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IGT Amends Revolving Credit Facilities and Term Loan Facility Agreements

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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:

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  1. 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,
  2. Ensuring IGT would maintain minimum liquidity of $500 million during such fiscal quarters
  3. Raising the maximum ratio of total net debt to EBITDA that IGT needs to keep for the fiscal quarters thereafter
  4. 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.

 

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iGB L!VE announce LaunchPad, a new feature for start-ups with ‘innovation in their DNA’

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Industry professionals attending July’s edition of iGB L!VE will have access to a vibrant new feature which will showcase ground-breaking tech and innovation courtesy of the brightest start-ups and small businesses in gaming.

The iGB L!VE LaunchPad (Pulse Stage: 18 July 16.30hrs – 18.00hrs) will feature five companies to present their innovations to a panel of judges with each presentation followed by a probing Q&A session designed to interrogate the viability and commercial prowess of each product pitch.

Introducing the new feature Portfolio Director Naomi Barton, said: “iGB L!VE is constantly evolving in order to meet the business needs of stakeholders. The research programme that we undertake with customers has consistently highlighted a shared desire to always be ahead of the curve, being the first to access the very latest innovations from the start-up community is part of what iGB L!VE 2024 will deliver.

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“In addition, we want to provide a platform for new talented businesses to grow by giving them extra exposure in front of an influential C-Level audience of industry investors and influencers.

“The top five products will be hand-selected by the iGB L!VE team and invited to present from the Pulse Stage. In order to help these businesses, we are providing cash prizes of £5,000 for the winner, £2,500 for second place and £1,000 for third.”

She continued: “We will be giving the feature an authentic iGB L!VE twist with the emphasis on competitive fun. To ensure this, I am delighted to confirm that 25+ year industry veteran and non-exec Clarion Gaming Chairman Michael Caselli has agreed to be our MC and will also head a panel of judges drawn from across the iGB L!VE community of industry professionals, investors and sponsors.

“Start-ups and small businesses which have innovation in their DNA can sign up for iGB LaunchPad at igblive by the 28 June deadline.”

iGB L!VE is the home of the igaming community and the only event that connects the leading igaming affiliates, operators, tech vendors, game providers and suppliers in order to maximise performance and drive tangible business growth in the following 12-18 months. iGB L!VE, which is the fastest growing igaming event, delivers unparalleled business opportunities with attendees having free access to in excess of 300 exhibitors and sponsors occupying 21,000+ square metres of gross space, a figure which is 35% higher than in 2023.

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For more information on iGB L!VE (16-19 July 2024: Expo Days 17-18 July) and to register for free visit: igblive website

 

The post iGB L!VE announce LaunchPad, a new feature for start-ups with ‘innovation in their DNA’ appeared first on European Gaming Industry News.

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Ortak x B.F.T.H. Arena Awards 2024 Features Mr. First Ray by Endorphina

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The Ortak x B.F.T.H. Arena Awards 2024 welcomes Endorphina among other top game developers with its Mr. First Ray, a mystical slot game that captures the essence of dawn.

This year’s competition has seen an unprecedented increase in participation, receiving over 100 submissions from more than 70 developers involved in the innovative Ortak initiative. This platform not only promotes collaboration and innovation but also integrates gaming stakes with NFTs on the Bahamut blockchain, thereby broadening investment prospects in the iGaming sector.

Mr. First Ray transports players into a world where each spin can lead to magical wins and enchanting surprises, making it a standout in this year’s entries. As the event approaches, excitement mounts among industry professionals keen to explore this showcase of creativity and excellence in game development, scheduled from July 1 to 4.

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Hosted by BetConstruct, the B.F.T.H. Arena Awards provides a prestigious platform for developers to exhibit their creativity and compete for a share of the substantial 3,333,000 FTN prize pool. This year, the event has broadened its scope, introducing new award categories to further celebrate innovation in gaming.

The culmination of the event will see the winners announced at the B.F.T.H. Arena x Harmony Meetup V, ensuring an exhilarating experience for all attendees.

The post Ortak x B.F.T.H. Arena Awards 2024 Features Mr. First Ray by Endorphina appeared first on European Gaming Industry News.

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RotoWire Launches “Picks & Props” App

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RotoWire.com, a leading provider of expert sports news and advice, has launched its latest innovation: the “Picks & Props” app. Unveiled within the app store earlier this month, it is now easier than ever to stay up to date on recommendations and predictions for all fantasy pick’em and players props from any mobile or tablet device.

“The Fantasy Pick’em and legal Player Props betting market has had explosive growth and we’ve seen strong user demand for RotoWire’s leading player news and information for these products. We’re excited to launch the Picks & Props app that gives players access to the top recommendations for all the leading Fantasy platforms and major sportsbooks based on RotoWire’s projections, lineups and player news,” said Peter Schoenke, Co-Founder of RotoWire and former Chairman of the Fantasy Sports & Gaming Association.

Capitalizing on the surge and substantial growth seen recently within the fantasy Pick’em market segment, total traffic to RotoWire’s “Picks & Props” tool on its website has increased by 266% in the last 9 months, prompting the need to build a standalone app.

The mobile app delivers an extensive array of real time recommendations and information across all fantasy sports. It also includes lines from all the major fantasy and sports betting platforms to ensure users have a fast and convenient way to access recommended fantasy sports picks and predictions. To make projections for every play in every major sport the app combines four key prediction factors: Lines set by Sportsbooks; recommendations from Daily Fantasy Sports (DFS) Pick’em Sites; RotoWire Projections; Hit Rate.

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By analyzing markets from leading sportsbooks and DFS platforms, comparing them to RotoWire projections, and assessing historical performance, the app generates a score ranging from -100 (strong lean toward LESS) to +100 (strong lean toward MORE). Each prediction factor has its own rating and is assigned a “weight” that gives it the impact on the total score. Additionally, the app provides users with real time updates on injuries and playing time by leveraging RotoWire’s comprehensive fantasy and sports data. Furthermore, its intuitive and streamlined user interface ensures seamless navigation and user comfort when accessing the app via any mobile device.

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