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Statement by the Board of Directors of LeoVegas in relation to the public offer from MGM
The Board of Directors of LeoVegas unanimously recommends the shareholders of LeoVegas to accept the public offer from MGM of SEK 61 in cash per share.
This statement is made by the Board of Directors[1] of LeoVegas AB (publ) (the “Company” or “LeoVegas”) pursuant to Rule II.19 of the Nasdaq Stockholm Takeover Rules (the “Takeover Rules”).
Background
MGM Casino Next Lion, LLC, a wholly owned indirect subsidiary of MGM Resorts International (“MGM”), has today announced a public offer to the shareholders of LeoVegas to transfer all of their shares in LeoVegas to MGM for a consideration of SEK 61 in cash per LeoVegas share (the “Offer”). The total value of the Offer corresponds to approximately SEK 5,957 million[2]. The price of SEK 61 per share in the Offer will not be increased.
The Offer represents a premium of:
· approximately 44.1 per cent compared to the closing price of SEK 42.32 of LeoVegas shares on Nasdaq Stockholm on 29 April 2022, which was the last trading day prior to the announcement of the Offer;
· approximately 57.6 per cent compared to the volume-weighted average trading price of SEK 38.70 of LeoVegas shares on Nasdaq Stockholm during the last 30 trading days prior to the announcement of the Offer; and
· approximately 76.5 per cent compared to the volume-weighted average trading price of SEK 34.56 of LeoVegas shares on Nasdaq Stockholm during the last 180 trading days prior to the announcement of the Offer.
The acceptance period for the Offer is expected to commence on or around 3 June 2022 and expire on or around 30 August 2022.
Completion of the Offer is conditional upon, inter alia, that the Offer is accepted to such an extent that MGM becomes the owner of shares representing more than 90 per cent of the outstanding shares in LeoVegas (on a fully diluted basis), as well as all regulatory, governmental or similar clearances, approvals and decisions necessary to complete the Offer, including approvals and clearances from competition authorities, being obtained, in each case on terms which, in MGM’s opinion, are acceptable. MGM has reserved the right to waive the conditions for completion of the Offer. The Offer is not conditional upon financing. MGM has stated that it will not increase the price of SEK 61 in the Offer. By this statement, MGM cannot, in accordance with the Takeover Rules, increase the price in the Offer.
The Board of Directors of LeoVegas has given consent to MGM to offer a management incentive plan for certain key employees of LeoVegas and notes that MGM has obtained a statement from the Swedish Securities Council (Sw. Aktiemarknadsnämnden) confirming that the proposed incentive plan is compatible with the Takeover Rules (Ruling 2022:16).
The Board of Directors of LeoVegas has, at the written request of MGM, permitted MGM to carry out a due diligence review of LeoVegas in connection with the preparation of the Offer. With the exception of information that was subsequently included in LeoVegas’ Q1 report for 2022, MGM has not been provided with any inside information regarding LeoVegas in connection with the due diligence review.
MGM has obtained irrevocable undertakings to accept the Offer from the Company’s largest shareholder and Chief Executive Officer, Gustaf Hagman, and certain other shareholders[3]. Gustaf Hagman has undertaken to tender 8,050,000 shares (8.2 per cent of the outstanding shares in LeoVegas), and other shareholders have undertaken to tender a total of 6,909,281 shares in LeoVegas (7.1 per cent). Accordingly, irrevocable undertakings to accept the Offer from shareholders representing in total 14,959,281 shares (15.3 per cent) have been obtained. The irrevocable undertakings apply irrespective of whether a higher competing offer is made. The irrevocable undertakings will terminate if the Offer is not declared unconditional on or before 31 October 2022. In addition, Torsten Söderberg, who is also a Board member of LeoVegas, has stated that he is very supportive of the Offer. Torsten Söderberg and family owns 4,533,861 shares in LeoVegas (4.6 percent).
SEB Corporate Finance (“SEB”) is acting as financial adviser and Cederquist is acting as legal adviser to LeoVegas in connection with the Offer.
