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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 Enters into Definitive Agreement to Acquire Operations of Greektown Casino-HotelReading Time: 3 minutes

 

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

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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Faster Guest Entry at Korea’s INSPIRE Entertainment Resort’s Casino, Powered by Regula’s Technology

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International guests arriving at South Korea’s largest foreigner-only casino, INSPIRE Entertainment Resort, now enjoy a significantly faster and more seamless check-in experience. Customer onboarding times have noticeably improved following the integration of Regula’s advanced identity verification technology. Regula Document Reader SDK, the most comprehensive ID verification solution in the world, integrates with the resort’s anti-money laundering (AML) procedures, boosting operational efficiency and compliance.

Seeking to enhance operational efficiency and meet evolving AML requirements, INSPIRE Entertainment Resort sought a faster and more accurate solution. The resort, which features a high-volume casino catering exclusively to foreign guests, needed a system capable of recognizing passports from around the globe with minimal friction.

Following vendor evaluations, INSPIRE selected Regula Document Reader SDK for its superior document reading speed, intuitive interface, and unmatched global ID coverage. Regula’s solution is powered by the company’s proprietary ID template database—the world’s largest—covering 15,000+ document templates across 254 countries and territories.

Deployed across six entrance stations, Regula Document Reader SDK enables real-time extraction and validation of critical ID data, such as name, date of birth, nationality, and passport number. This data is then passed directly to INSPIRE’s AML system, which in turn performs automated screening against external compliance and watchlist databases.

Since deploying Regula Document Reader SDK, INSPIRE Entertainment Resort casino has experienced:

  1. Faster document processing and guest entry.
  2. Significant reduction in manual rescans and staff workload.
  3. Consistently smooth onboarding, even during peak entry hours.

“As the team responsible for passport scanning at the casino, we’re very satisfied with the improvements Regula has brought. The speed of document processing has noticeably increased, and guest entry has become much smoother. It’s a reliable solution that has elevated the efficiency of our daily operations,” says Dr. Ilnam Lee, IT Director at INSPIRE Entertainment Resort.

“In industries like hospitality, every second counts. We’re happy to support INSPIRE Entertainment Resort in creating a faster and more secure guest onboarding experience while meeting strict AML requirements. Our focus is to make accurate identity verification seamless, even in complex international scenarios, and this project is a great example of that in action,” says Ihar Kliashchou, Chief Technology Officer at Regula.

The post Faster Guest Entry at Korea’s INSPIRE Entertainment Resort’s Casino, Powered by Regula’s Technology appeared first on European Gaming Industry News.

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Make-A-Wish® International Launches Infinite Wishes Initiative to Inspire Hope Through the Power of Gaming

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Make-A-Wish® International, the world’s leading wish-granting organization, has announced the launch of its Infinite Wishes Initiative, a global programme aimed at uniting the video games industry to help grant life-changing wishes for children living with critical illnesses.

Launched in response to a dramatic rise in gaming-related wishes – ranging from building custom PCs to meeting developers or creating custom skins – Infinite Wishes provides a flexible, inclusive framework for the industry to make a meaningful impact, no matter an organization’s size or budget. With tiered partnership levels and non-financial participation options, companies can get involved in ways that align with their goals and resources.

April Stallings, Charitable Gaming and Creators Community Manager at Make-A-Wish International, commented:

“Infinite Wishes is about creating pathways for the games industry to do great things, whether that’s funding wishes, hosting a livestream, or simply sparking a new idea for impact. We know how passionate and talented this community is. This initiative is about giving teams a purpose-driven outlet to rally around – one that lifts spirits, sparks creativity, and changes lives.”

To help shape and guide the programme, Make-A-Wish International has assembled a Games Industry Advisory Committee made up of leaders and experts across the sector. Going into its second year, the committee includes representatives from Square Enix, Bethesda, Bandai Namco Entertainment, Raccoon Logic, 2K, Deviant Legal, Modoyo, Stream for a Cause, and Dames4Games.

Wouter Van Vugt, EMEA Communications & Community Engagement Senior Director at Bandai Namco Entertainment Europe and Chair of the Make-A-Wish Games Industry Advisory Committee, added:

“There’s never been a better time for the games industry to show its heart. Through Infinite Wishes, our industry has the opportunity to channel our collective goodwill and reach into something that delivers lasting, real-world impact for children who need it most. The opportunity to help fulfil a child’s wish is one of the most powerful things we can offer.”

Since 1980, Make-A-Wish has granted over 615,000 wishes globally. In 2024 alone, the international network granted more than 16,000 wishes, with gaming playing a growing role in the wish journey of many children. The Infinite Wishes initiative reflects Make-A-Wish International’s commitment to expanding its impact through new and innovative partnerships with the gaming community.

Inaugural members of the Infinite Wishes Initiative include Raptor PR and PlaySafe ID.

The post Make-A-Wish® International Launches Infinite Wishes Initiative to Inspire Hope Through the Power of Gaming appeared first on European Gaming Industry News.

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AI-powered iGaming customer service firm Tugi Tark signs strategic partnership agreement with WebPrefer

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The partnership will deliver smarter support for iGaming operators, including multilingual support, regulatory compliance, and elevated player experiences

Tugi Tark today announces a strategic partnership with WebPrefer, the Swedish software company behind the Wepam iGaming platform. The collaboration brings Tugi Tark’s AI-powered support software into WebPrefer’s core technology, offering iGaming operators a fully integrated solution for modern customer service.

As the iGaming industry faces increasing demand for multilingual support, regulatory compliance, and elevated player experiences, the integration of Tugi Tark’s AI-powered customer service software directly into the Wepam Player Account Management (PAM) system offers operators an innovative edge. This solution enables faster, smarter, and more scalable player support across markets.

WebPrefer’s Wepam platform is built with adaptability in mind, supporting multi-brand operations, CRM, rewards, responsible gaming, and real-time monitoring. By integrating Tugi Tark’s customer support software directly into its PAM system, WebPrefer delivers a plug-and-play solution for iGaming operators.

Harpo Lilja, CEO of Tugi Tark, said: “We are thrilled to partner with WebPrefer to bring smarter support to the iGaming world.This collaboration underscores our shared commitment to help operators create deeper connections with their players through AI-enhanced support.”

Mikael Lindberg Castell, Founder & CEO of WebPrefer, said: “Implementing Tugi Tark’s AI Agent support tool into our own PAM solution was a no-brainer for us. Assisting end users is fundamental to any business, and together with Tugi Tark we can now present a complete solution for iGaming operators. This partnership is one more way we’re making player care faster, smarter, and at scale.”

This partnership marks a significant milestone in both companies’ missions to modernize iGaming support and operational strategy. The integrated system is customizable, fast to deploy, and designed with regulatory frameworks in mind, ideal for operators scaling across brands, geographies, and languages.

The post AI-powered iGaming customer service firm Tugi Tark signs strategic partnership agreement with WebPrefer appeared first on European Gaming Industry News.

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