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Penn National Gaming Enters into Definitive Agreement to Acquire Operations of Greektown Casino-Hotel
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Penn National Gaming, Inc., announced that it has entered into a definitive agreement to acquire the operations of Greektown Casino-Hotel in Detroit, Michigan for approximately $300 million in cash.
Simultaneous with the closing of the transaction, Penn National will enter into a triple net lease agreement with VICI Properties Inc. for the Greektown facility. The lease will have an initial annual rent of approximately $55.6 million and an initial term of 15 years, with four 5-year renewal options. The rent coverage ratio in the first year after closing is expected to be 1.8x.
Timothy J. Wilmott, Penn National’s Chief Executive Officer, stated, “The acquisition of the Greektown Casino-Hotel operations from JACK Entertainment, LLC will further expand Penn National’s already diverse operating base with a facility that is extremely well-positioned in one of the nation’s largest regional gaming markets. At the same time, Greektown and its customers will benefit from becoming part of a larger gaming operator, with access to properties in Las Vegas and across the country. We are pleased to partner again with VICI Properties to structure this transaction in a manner that is immediately accretive to Penn National’s operating results upon closing.
“Detroit is undergoing an exciting renaissance as a result of billions of dollars of new investments in the city’s residential, commercial, entertainment and cultural center, all of which are driving new residents, businesses, tourists and employment to the downtown area. Greektown is the only casino in the heart of downtown, and we look forward to welcoming patrons from the many nearby attractions, such as Comerica Park, Ford Field, Little Caesars Arena, the city’s theater district, GM’s Renaissance Center and the Cobo Conference Center. We also look forward to working with JACK Entertainment and VICI to ensure a seamless transition for all of our constituents including customers, employees, vendors, local government and Michigan regulators.”
The transaction will be financed with a combination of cash on hand and debt. On a pro forma basis, and reflecting the October 15, 2018 completion of the acquisition of Pinnacle Entertainment and expected late fourth quarter close of Margaritaville Resort Casino, the Company continues to forecast to be at its target debt levels within 12 -18 months.
Mr. Wilmott added, “Greektown Casino-Hotel further strategically diversifies our revenue, operating and customer base, and presents well-defined paths to the realization of significant synergies. With an OpCo purchase multiple of 6.3x anticipated annual run-rate adjusted EBITDA and including synergies to be realized within eighteen months, we believe this transaction again highlights our commitment to enhancing shareholder value. With the expected increase to our free cash flow, we remain well positioned to reduce leverage, evaluate additional accretive strategic growth investments and opportunistically return capital to shareholders.”
Opened in 2000, Greektown Casino-Hotel features 100,000 square feet of casino space, approximately 2,700 gaming machines and 60 table games, a poker room, three restaurants, seven fast casual food outlets, four bars and a coffee shop. In addition, the casino boasts a AAA Four Diamond 400-room, luxury high-rise hotel with 14,000 square feet of event and catering space. The property employs approximately 1,700 team members and has partnered with nearly 20 local restaurants to offer fine dining rewards to guests.
Upon closing the Greektown transaction, Penn National’s portfolio of regional gaming facilities will increase to 41 properties in 19 jurisdictions.
The transaction, which is expected to close in mid-2019, is subject to the approval of the Michigan Gaming Control Board and other customary closing conditions.
About Penn National Gaming:
Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. Reflecting the recent completion of the Pinnacle Entertainment transaction the Company now operates 40 facilities in 18 jurisdictions. In total, Penn National facilities feature approximately 49,000 gaming machines, 1,200 table games and approximately 9,000 hotel rooms. The Company also offers social online gaming through its Penn Interactive Ventures division and has leading customer loyalty programs with over five million active customers.
Source: Latest News on European Gaming Media Network

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REGISTRATION NOW OPEN FOR GLOBAL GAMING EXPO 2025
Gaming’s Premier Global Event Celebrates 25 Years of Excellence in Las Vegas, Oct. 6-9
Registration is now open for G2E 2025, presented by the American Gaming Association (AGA) and organized by RX. Celebrating its 25th anniversary, Global Gaming Expo continues to act as a catalyst for innovation and excellence, setting the benchmark for the industry standard as the global gaming community convenes at The Venetian Expo from Oct. 6-9. Exhibitors, media, and attendees can find more information and register now by visiting globalgamingexpo.com.
Supported by the Association of Gaming Equipment Manufacturers (AGEM), this historic year features exciting new additions to the show-floor experience, including the high-stakes Dealer Championship and reimagined iGaming Hub in the iGaming Zone.
“G2E 2025 is unlike any year before. Introducing the latest innovations, immersive experiences and business-driving programs, G2E is the place for the international gaming community to look ahead and network in a way that can only happen in person,” said Korbi Carrison, RX’s Event Vice President for G2E.
For 25 years, G2E has been the most influential trade event for the legal, regulated global gaming industry, fostering innovation and driving growth across casinos, hospitality, technology, iGaming, sports betting and more. The event will welcome over 25,000 industry professionals from more than 120 countries, regions and territories, and nearly 400 exhibitors showcasing the latest global gaming technologies.
“As the event that shapes the future of gaming, G2E fosters an environment that empowers and celebrates the decision makers driving the legal, regulated industry forward at a pivotal time,” said Maureen Beddis, AGA’s Senior Vice President of Membership and Events. “This year’s show is the culmination of 25 years of innovation and progress – and the can’t-miss event of the year for anyone invested in shaping what’s next for gaming.”