Process conducted by the Board of Directors
In parallel with other interested third parties contemplating public tender offers, MGM contacted LeoVegas in December 2021. The Board of Directors engaged SEB to lead the process of evaluating other parties’ interest for the Company. In February 2022, MGM submitted a non-binding offer letter to the Board of Directors of LeoVegas indicating an interest to pursue with a public offer subject to, inter alia, a satisfactory due diligence review and the Board of Directors of LeoVegas recommending the shareholders to accept the offer from MGM. The Board of Directors gave MGM permission to conduct a due diligence review. As instructed by the Board of Directors, SEB entertained parallel processes with other interested parties in the interest of creating maximum value for the shareholders in LeoVegas. Following further negotiations with the Board of Directors and SEB, MGM increased its non-binding offer, to a price level other interested parties could not match, in order to receive a recommendation from the Board of Directors.
The Board of Directors’ recommendation
In its evaluation of the Offer, the Board of Directors has taken a number of factors into account which the Board of Directors deems relevant. These factors include, but are not limited to, the Company’s present strategic and financial position and the Company’s expected potential future development and thereto related opportunities and risks.
The Board of Directors notes that the Offer represents a premium of approximately 44.1 per cent compared to the closing price of SEK 42.32 of the Company’s share on Nasdaq Stockholm on 29 April 2022, which was the last trading day before the announcement of the Offer, and a premium of approximately 57.6 per cent and 76.5 per cent respectively, compared to the volume-weighted average share price for the Company’s share on Nasdaq Stockholm during the last 30 and 180 trading days, respectively, prior to the announcement.
As noted above, LeoVegas has received several indications of interest or non-binding offers concerning a potential tender offer. MGM’s offer is, in the assessment of the LeoVegas Board of Directors, the superior offer from the perspective of the shareholders. The LeoVegas Board of Directors has investigated and considered market and industry trends, and certain strategic alternatives available to LeoVegas. Such alternatives included, but were not limited to, remaining an independent listed company with a possible listing in the USA. The LeoVegas Board of Directors has also considered the risks and uncertainties associated with such alternatives.
LeoVegas operates in an industry which is characterised by, inter alia, high innovation pace, new regulation and consolidation. In this context, the Board of Directors believes that the industrial logic and strategic fit between LeoVegas and MGM is attractive and should serve both the company and its employees well in the future.
The Board of Directors further notes that LeoVegas’ largest shareholder and Chief Executive Officer Gustaf Hagman and certain other shareholders, representing in aggregate 15.3 per cent of the outstanding shares and votes in the Company, have entered into undertakings to accept the Offer, subject to certain conditions, irrespective of whether a higher competing offer is made. In addition, Torsten Söderberg, who is also a Board member of LeoVegas and together with family owns 4.6 per cent of the outstanding shares, has stated that he is very supportive of the Offer.
As part of the Board of Directors’ evaluation of the Offer, the Board of Directors has engaged BDO to issue a so-called fairness opinion regarding the Offer, see Appendix 1. According to the fairness opinion, the Offer is fair to LeoVegas’ shareholders from a financial point of view (subject to the assumptions and considerations set out in the fairness opinion).
Under the Takeover Rules, the Board of Directors shall, based on the statements made by MGM in the Offer press release issued earlier today, present its opinion regarding the impact that the implementation of the Offer will have on LeoVegas, particularly in terms of employment, and its opinion regarding MGM’s strategic plans for LeoVegas and the effects it is anticipated that such plans will have on employment and on the places in which LeoVegas conducts its business. In this respect, the Board of Directors notes that MGM has stated that “MGM values the skills and talents of LeoVegas’ management and employees and intends to continue to safeguard the excellent relationship that LeoVegas has with its employees. Given MGM’s current knowledge of LeoVegas and in light of current market conditions, MGM does not intend to materially alter the operations of LeoVegas following the implementation of the Offer, subject, of course, to MGM’s continued regulatory review. There are currently no decisions on any material changes to LeoVegas’ or MGM’s employees and management or to the existing organization and operations, including the terms of employment and locations of the business”. The Board of Directors assumes that this description is correct and has no reason to take a different view in this respect.
