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Posts Tagged ‘Billion’

The Stars Group Buys Sky Betting & Gaming for $4.7 Billion

The Stars Group announced over the weekend that it has acquired Sky Betting & Gaming (SBG) for $ 4.7 billion in combination cash and stock deal. According to The Stars Group in a press release, the addition of Sky will make the company the largest publicly traded online gambling company. The Stars Group is clearly best known as an online poker company, as its name comes from its ownership of PokerStars, the world’s largest online poker room, but this purchase balances the company’s numbers quite nicely. The Stars Group says that if Sky, CrownBet and William Hill Australia (the latter two of which were also recently acquired) were counted in the 2017 financials, poker would make up just 37 percent of The Stars Group’s revenue. An almost equal number – 34 percent – would have come from sportsbook, while 26 percent would have been casino. “The acquisition of Sky Betting

Penn National Gaming to Acquire Pinnacle Entertainment for $2.8 Billion

Penn National Gaming announced Monday that it has agreed to acquire Pinnacle Entertainment for $ 2.8 billion in combined cash and stock. Pinnacle shareholders will receive $ 20 per share of Pinnacle plus 0.42 shares of Penn National stock for each Pinnacle share they own. The implied price per share is $ 32.47, a 36 premium for Pinnacle based on the company’s closing price on October 4th. Penn National CEO Timothy Wilmott did some of the usual corporate cheerleading-speak in a press release: The combined company will benefit from enhanced scale, additional growth opportunities and best-in-class operations, creating a more efficient integrated gaming company. Going forward, we will have the financial and operational flexibility to further execute on our strategic objectives, while maintaining our track record of industry-leading profit margins and generating significant cash flow to reduce leverage over time. We look forward to welcoming Pinnacle’s talented employees to our

Caesars Sells Harrah’s Las Vegas for $1.14 Billion

Caesars Entertainment Corporation has announced that it has entered into an agreement to sell Harrah’s Las Vegas to VICI Properties for $ 1.14 billion. If this sounds rather shocking, you may be relieved to know (or not really care, as the case may be) that it is all part of a plan. In mid-November, Caesars announced that it will acquire Centaur Holdings, LLC for $ 1.7 billion in cash. Centaur owns Hoosier Park Racing and Casino in Anderson, Indiana and the Indiana Grand Racing and Casino in Shelbyville, Indiana. The sale of Harrah’s Las Vegas is being used to finance the Centaur deal. It will also continue to be business as usual at Harrah’s, as Caesars will enter into a 15-year lease for the property, paying VICI an initial annual rent of $ 87.4 million, a number which will increase as the years go on. Caesars will continue to operate

Golden Nugget Owner Tilman Fertitta Buys Houston Rockets for $2.2 Billion

The Houston Rockets NBA franchise announced this week that it has been purchased by Tilman Fertitta, owner of the Golden Nugget Casinos and Hotels. Though the team did not disclose details of the transaction, a source close to ESPN’s Adrian Wojnarowski said that Fertitta paid $ 2.2 billion for the club. In a press release issued by the Rockets, Fertitta said: I am truly honored to have been chosen as the next owner of the Houston Rockets. This is a life-long dream come true. Leslie Alexander has been one of the best owners in all of sports, and I thank him immensely for this opportunity. He has the heart of a champion. Lastly, out of respect for the NBA’s approval process, I can say no more other than I am overwhelmed with emotion to have this opportunity in my beloved city of Houston. “I am excited to welcome and pass

Ex-Amaya CEO David Baazov Makes $3.48 Billion Offer to Buy Company

Amaya Inc., parent company of PokerStars, announced on Monday that it has received an offer from former CEO David Baazov to purchase the entire company. The offer price is CAD $ 24 per share, making the total deal valued at approximately CAD $ 3.48 billion. Amaya’s stock price closed at CAD $ 18.34 on Friday, so Baazov’s offer represents a healthy 31 percent premium. Shares have leapt on the news, opening Monday morning at CAD $ 21. They are currently at CAD $ 21.50, a more than 17 percent increase from Friday’s close. Baazov owns 17.2 percent of Amaya; his offer is not technically directly from him, but rather from a company that has yet to be created of which he will be the head. He also, as one might expect, will not be fronting all of the capital required to make the purchase. Four funds are contributing to the