Tag Archives: Lorne Weil

Sportech secures $14.5m via lottery supply contract sale

BetBright

Sportech has announced the sale of its lottery supply contract with Loteria Electronica International Dominicana S.A. (Leidsa) to Inspired Entertainment for a total consideration of $14.5 million. The transaction will see Inspired take on responsibility for the provision of all lottery support services to Leidsa from LSE-registered betting and gaming tech firm Sportech, in what the latter firm lauds as …

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UK tax rebate helps Inspired recover its 2020 financial performance

SBC News UK tax rebate helps Inspired recover its 2020 financial performance

Positive Q4 trading has helped Inspired Gaming to recover its financial position against COVID-19 headwinds – yet the company maintains diligence of market-by-market developments impacting its commercial pipeline.  Publishing its Q4 trading statement, Inspired revealed that ‘Peak October’ trading had seen the company register group revenues of $72 million – up 8% on corresponding Q4 2019 results of $66 million. …

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Triennial cut impacts Inspired performance

SBC News Triennial cut impacts Inspired performance

Industry virtual content supplier Inspired Entertainment has reported steady progress across the UK market, after revealing that it had offset the impact of the Triennial Review. Publishing its results for the three-month period and fiscal year ended 31 December 2019, Inspired revealed a 10.4% drop in full-year EBITDA, dropping from $54.7m in 2018 to $49m. Full-year total revenue was up …

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Inspired appoints Steve Beason as group technology lead

SBC News Inspired appoints Steve Beason as group technology lead

Issuing a market update, Nasdaq-listed industry virtual content supplier Inspired Entertainment has confirmed the appointment of Steve Beason as its new Group Chief Technology Officer (CTO) with immediate effect. Beason has formerly served as an independent consultant to Inspired Entertainment since 2018, advising the group on technology projects and innovation strategies. A seasoned industry executive, Beason is the former Chief …

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All Change… Inspired announces sweeping leadership restructure

SBC News All Change... Inspired announces sweeping leadership restructure

Nasdaq-listed industry virtual sports content supplier Inspired Entertainment has announced a major restructure to its senior executive leadership team, confirming the departure of Luke Alvarez as Group Chief Executive Officer. In its update,  Inspired governance announces that it has created ‘Office of the Executive Chairman’, consisting of Group Executive Chairman Lorne Weil, with the support of VP & Chief Strategy …

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Hydra gains extension on Inspired Gaming acquisition approach

SBC News Hydra gains extension on Inspired Gaming acquisition approach

New York private equity firm, Hydra Industries (Hydra) has confirmed that it has been granted an ‘extension of the date’ by which it must complete its proposed £200 million acquisition of industry virtual games supplier Inspired Gaming Group (Inspired). The private equity firm has been granted until the 29 December to formally process its acquisition offer. Updating deal stakeholders, Hydra Chairman …

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Inspired Gaming snapped up by Hydra for £200 million

SBC News Inspired Gaming snapped up by Hydra for £200 million

Inspired Gaming Group, the manufacturer of FOBTs and developer of virtual and slots games, is to be acquired by New York-based private equity firm Hydra Industries for a total valuation of £200 million. The sale of Inspired assets has been negotiated with main investor Vitruvian Partners LLP and its co-investors in the enterprise. Deal stakeholders informed that the acquisition deal, which includes …

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Suitors eye up Gala Bingo acquisition

SBC News Suitors eye up Gala Bingo acquisition

A group of potential acquiring companies interested in Gala Coral Groups retail bingo division, Gala Bingo has been revealed by UK business news sources. Gala Coral governance has been in the process of selling its 130 retail bingo halls, either via a complete division acquisition or individual sale of the division assets. UK business news sources have named German gambling …

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Lorne Weil steps down from Sportech board

SBC News Lorne Weil steps down from Sportech board

Sportech PLC has announced that Lorne Weil has resigned from the operators board with immediate effect.  The announcement comes as the operator is set to undertake a corporate re-alignment of senior management responsibilities. Sportech confirmed that Weil, will remain in contact with the company in an advisory position, as the operator undertakes its re-alignment and looks for his replacement. Weil, …

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