Greek Financial Meltdown May Impact IGT. Prime Minister Alexis Tsipras says


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 that Greece is still willing to negotiate with European leaders on the nation’s debts.

Greece’s ongoing economic crisis and standoff with European leaders could have repercussions that impact the economy that is global.

That impact extends even to the gaming industry, as Greece’s attempts to avoid defaulting further on its debts may show costly to organizations like Global Game Technology (IGT) and Scientific Games.

Those manufacturers were hoping to provide video lottery terminals throughout Greece, because of the games just days away from a launch that is planned. Nonetheless, the Hellenic Gaming Commission announced lottery that is new in the wake of the country’s monetary crisis, leaving much doubt as to the short-term future of the industry.

Brand New Regulations Limit Play, Jackpot Size

Under the brand new regulations, daily loss limits were become included with the machines, and gamblers would be limited as to how enough time they would be permitted to play on a machine each day. Jackpot levels would also be reduced under the regulations that are new.

That didn’t sit well with OPAP, the Greek company that operates the video lottery terminal system. In a statement, the organization said that the brand new regulation would make operating the terminals ‘no longer viable,’ and immediately stopped the deployment of 16,500 machines throughout the country.

Taking a look at the specific situation realistically, the timing of the brand new regulations and OPAP’s decision might be coincidental, and it’s really hard to see how it would be directly related to the battle over Greek debt. But it doesn’t signify the ongoing crisis won’t be considered a element in how the lottery terminal battle is resolved.

‘The delay does not have anything regarding the present financial obligation crises apart from maybe OPAP playing hardball with the regulators hoping which they will cave because they need the brand new taxation revenue,’ said Todd Eilers of Eilers Research.

IGT, Scientific Games Could Lose Revenue

If this is simply a negotiating tactic on the component of OPAP, maybe it’s a costly one for slot machine manufacturers like IGT and Scientific Games. Both of these companies were producing terminals for the Geek market, and the delays may potentially planet 7 oz no deposit casino bonus codes for existing players price those two companies millions in revenue.

IGT had been awarded a merchant contract to produce 5,500 lottery machines, while Scientific Games was slated to make 5,000 machines for the market. Two European manufacturers, Inspired Gaming and Synot, were also awarded vendor that is first-phase.

IGT was expected to make up to $30 million in annual revenues from the machines supplied to Greece, while Scientific Games could make as much as $27 million.

The delays as well as the financial crisis have undoubtedly brought some uncertainty to the Greek movie lottery terminal market, but Eilers says that in the long run, Greece should still be a profitable market for manufacturers.

‘We still believe the VLT market will move forward and represents a growth that is sizable for vendors,’ he said.

The negotiations within the future of Greece’s lottery terminals comes at a right time when much bigger battles are now being waged within the nation’s monetary future.

Greeks voted ‘no’ on the strict lending terms provided by international creditors on Sunday, with more than 61 percent of voters developing against the terms.

But that vote does not mean that Greece isn’t prepared to negotiate. Prime Minister Alexis Tsipras claims that the Greek federal government is still prepared to make some changes in an effort to get assistance from Europe, and asked for a three-year loan from the eurozone’s bailout fund on Wednesday.

$5 Billion Pinnacle Entertainment Takeover Is Odds On

Pinnacle Entertainment is having an advertising so far as their stock price is soaring year. (Image: Pinnacle.com)

Pinnacle Entertainment’s share price rose to a yearly on top of Tuesday following a revised $5 billion takeover bid from Gaming and Leisure Properties (GLPI); a bid that analysts say Pinnacle would be mad to turn down.

The new offer represents an increase of $900 million for a bid Pinnacle rebuffed in March.

The news headlines of the proposal sent Pinnacle’s stock price up by 5.82 percent regarding the New York inventory Exchange, as investors took the view, shared by JP Morgan, that the takeover is practically a deal that is done.

‘We have time that is tough a situation where Pinnacle’s board and management could create the same value in the same time frame that GLPI’s deal would, and we do not see the chances of a superior bid from another entity,’ JP Morgan Gaming Analyst Joe Greff told the Las Vegas Review Journal on Tuesday.

Bing Crosby No On Board

GLPI, a corporate spin-off of penn National Gaming formed in 2013, trades on the NASDAQ and has 21 casino and racino properties across the United States, including the Penn National Race Course in Grantville, Pennsylvania.

