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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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SKS365 keeps investing in people: GROW People Management Program took the next level

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11 experienced people managers from the SKS365 group’s 4 locations gathered last week in Belgrade for the new GROW People Management Program. From 15 th to 19 th of April, through trainings, discussions, and social connections, people had the opportunity to further grow individually and as a team, while enjoying Belgrade’s city center and rivers.

Created in 2023 with the purpose of building foundation people management skills across the organization, GROW initiative evolved this year by including a new, advanced program for experienced people managers to further consolidate their skills and prepare for future opportunities.

Building and fostering connections, sharing experiences, and enjoying team building experiences – all these activities have been part of the GROWpmp agenda for the 11 people managers coming from Commercial, Product and Development, Finance, and Sportsbook departments of the group’s 4 locations – Malta, Italy, Austria, Serbia.

GROWpmp included a variety of topics that people managers in SKS365 recognized as the key areas for management development. Topics such as influence through communication, team effectiveness, DEI, through to presentation skills and business topics like understanding finance and management reporting, were delivered with the support of external professionals and internal experts, while designed and organized by the SKS365 People & Culture team.

 

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North Star Network acquires Um Dois Esportes

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North Star Network are delighted to announce the acquisition of umdoisesportes.com.br, which becomes the latest addition to NSN’s global sports media portfolio.

Born from the GRPCOM merger of the editorial teams of Gazeta Do Povo and Tribuna do Paraná in 2020, Um Dois Esportes provides in-depth sports coverage and analysis for the Brazilian state of Paraná and beyond.

North Star Network co-founder Julien Josset said: “Thank you to the team at GRPCOM for their faith in us to take the brand forward. Um Dois Esportes is an established and renowned site in Paraná State, and we’re excited about the challenge of developing this asset.”

“We’re happy to maintain the collaboration with the existing editorial team, and look forward to working with them, bringing our unique NSN approach, to take UDE forward.” NSN’s signing of Um Dois Esportes is the media house’s fourth acquisition of 2024, following the recent deals to purchase UK-based SportsMole and MrFixitsTips, as well as Chilean site AlAireLibre, which was announced in March.

The latest addition to the North Star media portfolio joins existing assets including Top Mercato, Afrik-Foot, and Vringe. The Paris-based company already oversees a significant Brazilian operation, delivering over 6 million sessions per month, from the likes of Trivela, Premier League Brasil and Lakers Brasil.

NSN will retain Curitiba-based journalists from the Um Dois Esportes legacy team to maintain the asset’s unique tone and popular coverage of the Paraná sports scene across site and social.

“We were surprised by the interest, and initially had no intention of selling Um Dois, but as the conversations evolved, we realised this was a serious group with good intentions,” said GRPCOM Director Rafael Mello. “We were very happy to see our project being valued by a large international group and going global, demonstrating the quality of the content we produced.”

“We’re also proud that North Star inherited our journalists, who are truly responsible for the success of the product we offer readers every day.”

 

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BNXT League and PepperMill Casino join forces

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BNXT League , the professional men’s basketball league played across the Netherlands and Belgium, and PepperMill Casino, the online casino licensed in Belgium, are pleased to announce their partnership centered around the BNXT League’s Belgian Play Offs.

PepperMill Casino will be a naming partner of the Belgian play offs. For the 24-25 season, PepperMill remains a partner of the BNXT League until the restrictions on gambling advertising take legal effect on January 1, 2025.

The partnership between BNXT League and PepperMill Casino aims to create engaging and customized content that engages and captivates fans on multiple fronts while increasing brand awareness.

“The basketball community is growing and buzzing with excitement and energy,” stated Anthony Rus, General Director of PepperMill Casino. “This partnership allows us to create memorable moments that build brand awareness and capture the hearts of fans.”

Wim Van de Keere, general manager of the BNXT League, adds, “The playoffs are undoubtedly the sporting highlight of the season. We are delighted to still be able to tie a dynamic partner like PepperMill Casino to us despite the restrictions coming up from 2025.”

 

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