Canada
Gaming and Leisure Properties and The Cordish Companies Announce Strategic Relationship
Gaming and Leisure Properties, Inc. announced that it entered into definitive agreements to acquire the real property assets of Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh, including applicable long-term ground leases, from affiliates of The Cordish Companies (“Cordish”). The initial transaction has an aggregate consideration of approximately $1.81 billion. Cordish will immediately lease back all the properties, and continue uninterrupted to own, control and manage all the gaming operations of the facilities. The transaction for the three properties includes not only the existing real estate assets, but also a binding partnership on future Cordish casino developments, as well as potential financing partnerships between GLPI and Cordish in other areas of Cordish’s portfolio of real estate and operating businesses.
Consideration for the three-property real estate transactions will be comprised of a mix of qualified debt assumption (to be satisfied by GLPI), cash, and $323 million of newly-issued operating partnership units, or OP units, in GLPI’s operating partnership, economically aligning both groups for future collaboration and partnership.
Simultaneous with the closing of these transactions, GLPI will enter into a new triple-net master lease with Cordish for Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh, as well a single asset lease for Live! Casino & Hotel Maryland. The master lease and single asset lease will have an initial term of 39 years, with a maximum term of 60 years inclusive of tenant renewal options. The initial annual cash rent for all three properties will be $125.0 million, with a 1.75% fixed yearly escalator on the entirety of the rent commencing upon the leases’ second anniversary, representing an implied capitalization rate of 6.9%. The rent coverage ratio in 2022 is expected to approximate 2.0x for the master lease and 2.7x for the single asset lease.
Peter Carlino, Chairman and CEO of GLPI, commented, “We are excited to establish a relationship with The Cordish Companies, one of the country’s preeminent developers of large-scale experiential real estate projects, casinos, hospitality and entertainment districts. We have long admired Cordish for their creation of the highly successful ‘Live!’ brand across these entertainment, gaming and hospitality districts. A crucial aspect of our transaction was Cordish’s continued commitment to operating with the same team, approach, and standard of excellence that has brought their casinos so much success. These new leases are expected to have strong rent coverage at an accretive cap rate while further expanding and diversifying our portfolio and marking a continuation of our strategy to build an industry leading, high quality tenant roster. In addition to the real estate transaction for the three properties, we are excited to partner with Cordish on a range of future strategic opportunities that can leverage the financial and real estate development strengths and resources of both companies. The OP unit portion of the transaction consideration aligns our interests with the goal of building new value for our constituents.”
David Cordish, Chairman of The Cordish Companies, commented, “We have long admired GLPI’s pioneering structure and accomplishments as a public platform. Cordish is delighted to be partnering with GLPI on this range of transactions, which align two recognized leaders in their respective industries. Live! is iconic brand, and our commitment to our customers, team members and local communities as top priorities will continue unabated. We look forward to continue delivering quality entertainment experiences in the markets we serve now, and collaborating and partnering with GLPI on opportunities to grow the Live! brand in the future. Our election to receive a significant portion of our consideration in GLPI OP units stands testament to our recognition of GLPI’s significant underlying value and quality as a company, and the synergies we see between the two companies.”
The Maryland transaction is expected to close by 2021 year end, and the Pennsylvania transactions are expected to close in early-2022, all subject to receipt of required regulatory approvals, financing and other customary closing conditions. GLPI expects to fund the total cash consideration payable by it at the closings using cash on hand, borrowings under its revolving credit facility and/or with funds from additional financing arrangements, which are expected to include issuances of debt and equity securities, or a combination thereof. The sources of financing actually used will depend upon a variety of factors, including market conditions.
In addition to the real estate transaction for the three properties, and the potential for collaboration at existing or future non-gaming properties, GLPI and Cordish have agreed to collaborate on a range of future real estate and development opportunities, including:
- Casino Development Equity Co-Investment Partnership: For a period of seven years following the closing of the transaction for the Pennsylvania properties, GLPI will co-invest with Cordish on any new gaming development project, excluding those involving currently-owned Cordish properties or existing gaming licensed facilities. GLPI will invest in 20% of Cordish’s portion of the equity in the project throughout the life of the project.
