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EVERI STOCKHOLDERS APPROVE ACQUISITION BY APOLLO FUNDS
Everi Holdings Inc., a premier provider of land-based and digital casino gaming content and products, financial technology, player loyalty solutions, and bingo, announced that its stockholders have voted at a special meeting of Everi stockholders to approve the pending simultaneous acquisition of Everi and the Gaming & Digital business of International Game Technology PLC by a newly formed holding company owned by funds managed by affiliates of Apollo Global Management, Inc. through a merger. As previously announced, pursuant to the terms of the merger agreement, Everi stockholders will receive $14.25 per share in cash for every share of Everi common stock they own immediately prior to the effective time of the merger.
At the Special Meeting, approximately 99.88% of the shares voted were voted in favor of the merger, which represented approximately 71.48% of the total outstanding shares of Everi common stock as of October 3, 2024, the record date for the Special Meeting.
âWe are pleased that our stockholders supported our transaction with the Apollo Funds,â said Michael Rumbolz, chairman of the Companyâs Board of Directors. âWe now shift our focus to the important next steps toward completing the transaction and maximizing value for Everi stockholders.â
Assuming timely satisfaction of necessary closing conditions, the proposed transaction is expected to close by the end of the third quarter of 2025.
The final voting results on the proposals voted on at the Special Meeting will be set forth in a Form 8-K filed by the Company with the U.S. Securities and Exchange Commission (the âSECâ).
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Bragg Gaming Group Announces Record Third Quarter 2024 Revenue of Eur 26.2 Million (USD 29.3 Million)
Bragg Gaming Group, a global B2B content-driven iGaming technology provider, reported record revenue for the third quarter of 2024.
Summary of 3Q24 Financial and Operational Highlights
Euros (millions)(1) | 3Q24 | 3Q23 | Change |
Revenue | ⏠26.2 | ⏠22.6 | 15.9 % |
Gross profit | ⏠14.0 | ⏠11.9 | 18.1 % |
Gross profit margin | 53.5 % | 52.5 % | 99 bps |
Adjusted EBITDA(2) | ⏠4.1 | ⏠3.8 | 7.1 % |
Adjusted EBITDA margin | 15.6 % | 16.9 % | (129) bps |
Operating Income (Loss) | ⏠(0.4) | ⏠(2.1) | (81.0) % |
(1) Braggâs reporting currency is Euros. The exchange rate provided is EUR 1.00 = USD 1.12. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only.
(2) âAdjusted EBITDAâ is a non-IFRS measure. For important information on the Companyâs non-IFRS measures, see âNon-IFRS Financial Measuresâ below.
Chief Executive Officer Commentary
MatevĆŸ Mazij, Chief Executive Officer for Bragg, commented, âThe third quarter marked another period of strong growth and record results for Bragg. Revenue grew 16% year-over-year, gross profit increased 18%, and Adjusted EBITDA rose 7%. In the U.S., strong third quarter revenue gains from content distribution helped drive a 40% global increase in proprietary online content revenue year-over-year.
âAdditionally, we announced today that the Board of Directors has unanimously decided to conclude its review of strategic alternatives for Bragg. After extensive evaluation and deliberation, the Board determined that the ongoing execution of the Companyâs strategic plan is the best way to maximize value for shareholders at this time.
âSince stepping in as Chairman 16 months ago and then as CEO 14 months ago, weâve transformed our executive team, restructured commercial operations, and sharpened our sales strategy with a targeted, jurisdictional approach. These decisive actions position us to drive growth and capture market opportunities with greater precision and impact. Under new leadership, weâve built a strong pipeline of tier 1 opportunities across key markets and key products, positioning Bragg for accelerated top- and bottom-line growth.
