{"id":229640,"date":"2022-08-31T18:14:11","date_gmt":"2022-08-31T23:14:11","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=229640"},"modified":"2022-09-01T12:33:27","modified_gmt":"2022-09-01T17:33:27","slug":"mgm-is-finalizing-its-604-million-takeover-of-leovegas","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mgm-is-finalizing-its-604-million-takeover-of-leovegas\/","title":{"rendered":"MGM Says 96 Percent of LeoVegas Investors Accept Takeover Offer"},"content":{"rendered":"

MGM Resorts International (NYSE:MGM) said today that 96% of LeoVegas AB investors voted in favor of the casino operator\u2019s takeover of the Swedish gaming company.<\/p>\n

\"MGM
A LeoVegas advertisement, seen above. MGM is completing its acquisition of the Swedish company. (Image: The Drum<\/em>)<\/figcaption><\/figure>\n

The price at which those investors accepted a public tender offer is the equivalent of $5.72 a share, valuing the target at $604 million \u2013 slightly less than the $607 million<\/a> offer revealed in May.<\/p>\n

The completion of this transaction represents a major milestone for MGM Resorts as we continue to pursue our strategy of growing our online gaming footprint worldwide,”<\/strong> said MGM Resorts’ CEO & President Bill Hornbuckle in a statement.<\/p><\/blockquote>\n

\u201cMajor milestone\u201d may be hyperbole, particularly for a $604 million acquisition by a $13.46 billion company. Still, there\u2019s no denying the LeoVegas purchase provides the buyer with an effective avenue for European expansion. While the BetMGM brand is highly visible in the US and Canada, it lacks recognition in Europe — one of the world\u2019s most mature gaming markets.<\/p>\n

Shrewd Acquisition by MGM<\/h2>\n

The Mandalay Bay operator is funding the deal with cash on hand, meaning its balance sheet won\u2019t be burdened with new debt simply in the name of dealmaking. There are other perks for the buyer, including that LeoVegas will accretive to MGM\u2019s earnings per share.<\/p>\n

\n

In LeoVegas, MGM could add not only a familiar name to the European online gaming scene but a profitable one as well \u2013 a rarity in the US<\/a> iGaming industry. For the year ending March 31, 2022, LeoVegas generated revenue of $414.24 million and earnings before interest, taxes, depreciation and amortization (EBITDA) of $50.59 million, based on current exchange rates.<\/p>\n<\/div>\n

\u201cLeoVegas has operated profitably as a high-growth platform since 2014. From 2017 to 2021, LeoVegas’ revenues compounded annual growth rate was 16% while maintaining strong profitability. MGM Resorts’ scale, brands, and expertise will allow the combined businesses to expand within existing gaming segments and provide incremental opportunities to enter new areas,\u201d according to the statement.<\/p>\n

Settlement of the tendered shares is expected to be finalized on or around Sept. 7, indicating MGM\u2019s initial forecast that the transaction will close in the second half of this year appears accurate.<\/strong><\/p>\n

MGM Targeting Geographic Expansion<\/h2>\n

Last week, MGM won regulatory approval to acquire the operator of the leovegas.com, slotboss.co.uk, pinkcasino.co.uk, betuk.com, and 21.co.uk brands. The casino giant could become a force in new markets with the acquisition.<\/p>\n

\u201cLeoVegas’ online casino and sports betting capabilities and strong customer base outside of the US is expected to further expand MGM Resorts’ presence around the world,\u201d <\/strong>added the buyer in the statement.<\/p>\n

MGM has signaled a willingness to make deals,<\/a> and with BetMGM nearing profitability, more acquisitions could be on the way. However, the company hasn\u2019t overtly signaled it\u2019s currently mulling specific opportunities.<\/p>\n","protected":false},"excerpt":{"rendered":"

MGM Resorts International (NYSE:MGM) said today that 96% of LeoVegas AB investors voted in favor of the casino operator\u2019s takeover of the Swedish gaming company. The price at which those investors accepted a public tender offer is the equivalent of $5.72 a share, valuing the target at $604 million \u2013 slightly less than the $607 […]<\/p>\n","protected":false},"author":46,"featured_media":229641,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,32093,20],"tags":[81898,81966,81906],"acf":[],"yoast_head":"\nMGM Is Finalizing Its $604 Million Takeover Of LeoVegas<\/title>\n<meta name=\"description\" content=\"MGM Resorts adds European footprint in $604 million LeoVegas buy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/mgm-is-finalizing-its-604-million-takeover-of-leovegas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM Is Finalizing Its $604 Million Takeover Of LeoVegas\" \/>\n<meta property=\"og:description\" content=\"MGM Resorts adds European footprint in $604 million LeoVegas buy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/mgm-is-finalizing-its-604-million-takeover-of-leovegas\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-31T23:14:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-01T17:33:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/LV-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"712\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-is-finalizing-its-604-million-takeover-of-leovegas\/\",\"url\":\"https:\/\/www.casino.org\/news\/mgm-is-finalizing-its-604-million-takeover-of-leovegas\/\",\"name\":\"MGM Is Finalizing Its $604 Million Takeover Of LeoVegas\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-is-finalizing-its-604-million-takeover-of-leovegas\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-is-finalizing-its-604-million-takeover-of-leovegas\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/LV-1.jpg\",\"datePublished\":\"2022-08-31T23:14:11+00:00\",\"dateModified\":\"2022-09-01T17:33:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"MGM Resorts adds European footprint in $604 million LeoVegas buy.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-is-finalizing-its-604-million-takeover-of-leovegas\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/mgm-is-finalizing-its-604-million-takeover-of-leovegas\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-is-finalizing-its-604-million-takeover-of-leovegas\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/LV-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/LV-1.jpg\",\"width\":1280,\"height\":712,\"caption\":\"A LeoVegas advertisement. MGM is completing its acquisition of the Swedish company. (Image: The Drum)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-is-finalizing-its-604-million-takeover-of-leovegas\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Mergers and Acquisitions\",\"item\":\"https:\/\/www.casino.org\/news\/mergers-and-acquisitions\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"MGM Says 96 Percent of LeoVegas Investors Accept Takeover Offer\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. 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