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Scientific Games Announces Successful Completion of Financing Transactions

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Scientific Games Announces Successful Completion of Financing TransactionsReading Time: 3 minutes

Las Vegas, Feb. 14, 2018 – Scientific Games Corporation (NASDAQ: SGMS) (“Scientific Games” or “the Company”) announced that its wholly owned subsidiary, Scientific Games International, Inc. (“SGI”), successfully completed a series of financing transactions, including (i) a private offering of $900 million additional aggregate principal amount of its 5.000% senior secured notes due 2025 (the “New 5.000% Dollar Notes”) at an issue price of 100.0%; (ii) a private offering of €325 million of new 3.375% senior secured notes due 2026 (the “Euro Secured Notes”) at an issue price of 100.0%; (iii) a private offering of €250 million of new 5.500% senior unsecured notes due 2026 (the “Euro Unsecured Notes,” and, together with the Euro Secured Notes and New 5.000% Dollar Notes, the “New Notes”) at an issue price of 100.0%; (iv) a $900 million upsizing and repricing of its term loan B facility under its credit agreement that reduced the applicable interest rate on the term loans to LIBOR plus 275 basis points, which was a 50-basis point reduction, and (v) an increase in the availability under the revolving credit facility to $620.2 million through October 18, 2018, with a step-down in availability at that time to $445.7 million until the extended maturity date on October 18, 2020.

The net proceeds of the financing transactions will be used to redeem all $2,100 million of the Company’s 7.000% senior secured notes due 2022 (the “2022 Notes”), prepay a portion of the borrowings under its revolving credit facility, including accrued and unpaid interest thereon and pay related premiums, fees and expenses of the transactions. Including the effect of cross-currency interest rate swap arrangements, the net impact of the financing transactions will be to lower the Company’s annual cash interest cost by approximately $69 million at current rates, while extending maturities of $2,100.0 million of its debt from 2022 out to 2024, 2025, and 2026. The New Notes are guaranteed on a senior basis by Scientific Games and certain of its subsidiaries. The New 5.000% Dollar Notes and the Secured Euro Notes are secured by liens on the same collateral that secures indebtedness under Scientific Games’ credit agreement, the 2022 Notes, and the existing 5.000% senior secured notes due 2025 (the “Existing Notes”). The Company also entered into new floating-to-fixed interest rate swaps and will remain focused on growing cash flow and deleveraging. 

The New 5.000% Dollar Notes were issued under the same indenture pursuant to which SGI previously issued $350 million of the Existing Notes. The New 5.000% Dollar Notes and the Existing Notes are treated as a single series of debt securities for all purposes under that indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase.  The New 5.000% Dollar Notes have terms identical to the Existing Notes, other than issue date and offering price and have the same CUSIP and ISIN numbers as, and trade together with, the Existing Notes, except that the New 5.000% Dollar Notes issued in offshore transactions under Regulation S shall be issued and maintained under a temporary CUSIP number during a 40-day distribution compliance period commencing on the issue date.

The New Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The New Notes are offered only to qualified institutional buyers in accordance with Rule 144A and to non-U.S. Persons under Regulation S under the Securities Act. The New Notes are not being offered, sold or otherwise made available to any retail investor in the European Economic Area.

 

This press release does not and will not constitute an offer to sell or the solicitation of an offer to buy the New Notes, nor will there be any sale of the New Notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.


Source: European Gaming Media and Events

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Russian Online Casinos Supply the Donbass Separatists

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Russian Online Casinos Supply the Donbass SeparatistsReading Time: 1 minute

Pro-Russian separatist groups of the Donbass War (Eastern Ukraine) receive material funds from illegal gambling business, states a recent article published in the Russian Sobesednik magazine. According to article, part of the illegal profits of the online casinos is used to finance the ongoing conflict in Ukraine.

As reported by GC Alor analysts, the black turnover of these Russian online casinos is around 200 billion RUR (2,725,065,200.00 Euro). The Majority of these online casinos are registered in foreign administrations, like Azino777 being registered in Curacao.

As experts say, many online casinos are physically based in Ukraine, where the legislation is slightly more loyal than Russian. It is allowed, for example, to develop gaming software for third-party customers. Lucky Labs company, which is linked to the online casino “Vulcan”, operates in Ukraine as software developer.

