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Everi Announces Successful Completion of Term Loan Repricing

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LAS VEGAS, Feb. 02, 2021 (GLOBE NEWSWIRE) — Everi Holdings Inc. (NYSE: EVRI) (“Everi” or the “Company”), a premier provider of land-based and digital casino gaming products, financial technology and player loyalty solutions, today announced that it successfully completed the repricing of its $735.5 million First Lien Term Loan under its Credit Agreement as amended February 2, 2021 (the “Credit Agreement”).

Under the amended Credit Agreement, the LIBOR and Base Rate floor components of the interest rate applicable to the First Lien Term Loan were reduced by 25 basis points to 0.75% from 1.00% and to 1.75% from 2.00%, respectively. The LIBOR and Base Rate margins applicable to the First Lien Term Loan remain unchanged at 2.75% and 1.75%, respectively. The amended Credit Agreement includes six months of 101 soft call protection. The maturity of the First Lien Term Loan remains May 9, 2024, and no changes were made to the financial covenants or other debt repayment terms.

Jefferies acted as advisor and sole lead arranger for this amendment to the Credit Amendment.

“This repricing of our First Lien Term Loan reflects the tremendous progress we are achieving with strengthening our operating results,” said Mark Labay, Executive Vice President and Chief Financial Officer of Everi. “At current rates and with our existing balance on the First Lien Term Loan outstanding, the 25-basis-point reduction in our LIBOR floor is expected to generate cash interest rate savings of $1.8 million on an annualized basis. This repricing provides another important improvement to our capital structure following similar activities over the past few years that have significantly lowered the weighted average interest rate on our outstanding debt obligations. These savings improve our ability to generate Higher Free Cash Flow in future periods, providing opportunities for incremental deleveraging and the creation of new value for our shareholders.”

About Everi

Everi (NYSE: EVRI) is a leading supplier of imaginative entertainment and trusted technology solutions for the casino and digital gaming industry. Everi’s mission is to transform the casino floor through innovative gaming and financial technology and loyalty solutions. With a focus on both land-based and digital gaming operators and players, the Company develops entertaining games and gaming machines, gaming systems and services that facilitate memorable player experiences, and is a preeminent and comprehensive provider of financial products and services that offer convenient and secure cash and cashless-based financial transactions, self-service player loyalty tools and applications, and intelligence software and other intuitive solutions that improve casino operational efficiencies and fulfill regulatory compliance requirements. Everi provides these products and services in its effort to help make customers even more successful. For more information, please visit www.everi.com, which is updated regularly with financial and other information about the Company.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated benefits to the Company and its shareholders of the amended First Lien Term Loan.

The forward-looking statements in this press release are subject to additional risks and uncertainties, including those set forth under the heading “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our filings with the Securities and Exchange Commission (the “SEC”), including, without limitation, our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the SEC on March 2, 2020 and subsequent periodic reports, and are based on information available to us on the date hereof.

These cautionary statements qualify our forward-looking statements and you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement contained herein speaks only as of the date on which it is made, and we do not intend, and assume no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This press release should be read in conjunction with our most recent reports on Form 10-K and Form 10-Q, and the information included in our other press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand our reported financial results and our business outlook for future periods.

CONTACTS

Investor Relations  
Everi Holdings Inc.
William Pfund
SVP, Investor Relations
702-676-9513 or [email protected]
JCIR
Richard Land, James Leahy
212-835-8500 or [email protected]

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BetVictor

BetVictor Canada launches Tracy McGrady Safer Gambling campaign

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BetVictor Canada has launched its new out-of-home advertising campaign across the streets of Toronto to promote NBA legend Tracy McGrady as its Safer Gambling Ambassador.

Two mobile digital trucks strategically targeting high-traffic areas near Scotiabank Arena, Rogers Centre, and major sporting events will provide prime audience exposure for the campaign, scheduled around Toronto Maple Leafs, Toronto Raptors, and Toronto Blue Jays home games.

To further enhance the campaign’s reach, BetVictor Canada has partnered with Clear Media Group to leverage digital taxi tops across Toronto, providing city-wide exposure with 100 taxis displaying key brand messaging. These digital taxi tops will run during peak evening hours (5:00pm – 9:00pm) on select dates until April 5th, 2025.

The campaign coincides with Problem Gambling Awareness Month, a nationwide grassroots campaign held each March that seeks to increase public awareness of problem gambling and promote prevention, treatment, and recovery services.

BetVictor Canada offers an array of tools and services to help its Canadian customers bet and play safely and responsibly, across a host of sports betting markets and online casino games.

Mark Harper, Head of Emerging Markets at BV Group, said: BetVictor is delighted to be participating in the National Council of Problem Gambling campaign in March, to help increase public awareness of problem gambling and the need to promote prevention, treatment and recovery services.

“In using our Safer Gambling Ambassador, Tracy McGrady, to raise awareness about BetVictor’s safer gambling tools such as loss limits, time alerts and product restrictions we are dedicated to ensuring all players have a safe gambling experience. #PGAM2025.”