Based on the above, the Board of Directors unanimously recommends the shareholders in LeoVegas to accept the Offer.
This statement shall in all respects be governed by and construed in accordance with Swedish law. Disputes arising from this statement shall be settled exclusively by Swedish courts.
The information in the press release is information that LeoVegas is obliged to make public pursuant to the EU Market Abuse Regulation and the Takeover Rules. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CEST on 2 May 2022.
[1] The Board member Torsten Söderberg and the Company’s largest shareholder and Chief Executive Officer Gustaf Hagman have not participated in the Board’s evaluation of or discussions regarding the Offer due to conflict of interest.
[2] Based on 97,652,970 outstanding shares in LeoVegas, which excludes 4,000,000 treasury shares held by LeoVegas. In the event that LeoVegas should pay any dividend or make any other value transfer prior to the settlement of the Offer, the price per share in the Offer will be reduced correspondingly.
[3] LOYS AG: 3,259,281 shares (3.3 per cent). Robin Ramm-Ericson: 2,250,000 shares (2.3 per cent). Pontus Hagnö: 1,000,000 shares (1.0 per cent). Gilston Invest AB: 400,000 shares (0.4 per cent).
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Resort fees are up 194% and Nevada’s live poker table count is down 38% since 2011, based on UNLV and Gaming Commission data cited in the report.
The cost of a one-night visit to the Las Vegas Strip has more than doubled since 2014, according to a new “Las Vegas Inflation Index” published by Ignition Casino. The report estimates a typical one-night “basket” of expenses at $667.85 in 2026 versus $319.09 in 2014, a 109.3% increase.
Ignition Casino’s basket includes the Strip average for a blackjack minimum bet, weekend one-night hotel stay, resort fee, domestic beer, bottle of water, dinner (entrée and drink), a show ticket and valet parking. In the company’s breakdown, resort fees show the steepest jump, rising from $19.43 to $48.49 (+194.5%). Other increases cited include blackjack minimum bets from $50.00 to $112.17 (+124.3%), show tickets from $82.86 to $175.91 (+112.3%), water from $3.00 to $7.00 (+133.3%), and valet parking moving from free to $40.
For poker, the report argues higher trip costs are landing alongside a smaller live product. Citing UNLV’s Center for Gaming Research and Nevada Gaming Commission Quarterly Reports, it says Nevada’s live poker table count fell from 957 in 2011 to 595 by end-2025, a 38% decline. On the Strip, the report puts active poker rooms at eight today—Aria, Bellagio, Caesars Palace, Horseshoe, Mandalay Bay, MGM Grand, The Venetian and Wynn—down from approximately 17 in the late 2000s.
The company also points to higher rake caps compared with 2014. It states Aria’s rake is “10% of the pot up to a maximum cap of $7 per hand,” Bellagio’s cap is $6, and the remaining Strip rooms are at $5, versus a 2014 Strip average cap of $4. Using an assumed 30 raked hands per hour, the report estimates that a $2 higher cap at cap-reaching tables equates to “an extra $60 per hour” going to the house, or $300 over a five-hour session.
At blackjack, Ignition Casino ties higher table minimums to shorter expected playtime for fixed budgets. It estimates a $500 bankroll would last about 2 hours and 22 minutes at the 2014 average minimum bet, versus about 28 minutes at the 2026 average minimum, using an approach it attributes to “casino risk analysts and quantitative mathematicians” and assuming 70 hands per hour and a blackjack standard deviation of 1.15.
The post Ignition Casino: One-night Las Vegas Strip spend hits $668, up 109% since 2014 appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Deal starts with the 2026 PMCO Western Europe Wildcard and adds a JanickaGaming ambassador program.
G2 and PUBG MOBILE Esports have announced a partnership aimed at growing the PUBG MOBILE esports ecosystem in Western Europe, the companies said on June 15, 2026 in Berlin.
The partnership begins with the 2026 PUBG MOBILE Club Open (PMCO) Western Europe Wildcard, with registration open now. G2’s in-house media and production unit, 62, will support tournament operations and community activations, spanning creator campaigns, media buying, and event management.
