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Friday, June 14, 2019
JPJ agrees £490m Gamesys acquisition - 13th June 2019
JPJ Group has entered into a conditional agreement to acquire the majority of its technology partner Gamesys’ assets for a total consideration of £490m (€549.8m/$620.9m).
The deal will see JPJ acquire the Gamesys platform, and bingo content studio, as well as its B2C real-money gaming sites Virgin Games, Heart Bingo and Monopoly Casino. The deal will also see JPJ take charge of Gamesys’ New Jersey-licensed Virgin Casino site, operated in partnership with Tropicana.
Since acquiring Gamesys’ Jackpotjoy brands in 2015, the business has continued to provide JPJ Group with igaming content, its technology platform and operational support. Through the acquisition, JPJ will take ownership of the technology platform and operations, reducing its reliance on third party providers.
Originally it had planned to onboard operational staff from Gamesys, but noted that this could have left both companies separate, and potentially pursuing conflicting strategies.
“The acquisition ensures full strategic alignment, business continuity and minimisation of execution risk,” JPJ explained.
The London-listed operator will not acquire the Virgin Bet sports betting business, nor the recently acquired Livescore sports data and media business. Gamesys will also retain its non-bingo games studio, and its minority equity investments in a Norwegian games studio and US sports betting business, as well as certain immaterial subsidiaries.
In order to go ahead with the deal, Gamesys will carry out a restructuring to separate the assets to be acquired from the business units it will retain.
Upon completion of the deal, JPJ will pay £240m in cash, with a further £10m to be paid to Gamesys shareholders 30 months after the deal’s completion.
It will also issue 33.7m new shares to Gamesys shareholders, priced at 10 pence per share, with an approximate value of £240m.
"This acquisition marks an important transformational step in JPJ's growth, providing significant benefits for shareholders, employees and customers,” JPJ executive chairman Neil Goulden commented.
“For shareholders, we expect the acquisition to deliver earnings accretion in the first full financial year of ownership, while our employees will benefit from the combination of two companies with a strong commitment to responsible gaming and where the greater scale will further enhance our product development and technology capabilities.
“Our customers will also now have an even greater choice of major brands and different games, all on one platform, creating a truly leading UK and international operator,” he added.
JPJ also highlighted the enlarged business’ commitment to responsible gambling, committing to developing and implementing measures to protect customers from gambling-related harm.
The new business (the Enlarged Group) is expected to achieve annualised cost savings in the “single-digit millions”, which will be released in the first full financial year following the deal’s completion. JPJ will also benefit from a significant UK-based infrastructure, allowing it to streamline elements of its current business.
It also expects to benefit from the expertise of staff that will transfer to JPJ through the deal. These will include Gamesys chief executive Lee Feldman, who will become CEO of the enlarged business, and chief operating officer Robeson Reeves, who will take on the same role for JPJ.
Executive chairman Goulden and finance chief Keith Laslop will remain in their current roles. Simon Wykes, CEO of the operator’s Jackpotjoy Operations subsidiary, will assume the role of transition director for a 12-month period following the deal’s completion.
"I am very excited to join the Enlarged Group as CEO,” Feldman said. “This is a strategically important transaction that adds scale and combines complementary capabilities as the competitive and regulatory environment continues to evolve.
“The Enlarged Group's combined brand portfolio, strategically aligned operating structure, technology capabilities and exceptional combined talent base will create significant opportunities for growth in the market.”
For the nine months ended December 31, 2018, the Gamesys assets to be acquired generated revenue of £223.1m, up 12.2% year-on-year. This was derived predominantly from gaming, which accounted for £139.7m of the total, with £83.4m generated from the provision of support services.
Once costs and expenses of £180.0m (up 7.0% year-on-year) were stripped out, and finance related costs removed, the business posted a profit of £49.4m for the period, down marginally from £50.3m for the first nine months of 2017.
As of December 31, 2018, it had an average of 239,400 active monthly customers, generating an average of £64 per player per month.
The acquisition, which is subject to customary closing conditions, is expected to be completed in the third quarter of the year.
Monday, March 25, 2019
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Sunday, December 15, 2013
Australia's Crown Faces Slot Machine Levy - December 2013
SYDNEY--Shares in Australian casino company Crown Ltd. (CWN.AU) came under pressure Friday after lawmakers proposed a new tax on slot machines at its flagship Crown casino in Melbourne.
Victoria state proposed an annual levy of A$22,175 (US$19,800) per slot machine to raise A$56.8 million a year, as it attempts to fund infrastructure developments such as roads and schools while holding onto its AAA credit rating.
Crown shares fell as much as 6% in Sydney before closing down 4.3% at A$15.90 in a overall strong market.
"In these challenging economic times the coalition government must maintain a disciplined budget to ensure we can continue to invest in the critical infrastructure and services that Victorian families and businesses deserve," the state's Treasurer, Michael O'Brien said in a statement.
Any changes to tax arrangements between Crown and the Victorian government need to be agreed by both parties.
Crown, which is controlled by billionaire James Packer, confirmed that it was in discussions with lawmakers and expects talks to conclude early next year.
Describing the discussions as "positive", Mr. Packer said he hoped they would create an outcome that allowed the casino to continue competing effectively with international and interstate rivals.
"Both Crown and the Victorian government would like to see the Crown Melbourne resort continue to grow and to attract more overseas and interstate tourists," Mr. Packer said.
