In May, the leading entertainment company MGM Resorts struck a mouth-dropping deal offer of €605m to acquire Leo Vegas to expand their business outside the US, especially in Europe.
The MGA had until 31 August to fulfill all the regulatory and governmental requirements. After securing all the necessary approvals for the acquisition, MGM announced that the complete acquisition is planned to wrap up around the first week of September.
The MGA’s chief executive, Bill Hornbuckle, said that this deal would hopefully acquire a larger audience. Hence, that will lead to significant growth in the igaming world, which is their long-term goal.
However, before the business is acquired, LeoVegas and its subsidiary Royal Panda will exit the Indian and Japanese gambling market. Though the exit may seem purely strategic, Leo Vegas reportedly had been planning to pursue operations in regulated or soon-to-be-regulated areas even before the bid arose.
It is not clear if the reason for Leo Vegas and Royal Panda’s exit is due to a global goal or the deal with the MGA Resort, but it is as clear as a bell that September is a sad month for the Japanese and Indian players.
Last year, Leo Vegas successfully expanded in the Japanese market and became a player’s favourite due to its wide range of casino games and welcome bonuses. Besides the generous bonus, Leo Vegas rewarded its customers with free spins. It was a great accomplishment that a Western brand had attracted thousands of Japanese players.
Royal Panda, on the other hand, was a favourite among Japanese players because of its fun casino games and the fact that it accepted Japanese Yen without any exchange fees.
It is undoubtful that these online casinos were also very popular in India. Indian players loved that they could enjoy casino and sports games with hefty deposits and no deposit bonuses. In addition, the users highly appreciated the numerous payment methods and easy wagering requirements.
We can only speculate on the reason for the exit; nonetheless, the deal is set to be closed on or around 7 September.