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Posted on: May 1, 2023, 02:19h.
Last updated on: May 1, 2023, 02:29h.
MGM Resorts International (NYSE: MGM) announced Monday that it’s acquiring game developer Push Gaming Holding Limited and its related subsidiaries.
Financial terms of the deal, which is expected to close in the third quarter, weren’t disclosed. The transaction marks the first for LeoVegas since that company became part of MGM last year. The casino operator paid about $605 million to purchase Sweden-based LeoVegas, adding a profitable iGaming firm with strong European exposure.
With the Push deal, MGM adds proprietary technologies, intellectual property, and development expertise as well as an expansive content library.
As part of LeoVegas, Push Gaming will remain under the same management team and its 100+ employees will continue to develop high-quality games, distributed via their own platform and remote gaming server,” according to a statement issued by the buyer.
Privately held Push has more than 135 employees located in five countries.
Deal Fits with MGM’s Bolt-On Plan for BetMGM
MGM has signaled a willingness to make deals, and with BetMGM nearing profitability, more acquisitions could be on the way.
With the Push deal, the buyer adds a company with more than 30 titles, including “Razor Shark,” “Wild Swarm,” “Big Bamboo,” and “Jammin’ Jars,” that supplies more than 200 operators around the world. Those include 888 Casino, 32 Red, Betsson, Coolbet, Entain, and LeoVegas, among others. Entain is MGM’s partner on BetMGM.
“Push Gaming’s proprietary technologies, intellectual property, and development expertise will bolster the content production capabilities of LeoVegas and support its plans for continued growth through expansion,” according to the statement.
LeoVegas currently offers iGaming and sports wagering in Europe, and could expand in Japan as MGM moves toward the 2029 opening of its integrated resort in Osaka, that country’s first land-based gaming venue.
Push Pivots to Online
Push Gaming was founded in 2010. The company, which is licensed and regulated by the Malta Gaming Authority (MGA), originally intended to be a player in the traditional slot machine market and aimed to supply land-based casinos.
That focus shifted in 2015 when “the company pivoted into becoming a game developer with a focus on creating high-quality online slots.” The move to online casinos could bear fruit and be additive to BetMGM because iGaming has broader international reach and superior economics relative to sports wagering.
Push publishes games for more than 200 operators in more than 25 languages and its platforms support over 25 cryptocurrencies, according to its website.
“The acquisition of Push Gaming by LeoVegas is consistent with our vision to expand MGM Resorts’ digital gaming presence internationally to grow our capabilities and products over the next several years,” said MGM Resorts International Interactive President Gary Fritz in the statement.
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