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Financing News

PAGCOR increases support for COVID-19 fight in the Philippines

The state-owned Philippine Amusement and Gaming Corporation (PAGCOR) has remitted an additional P5bn (€88.7m) in cash dividends to support the government’s fight against the COVID-19 pandemic.

Having turned over P12bn to state coffers in March, the agency’s latest remittance brings the regulator’s total dividend contribution to P17bn.

The additional dividend remittance was [...]

1 min read
Flutter Entertainment

Flutter Entertainment to raise £812.6m to drive continued expansion

London-listed betting and gaming operator Flutter Entertainment is seeking to raise £812.6m from a private placement of more than 8m new shares with institutional investors including US media giant Fox Corporation.

A total of 8,045,995 new ordinary shares in the company have been placed by Goldman Sachs International and J&E Davy [...]

4 mins read

Tabcorp secures debt waiver and scraps final dividend

Sydney-listed gaming operator Tabcorp Holdings will not to pay a final dividend in relation to its 2020 financial year after securing an agreement with its lenders to waive debt covenants until the end of the year.

Tabcorp has secured agreement from its bank lenders under its Syndicated Facility Agreement (SFA), representing [...]

1 min read
Penn National Gaming

Penn National Gaming ready for reopening with strengthened balance sheet

New York-listed casino operator Penn National Gaming has strengthened its balance sheet by $600m with the closing of its common stock and convertible notes offering.

Strong investor demand saw the company increase the size of the offering to $300m common shares and $300m of 2.75% Convertible Senior Notes due 2026, with [...]

1 min read

New Zealand provides racing industry with $72.5m support package

The government of New Zealand has announced a NZ$72.5m (€40.7m) COVID-19 emergency support package for the racing industry.

The support package consists of a $50m relief grant for the Racing Industry Transition Agency (RITA), up to $20m in funding to construct two new All Weather race tracks, and $2.5m for the [...]

1 min read

South Africa’s Phumelela files for bankruptcy protection as COVID-19 bites

South African racecourse owner and betting operator Phumelela Gaming and Leisure is seeking to implement a business rescue plan to ensure the long-term survival of the company and horse racing in South Africa.

Phumelela said that it has experienced adverse economic and trading conditions for some time, which has been exacerbated [...]

1 min read
GVC Holdings

GVC agrees new revolving credit facility to provide greater flexibility

London-listed betting and gaming operator GVC Holdings has agreed a new £535m revolving credit facility (RCF) with its existing lending banks. 

The new RCF is on substantially the same terms as GVC's previous RCF, which has now been cancelled, except for a revised covenant limit. 

As per the previous RCF, the covenant [...]

2 mins read

Small US gaming businesses gain access to Paycheck Protection Program

The American Gaming Association (AGA) has applauded the Small Business Administration’s (SBA) new guidelines that permit small gaming-related businesses to participate in the US government's Paycheck Protection Program.

The Paycheck Protection Program is a loan scheme designed to provide a direct incentive for small businesses to keep their workers on the [...]

2 mins read

GambleAware’s annual donations exceed £10m for the first time

British problem gambling support charity GambleAware has received voluntary donations of £10.05m for the 12 months ending 31 March, the first time that donations have exceeded the charity’s minimum target of £10m.

GVC topped the list of donors to the UK-based charity, donating £1.46m during the year, with William Hill and [...]

3 mins read

SBTech agrees to indemnify DraftKings and DEAC

The owners of sports betting technology supplier SBTech could lose up to $30m due to the suspected cyberattack on the company’s systems in late March.

The terms of the business combination agreement between SBTech, Diamond Eagle Acquisition Corp. (DEAC) and DraftKings have been amended to protect DEAC and DraftKings against any [...]

1 min read

Ganapati seeks funding as Tokyo court case looms

Casino games developer Ganapati has announced plans to delist its shares from the Aquis stock exchange as authorities in Japan commence legal action against a subsidiary of the company.

The company’s shares are currently priced at 3 pence on the Aquis Stock Exchange, a UK-based stock market providing primary and secondary [...]

1 min read

FDJ takes out syndicated loan for exclusive French lottery and betting rights

French gaming and lottery operator La Française des Jeux (FDJ) has taken out a €380m syndicated loan to pay for its exclusive rights to operate lottery and sports betting in France.

FDJ will use the loan to pay the French government for its exclusive 25-year rights to operate lottery games and [...]

1 min read
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