The first major activation under the agreement will be the 2026 PUBG MOBILE Global Open (PMGO) Western Europe Finals, scheduled for 11–13 September, with registration opening today, according to the announcement.
The companies are also launching an ambassador program for the region, naming German PUBG MOBILE content creator JanickaGaming as the Western Europe ambassador. PUBG MOBILE said she will stream PUBG MOBILE weekly and cover esports topics and tournaments alongside her existing social content.
“PUBG MOBILE has built something really special over the years. It’s one of the biggest games in the world and one of the most impressive esports ecosystems,” said Alban Dechelotte, CEO of G2.
Shaowei Chen, Head of Western Europe Publishing at PUBG MOBILE, added: “Western Europe represents one of the most promising growth frontiers for PUBG MOBILE esports, and G2 stands as a great strategic partner to drive this expansion.”
The post G2 partners with PUBG MOBILE Esports to scale Western Europe competition appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Gambling in the USA
Las Vegas Inflation Index: Cost of visiting Sin City for one night has more than doubled in the last 12 years
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- An average spend for one night on the Las Vegas Strip now reaches nearly $670, compared to $319 in 2014.
- Resort fees have seen a 194% rise in that period – the steepest increase of all.
- Nevada’s live poker table count has fallen by 38% since 2011 – from 957 tables to 595 – while the number of active Strip poker rooms has halved.
- Strip poker rooms are taking an average of $300 more per five-hour session compared to 2014.
- With a $500 blackjack budget, you will bust nearly two hours quicker on average in 2026 compared to 2014.
The average cost for a one-night stay in Las Vegas has risen by almost 109% in the last 12 years, as revealed by research from Ignition Casino.
Based on the average cost of a basket of a typical visitor’s stay – hotel, food, drinks, entertainment and parking – guests are spending nearly $350 more per night in 2026 than they were in 2014.
That basket includes the average minimum blackjack bet, a one-night hotel stay, resort fee, a domestic beer, bottle of water, dinner (entrée and drink), a show ticket and valet parking. All recorded prices are Strip averages in 2014 and 2026.
The steepest single increase is resort fees: the add-ons charged on top of base room rates averaged $19.43 on the Strip in 2014 and have risen to $48.49 today – a 194.5% jump. Almost every other line item has at least doubled, with blackjack minimum bets up 124%, water up 133%, show tickets up 112% and valet parking going from free to $40.
Feature (On Strip)
2014
2026
% Increase
Blackjack minimum bet $50.00
$112.17
+124.3%
Average resort fee/night $19.43
$48.49
+194.5%
Weekend one-night hotel stay $125.80
$207.28
+64.8%
Domestic beer $6.00
$10.00
+66.7%
Bottle of water $3.00
$7.00
+133.3%
Dinner (entrée + drink) $32.00
$67.00
+109.4%
Show ticket $82.86
$175.91
+112.3%
Valet parking $0.00
$40.00
N/A
TOTAL $319.09
$667.85
+109.3%
But rising prices are only half the story. For poker players specifically, the cost of a Las Vegas trip has increased at the same time as the product itself has quietly contracted – fewer rooms, fewer tables, and higher costs per hand once you sit down.
Fewer tables, higher rake: Las Vegas poker’s shrinkflation squeeze
Las Vegas remains the live poker capital of the world – but the infrastructure supporting that reputation has been quietly hollowed out, and the players who remain are paying significantly more for a shrinking product.
According to data compiled by UNLV’s Center for Gaming Research from Nevada Gaming Commission Quarterly Reports, the state’s live poker table count stood at 957 tables in 2011. By end-2025, that figure had fallen to 595 – a reduction of 38% over 14 years, with no return to pre-2016 levels in sight.
The decline is structural and predates COVID. From 957 tables in 2011, Nevada’s count fell steadily to 587 by 2018 as casinos converted poker floor space to higher-margin baccarat. The pandemic accelerated the attrition – tables collapsed to just 413 in 2020 – and the recovery has been incomplete. Today’s total of 595 remains roughly 38% below its 2011 level.
