Online gambling operator LeoVegas will be leaving the Indian and Japanese markets along with flagship operators Royal Panda on 1 September. The news comes in the wake of LeoVegas’s acquisition by MGM Resorts, which will be finalized in the coming days.
MGM, the Las Vegas-based global hospitality and entertainment company, secured all the necessary approvals for the $607m (£513m/€608m) deal for the acquisition of LeoVegas, earlier this week. The deal is a breakthrough for the American company in its plan to expand its online gambling offering into Europe and other markets outside the US.
Ahead of its departure, a LeoVegas spokesperson stated that the exit was part of the company’s wider strategy to focus on other regulated markets for the growth of long-term projects.
“The group’s strategy is […] to grow on locally-regulated (and soon to be regulated) markets. We continuously conduct strategic overviews of our group brands and the markets they are present in, seeing that we want to make sure that they fill a clear long-term purpose,” the spokesperson said.
The deal with LeoVegas will allow us to continue to grow our reach throughout the world: MGM president
Notably, a deal was struck between LeoVegas and the land-based gaming giants in May earlier this year, with MGM requiring a series of complicated approvals in order for the deal to go ahead. The acceptance period for the offer was set to expire on 30 August, with MGM having until 31 August to fulfill all the conditions in the offered documents.
The Nevada outfit has revealed that it has now secured all necessary regulatory, governmental, or similar clearances to go ahead with the acquisition. MGM chief executive and president Bill Hornbuckle hopes that the deal will see the company reach a much larger audience and will enhance its growth in the digital gaming sector.
“We believe that this offer creates a compelling opportunity that allows the combined teams of MGM Resorts and LeoVegas to accelerate our global digital gaming growth and fully realize the potential of our omnichannel strategy. Our vision is to be the world’s premier gaming entertainment company, and this strategic opportunity with LeoVegas will allow us to continue to grow our reach throughout the world,” MGM’s chief said at the time of the original announcement.