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OHL raises stake in PokerStars’ €500-million Madrid project

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OHL raises stake in PokerStars’ €500-million Madrid projectReading Time: 2 minutes

OHL Desarrollos, the leading construction company in Spain, has acquired a 32.5 per cent stake in the Centro Canalejas Madrid development project, raising the company’s stakes to 50 per cent. The remaining 50 per cent of the project is owned by the PokerStars founder Mark Scheinberg.

The complex will have hotel and residential areas as well as retail space and multiple food and beverage outlets. It is scheduled to open by the end of 2019. The project is located next to the Puerta del Sol square in Madrid and includes buildings formerly occupied by the Banco Santander.

In a Monday filing to Spain’s National Securities Market Commission (Comisión Nacional del Mercado de Valores), OHL said that it would pay €50 million for the 32.5 per cent stake in the development with an option for an additional €10-million payment in the event of gains if it sells its stake subsequently.

Excluding the newly added holding, OHL originally owned 17.5 per cent in the scheme. The acquisition marks Villar Mir’s official exit from the project and provides OHL with a 50 per cent stake, the other 50 per cent being owned by Mr. Scheinberg, who joined the project last February through his company Mohari Limited.

Development work commenced in 2014 and the complex is now expected to open doors in late 2019. It will feature a 200-room Four Seasons-operated hotel, which will mark the Canadian chain’s entry into the Spanish hospitality market, a residential area, which will, too, be operated by Four Seasons.

The property is expected to create 4800 direct and indirect jobs and has been touted as one aiming to bring revitalisation to the area and protect the historic and cultural heritage of the buildings it will include. In fact, the risks the project might pose to the integrity of the area have been one of the main reasons why it has been contested heavily by a number of heritage defense groups.

Mr. Scheinberg, who together with his father, Isai, founded PokerStars in the 2000s and then sold it to Canada’s Amaya for nearly $5 billion, entered the Centro Canalejas Madrid scheme in February 2017. The businessman, whose net worth is estimated at $4.8 billion (Forbes: Real Time Net Worth), paid €225 million for a 50 per cent stake in the endeavour. The deal marks his first foray into the Spanish real estate market, which seems to be gradually returning its mojo after the 2008 property bubble burst that saw property prices collapse overnight and shatter Spain’s economy like a massive earthquake.

 

Source: casinonewsdaily.com

Source: Latest News at European Gaming Media

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Integration of EGT Global Jackpot with Winbet and Club King Marks Great Success

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Integration of EGT Global Jackpot with Winbet and Club King Marks Great SuccessReading Time: 1 minute

 

The EGT Global Jackpot’s integration with Winbet and Club King has achieved success through offering entertainment and winnings for both operators and players.

The operators’ success and players’ entertainment are always the core objectives of EGT sales, development and production teams. When innovation joins these approaches, EGT solutions are the reliable choices for winning businesses.

EGT supports the operators to make proposals to its customers they couldn’t refuse, with the integration of the EGT Global Jackpot into their gaming halls. Global Jackpot is developed to connect all slot machines and any type of roulette from all locations of operators across the country. Thus, the total bet generates the possibility of higher winnings compared to those offered by the local jackpots.

At Winbet, the Global Jackpot has been functional since March this year and has brought multiple winnings to the luckiest players. Recently, Club King has also integrated the Global Jackpot in favour of top entertainment and winnings for both operators and players.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Integration of EGT Global Jackpot with Winbet and Club King Marks Great Success

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New York State Lottery Reports Record Revenues for the 2018 Fiscal Year

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New York State Lottery Reports Record Revenues for the 2018 Fiscal YearReading Time: 1 minute

 

The New York Lottery has recorded $8.2 billion in sales for the state fiscal year that ended in March 31, 2019. That includes sales from Powerball, Jackpot, Mega Millions, Scratch Off, Quick Draw and other games, plus revenues generated by the state’s licensed video lottery locations.

The video lottery net win for the 2018-2019 fiscal year was $2.08 billion, third largest in the world behind two Italian lottery operators. The combined sales and net win earnings for the last fiscal year are a new record for the New York Lottery. The New York Lottery generated $3.47 billion in aid designated to support the state’s schools.

The lottery revenues are distributed to school districts according to the same formula used for state aid. A larger, poorer district will receive a higher percentage than a smaller, more affluent one. Lottery contributions account for 13% of all state aid to education for 2018-2019.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: New York State Lottery Reports Record Revenues for the 2018 Fiscal Year

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Spillemyndigheden Introduces Whistleblower Scheme

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Spillemyndigheden, the Danish industry regulator, has launched a new whistleblower scheme for the employees of gambling operators who wish to report evidence of money laundering.

Spillemyndigheden has detailed that employees can report a company’s violation or potential violation of the anti-money laundering legislation to the regulator via a dedicated, anonymous contact form which will then trigger a legal investigation. All submissions will be encrypted to ensure that submissions are secure.

In April, Spillemyndigheden has blocked access to 25 gambling websites after petitioning the country’s telecommunications providers. Danish internet providers have now been obliged to block access to ten igaming sites, in addition to 15 skin betting websites.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Spillemyndigheden Introduces Whistleblower Scheme

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