Pinnacle, meanwhile, traces its history back to 1938 whenever Jack L Warner, mind of the Warner Brothers Studio, opened the Hollywood Park Racetrack. Initial shareholders in the ongoing business included Walt Disney and Bing Crosby.

The group was called Hollywood Park Entertainment, and later Hollywood Park Inc, before it changed its title to Pinnacle Entertainment when the racetrack was sold to Churchill Downs in 2000.

Today, it owns 15 casino properties in the US, also a stake that is controlling the race permit owner. Additionally has 26 percent stake in Asian Coast Development Ltd, the owner and developer of the Ho Tram Strip in Vietnam, which has benefited from the recent economic downturn in Macau, as Chinese high-rollers seek to evade the scrutiny associated with government that is chinese.

Better Deal

In 2013 Pinnacle acquired Ameristar Casinos for $869 million and $1.9 billion of assumed debt, adding nine properties that are new its profile and basically doubling in size.

A 28 percent stake of GLPI under the new proposition, Pinnacle shareholders would also receive a better deal; GLPI is offering $47.50 per share of Pinnacle, and would also give Pinnacle shareholders.

However, the language GLPI has used, even its press releases, causes it to be clear that this is often a takeover that is hostile.

‘GLPI has committed financing in place and it is prepared to finalize this deal immediately, and we would expect to close our transaction within approximately six months of signing,’ the company said in a declaration. ‘Nevertheless, Pinnacle continues to help make new demands, delaying the signing of the definitive contract and denying its investors a value-creating transaction that is actually superior to Pinnacle’s previously announced separation plan that is standalone.

Bwin.party Confirms GVC Bid

Bwin.party board says it may ‘see the prospective benefits’ of this GVC /Amaya deal, as it files another disappointing financial report. (Image: pokergruond.com)

Today GVC’s Amaya-backed bid for bwin.party was confirmed by the board.

Yesterday, The Financial Times broke the story that GVC had made a $1.4 billion offer to find the share that is entire of the web gambling firm; today, the bwin.party board said it was considering the offer and could see the ‘potential benefits’ to bwin.party shareholders.

It ended up being presently committed to resolving number of ‘transaction-related issues,’ it added.

It is uncertain whether 888 Holdings, which made an offer for bwin.party in March, is still at the negotiation table.

‘Any offer made by GVC for bwin.party would include part associated with the consideration in new GVC shares,’ said Kenneth Alexander, Chief Executive of GVC Holdings, today. ‘Based on our experience with the effective Sportingbet acquisition and restructuring, we think that the potential combination of GVC and bwin.party would result in substantial financial and operating synergies and represent an excellent window of opportunity for both GVC and bwin.party shareholders.’

Amaya Offering ‘Some regarding the Capital’

Alexander was additionally able to confirm that Amaya Inc is supplying ‘some of the capital’ in the deal, and would therefore take ‘some of the assets’ should it proceed.

It’s understood that in the event of the takeover, GVC would own the majority of bwin.party, while Amaya would find the business’s poker operations, thus giving it a foothold in the New Jersey that is regulated market.

It’s thought Amaya would be given the also choice to buy the sportsbook from GVC into the future.

The deal is a reverse takeover comprised of a mix of new GVC shares and money, although all events have stressed that there can be no certainty that the deal will be accepted.

Poor Sportsbook Results

The news headlines coincided with another disappointing report that is financial bwin.party, which said that unfavorable recreations results had led up to a decline in gross win margins for the first half of the year.

The company’s mobile operations have grown, however, with mobile accounting for 31 percent of total gross gaming revenue in June, up from 23 per cent in the previous 12 months.

‘Despite challenging comparatives together with the impact of EU VAT and POC income tax, we’re pleased with our business performance in the very first half,’ bwin,party CEO Norbert Teufelberger stated. ‘ We now have completed our brand new organisational set-up and streamlined our decision-making procedures, significantly improving our operational performance.’

Despite the sports that are poor results Alexander remained positive about the potential of a bwin.party purchase. ‘It’s been a really hard market for bwin but it’s also been a very hard market for everybody,’ he said. ‘ Through the GVC perspective, one that

 

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