On the Strip specifically, the picture is even starker. From approximately 17 active poker rooms in the late 2000s, just eight remain today: Aria, Bellagio, Caesars Palace, Horseshoe, Mandalay Bay, MGM Grand, The Venetian and Wynn. For Texas Hold’em and Omaha players, this consolidation means less table availability and less competition between rooms – and with fewer operators competing for players, there has been little pressure to keep rake in check.
Metric
2011
2025/26
Change
Nevada poker tables (statewide) 957
595
–38%
Active Strip poker rooms ~17
8
–53%
Average rake cap per hand $4
$5–$7
↑ significantly
Are Las Vegas poker rooms still good value amid rising costs?
The rake compounds the shrinkflation picture. Of the eight active Strip rooms, Aria charges a rake of 10% of the pot up to a maximum cap of $7 per hand, Bellagio’s cap is $6, and the remaining rooms sit at $5. In 2014, the Strip average was 10% up to a $4 cap.
Considering a fast dealer pushes out 30 raked hands per hour, an extra $2 in rake per hand – at rooms where the cap is reached – means an extra $60 per hour going to the house. Over a five-hour session, that is $300 less in players’ stacks compared to 2014.
Factor in the broader 109.3% price hike across the average Las Vegas stay and there is a serious debate to be had over value for money. Players are paying more to stay, more to eat, more to park – and then paying more rake across fewer available tables once they sit down.
The same squeeze is visible at the blackjack tables, where minimum bet increases have made a given budget go significantly less far than it did 12 years ago – offering a precise illustration of what the broader cost increases mean in practice.
You will bust two hours earlier in Las Vegas today compared to 2014 with a $500 blackjack budget
The blackjack minimum bet increase tells a sharp story about what rising costs mean in practice. Based on the average Strip minimum in 2014, a $500 budget would last approximately two hours and 22 minutes before a player would be expected to bust against the house. Taking into account the 124% increase in average minimum bet since then, that same $500 would now be expected to last just 28 minutes.
This is calculated using a methodology applied by casino risk analysts and quantitative mathematicians, factoring in betting units, the standard deviation of blackjack (1.15, accounting for doubling down, splitting and natural blackjack payouts), and an average table speed of 70 hands per hour. Full methodology is set out in the appendix below.
Las Vegas blackjack average time to bust (hr:min)
Budget
2014 (hr:min)
2026 (hr:min)
$100
0:06
N/A
$200
0:23
0:04
$300
0:51
0:10
$500
2:22
0:28
$1,000
9:29
1:53
Shrinkflation is usually associated with a chocolate bar that got smaller without the price changing. In Las Vegas, the same principle has played out across an entire recreational economy — only here, the price went up too. Fewer poker rooms, higher rake, steeper minimum bets and a resort bill that has more than doubled: the product has contracted while the cost of accessing it has soared.
Appendix: Blackjack time-to-bust methodology
The following explains how estimated survival times for a given blackjack budget are calculated, using the $500 at a $50 table example (median survival: 2 hours 22 minutes in 2014).
Step 1: Normalisation. Currency is standardised into Betting Units. $500 / $50 minimum bet = 10 units.
Step 2: Volatility Index. Standard deviation is defined. A simple coin-flip game has a standard deviation of 1.0; blackjack, with doubling down, splitting and 3:2 naturals, carries an accepted standard deviation of 1.15.
Step 3: Absorbing Barrier Formula. Median hands to bust is calculated as: n ≈ 1.66 × (betting units)².
Step 4: Executing the calculation. For 10 units: 10² = 100 × 1.66 = 166 hands to bust.
Step 5: Translating to casino time. 166 hands / 70 hands per hour = 2.37 hours = 2 hours and 22 minutes. The same formula applied to a $112.17 minimum bet ($500 / $112.17 = ~4.46 units; 4.46² × 1.66 = ~33 hands; 33 / 70 = 0.47 hours = approximately 28 minutes.
The post Las Vegas Inflation Index: Cost of visiting Sin City for one night has more than doubled in the last 12 years appeared first on Americas iGaming & Sports Betting News.
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