- Right Of First Refusal: For a period of five years following the closing of the transaction for the Pennsylvania properties, GLPI will have a right of first offer and right of first refusal on any sale-leaseback (or similar) transaction which Cordish pursues, in whole or in part, related to a specifically identified Cordish Live! Entertainment District property.
Wells Fargo Securities acted as financial advisor to GLPI on the transaction.
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Bragg Gaming Group
Bragg Strengthens Executive Team for Enhanced Content Strategy, North American Growth, and AI-First Transformation
Bragg Gaming Group has announced the appointment of Morten Tonnesen as its new Chief Operating Officer and the promotion of Garrick Morris to the position of Executive Vice President of Global Content, US and Canada.
These immediate management changes emphasize Bragg’s strategic focus on aggressively scaling and expanding the high-margin content business globally, especially throughout the US and Canada. This global content business demonstrated significant growth, increasing by 76% in Q4-2025 compared to Q4-2024 and achieving 69% growth for the full year 2025 compared to 2024. This growth is supported by the acceleration of the “Bragg AI Brain” initiative and the company’s future presence in key emerging markets, such as Historical and Live Racing and Prediction markets. The organizational realignment represents the necessary final steps following the structural cost changes announced in January 2026.
Matevž Mazij, CEO of Bragg Gaming Group, said: “I’m thrilled to welcome Morten to Bragg and congratulate Garrick on his promotion. Both leaders are highly qualified, bringing extensive iGaming expertise that will be vital as we embark on our next chapter: becoming a global B2B leader in Content, Engagement, and Infrastructure and what we believe will be iGaming’s ‘AI-First’ company. Our cutting-edge tech stack has moved beyond the investment phase and is now a proven cash generator engineered for horizontal scaling.
“We believe their contributions will strengthen our ability to deliver operational leverage, meet our goals to streamline internal processes, enhance overall efficiency across our organization, and advance us further along the path toward EBITDA growth and net profitability. Importantly, with Morten streamlining operations and Garrick focused on U.S. and Global content expansion, we also believe that we are uniquely positioned to provide the robust iGaming ecosystems required by leading players in the evolving Historical and Live Racing and Prediction markets. We believe Bragg will stand out as the sole B2B provider operating at the convergence of iGaming, Sports, and Predictions.”
As Chief Operating Officer, Mr. Tonnesen’s mandate includes driving operational leverage and implementing Bragg’s ambitious artificial intelligence (AI) transformation. The goal of this transformation is to establish Bragg as an AI-First company by 2027. This transition is supported by specific 2027 objectives: ensuring AI-Enhanced Products are standard in over 90% of new launches and integrating AI into more than three-quarters of Bragg’s operational workflows.
Mr. Tonnesen brings over 17 years of progressive leadership experience in the iGaming, sports betting and technology sectors. He is recognized for his expertise in scaling complex businesses, driving cost efficiencies and operational excellence, and successfully executing high-impact initiatives to expand into new markets and achieve profitable growth. Before joining Bragg, Mr. Tonnesen served as Chief Growth Officer at Xtremepush, a leading provider of AI-powered CRM and loyalty marketing. Prior to his role at Xtremepush, which he joined in 2024, he was Chief Commercial Officer at Shape Games, an award-winning digital B2B platform and service provider for the iGaming industry, which was subsequently sold to Kambi. Earlier in his career, he co-founded and successfully exited the sports betting operator BetWarrior, now a major player in LatAm. He also spent six years in various roles at PokerStars. Mr. Tonnesen holds a Bachelor of Science in General Economics and a Master of Science in Strategy, Management, and Organisation from Copenhagen Business School.
Mr. Tonnesen said: “It has been captivating to watch the scale, scope and speed with which Bragg is already building the Bragg AI Brain and, thereby, transforming itself into an AI-first company. With Bragg navigating a combination of increasingly complex regulatory compliance requirements and recent tax headwinds in the Netherlands and other regions, exciting new emerging market opportunities in the U.S. and elsewhere, and potential consolidation in the overall global iGaming and Prediction markets, my near-term focus will be squarely on helping steer the Bragg AI Brain toward protecting the Company’s cash runway and driving its EBITDA growth.”
