MGM RESORTS INTERNATIONAL ANNOUNCES AGREEMENT TO ACQUIRE GAME DEVELOPMENT COMPANY PUSH GAMING BY SUBSIDIARY LEOVEGAS
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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