties LLC (“MGP”) (NYSE: MGP) announced today that they have entered into an agreement whereby MGP will pay MGM Resorts consideration of $637.5 million for investments made to reposition Park MGM and NoMad Las Vegas, which was formerly known as Monte Carlo Resort and Casino. As part of this agreement, the annual rent under the existing Master Lease between MGM Resorts and MGP will increase by $50 million.

“The creation of Park MGM and NoMad Las Vegas, in conjunction with T-Mobile Arena, Park Theater and the entire mid-Strip neighborhood, further solidify our position as a global resort and entertainment leader,” said Jim Murren, Chairman and CEO of MGM Resorts. “As we continue to execute our multifaceted strategic plan, and as part of our ongoing efforts to optimize our portfolio, we believe that these prudent investments in our assets will bring substantial value to MGM Resorts, MGP and our respective shareholders.”

“Park MGM and NoMad Las Vegas are exciting new concepts on the Las Vegas Strip, further enhancing our already outstanding portfolio,” said James Stewart, Chairman and CEO of MGM Growth Properties. “MGM Resorts has invested in the significant repositioning of Park MGM and NoMad Las Vegas and we are excited to partner with MGM Resorts for these iconic assets. We intend to fund the consideration through a combination of cash and availability under our credit facility. This transaction will be immediately accretive to our AFFO and further demonstrates the power of our business model and partnership with MGM Resorts.”

Concluded Murren, “MGM Resorts will continue to deliberately reduce our owned real estate through accretive transactions in the future. MGP is an attractive partner to achieve this goal. We remain committed to our stated strategic objectives, including reducing our ownership stake in MGP.”

Rockefeller Capital Management is acting as financial advisor to the conflicts committee of the MGP Board of Directors.

Consistent with the Master Lease terms, 90 percent of the increased rent will be contractually fixed to grow at two percent per year until 2022, and thereafter will continue to grow provided a tenant revenue to rent ratio is met. The remaining 10 percent is payable in percentage rent. The transaction is expected to close in the first quarter of 2019 and is subject to customary closing conditions.


Source: Latest News on European Gaming Media Network

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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ACR POKER IS AWARDING 100 FREE SEATS TO FINAL WSOP QUALIFIER, WITH FIVE GUARANTEED $30K PACKAGES TO PARADISE

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Join ACR Poker’s Freeroll to WSOP Qualifiers this Sunday and secure your chance to win a free ticket to the $50 Million GTD WSOP Super Main Event in the Bahamas

The countdown to the $50 Million GTD WSOP Super Main Event in the Bahamas is on, and ACR Poker is offering players a chance to win their way to this monumental event for free. On Sunday, December 1st, players can join the Freeroll to WSOP Qualifiers and claim one of 100 free $95 satellite tickets, putting them one step closer to winning a coveted $30K WSOP Paradise Package.

Starting this Sunday at 9:00am ET, the Freeroll to WSOP Qualifiers offers players the ultimate opportunity to compete for a free seat in the largest guaranteed live poker tournament in history. The top 100 finishers of the freeroll will advance to the final $95 Mega Satellite via ‘The Beast’ tourney at 2:05pm ET that same day, where at least five winners will receive an incredible $30K package.

“The Freeroll to WSOP Qualifiers is your chance to turn a $0 investment into a $30K package in paradise and a poker journey of a lifetime,” said 2003 WSOP Main Event Champion and ACR Pro Chris Moneymaker. “Every poker player dreams of moments like this, and with just one freeroll and one $95 Satellite, you could be heading to the Bahamas to compete for huge stakes in poker’s biggest live tournament ever.”

Winners of the premium $30,000 package will receive a luxurious 14-night stay at the 5-Star Atlantis Paradise Island Resort (December 6th-19th) with complimentary lunch and dinner, a $26,000 buy-in to the WSOP Super Main Event, access to an exclusive players’ lounge and entry to the $1 Million Super Save Gold Bracelet Freeroll.

