MGM Resorts gets approval for LeoVegas acquisition

"The completion of this transaction represents a major milestone for MGM Resorts as we continue to pursue our strategy of growing our online gaming footprint worldwide," said MGM Resorts' CEO & President Bill Hornbuckle.

"We look forward to welcoming the LeoVegas team and are excited to begin working with them to grow our global digital gaming business and maximize the full potential of our omnichannel strategy," Hornbuckle added.

"Joining forces with MGM Resorts is a major win for LeoVegas and we're excited to begin working with our new teammates to build upon the work we've done over the last 10 years," said LeoVegas Group CEO Gustaf Hagman. "MGM Resorts is a premier gaming entertainment company and we look forward to leveraging their expertise to further our long-term strategic goals."

Founded in 2011 by Gustaf Hagman and Robin Ramm-Ericson, LeoVegas is a leading global online gaming company with licenses in nine jurisdictions primarily in the Nordics and rest of Europe. LeoVegas generated EUR 394 million in revenue and EUR 46 million in Adjusted EBITDAii during the twelve months ended 30 June 2022. The business is headquartered in Stockholm with major offices in Malta, United Kingdom and Milan.

MGM Resorts believes the acquisition of LeoVegas will provide a unique opportunity for the Company to create a scaled global online gaming business with the following attributes:

• Strategic Opportunities to Accelerate Growth and Product Offerings – LeoVegas' online casino and sports betting capabilities and strong customer base outside of the U.S. is expected to further expand MGM Resorts' presence around the world.
   
• Experienced Online Gaming Management Team and Superior Technology Capabilities – LeoVegas' management team has demonstrated the ability to develop a robust and scalable technology platform with advanced product offerings.
   
• Commitment to Continued Profitable Growth – LeoVegas has operated profitably as a highgrowth platform since 2014. From 2017 to 2021, LeoVegas' revenues compounded annual growth rate was 16%, while maintaining strong profitability. MGM Resorts' scale, brands and expertise will allow the combined businesses to expand within existing gaming segments and provide incremental opportunities to enter new areas.

Source: GMB