The post BetVictor Canada launches Tracy McGrady Safer Gambling campaign appeared first on Gaming and Gambling Industry in the Americas.

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AGCO

AGCO issues $110,000 in penalties to BetMGM Canada for offering cash to induce new gambling customers

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The Alcohol and Gaming Commission of Ontario (AGCO) has served BetMGM Canada Inc. with an Order of Monetary Penalty (OMP) of $110,000 for violations of the Registrar’s Standards for Internet Gaming.

In two separate incidents in 2024, BetMGM engaged marketing companies who offered cash to members of the public in return for opening new BetMGM accounts. The marketing activities occurred in public forums, such as a major national trade conference. Under AGCO’s Standards, operators are responsible for the conduct of their third-party suppliers who are contracted to support the operator’s Ontario gaming business, and must require their third-parties to meet Ontario laws, regulations and standards (Standard 1.19).

Ontario is one of the first jurisdictions in the world to establish and enforce rules that strictly limit high-risk inducement advertising and marketing in the online gambling industry. Registered iGaming operators are prohibited from offering gambling inducements, bonuses and credits as part of their broad public advertising and marketing activities (Standard 2.05). These Standards exist to protect Ontarians from predatory advertising and promotional marketing practices in order to limit the risk of gambling-related harm.

A registered operator served with an OMP by the AGCO has the right to appeal the Registrar’s decision to the Licence Appeal Tribunal (LAT), which is an adjudicative tribunal independent of the AGCO and part of Tribunals Ontario.

QUOTE

“Responsible gambling safeguards and the protection of Ontarians on registered gaming sites is among our key priorities. The AGCO monitors the activities of all registered operators and their third-party suppliers to ensure they are meeting our high standards and we continue to take strong action to ensure they operate within the public interest.”

Dr. Karin Schnarr, Chief Executive Officer and Registrar – AGCO

ADDITIONAL INFORMATION

BetMGM Canada Inc. failed to comply with the Registrar’s Standards for Internet Gaming. Specifically, the licensee failed to comply with the following provisions of the Standards:

  • 1.19 Operators are responsible for the actions of third parties with whom they contract for the provision of any aspect of the Operator’s business related to gaming in Ontario and must require the third party to conduct themselves in so far as they carry out activities on behalf of the operator as if they were bound by the same laws, regulations, and standards.
  • 2.05 Advertising and marketing materials that communicate gambling inducements, bonuses and credits are prohibited, except on an operator’s gaming site and through direct advertising and marketing, after receiving active player consent.

Contrary to the Standards, BetMGM Canada Inc. and/or their affiliates allegedly engaged in the following activities:

a) On or about January 13 and 14, 2024, BetMGM representatives were alleged to have attended the National Franchise Show and were offering $100 in cash to new players for opening a new account and depositing $15.
b) On or about March 11, 2024, BetMGM acknowledged that its marketing affiliate “Above the Street” had engaged in prohibited inducement marketing. The conduct resulted in 377 player sign-ups and $127,180.00 in commissions to “Above the Street”.
c) On or about April 13, 2024, another BetMGM marketing affiliate “Maple Leaf Marketing” engaged in prohibited inducements and marketing to induce on-site activations and acquire new players. The conduct resulted in 94 player sign-ups and about $34,000.00 in commissions paid to “Maple Leaf Marketing”.

The post AGCO issues $110,000 in penalties to BetMGM Canada for offering cash to induce new gambling customers appeared first on Gaming and Gambling Industry in the Americas.

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BCLC

BCLC Launches “What’s played here stays here” Campaign

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BCLC’s new “What’s played here stays here” campaign is issuing an important reminder to British Columbians who choose to gamble – specifically that all net profit its operations generate stays in B.C. to help fund critical services like education, health care and community programs.

The campaign also reinforces that all other gambling websites operating in B.C. are illegal and take away funds from critical community programs and services.

“Across B.C. and Canada, we’ve seen incredible groundswell around the importance of buying and supporting local, and that’s no different for British Columbians who choose gambling for their entertainment. We want our B.C. players to know they can find a world-class gambling experience in their own backyard, whether it’s at one of our 33 casinos, 3,400 lottery retailers, or online at PlayNow.com, and that the proceeds from their play with BCLC make a positive impact at home in their community,” Pat Davis, President and CEO of BCLC, said.

Along with illegal online gambling websites, BCLC also competes with Washington State and Las Vegas casinos, all of which aggressively market to B.C. residents.

“BCLC continues to raise awareness that these gambling options do not support B.C.’s economy and take away funds from vital provincial and community-based programs and services. In a time when British Columbians are standing united, we want to reinforce that playing together with BCLC helps make B.C. even better,” Pat Davis added.

The post BCLC Launches “What’s played here stays here” Campaign appeared first on Gaming and Gambling Industry in the Americas.

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