âWith the strategic review process now complete, Bragg is now fully focused on commercialization and unlocking profitable growth, without the need for significant new investment in product development. Our decade-long investments in technology and talent, combined with a robust leadership team, have built a scalable platform that uniquely positions us for aggressive growth in 2025 and beyond. With significant operating leverage now within reach, weâre poised for an exciting, high-growth, and profitable future.â
Third Quarter 2024 and Recent Business Highlights
- Launched its newest games and Remote Gaming Server (RGS) technology with Caesars Digital in Pennsylvania and Ontario. The launch marked the expansion of Braggâs existing partnership with Caesars Digital, following earlier launches in New Jersey and Michigan respectively, doubling the number of states/provinces in which Bragg content is offered on Caesars Palace Online Casino and Caesars Sportsbook & Casino.
- Launched its newest games and RGS technology with FanDuel in New Jersey, adding to its existing distribution with the leading North American operator in Michigan, Pennsylvania, Connecticut and Ontario
- Post-quarter end, the Company additionally launched its newest games and RGS technology with bet365 in New Jersey, following on from its second quarter launch in Pennsylvania, and an earlier launch in Ontario with the major global iGaming operator
- Launched HardRockCasino.nl in the Dutch market, supplying its cutting-edge player account management (PAM) software to the brand. The agreement is Braggâs 6th PAM customer in the Netherlands, reinforcing Braggâs status as the leading technology and content supplier in the Dutch market
- Launched the Kambi sportsbook on 711.nl, adding an additional revenue-generating product stream to a key PAM customer in the Netherlands
- Management is pleased to announce the appointment of Robbie Bressler to CFO of Bragg, effective immediately. Robbie had been serving as Braggâs interim CFO since July 1, 2024.
Additional September 30, 2024 Key Financial Metrics
- For the nine-month period ended September 30, 2024, Cash flow generated from operations was EUR 8.4 million (USD 9.4 million), compared to EUR 6.2 million (USD 6.9 million) for the nine-month period ended September 30, 2023.
- Cash and cash equivalents as of September 30, 2024 was EUR 11.6 million (USD 13.0 million) and net working capital, excluding deferred consideration, loans payable, and convertible debt, was EUR 11.3 million (USD 12.7 million)
Strategic Alternatives Process Concluded
The Bragg Board announced the strategic alternatives process in March 2024 with the formation of a Special Committee, comprised solely of independent members of the Board. The Committee, together with its advisors Oakvale Capital LLP and Blake, Cassels & Graydon LLP, evaluated a wide range of strategic alternatives for maximizing shareholder value including a potential sale or merger of the Company. Bragg solicited interest from a significant number of potential counterparties and received multiple non-binding proposals.
After careful consideration, the Board, on recommendation from the special committee, unanimously determined that none of the proposals received reflect the Companyâs intrinsic value or current and projected financial performance, and therefore elected to conclude its review and disband the Special Committee.
Don Robertson, independent Board member and Chair of the Special Committee, said, âAfter a comprehensive and exhaustive process, the Committee recommended, and the Board unanimously agreed, that continuing to execute Braggâs strategic plan as an independent public company is the best approach for maximizing shareholder value. Although the process has now concluded, Braggâs Board will continue to be open to and consider all opportunities for enhancing shareholder value.â
âOver the past year, our financial performance, cashflow generation and revenue outlook have significantly improved. We remain extremely confident about our business plan, operating strategy, and financial prospectsâ said MatevĆŸ Mazij, Chairman and CEO of Bragg.
Reiterates Full Year 2024 Guidance and 2025 Outlook
Bragg reiterates its 2024 full year revenue guidance range of EUR 102.0-109.0 million (USD 114.2-122.1 million) and its full year Adjusted EBITDA range of EUR 15.2-18.5 million (USD 17.0-20.7 million), noting that the Company is currently tracking to the lower end of guidance.
