LeoVegas Posts Slight Drop In Revenue before MGM Takeover

LeoVegas Posts Slight Drop In Revenue before MGM Takeover

LeoVegas AB, the Swedish mobile gaming company, released its latest trading update, revealing details regarding the company’s performance during the third quarter of 2022. The new update comes ahead of the completion of the acquisition of LeoVegas by MGM Resorts International and it may be the last financial update before the completion of the takeover.

Third Quarter Revenue Hits $98.7M

LeoVegas’ third quarter revenue hit €98.7 million ($97.2 million), marking a slight 1% dip when compared to the €99.4 million ($97.9 million) reported for the same period last year. The company’s EBITDA for the period was negative €2.6 million ($2.6 million) when compared to €11.5 million ($11.3 million) reported in Q3, 2021. On the other hand, Adjusted EBITDA for the third quarter was €7.1 million ($7 million), down from €11.5 million ($11.3 million) when compared to the same period last year.

Ahead of Acquisition LeoVegas Inked Multiple Deals

In the third quarter, LeoVegas completed multiple strategic goals. The company inked a partnership with Manchester City, the Premier League champions. With this move, the company sought to enhance its sports betting offering while at the same time delivering new experiences for sports fans. What’s more, the collaboration will deliver unique experiences for Manchester City’s fans.

For the period LeoVegas also inked a global partnership with the famous Serie A club Inter. The collaboration spans through the 2022/2023 season and reaffirmed the company’s dedication to offering supreme experiences for sports fans and bettors.

“On 31 August, MGM Resorts International announced that they had acquired approximately 96 percent of all shares in LeoVegas AB through MGM Casino Next Lion, LLC, and intended to delist LeoVegas AB from Nasdaq Stockholm,”

reads a statement released by LeoVegas AB

Most importantly, during the third quarter, on September 7, LeoVegas shareholders accepted the public offer presented by MGM Casino Next Lion, one of MGM Resorts’ subsidiaries. Consequently, MGM acquired approximately 96% of the shares of LeoVegas while an additional 2% were acquired before September 22, the extended tender offer acceptance period. Following the acquisition, LeoVegas’ shares were delisted from Nasdaq Stockholm effective September 22.