Greek Economic Crisis May Impact IGT. Prime Minister Alexis Tsipras says

Greek E<span id="more-7031"></span>conomic Crisis May Impact IGT. Prime Minister Alexis Tsipras says that Greece is still willing to negotiate with European leaders on the country’s debts.

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

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

Those manufacturers had been hoping to provide video lottery terminals throughout Greece, using the games simply days away from a planned launch. Nevertheless, the Hellenic Gaming Commission announced lottery that is new into the wake of the country’s monetary crisis, leaving much uncertainty as to the short-term future of the industry.

Brand New Regulations Limit Play, Jackpot Size

Each day under the new regulations, daily loss limits were to be added to the machines, and gamblers would be limited as to how much time they would be allowed to play on a machine. Jackpot levels would additionally be lower under the regulations that are new.

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

Looking at the specific situation realistically, the timing of the regulations that are new OPAP’s decision that are coincidental, and it’s hard to see how it would be directly related to the battle over Greek debt. But that doesn’t signify the crisis that is ongoingn’t be described as a element in how the lottery terminal battle is resolved.

‘The delay doesn’t have anything related to the current debt crises other than maybe OPAP playing hardball with the regulators hoping because they need the new tax revenue,’ said Todd Eilers of Eilers Research that they will cave.

IGT, Scientific Games Could Lose Revenue

If this is just a negotiating tactic on the component of OPAP, it may be a pricey one for slot machine manufacturers like IGT and Scientific Games. Both of these companies were producing terminals for the Geek market, and the delays could potentially price those two businesses millions in revenue.

IGT was awarded a vendor contract to offer 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 first-phase vendor contracts.

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

The delays and the crisis that is financial undoubtedly brought some uncertainty to the Greek video lottery terminal market, but Eilers says that in the long term, 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 time when much larger battles are now being waged within the country’s financial future.

Greeks voted ‘no’ on the lending that is strict provided by worldwide 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 states that the Greek federal government is still ready to create some changes to be able to get assistance from Europe, and requested a three-year loan from the eurozone’s bailout investment on Wednesday.

$5 Billion Pinnacle Entertainment Takeover Is Odds On

Pinnacle Entertainment is having a banner year in terms of their stock price is soaring. (Image: Pinnacle.com)

Pinnacle Entertainment’s share price rose to an annual on top of 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 tuesday.

The offer that is new an increase of $900 million on a bid Pinnacle rebuffed in March.

The news headlines of the proposal sent Pinnacle’s stock price up by 5.82 percent on 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 a time that is tough a scenario where Pinnacle’s board and management could create the exact 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 nevada 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 US, including the Penn nationwide Race Course in Grantville, Pennsylvania.

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

The group was referred to as Hollywood Park Entertainment, and later Hollywood Park Inc, before it changed its name to Pinnacle Entertainment when the racetrack had been sold to Churchill Downs in 2000.

Today, it owns 15 casino properties in the US, in addition to a controlling stake in the racing 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 depression in Macau, as Chinese high-rollers seek to evade the scrutiny for the Chinese government.

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 portfolio and basically doubling in size.

Under the new proposition, Pinnacle shareholders would also receive a better deal; GLPI is offering $47.50 per share of Pinnacle, https://casino-online-australia.net/planet-7-oz-casino-review/ and would also give Pinnacle investors a 28 % stake of GLPI.

Nevertheless, the language GLPI has used, even its press releases, makes it clear that this may be a takeover that is hostile.

‘GLPI has committed financing in place and it is ready to finalize this transaction immediately, and we would expect to close our transaction within approximately six months of signing,’ the ongoing business said in a statement. ‘Nevertheless, Pinnacle continues in order to make new demands, delaying the signing of the definitive agreement and doubting its shareholders a value-creating transaction that is obviously better than Pinnacle’s previously announced standalone separation plan.

Bwin.party Confirms GVC Bid

Bwin.party board says it can ‘see the possible advantages’ regarding the GVC /Amaya deal, because it files another disappointing financial report. (Image: pokergruond.com)

GVC’s Amaya-backed bid for bwin.party had been verified by the board today.

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

It had been presently committed to resolving a true number of ‘transaction-related issues,’ it included.

It is uncertain whether 888 Holdings, which made an offer for bwin.party in March, continues to be at the settlement table.

‘Any offer produced by GVC for bwin.party Today would include part of the consideration in new GVC shares,’ said Kenneth Alexander, Chief Executive of GVC Holdings. ‘Based on our experience using 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 opportunity that is excellent both GVC and bwin.party shareholders.’

Amaya Offering ‘Some regarding the Capital’

Alexander was also in a position to concur that Amaya Inc is supplying ‘some of this 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 get the business’s poker operations, thus giving it a foothold in the regulated New Jersey market.

It is believed Amaya would be given the also choice to buy the sportsbook from GVC in the future.

The offer would be a takeover that is reverse of a mix of new GVC shares and cash, although all events have stressed that there may be no certainty that the deal will be accepted.

Poor Sportsbook Results

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

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 within the year that is previous.

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

Despite the poor sports book outcomes Alexander stayed upbeat about the potential of the bwin.party purchase. ‘It’s been an extremely hard market for bwin but it’s also been an extremely tough market for all,’ he said. ‘ From the GVC perspective, the one that