Each week, CasinoBeats breaks down the numbers behind some of the industry’s most interesting stories. Our first edition of the year looks back at the final week of 2020, with major updates coming from Flutter Entertainment, Golden Nugget Online Gaming and Rush Street Interactive.
95
Flutter Entertainment has increased its stake in US fantasy sports company FanDuel to 95 per cent as it confirms the accelerated acquisition of outstanding units from Fastball Holdings.
The news comes after the company announced a $4.175bn (£3.131bn) conditional agreement to acquire the 37.2 per cent interest in the group that was previously owned by KKR-led consortium Fastball Holdings.
Earlier this week, 99.9 per cent of Flutter shareholders voted in favour of pushing forward with the deal with the global gaming and sports betting group having raised around £1.1bn from investors, which included Rupert Murdoch’s Fox Corporation.
1976
Caesars Entertainment has confirmed it has cleared the antitrust waiting period for its potential multi-billion pound takeover of William Hill.
The company confirmed the early termination of the waiting period under the terms of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, a period of time when mergers and acquisitions are examined for potential anti-competitive conflicts.
In a statement from the Nevada-based casino operator, the company said: “Caesars continues to progress through obtaining all necessary regulatory approvals required to close the transaction and is still aiming to complete the proposed combination in March 2021.”
Furthermore, the proposed combination also received approvals from the Mississippi Gaming Commission on November 19 and the West Virginia Lottery on December 16.
The transaction remains subject to remaining conditions, such as the approval by the Indiana Gaming Commission, Nevada Gaming Control Board, Nevada Gaming Commission, New Jersey Division of Gaming Enforcement and Casino Control Commission, and the Pennsylvania Gaming Control Board. Additionally, the combination requires the English High Court’s final approval and administrative and post-closing approvals from other US agencies.
27,000
Colorado Springs headquartered gaming operator Century Casinos has announced that it will be temporarily closing its Polish casinos until January.
The closure is said to comply with quarantines issued by the Polish government to contain the spread of COVID-19, which continued to evolve rapidly.
On December 28, Poland entered a national quarantine that included the closure of hotels, ski slopes and shopping malls as the country’s health system struggled with the second wave of the virus as new daily cases reached over 27,000 a day at its peak in November, according to Reuters.
The Poland operating segment contributed four per cent of the company’s adjusted EBITDA for the three months ended September 30, 2020. Within its statement, the company noted “due to the pandemic’s current scope it will adversely impact the company at least through the first half of 2021.”
11
Landcadia Holdings II has completed the acquisition of Golden Nugget Online Gaming following approval from the majority of its stakeholders.
Upon completion of the business combination, Landcadia changed its name to Golden Nugget Online Gaming, Inc. The company’s shares of class A common stock will commence trading on Nasdaq Stock Market under the ticker symbol “GNOG” as of today (December 30).
GNOG began its operation in New Jersey during the fourth quarter of 2013, and is lauded as being the first online gaming company to launch a live dealer in the US. After becoming profitable four years ago it recorded net income of more than $11m in 2019.
30,000
Online casino content provider Pragmatic Play has donated €30,000 to three separate non-governmental organisations in Malta.
Responding to a challenging year which has impacted all businesses and individuals throughout Malta, Pragmatic has taken the initiative and contributed €10,000 to the St. Jeanne Antide Foundation, Malta Hospice Movement, and the Good Shepherd Sisters.
All of the selected charitable corporations provide support for the most in need in the Maltese community, with focuses on family support, palliative care, and domestic violence victims.
6
Rush Street Interactive has completed its business combination with dMY Technology Group, which will see the two merge and become publicly listed on the New York Stock Exchange.
The agreement was approved at a special meeting of dMY’s stockholders. Upon completion of the business combination, the two companies will merge and be known as Rush Street Interactive, Inc.
As of today, December 30 2020, the dMY tickers will be changed and the class A common stock and warrants of the merged firm will commence trading on the New York Stock Exchange under the new ticker symbols “RSI” and “RSI WS,” respectively.
RSI currently operates in six states – New Jersey, Colorado, Pennsylvania, Indiana, Illinois, Iowa – as well as Colombia, and it has secured market access in three additional states, including New York, with plans to target other jurisdictions.