Mr. Morris first joined Bragg as Senior Vice President Commercial for the U.S. & Canada in 2024. In an iGaming management career spanning more than 15 years, before joining Bragg, he served as Chief Operating Officer at Digital Gaming Corporation, Operations Manager at Microgaming, and IT Platforms Manager at Derivco. Mr. Morris has a Bachelor of Economics from Stellenbosch University.
Mr. Morris said: “Since I first joined Bragg in May 2024, we have significantly expanded our U.S. content footprint through the launch of our newest games, Remote Gaming Server technology, and Player Account Management platform. I look forward to working with the team to help further accelerate growth, including via our planned strategic entrance into the Historical and Live Racing, and Prediction markets segments, with the aim of enhancing value for our shareholders.”
The post Bragg Strengthens Executive Team for Enhanced Content Strategy, North American Growth, and AI-First Transformation appeared first on Americas iGaming & Sports Betting News.
Canada
Wazdan’s North American Growth Accelerates Following FanDuel Alliance
Wazdan, the player-centric developer, has further strengthened its notable North American presence by forming a partnership with FanDuel, a top iGaming company in the area.
The deal represents a crucial milestone in Wazdan’s continuous global growth, as FanDuel introduces two feature-packed games at the same time in Ontario and Michigan, enabled by Light & Wonder’s aggregation platform.
In Ontario, gamers can experience Mighty Fish: Blue Marlin and 36 Coins, two games that highlight Wazdan’s distinctive blend of familiar themes and performance-focused mechanics. In Michigan, 12 Bells and Hot Slot: 777 Crown will offer players captivating gameplay designs centered on clarity, rhythm, and extensive features.
After the initial launch, FanDuel’s famous iGaming platform, FanDuel Casino, will have its collection expanded by a wide array of new slot games, each meticulously selected to include various Wazdan features that enhance player engagement like Cash Infinity
, Hold the Jackpot, and Sticky to Infinity
, all aimed at increasing entertainment and providing tangible growth for operators.
The newest expansion capitalizes on Wazdan’s progress in North America, succeeding in Michigan, New Jersey, Pennsylvania, and previous entries into West Virginia.
Radka Bacheva, Head of Sales at Wazdan, said: “Partnering with FanDuel represents a major milestone in Wazdan’s North American growth strategy and underlines the strong demand for our engagement-driven portfolio across regulated markets.
“FanDuel’s reach and reputation make them an ideal partner, and launching simultaneously in Ontario and Michigan is a powerful way to introduce our games to new audiences. We are confident that our feature-rich titles and proven mechanics will resonate strongly with players and deliver tangible value for FanDuel as we continue to scale our presence across the region.”
The post Wazdan’s North American Growth Accelerates Following FanDuel Alliance appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Canada
PointsBet Canada to Contest Proposed 5-Day Suspension by AGCO
PointsBet Canada confirmed it will request a hearing before the independent Licence Appeal Tribunal to contest the Notice of Proposed Order issued by the Alcohol and Gaming Commission of Ontario (AGCO) on February 12, 2026, proposing a five-day suspension of its operator registration.
PointsBet claims that the proposed sanction overemphasized an isolated incident that was a result of human error, not a systemic issue. The company also said that it did not intentionally withhold information from gaming regulators, and it immediately sent the necessary information once it was discovered.
The operator, which launched in Ontario in April 2022, also said that it cooperated fully with the AGCO’s investigation.
“We have a strong compliance record in Ontario and remain fully committed to the highest standards of integrity and player protection. We look forward to presenting our case at the Tribunal,” said Scott Vanderwel, PointsBet Canada Chief Executive Officer.
The post PointsBet Canada to Contest Proposed 5-Day Suspension by AGCO appeared first on Americas iGaming & Sports Betting News.
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