Industry News
IGT Amends Revolving Credit Facilities and Term Loan Facility Agreements
International Game Technology (IGT) PLC, the UK-based multinational gambling company, has declared amendments to its revolving credit facilities agreement and term loan facility agreement in view of the Covid-19 outbreak and its economic impact.
Max Chiara, CFO of IGT, said in a statement that “We are pleased to announce the amendments to our revolving credit facilities agreement and term loan facility agreement. The amendments provide us flexibility to navigate the near-term uncertainty caused by the COVID-19 pandemic and demonstrate the strong support we are receiving from our banking group.”
The new changes would mainly mean four things:
- Removing the legal obligations requiring IGT to keep a maximum ratio of total net debt to EBITDA and a minimum ratio of EBITDA to net interest costs from the fiscal quarter ending June 30, 2020 through the fiscal quarter ending June 30, 2021,
- Ensuring IGT would maintain minimum liquidity of $500 million during such fiscal quarters
- Raising the maximum ratio of total net debt to EBITDA that IGT needs to keep for the fiscal quarters thereafter
- Banning dividends and share repurchases through June 30, 2021 and permitting dividends and share repurchases thereafter if the ratio of total net debt to EBITDA is below specified thresholds.
The following changes also come into force for the period from January 20, 2020 to August 31, 2021:
- Material adverse effects arising from the COVID-19 pandemic are excluded from the definition of “material adverse effect”
- Cessations and suspensions of business arising from the COVID-19 pandemic will not constitute an event of default
- IGT’s obligation to grant security over additional collateral is waived unless its public debt ratings are lower than BB- or Ba3.
The changes also ensure that all provide that till August 31, 2020, the maximum annual permitted acquisition amount is reduced to $100 million.
Industry News
Explore the future of gaming at ICE Barcelona: 20 – 22 January 2025
Explore the future of gaming at ICE Barcelona: 20 – 22 January 2025
Join the most influential gaming industry professionals from throughout the world when ICE opens at Fira Barcelona Gran Via, 20 –22 January 2025. The first edition of the world-leading business event to be held outside the UK will feature a record 1,000 exhibitors following unprecedented demand for space from world gaming’s leading innovators covering every sector and every jurisdiction.
ICE and the co-located iGB Affiliate – which will occupy 120,000 square metres compared to the 100,000 sqm used in London – connect the entire global industry and provide access to the very latest cutting-edge innovations, technological solutions, regulatory updates, and insights which assist entrepreneurial businesses to enter new jurisdictions and build market share.
ICE is the event where the industry launches tens of thousands of game-changing, landmark products and where visitors can explore the future of gaming. For more information on the event where the world of gaming goes to do business and to register: icegaming.com
The post Explore the future of gaming at ICE Barcelona: 20 – 22 January 2025 appeared first on European Gaming Industry News.
casino games
BetMGM is launched in the Netherlands, bringing an authentic Vegas experience to the Dutch market
The golden Vegas offerings and entertainment of BetMGM is coming to the Netherlands, following a successful launch in the UK. BetMGM will offer a best-in-class Las Vegas experience to deliver a new golden era of online casino and sports betting in the Netherlands. Leveraging LeoVegas Group’s proprietary technology and platform, the launch marks a significant step in the brand’s international expansion.
BetMGM, the entertainment and sports brand known for its golden offerings and authentic Vegas experience, is launching in the Netherlands. The new brand is set to provide customers with exciting new product features, including large-scale jackpots, loyalty rewards, exclusive slots, as well as unique and compelling sports promotions. Utilising LeoVegas Group’s proprietary technology and platform, this expansion into the Dutch market represents the second European launch, succeeding a well-received rollout in the United Kingdom.
Gary Fritz, President of MGM Resorts International Interactive, said “We are thrilled to launch BetMGM in the Netherlands and build on BetMGM’s successful expansion into global markets. The Dutch market offers an exciting opportunity and will be an important part of our international expansion efforts and strategy to become a global gaming leader.”
Gustaf Hagman, Group CEO at LeoVegas Group, said “Our launch in the UK was tremendously successful, and we eagerly anticipate bringing the golden Vegas experience to the Netherlands. This launch in the Dutch market is an important step in our international expansion, but we have much more in store.”
The post BetMGM is launched in the Netherlands, bringing an authentic Vegas experience to the Dutch market appeared first on European Gaming Industry News.
Industry News
“Royal Flash” Unveiled by PopOk Gaming – An Exciting Journey Back to Classic Slot Gaming!
PopOK Gaming, a trailblazer in the world of iGaming, is happy to announce the launch of their latest slot game, “Royal Flash.” This classic-style slot game takes players on a fruity escapade, promising an exhilarating journey filled with excitement and grand wins fit for royalty.
Drawing inspiration from traditional fruit machines, “Royal Flash” exudes classic charm with its timeless design and iconic symbols. Set across 5×3 reels and featuring 10 paylines, this game is adorned with familiar fruit symbols such as strawberries, cherries, grapes, and the illustrious Seven symbol.
But the real excitement lies in the gameplay – each Wild symbol that graces the reels expands to form a Wild reel, ramping up the intensity and offering thrilling win potential with every spin. Additionally, keep a keen eye out for the coveted gold bar symbol; landing three or more unlocks a prize from any position on the reels, adding an extra layer of thrill to your gaming experience.
Players can expect to bask in the glory of majestic wins, with the opportunity to claim up to 1,500 times their bet in this modernized twist on a retro-inspired classic. Whether you’re a seasoned slot enthusiast or a newcomer to the world of gaming, “Royal Flash” promises an unforgettable adventure filled with excitement, thrills, and the chance to win big!
Experience the Majesty of “Royal Flash” Today!
The post “Royal Flash” Unveiled by PopOk Gaming – An Exciting Journey Back to Classic Slot Gaming! appeared first on European Gaming Industry News.
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