According to the Security Service of Ukraine, which conducted searches at the office of the company lately, Lacky Labs also controls the websites of CasinoX and Joycasino. The company’s office is big. It is a 4-storey building designed for 150 people. There is also a basement area where there is a kitchen and a dining room, a gym.

Lucky Labs was founded by two Russians. Because of the sanctions imposed by the President of Ukraine Petro Poroshenko, now they are not allowed to enter the country. However, Lucky Labs continues to exist. Now the company is registered by an Ukrainian citizen.

If some of the profits of illegal online casino go to pro-Russian patriotic purposes, it becomes clear why Roskomnadzor does not block their Internet addresses. The correspondent of “Sobesednik” managed to access the mentioned online casinos without any obstacles, using no VPN or “mirrors”.

 

Source: sobesednik.ru


Source: European Gaming Media and Events

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Play’n GO ‘Slots’ Into 1st Place!

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Play'n GO 'Slots' Into 1st Place!Reading Time: 2 minutes

Company celebrates EGR victory with Slot Provider of the Year Award

 

June 22, 2018 – Play’n GO were honoured at the EGR B2B Awards on Wednesday (20thJune) as they took home the highly coveted Slot Provider of the Year Award, beating out some strong competition.

The awards, held in London’s prestigious Hurlingham Club, “celebrates and rewards the very best service suppliers in the online gaming industry” and Play’n GO were honoured to have been nominated in numerous categories including Innovation in Mobile and Best Multi-Channel Supplier.

Play’n GO were recognised for their remarkable offerings in the slot market over the past year including innovative games such as Viking Runecraft, Sweet Alchemy and Moon Princessas well as many other popular titles.

CEO Johan Törnqvist was delighted to pick up the win, and believes it is a reflection of the company’s hard work.

“It’s an honour to pick up such a sought-after award, especially with the level of competition in the category. As a company we work hard to put out the finest, most entertaining, offering to our partners in the market, and winning this award is a testament to that. We have consistently been recognised in the industry for the innovative products we release and it’s our job not to rest on our laurels, but to continue innovating”

 

About Play’n GO

Play’n GO is an award-winning supplier of high quality gaming content to many of the world’s leading casino brands.  Its genuine omni-channel solution can be tailored to suit the needs of individual online and land-based partners, regardless of geographical, regulatory, or market-specific requirements. Its games are developed in HTML5 to provide an enhanced user experience on all devices and operating systems. These are complemented by superior back-office administration tools which provide expansive reporting and marketing capabilities, ensuring operators are equipped to provide the ultimate gaming experience. The supplier’s extensive portfolio was recently recognised by the award of the IGA Slot Provider of the Year 2017 title. Play’n GO currently hold offices in Sweden, Malta, Hungary, and the UK. Please visit http://www.playngo.com for more details.


Source: European Gaming Media and Events

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Poland: Accepted Changes In Taxes, Including Gambling

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Poland: Accepted Changes In Taxes, Including GamblingReading Time: 1 minute

Poland’s lower house (Sejm) has voted down five Senate amendments to a comprehensive amendment to several tax bills, including gambling.

The adopted amendments may be applied retroactively, which is to the income earned from January 1 2018.
Gamblers will be treated in a uniform manner after the changes.

Adopted by the Sejm on May 10th of this year extensive amendment to the Personal Income Tax Act (PIT), the Corporate Income Tax Act (CIT) and the Act on flat-rate income tax on certain revenues earned by natural persons; that all winnings on machines will be exempt from PIT, the tax relief for creators will be extended to the next creative professions, the real estate income tax will be larger. This applies to provisions adopted last autumn and effective from January 1st 2018.

Unlike the regulations adopted in autumn, the amendment assumes for example, that participants of legal gambling will be treated in a uniform manner. Regardless of whether the games are organized by casino operators or a company performing a state monopoly in this area, which would be Totalizator Sportowy. In line with the provisions changed by the Sejm and approved by the Senate on Thursday, winnings in slot machine games, card games, dice games and cylindrical games – regardless of which legally operating entities organize them – will be exempt from personal income tax.

In the remaining scope, the rules of taxing winnings (in numerical games, cash lotteries, mutual bets, etc.) are to remain unchanged in relation to the provisions currently in force. Pursuant to the amendment of October 27th 2017, winnings in gambling are subject to a l0% PIT tax on winning if their one-time value of winning exceeds PLN 2,280 (528 Euro).


Source: European Gaming Media and Events

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