NeoGames, a provider of iLottery and iGaming solutions, has entered into a definitive agreement to be acquired by Aristocrat Leisure, a content creation and entertainment company, in an all-cash transaction. Under the agreement, NeoGames will be acquired for $29.50 per share, representing an enterprise value of approximately $1.2 billion. The transaction price represents a premium of approximately 104% over the volume weighted average price of NeoGames’ shares for the 3 months leading up to the announcement. The merger is expected to be completed within 12 months, subject to regulatory approvals and shareholder approval. NeoGames’ shareholders representing approximately 61% of the outstanding shares have already agreed to vote in favor of the transaction.

MGM Resorts reported better-than-expected first-quarter net income and revenue, driven by higher traffic in its Las Vegas and Macau resorts. The company’s net income was $466.8 million, or $1.24 per share, surpassing analysts’ estimates of one cent per share. Revenues surged 35.7% from the previous year to $3.87 billion, exceeding projections of $3.6 billion, with casino revenue increasing by 32.4% to $1.88 billion. The strong performance was attributed to increased traffic and business volume at the company’s flagship Las Vegas and Macau resorts. The relaxation of pandemic restrictions in China and a rebound in tourism spending contributed to the growth in MGM China resort’s traffic. MGM Resorts’ CEO, Bill Hornbuckle, highlighted the company’s execution across different regions and channels, emphasizing record first-quarter Las Vegas Strip […]

Despite Bally’s positive first-quarter earnings report, the stock price may not reflect all of the report’s positives, leading to investor uncertainty. While the company’s brick-and-mortar casino operations performed well, the overall strategy and performance of the US online gambling business may be causing hesitation. Bally’s beat revenue estimates with record physical casino performance, but the actual EPS loss was higher than expected. The North America Interactive division showed improvement in cutting online gambling losses, but the company’s guidance still includes a projected loss for that segment. Bally’s CEO highlighted the progress in cost-savings initiatives and market share in New Jersey, but investors may have questions about the sustainability of these improvements and the company’s future prospects. The recent agreements with Kambi and White Hat Studios […]