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Penn National Scoops Up Illinois Games Operator, Posts Strong Q2 Financials

Penn Na<span id="more-21907"></span>tional Scoops Up Illinois Games Operator, Posts Strong Q2 Financials

Through its acquisition of PSG, Penn National will gain 1,100 terminals across Illinois.

Penn National Gaming, Inc. will acquire Prairie State Gaming (PSG), an Illinois operator of video gaming terminals (VGTs), for a fee that is undisclosed. The company adds the purchase to its collection of some 31,000 gaming machines in 26 facilities across America.

While Illinois lawmakers squabble about their budget plans, with the resulting standoff meaning that large tax revenues from their state’s VGTs will be held in limbo until they could concur terms, Penn National is seeking to get its own slice of the profitable industry.

The deal, for an undisclosed transaction that is all-cash might find the Pennsylvania-based casino, racetrack, and racino operator acquire 1,100 terminals across a network of 270 different bars and retail gaming establishments statewide.

Big Company

In Illinois, anywhere having a liquor license is permitted to work a VGT, and it’s really big business. But that reality has created something of a challenge to the state’s casino industry.

The VGT industry raked in $72.8 million in revenue in July, in comparison to the combined $118.1 million in revenue of Illinois’ ten gambling enterprises, according to Fantini Gaming Research. For Penn National, which has three of those casinos, it’s a thought process of ‘if you can’t beat ’em, join ’em.’

PSG, which is probably the biggest VGT operators in Illinois, generated very nearly $10 million in cashflow for the financial 12 months ending June 30th.

According to Jay Snowden, chief operating officer of Penn National, the acquisition represents the latest phase in a long-term strategy for ‘growth through accretive acquisitions.’

In the company agreed to purchase the Tropicana in Las Vegas for $360 million, making it the operator’s second Sin City property april. The organization first bought off the financial obligation for and in June of 2011 finalized its purchase regarding the M Resort and Casino in the South Las Las vegas Strip.

Penn National currently operates 26 casino, racinos, and racetracks in 16 US and one jurisdiction that is canadian with the majority found in the Midwest as well as the South of the United States.

Positioned for Growth

The deal will further cement the company’s position in Illinois, said Snowden. ‘We believe this acquisition will give you us a solid platform for future growth in the Illinois VGT market and possibly other states where this form of gaming is authorized.

‘PSG is one of Illinois’ most respected VGT operators, having a strong track record of regulatory compliance and a reputation for reliable around the clock solution supported by one of the industry’s most experienced groups,’ he added.

Penn National’s recent performance that is financial made the investment community sit up and simply take notice. Its Q2 results for 2015 have exceeded expectations, bringing in revenues of $701 million, and the company says it remains favorably positioned for continued development https://real-money-casino.club/club-player-online-casino/ into the second half of the year.

Along with the purchase associated with the Tropicana, Penn State opened Massachusetts’ first casino at the end of June. Called Plainridge Park Casino, the slots-only establishment tacked onto the racecourse, and reported $6.1 million in gambling revenue in its first week of operation.

Optimal Payments’ Skrill Takeover to Complete by August 10

Optimal Payments acquisition of Skrill has gotten the go-ahead from British financial regulators, as the payments industry looks to consolidate into the face of increased competition that is mobile . (Image: totallygaming.com)

NETELLER moms and dad Optimal Payments has announced that its €1.1 billion ($1.2 billion) reverse takeover of Skrill, previously Moneybookers, will be finalized next Monday, August 10, after obtaining the green light from UK economic regulators.

Optimal received approval to acquire Skrill’s US company from American regulators in June. Both companies provide their payment services to the US that is new online markets.

The deal highlights a period of consolidation into the electronic re payments industry, as competition increases and innovation that is mobile disruption make the pooling of resources attractive. A month after the Optimal deal was announced in April, Skrill completed the acquisition of UK competitor Ukash.

The launch of Apple’s ‘wave and pay’ system on iPhone has spooked the digital wallets industry, which views the incursion of large non-traditional payment service provides into the re payment space being a very disruptive threat. The ‘wave and pay’ system allows users to load credit card details onto their handset, acting as a de facto e-wallet.

‘ Not Really a Defensive Move’

Optimal Payments has denied that the acquisition is a defensive move, citing growth that is steady. Instead, analysts have said the company that is enlarged which marries two of the UK’s biggest electronic re payment services, will benefit from greater scale. It’s estimated the combined team will have a cash flow of around £117 million ($182 million); Optimal’s standalone figure is around £58 million ($90 million).

The offer will relieve both organizations’ reliance on the online gambling industry, consolidating their more main-stream e-commerce interests.

