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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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Peter & Sons Bolsters Italian Market Presence Via Octavian Lab Deal
New content partnership sees maverick game studio hit Octavian Lab platform
Award-winning game studio Peter & Sons has amped up its presence in the Italian market thanks to a new deal with Octavian Lab.
Rome-based software provider Octavian is a major supplier of igaming solutions to the Italian market, and the deal sees it become one of Peter & Sons’ main aggregate partners in Italy. The company powers big players like Entain-owned Eurobet, Snaitech, Sisal, Betfair and many others. Octavian Lab has recently received a special mention as best aggregator of the year during EGR Italy awards 2024.
Under the new partnership, Peter & Sons first went live with Italian gaming powerhouse Eurobet. Founded in 1995, the brand is an igaming pioneer, having offered digital betting since 1999. As a land-based sports betting operator, it’s one of the most recognizable gaming brands in Italy.
Peter & Sons has been wowing the industry since its 2019 formation with a stream of games that dare to be different.
Drawing on influences from everything from cult comic books and cartoons to obscure science fiction, and with an emphasis on storytelling, audio-visual excellence and playability, the maverick Barcelona-based studio is creating some of the most strikingly original and avant garde casino games on the market today.
The studio picked up three awards at the recent MiGEA Malta iGaming Excellence Awards 2024, including Best New Slots Developer of The Year.
Yann Bautista, Founder and Commercial Director at Peter & Sons said: “Our games have already proved popular in Italy, so to move forward with a really big player like Octavian Lab was the next logical step. Italy is a very exciting market that has doubled in size over the last seven years, and we’re thrilled to increase our reach significantly through this deal.”
Emanuele Nocentelli, CEO at Octavian Lab said: “Our platform powers some of the biggest names in Italian gaming, and that means we always want leading-edge content. Peter & Sons are a breath of fresh air. There’s no one reimagining casino gaming quite like Peter & Sons, and the result is a portfolio of inventive and unparalleled games that have a unique power to delight.”
The post Peter & Sons Bolsters Italian Market Presence Via Octavian Lab Deal appeared first on European Gaming Industry News.
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Amusnet Releases “10 Bulky Fruits” Video Slot
Amusnet has released its latest video slot, 10 Bulky Fruits. It is not an ordinary fruit slot but a dazzling, energetic and exciting game.
This is a 5-reel, 10-fixed paylines video slot that offers vivid gameplay, epic sound effects and a variety of features. Keep an eye out for the Clover Wild Symbol and its great rewards – it appears on the 2nd, 3rd, and 4th reel. The Star and the Dollar are the shiny Scatter symbols boosting the winnings.
10 Bulky Fruits video slot tempts with entertainment and a variety of lucky symbols. Enjoy the fruitilicious bouquet the game offers.
Gamble
Play the game and multiply the winning through the Gambling feature.
Jackpot Cards
The Jackpot Cards bonus game is triggered at random during the gameplay to allow players to win impressive jackpots.
The post Amusnet Releases “10 Bulky Fruits” Video Slot appeared first on European Gaming Industry News.
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Thunderkick strikes again with bowling bonanza Split Happens
Stacked Walking Wilds and Power Reset feature deliver 3,000x win potential
Independent slots studio Thunderkick has unveiled Split Happens, the latest addition to its product portfolio that combines a quirky bowling theme with Walking Wilds and respins to provide a unique and compelling gaming experience.
The action takes place across a classic 5×3 grid, where winning combinations can be formed both ways to help unlock 3,000x maximum wins.
Base game action is enhanced by Walking Stacked Wilds, which award a minimum of two respins whenever reels two, three or four are filled with bowling pin Wild symbols. Wilds are transformed into Stacked Wilds and move one position toward the outside of the reels with each respin, boosting wins until they leave the grid.
If a Walking Stacked Wild lands on reel three, the Split Happens feature is triggered, cutting the icon in half and placing a Stacked Wild on both reels two and four before respins commence.
The bonus round is activated when three bowling ball scatters are collected in the bonus meter, with five Free Spins awarded. During the feature, a multiplier remains in place above the reels, which increases by 1x with each respin and is applied to all wins featuring a Stacked Wild.
Every time a Stacked Wild lands, the Power Reset feature resets the Free Spins counter to 5, while retaining the existing multiplier to significantly increase wins.
Split Happens is a vibrant addition to Thunderkick’s constantly evolving product portfolio that showcases the provider’s distinctive approach to game creation, leveraging its best-in-class production team to deliver immersive and entertaining gameplay.
Mike Collins, Game Product Owner at Thunderkick, said: “We continually strive to diversify our product portfolio to appeal to a broad player base. Split Happens is our latest creation that combines whimsical graphics with 3,000x win potential to provide something a little different for players.
“In a highly competitive market, embracing themes rarely utilised allows us to stand out as a brand and provide real value for our operator partners.”
The post Thunderkick strikes again with bowling bonanza Split Happens appeared first on European Gaming Industry News.
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