For those looking to increase their chances of earning their $95 Beast ticket, Daily Super Satellites will continue through this Saturday, with five daily freerolls awarding $11 Super Satellite tickets and five $11 Turbo tournaments guaranteeing five $95 seats. This Sunday will also feature two freerolls leading to $11 Super Satellites, plus a Mega Super Satellite at 10:10am ET with 30 guaranteed $95 tickets.

For more details on the Freeroll to WSOP Qualifiers, visit ACRPoker.eu.

 

The post ACR POKER IS AWARDING 100 FREE SEATS TO FINAL WSOP QUALIFIER, WITH FIVE GUARANTEED $30K PACKAGES TO PARADISE appeared first on European Gaming Industry News.

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Stretch Network Unveils MEGA FREEBUY Tournaments in World Poker League Season 3

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Stretch Network announces the continuation of the MEGA FREEBUY tournaments in the third season of the World Poker League. Designed to captivate players and showcase the power of our online poker platform, these events deliver high stakes, excitement, and player engagement.

The MEGA FREEBUY tournaments feature a €5,000 prize pool guarantee, with a €0 buy-in and rebuys available for just €1. Taking place on 30 November, 7, 14, and 21 December at 16:00 (UTC+0), each tournament accommodates up to 4,000 players.

For media partners, these tournaments highlight the capabilities of Stretch Network’s industry-leading online poker software and its ability to drive player retention and acquisition. By offering such tournaments, poker platforms powered by Stretch Network can set themselves apart in the competitive online gaming market.

Our solutions are designed for B2B poker providers seeking innovative tools to deliver exceptional gaming experiences. The World Poker League and the MEGA FREEBUY tournaments serve as a testament to the scalability, reliability, and engagement opportunities our platform provides.

We welcome our media partners to collaborate with us in promoting this exciting series, further establishing Stretch Network as a trusted name in online poker solutions.

The post Stretch Network Unveils MEGA FREEBUY Tournaments in World Poker League Season 3 appeared first on European Gaming Industry News.

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SuperGaming’s Indus Battle Royale surpasses 5 million downloads; concludes first international playtest in Manila

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SuperGaming’s highly anticipated Indo-futuristic Battle Royale game, Indus, has achieved a significant milestone, surpassing 5 million downloads on the Google Play Store and over 100,000 installs on the iOS App Store. This remarkable feat solidifies its position as one of India’s fastest-growing games. The title has also been recognized as the Best Made in India Game by Google Play in their prestigious Best of 2024 awards.

Indus has captivated players with its distinctive Indo-futuristic world setting that seamlessly blends Indian culture with futuristic aesthetics, immersive gameplay, and community-driven innovation. Key gameplay features like the Cosmium Clutch, Grudge Mechanic, and culturally inspired avatars and weapons have particularly resonated with players, offering strategic depth and adrenaline-filled matches.

Building upon this momentum, SuperGaming recently hosted its first international community playtest at the YGG Play Summit in Manila, Philippines. The event featured some of the region’s top esports talent, with Kadiliman Esports emerging victorious. This successful international debut aligns with SuperGaming’s vision to expand its player base while maintaining a deep-rooted connection to its community.

“Surpassing 5 million downloads is more than a milestone—it’s a reflection of the enthusiasm our players have for Indus,” said Roby John, Co-Founder and CEO of SuperGaming. “Hosting our first international playtest at the YGG Play Summit was another defining moment for us, and a reminder of what gaming can achieve—bridging cultures and bringing people together. We’re driven to keep breaking new ground and taking Indus to even greater heights, reaching newer players across the world,” he adds.

Furthermore, in a move to strengthen India’s esports ecosystem, SuperGaming has also announced its year-long Clutch India Movement. The initiative kicks off with the Indus International Tournament, running from October 2024 to February 2025, featuring a massive prize pool of INR 2.5 crores. The tournament will bring together top Indian and international teams across four competitive phases.

SuperGaming remains committed to keeping Indus fresh with regular updates based on player feedback, ensuring the game continually improves. These efforts demonstrate the studio’s commitment to creating a gaming experience that reflects its players’ needs and aspirations while redefining the global perception of Indian gaming.

The post SuperGaming’s Indus Battle Royale surpasses 5 million downloads; concludes first international playtest in Manila appeared first on European Gaming Industry News.

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