Bragg is actively advancing a robust pipeline of opportunities that is anticipated to drive strong momentum as we enter 2025. The outlook for 2025 remains positive, with expectations of sustained double-digit top line growth, expanding bottom line margins, and increased operational leverage, further strengthening Braggâs position in the market. The preceding guidance and outlook constitute forward-looking information within the meaning of applicable securities laws, and is based on a number of assumptions and subject to a number of risks.
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BetMGM and Vegas Golden Knights Announce Multi-Year Partnership Extension
BetMGM, a leading sports betting and iGaming operator, announced an extension of its partnership with the Vegas Golden Knights through the 2026-27 season. As part of the agreement, BetMGM will continue as an Official Betting Partner of the Vegas Golden Knights with prominent signage on the Knight Tron and throughout T-Mobile Arena as well as co-branded content and exclusive promotions. The partnership also features multiple fan engagement opportunities including watch parties and Toshiba Plaza activations.
âBetMGM is proud to continue our partnership with the Vegas Golden Knights, giving us the opportunity to create memorable moments alongside one of the worldâs most passionate hockey fan bases. Las Vegas is BetMGMâs hometown and an integral part of our DNA, so the Golden Knights are a natural fit for our brand.â – Matt Prevost – BetMGM, Chief Revenue Officer.
Throughout the season, BetMGM will host watch parties featuring team mascots at various MGM Resorts destinations. The operator also will plan activations in Toshiba Plaza during select Golden Knights home games where fans can begin the BetMGM mobile app registration process for the chance to win prizes.
âBetMGM is a long-standing partner with the Golden Knights and a brand synonymous with this great city,â said Vegas Golden Knights President and CEO Kerry Bubolz. âWe look forward to continue working together on events and activations that we know entertain our fans.â
Lance Evans, SVP Sports and Sponsorships, MGM Resorts, said, âThe Vegas Golden Knights play a core role in the Las Vegas sports and entertainment experience and itâs a privilege to welcome both local and visiting fans to our properties before, during and after games. Together with BetMGM, we look forward to co-hosting events that will allow guests to engage with their favorite teams in new and exciting ways.â
BetMGM users can take advantage of the robust offering of prop markets for Golden Knights games this season, frequent in-app odds boosts and the interactive same game parlay betting feature. New BetMGM customers who download the BetMGM app and verify at one of BetMGMâs nine retail sportsbooks within walking distance of T-Mobile Arena will receive a first bet offer of up to $250 paid back in bonus bets if their first bet loses (offer only available in Nevada; bonus bets are non-withdrawable and expire in seven days.) Through the recently launched single account and wallet app upgrade, BetMGM users who sign up in Nevada and reside in other BetMGM U.S. mobile markets can continue to wager upon returning home.
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Evolution Group Announces Partnership Extension with FanDuel Casino
Evolution, the industry-leading B2B solution provider for casino operators, announced a three-year extension of their US agreement with FanDuel Casino. The renewal strengthens the strategic partnership between the two companies, reaffirming Evolution as FanDuelâs sole provider of core live dealer casino games.
Under the terms of the extension, FanDuel players will continue to have access to Evolution and Ezugiâs full portfolio of industry-leading live casino games, along with top-performing slots from NetEnt, Red Tiger, Big Time Gaming, and Nolimit City. This marks the second extension of the original partnership, which began in 2020 when Evolutionâs live dealer games were integrated into FanDuelâs Casino platform.
Jacob Claesson, Chief Executive Officer of Evolution North America, said: âWe are thrilled to extend our successful partnership with FanDuel, providing players with the very best in online casino entertainment. FanDuelâs trust in Evolution highlights our shared commitment to growing the live casino market and creating a truly immersive experience for players across North America.â
âFanDuel Casino is the leading Casino operator in the U.S., offering the largest selection of exclusive live casino tables in the market. Expanding our partnership with Evolution for Live Casino and RNG games enables us to consistently provide a top-tier experience to our customers. We look forward to our continued growth in the Live Casino sector,â said Asaf Noifeld, Managing Director of FanDuel Casino.
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