‘We’re becoming more relevant in the e-commerce area and we see organic growth both there and in gaming following the deal,’ Joel Leonoff, chief executive of Optimal, insisted recently.

Optimal also wants to minimize its current reliance upon an unnamed Asian customer, which reportedly now represents over 33 per cent regarding the business’s sales.

Online Gaming Payments Giant

‘Over days gone by four years, we have effectively delivered growth that is significant revenues and earnings for our investors,’ said Leonoff. ‘This development resulted from executing our strategy to generate high quantities of natural growth and also to supplement this with accretive purchases.

‘The purchase of Skrill will produce a tech that is global within the fast growing digital payments space and we believe represents a transformational step forward that greatly accelerates our strategic plan. The Optimal Payments management group is extremely stoked up about the prospects that are future the Company.’

NETELLER was formed back 1999, at the same time as PayPal. But while PayPal shied away from the grey appropriate area of on the web gambling in America, NETELLER embraced it.

By 2005, the business was processing 80 % of online gambling transactions globally, which accounted for 95 percent of its revenue stream, but was forced to pull out of the US market completely after UIGEA made the processing of online gambling deals unlawful.

Gaming Industry Wants to See Regulation of Constant Fantasy Sports

Yahoo has joined an increasing number of major companies trying to break to the day-to-day dream recreations industry. (Image: Eric Risberg/AP)

FanDuel and DraftKings have turned fantasy that is daily from a little niche item to the quickest growing section associated with the fantasy activities industry.

Now, using the valuations of each of these companies reaching $1 billion or more, the video gaming industry is beginning to take serious notice, with some believing that the daily fantasy games deserve the same types of strict regulation casino businesses deal with on a basis that is regular.

Based on officials at many gaming that is major, there’s absolutely nothing actually incorrect with day-to-day fantasy sports (DFS), and they don’t really desire to see the offerings banned or restricted through the marketplace.

However, they believe that legislation is a part that is important of sort of gambling product, something they feel applies to DFS sites just as much as it does a casino or racetrack.

‘we think daily fantasy sports betting should be legal, just like I think conventional sports betting must be legal,’ William Hill US CEO Joe Asher told Reuters. ‘But let us not pretend one is OK therefore the other is not. Drawing some line that is artificial the two makes no feeling as a matter of law or policy.’

DFS Embraced by Leagues, Media Titans

All major DFS sites state that their tasks are totally legal, and both DraftKings and FanDuel stay out of five states where they feel laws do not allow fantasy sports games to offer real money prizes.

That argument seemingly have a lot of sway, as sports leagues and media businesses are both getting on board en masse: most leagues now have partnerships with a number of web sites, ESPN has an advertising that is major content deal with DraftKings, and both Yahoo and CBS have actually launched their very own DFS services and products in recent weeks.

But you can find people who are going for a closer glance at the growing industry.

In Nevada, the state gaming control board is analyzing the legality of DFS games, although the industry thinks it is quite clear that the contests are legal under a fantasy sports exemption within the 2006 illegal Internet Gambling Enforcement Act.

‘When you begin offering fantasy that is daily, then you begin to blur the line between skill and chance,’ said Nevada Gaming Control Board Chairman AG Burnett. ‘ When chance begins to govern the outcome more than skill, a form is had by you of gaming, and that’s when the need for regulation kicks in.’

Lobbyists for the fantasy recreations industry dispute that characterization, but, saying that their games are clearly more about skill than luck.

‘ They’re nothing like games of opportunity, where in spite of how skillful the players is, winning or losing almost always precipitates to luck,’ stated Jeremy Kudon, someone at Orrick who lobbies for the Fantasy Sports Trade Association.

For their part, FanDuel and DraftKings issued a joint declaration for the Reuters report.

For the reason that declaration, they stated on the dream sports industry as our products are fundamentally separate from, rather than competitive with, gambling enterprises and gaming companies. which they work dealing with officials in the gaming industry ‘to educate them’

Lawsuits Target Free Money Marketing Promotions

But there are other threats to your industry also.

DraftKings is facing class action lawsuits in at least three states, including Massachusetts, Florida, and Illinois, from players whom feel they were deceived by the company’s aggressive advertising campaign, particularly due to misunderstandings over the nature of exactly how deposit bonuses work.

And while the Fantasy Sports Trade Association believes daily dream games is legal and don’t constitute gambling, even they’ve expressed issues throughout the advertising campaigns utilized by the 2 major web sites.

‘The money motivation had been never ever a key element of dream sports,’ said FSTA President Paul Charchian. ‘ Now a lot of the marketing in daily fantasy sports is truly excessively focused on financial gain.’

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