G2E 2025 will reflect the industry’s growth with a diverse range of offerings and experiences:
- New this year, the G2E Dealer Championship marks the nation’s first competition of its kind, celebrating the skill and professionalism of top land-based U.S. casino dealers.
- The all-new Meeting Zone, where AI-driven matchmaking ensures attendees make the most of their time, with seamless scheduling through the G2E mobile app for business connections tailored to professional goals.
- The G2E Networking Lounge returns as a hub for engagement and collaboration, offering a dedicated space for meaningful conversations across the G2E community.
- Debuting this year, the G2E Media Zone offers state-of-the-art studio space for media partners to conduct interviews, produce content, and connect with industry leaders. Space is available for hourly booking throughout the event.
- The 2025 education program features over 100 sessions and 330 speakers, offering insights from leading voices across gaming.
- A reimagined iGaming Zone delivers immersive opportunities to experience the latest advancements in legal, online gaming – from cutting-edge technology to expert-led conversations and networking in the iGaming Hub.
Education sessions will run from Oct. 6-9, and the expo hall will be open from Oct. 7-9. For more information and to register for G2E 2025, visit globalgamingexpo.com.
The post REGISTRATION NOW OPEN FOR GLOBAL GAMING EXPO 2025 appeared first on European Gaming Industry News.
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Betsson Group Rolls Out Its Flagship Offering in Lithuania
Betsson Group has today launched its flagship brand, Betsson, in Lithuania, marking a new chapter in the Group’s ongoing strategy to unify and elevate its brand presence globally. The rebrand sees the former Betsafe operation transition to the Betsson brand, further strengthening the company’s positioning in regulated markets.
Betsson Group first entered the Lithuanian market in 2016 through the acquisition of TonyBet, which was rebranded as Betsafe the following year. Since then, the brand has gone from strength to strength, establishing itself as one of the leading operators in the country. The transition to Betsson reflects the Group’s ambition to bring even greater consistency, scalability, and brand recognition to its operations across regulated markets. For Lithuanian customers, it ensures the same trusted and seamless gaming experience – now backed by the strength of a globally recognised brand, with expanded resources, international partnerships, and unique fan engagement opportunities.
Jesper Svensson, CEO at Betsson Group, commented, “Lithuania has been an important market for us over the years, and this rebrand is a natural next step in our journey. By aligning our presence in the market under the Betsson brand, we can tap into broader marketing synergies, strengthen our global identity, and continue offering the same great service that our customers know and trust.”
The rebrand reflects Betsson’s ongoing investment in Lithuania, where the company moved into a larger office in Vilnius’ Central Business District just over two years ago. Today, the office is home to around 40 employees working across commercial, payments and support functions.
Over the years, the Group has also built strong local partnerships that demonstrate its commitment to sport. Betsafe is the title sponsor of the Lithuanian Basketball League (Betsafe-LKL), one of the most competitive leagues in the region. The brand also supports both the men’s and women’s Lithuanian national basketball teams, and is a proud sponsor of football club FC Žalgiris.
This brand transition also aligns with Betsson Group’s broader international marketing strategy. The Group is actively investing in high-profile sports sponsorships, including partnerships with Boca Juniors and Racing Club in Argentina, Inter in Italy, Atlético Nacional in Colombia and several other clubs across Europe and Latin America. These global initiatives not only raise brand awareness but also bring added value to local markets like Lithuania through stronger brand recognition and cross-market campaigns.
The post Betsson Group Rolls Out Its Flagship Offering in Lithuania appeared first on European Gaming Industry News.
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ELA Games Unveils Revamped Client Area – A Redesigned Hub For B2B Customers
ELA Games, an innovative iGaming game development studio, has redeveloped its comprehensive Client Area. These changes package crucial assets and data regarding the studio’s games and content in an intuitive and informative manner.
The new Client Area includes the following information:
- Roadmap: B2B clients can now learn about the studio’s plans before they’re revealed to the public. Here, clients can access upcoming games, their information and the company’s forthcoming business plans.
- Game Info: Clients can view ELA Games’ content stats in one consolidated section. They can sort each game by certain metrics, such as RTP%, volatility and more.
- Licensing Info: ELA Games currently has licenses for various regions across Europe, including Malta, Romania, Denmark, and Sweden. Clients can view all the games available in each region to better understand the scope of content applicable to their platforms.
- Visual Assets: Clients can access every game’s visual elements for promotional and marketing purposes and game demos.
ELA Games has grown substantially since its inception, with a significant increase in production output. With more visually-rich content and more technical details for clients to digest, having a consolidated and centralised Client Area that includes all relevant information for B2B clients is essential.
Yaroslav Soloshenko, Business Development Manager of ELA Games, commented on the new improvements, “The Client Area is a useful hub where all our onboarded clients can view game details, our studio’s plans and download any visual assets. This consolidated section makes it easier for operators to interact with our brand and make the most out of our content more effectively. We look forward to making more additions to the improved Client Area as we continue to grow and expand our portfolio.”
The post ELA Games Unveils Revamped Client Area – A Redesigned Hub For B2B Customers appeared first on European Gaming Industry News.
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