News September 2024
Advertising bill proposed in Argentina Legislation
Argentina's National Ombudsman’s Office has presented a bill to Congress aimed at regulating the advertising of online gambling and betting. According to local press the bill is inspired by experiences from countries such as Australia, the United Kingdom, Spain, and Belgium. Te key points of the proposed bill to regulate
online gambling and betting advertising include a prohibition on advertising and promotion across all media channels, including digital platforms, television, radio, and print, with additional restrictions on advertising at artistic and sporting events. Te bill also prohibits sponsorship of events or sports teams that primarily attract minors, requiring existing sponsorship contracts to end without renewal. Furthermore, operators are mandated to
Melco details Sri Lankan project Operator News
Melco Resorts believes that its Sri Lankan project, in partnership with the John Keells Group, can help Sri Lanka become to India what the gaming, retail and leisure giant Macau is to China. Speaking at its latest earnings conference call,
Lawrence Ho, Chairman and Chief Executive Officer, explained that City of Dreams Sri Lanka will be the first integrated resort in Sri Lanka and South Asia will revolutionise luxury hospitality, entertainment, and leisure in Sri Lanka, presenting an extraordinary architecture and design and a collection of offerings including 800 hotel rooms, retail, food & beverage outlets, and MICE facilities.
Apollo swoops in on IGT-Everi merger M&A
Apollo Global has swooped in to acquire International Game Technology’s gaming business and Everi in a combination valued at $6.3bn, supplanting the companies' previous merger plans. Te deal will see Apollo spin off IGT’s gaming business and merge it with casino technology and payments specialist supplier Everi under one combined enterprise. In February, IGT announced plans to merge the Global Gaming and PlayDigital businesses with
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implement effective age verification mechanisms and maintain records of these procedures, which will be subject to audits by the relevant authorities. If approved, the Executive Branch would be
tasked with promoting awareness campaigns to inform the public about the risks of online gambling addiction and the resources available for its prevention and treatment. Non- compliance with the law could result in penalties such as warnings, fines, and, in severe cases, the suspension or cancellation of licenses to operate online gambling and betting services.
Casinos slip further behind in New Jersey Operator News
Te New Jersey Division of Gaming Enforcement has revealed that July again brought mixed fortunes for the Garden State's gambling companies. Online gambling revenue surged by 26 per cent to reach $195m in July whilst Atlantic City's nine casinos declined by 6.1 per cent year-on-year to $272.3m. Whilst gambling overall increased by 8.2 per cent to reach $548m, land-based slots fell by 4.8 per cent and table games by ten per cent. Sports betting continued to flourish reaching $80m to mark a 31.2 per cent increase from July last year.
Mr. Ho said: "My view is that Sri Lanka can be
to India, what Macau is to China. Having looked at the Indian gaming market, I don’t think anything is going to come of it for the next decade or so. And with the rising Indian economy and the
wealth creation, Sri Lanka is by far the closest gaming jurisdiction to India. John Keells is one of the it is the biggest list of conglomerates in Sri Lanka with over 150 years of history. “Te building that they’ve built is truly
Melco will be responsible for the fit-out and
operations of the casino, which is expected to open in mid-2025, while the City of Dreams Sri Lanka Integrated Resort itself is expected to open in the third quarter of 2024.
Everi to create a “comprehensive and diverse” global enterprise. Tat previous agreement would have seen the expanded business trade under the IGT name on the New York Stock Exchange. Instead it will be delisted, although the legacy IGT lottery business – which doesn’t form part of the transaction – will continue as a listed business under a new brand. Te transaction with the Apollo funds received
the unanimous approval of an IGT board special committee and the backing of Everi’s board of directors. As a result the previous transaction agreement between IGT and Everi is terminated.
magnificent. It’s a $1bn building. So I think for us, $125m is a small bet for a potentially huge opportunity. I don’t think there is any published data on the size of the gaming market. So far, there’s two operators in the market with four casinos, but those are all very local,” concluded Mr. Ho.
Te new business will be headquartered in Las
Vegas. IGT EVP of Strategy and Corporate Development, Fabio Celadon, becomes CFO, with Everi CFO Mark Labay appointed Chief Integration Officer. Te original deal positioned Mr. Sadusky as leader of the new entity, but he will now oversee the separation of the gaming operations and support the transition, before staying on as CEO of the lottery business. Mike Rumbolz, Everi’s executive chairman, was also due to stay on as chair of the new entity in the previous agreement but there was no mention of him in the Apollo announcement.
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