Still, the decision comes at a tough time for Australia's gambling sector, which is being hurt by fragile consumer confidence as the country's long mining boom fades.
Crown's underlying profit for the year through June, which removes one-off items like asset sales, swelled by 14% to A$473.2 million. The result, however, was boosted by a large jump in earnings from the company's joint venture in Macau with Lawrence Ho.
Crown Melbourne remains the biggest contributor to the company's profits and suffered a 12% decrease in operating earnings last financial year.
Websites
Crown Melbourne
Media Man
Media Man Int
Casino News Media
Wednesday, January 16, 2013
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Saturday, December 29, 2012
Bischoff Hervey invests in MX Gaming - 28th December 2012
Bischoff Hervey invests in MX Gaming; BHE Sets Sights on New Media & $80 Billion/Year Sector...
Profiles
Gaming Eric Bischoff Hulk Hogan Hulk-A-Mania Reality TV Social Media Entertainment Promotions Publicity Television
American television production firm Bischoff Hervey Entertainment Television has acquired a 50 percent stake in independent online games developer MX Gaming.
Established in 2008, Los Angeles-based MX Digital develops interactive casino and betting games distributed to partners in over 20 nations. Its management team includes interactive industry veterans Ike McFadden and Matias Montero in addition to Ted Lanes, who has 25 years of experience in the technology and consumer products sector.
“We’re incredibly excited about our partnership with MX Gaming,” said Eric Bischoff from Bischoff Hervey Entertainment Television.
“We’re expanding into an entirely new sector of entertainment and content. Combining the skill sets of Bischoff Hervey Entertainment Television with those at MX Gaming puts us at a unique advantage in this explosive business sector.”
Bischoff established Bischoff Hervey Entertainment Television in 2003 with Jason Hervey and the enterprise has since become a leading producer of reality programming for Discovery Channel, CMT, NBC, VH-1, TruTV, Spike TV and The CW Television Network. The company recently broke new ground by moving into the scripted comedy genre with the first season of See Dad Run, which airs on Nick At Nite starring Scott Baio. “With MX Gaming we’re excited to find ourselves at the forefront of an entirely new entertainment sector,” said Hervey.
“Combine the enormous growth in online gaming globally and the explosion in popularity of mobile and social games and you’ve got an emerging sector that’s already massive. Getting in on the ground floor of an entirely new medium is a once-in-a-lifetime opportunity.”
Bischoff Hervey Entertainment Television cited a recent Morgan-Stanley report that found social network casino-style games may be worth as much as $7 billion by 2015 and stated that the interactive market is ‘an increasingly important revenue channel for networks and studios’.
“The partnership is the perfect strategic fit for us,” said McFadden.
“The relationships and experience Bischoff Hervey Entertainment Television has built in the entertainment and licensing world allows us to significantly broaden our content and access top entertainment brands quickly.”
Websites
Media Man International
Media Man
Bischoff Hervey Entertainment
MX Gaming
Australian Sports Entertainment
Wrestling News Media
Website Network
Media Man International
Media Man
Media Man News
Media Man Entertainment
Profiles
Gaming Eric Bischoff Hulk Hogan Hulk-A-Mania Reality TV Social Media Entertainment Promotions Publicity Television
American television production firm Bischoff Hervey Entertainment Television has acquired a 50 percent stake in independent online games developer MX Gaming.
Established in 2008, Los Angeles-based MX Digital develops interactive casino and betting games distributed to partners in over 20 nations. Its management team includes interactive industry veterans Ike McFadden and Matias Montero in addition to Ted Lanes, who has 25 years of experience in the technology and consumer products sector.
“We’re incredibly excited about our partnership with MX Gaming,” said Eric Bischoff from Bischoff Hervey Entertainment Television.
“We’re expanding into an entirely new sector of entertainment and content. Combining the skill sets of Bischoff Hervey Entertainment Television with those at MX Gaming puts us at a unique advantage in this explosive business sector.”
Bischoff established Bischoff Hervey Entertainment Television in 2003 with Jason Hervey and the enterprise has since become a leading producer of reality programming for Discovery Channel, CMT, NBC, VH-1, TruTV, Spike TV and The CW Television Network. The company recently broke new ground by moving into the scripted comedy genre with the first season of See Dad Run, which airs on Nick At Nite starring Scott Baio. “With MX Gaming we’re excited to find ourselves at the forefront of an entirely new entertainment sector,” said Hervey.
“Combine the enormous growth in online gaming globally and the explosion in popularity of mobile and social games and you’ve got an emerging sector that’s already massive. Getting in on the ground floor of an entirely new medium is a once-in-a-lifetime opportunity.”
Bischoff Hervey Entertainment Television cited a recent Morgan-Stanley report that found social network casino-style games may be worth as much as $7 billion by 2015 and stated that the interactive market is ‘an increasingly important revenue channel for networks and studios’.
“The partnership is the perfect strategic fit for us,” said McFadden.
“The relationships and experience Bischoff Hervey Entertainment Television has built in the entertainment and licensing world allows us to significantly broaden our content and access top entertainment brands quickly.”
Websites
Media Man International
Media Man
Bischoff Hervey Entertainment
MX Gaming
Australian Sports Entertainment
Wrestling News Media
Website Network
Media Man International
Media Man
Media Man News
Media Man Entertainment
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