LAS
VEGAS, May 1, 2023 /PRNewswire/ -- MGM
Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company")
today announced its wholly owned subsidiary, LeoVegas, has entered
into an agreement to acquire the majority of game developer Push
Gaming Holding Limited and its subsidiaries ("Push Gaming"), and
the future operating commitment of the founding management
team.
Push Gaming is an industry-leading innovative creator of highly
entertaining digital games for betting and gaming companies. The
company is a proprietary content provider that offers more than 30
games, such as Razor Shark, Wild Swarm, Big Bamboo, and Jammin'
Jars to over 200 operators globally.
The acquisition is the first major investment by LeoVegas since
becoming part of MGM Resorts last year. Push Gaming's proprietary
technologies, intellectual property, and development expertise will
bolster the content production capabilities of LeoVegas and support
its plans for continued growth through expansion.
"The acquisition of Push Gaming by LeoVegas is consistent with
our vision to expand MGM Resorts' digital gaming presence
internationally to grow our capabilities and products over the next
several years," said Gary Fritz,
President, MGM Resorts International Interactive. "We are pleased
to bring Push Gaming into our business as it brings a track record
of developing games that are popular and have staying power in the
industry as well as an exceptional management and operating
team."
LeoVegas CEO Gustaf Hagman added:
"I'm thrilled to welcome Push Gaming to our extended family. The
management team at Push Gaming has had a phenomenal journey,
quickly growing the company from a small start-up to a player with
outstanding proprietary content and a strong customer base. We look
forward to contributing to their continued success moving
forward."
As part of LeoVegas, Push Gaming will remain under the same
management team and its 100+ employees will continue to develop
high-quality games, distributed via their own platform and remote
gaming server.
The transaction is subject to regulatory and customary approvals
and is expected to be completed in the third quarter of 2023.
About MGM Resorts International
MGM Resorts
International (NYSE: MGM) is an S&P 500® global entertainment
company with national and international locations featuring
best-in-class hotels and casinos, state-of-the-art meetings and
conference spaces, incredible live and theatrical entertainment
experiences, and an extensive array of restaurant, nightlife and
retail offerings. MGM Resorts creates immersive, iconic experiences
through its suite of Las
Vegas-inspired brands. The MGM Resorts portfolio encompasses
31 unique hotel and gaming destinations globally, including some of
the most recognizable resort brands in the industry. The Company's
50/50 venture, BetMGM, LLC, offers sports betting and online gaming
in North America through
market-leading brands, including BetMGM and partypoker, and the
Company's subsidiary LeoVegas offers sports betting and online
gaming through market-leading brands in several jurisdictions
throughout Europe. The Company is
currently pursuing targeted expansion in Asia through the integrated resort opportunity
in Japan. Through its "Focused on
What Matters: Embracing Humanity and Protecting the
Planet" philosophy, MGM Resorts commits to creating a more
sustainable future, while striving to make a bigger difference in
the lives of its employees, guests, and in the communities where it
operates. The global employees of MGM Resorts are proud of their
company for being recognized as one of FORTUNE® Magazine's World's
Most Admired Companies®. For more information, please visit us
at www.mgmresorts.com. Please also connect with us
@MGMResortsIntl on Twitter as well
as Facebook and Instagram.
About LeoVegas
LeoVegas is a leading international
igaming company with a clear vision to create the world's greatest
igaming experience. LeoVegas offers online casino, live casino, and
sports betting via 10 brands in 9 jurisdictions. LeoVegas continues
to grow rapidly, currently employing over 1,000 people in
Europe, including at its
headquarters in Stockholm and
operations hub in Malta. As one of
the most innovative companies in the industry, the LeoVegas also
invests and develops other igaming companies through its investment
arm, LeoVentures. In 2022, LeoVegas became a subsidiary of the
global entertainment company MGM Resorts International (NYSE: MGM).
For more information, visit www.leovegasgroup.com.
About Push Gaming
Push Gaming was founded in 2010 with the aim of moving land-based
suppliers online. In 2015 the company pivoted into becoming a game
developer with a focus on creating high-quality online slots. The
Company has a portfolio of over 30 games such as Razor Shark, Wild
Swarm, Big Bamboo, and Jammin Jars and its own distribution
platform that includes direct integrations with major gaming
operators around the world. For more information visit
www.pushgaming.com
FORWARD-LOOKING STATEMENTS
Statements in this release
that are not historical facts are forward-looking statements,
within the meaning of the Private Securities Litigation Reform Act
of 1995, as amended, and involve risks and/or uncertainties,
including those described in the Company's public filings with the
Securities and Exchange Commission. Forward-looking statements can
be identified by the use of forward-looking terminology such as
"believes," "expects," "could," "may," "will," "should," "seeks,"
"likely," "intends," "plans," "pro forma," "projects," "estimates"
or "anticipates" or the negative of these words and phrases or
similar words or phrases that are predictions of or indicate future
events or trends and that do not relate solely to historical
matters. The Company has based forward-looking statements on
management's current expectations and assumptions and not on
historical facts. Examples of these statements include, but are not
limited to, the Company's expectations regarding the closing of the
acquisition and any benefits expected to be received from the
acquisition. Forward-looking statements depend on assumptions, data
or methods that may be incorrect or imprecise, and the Company may
not be able to realize them. The Company does not guarantee that
the transaction or other events described herein will happen as
described (or that they will happen at all). These forward-looking
statements involve a number of risks and uncertainties. Among the
important factors that could cause actual results to differ
materially from those indicated in such forward-looking statements
include risks related to the Company's ability to complete the
transaction on the terms described herein or all, the satisfaction
of the closing conditions, including the receipt of regulatory
approvals, to which the completion of the transaction is subject,
which could delay or prevent the completion of the transaction, the
continued impact of the COVID-19 pandemic on the Company's
business, the effects of economic conditions and market conditions
in the markets in which the Company operates and competition with
other destination travel locations throughout the United States and the world, the design,
timing and costs of expansion projects, risks relating to
international operations, permits, licenses, financings, approvals
and other contingencies in connection with growth in new or
existing jurisdictions and additional risks and uncertainties
described in the Company's Form 10-K, Form 10-Q and Form 8-K
reports (including all amendments to those reports). In providing
forward-looking statements, the Company is not undertaking any duty
or obligation to update these statements publicly as a result of
new information, future events or otherwise, except as required by
law. If the Company updates one or more forward-looking statements,
no inference should be drawn that it will make additional updates
with respect to those other forward-looking statements.
MGM RESORTS CONTACTS
Investment Community:
SARAH
ROGERS, Senior Vice President of Corporate Finance
(702) 730-3942, srogers@mgmresorts.com
ANDREW CHAPMAN, Director of
Investor Relations
(702) 693-8711, achapman@mgmresorts.com
News Media:
BRIAN
AHERN, Executive Director of Communications
media@mgmresorts.com
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SOURCE MGM Resorts International