GVC Shares Hit Record High Following Confirmation Of MGM Resorts Landmark Deal
It has now been confirmed that the agreement reported over the weekend between GVC Holdings and MGM Resorts International has been inked. In terms of the deal GVC Holdings will supply the online betting platform for MGM resorts International who are the largest casino operator in the US.
GVC has been looking to capitalize on the PASPA Supreme Court decision in May which has presented massive opportunities for British betting companies looking to offset the effects on increased restrictions at home. The major UK bookmakers like Ladbrokes Coral could be severely affected as a result of the planned crackdown on fixed odds betting terminals.
At the time of this article going to publication GVC shares were up over 7 percent to reach 1.178 pence. As we reported earlier the joint venture will see each company invest $100 million initially with a US headquarters. The deal will grant GVC access to MGM Resorts’ International properties across 15 U.S. states with a population at over 90 million.
MGM resorts CEO Jim Murren commented on the deal and said,” We are proud to join forces with GVC, the largest and most dynamic global online betting operator, with existing reputable and trusted operations in the U.S.”
GVC Holdings CEO Kenneth Alexander commented on the landmark deal and said,” MGM Resorts is a world-leading entertainment business and the most trusted name in gaming, with the highest quality brands and management, and strong sports connectivity. This combined with GVC’s technology and experience in successfully building online gaming businesses across multiple markets presents a truly exciting opportunity for US players and our respective shareholders.”