US-based MGM Resorts confirms its $2.5 billion project in Dubai will not feature casino

Stakelogic B.V., a rapidly growing Dutch game developer, has announced a definitive agreement to be acquired by the Japanese entertainment conglomerate SEGA SAMMY HOLDINGS INC. through its wholly-owned subsidiary, SEGA SAMMY CREATION INC.. The deal, valued at an upfront enterprise value of €130 million, also includes an earnout payment contingent on certain performance measures being met.

Below are the key points of the deal.

The acquisition is set to combine Stakelogic’s extensive portfolio of popular online slot games, live casino studio capabilities, and innovative hybrid game offerings with SEGA SAMMY’s global distribution platform. This strategic move aims to leverage the strengths of both companies to accelerate growth and innovation in the iGaming sector.

Stephan van den Oetelaar, CEO of Stakelogic, will continue to lead the company post-acquisition. He expressed his enthusiasm for the partnership, stating, “Sega Sammy and Stakelogic share the same passion for online entertainment, innovation, and technology. Together with Sega Sammy, Stakelogic will be able to grow its international operations much faster. The regulated iGaming market will double in size in the upcoming years. As part of Sega Sammy, we will have the execution power to become one of the leading players in the iGaming B2B industry”.

Koichi Fukazawa, Senior Executive Vice President and Group CFO of SEGA SAMMY, echoed this sentiment, highlighting the strategic importance of the acquisition. “SEGA SAMMY Group aims to establish a presence as a creative B2B solution provider based on innovative technology, especially in the North American online gaming market. I am very pleased to announce our alliance with Stakelogic, an innovative and leading content provider in the Dutch gaming market, as a crucial part of executing this strategy. We are confident that Stakelogic’s ability to rapidly develop and provide unique, high-quality gaming content will make a significant contribution to the implementation of our strategy and create excellent synergies through combining with the strengths of our group”

Market Implications and Future Prospects

The acquisition is expected to significantly impact the iGaming market, particularly in North America, where SEGA SAMMY aims to establish a strong presence. The U.S. online gaming market, which includes sports betting and iGaming, was valued at approximately $12 billion in 2022 and is projected to grow to $27.1 billion by 2027. This growth is driven by increasing legalization and consumer adoption of online gaming platforms.

Stakelogic’s innovative approach and rapid content development capabilities are expected to enhance SEGA SAMMY’s competitive edge in this burgeoning market. The acquisition aligns with SEGA SAMMY’s medium-term plan to expand its gaming business, which includes the development and operation of integrated resorts and gaming machines.

The transaction is subject to regulatory approvals in relevant jurisdictions and other customary conditions. It is anticipated to close by the second quarter of 2025.

In summary, the acquisition of Stakelogic by SEGA SAMMY represents a strategic move to capitalize on the growing iGaming market. By combining their strengths, both companies are poised to drive innovation and growth, positioning themselves as leaders in the global online gaming industry.

Two influential New York State lawmakers have voiced strong opposition to the ambitious plans of Wynn Resorts and Related Companies for a casino at Hudson Yards on Manhattan’s West Side. This opposition is particularly significant as one of these lawmakers sits on the panel that will ultimately award the three downstate casino licences.

Assemblyman Tony Simone,(photo top right) representing the neighbourhood, has been vocal about his objections. He is opposing to a casino in the area. Simone’s role on the six-member panel that will vote on whether to recommend the proposed casino to the state Facility Location Board adds weight to his objections. “I’ve been clear: I’m philosophically opposed to a casino on the West Side of Manhattan,” he explained. “The community has been against it and, unless that changes, I’m a no.”

CEO of Related Companies Jeff Blau (photo top left) has been a key figure in promoting and defending the project, highlighting its potential benefits such as job creation, increased tax revenue, and community investments. He has also addressed concerns from local lawmakers and community members regarding the impact on the High Line and the surrounding area.

Assemblymember Deborah Glick, who represents the southern portion of the High Line and chairs the assembly’s environmental conservation committee, echoed similar concerns. In a statement published by the New York Post, Glick highlighted the potential negative impact on the High Line pedestrian park. “The High Line is a unique and beloved park intended to get New Yorkers and visitors outside and above the congested streets and sidewalks,” Glick said. “Any plans that block views from this distinctive vantage point or allow for building closer to the High Line run counter to the High Line Special District and would significantly alter the experience.”

In response to these objections, a spokesperson for Related Companies defended the project in a statement to the Commercial Observer. The spokesperson said that the benefits of the proposal, which includes a massive new park, hundreds of units of affordable housing, and development that will generate tens of thousands of jobs, billions in new taxes, and community investments. “Our proposal to transform the western yards has not even been formally submitted yet, so we would hope our government leaders would wait to read it before forming a judgment,” the spokesperson added.

The proposed Wynn New York City complex is a $12 billion development that would include multiple skyscrapers, 1,500 apartments, two million square feet of office space, a 750-seat public school, a daycare centre, and a hotel and casino operated by Wynn. Despite the opposition, the project is one of 11 vying for the three available downstate licenses in the New York metropolitan area.

As the debate continues, the future of the Hudson Yards casino project remains uncertain, with significant implications for the community and the iconic High Line park.

SiGMA East Europe Summit powered by Soft2Bet, will take place in Budapest from 2-4 September 2024

The Chinese Embassy in the Philippines has expressed strong approval of President Ferdinand Marcos Jr.'s decision to ban all Philippine Offshore Gaming Operators (POGOs). In a statement, the embassy highlighted that this move would benefit both Filipino and Chinese communities. 

"We have noted President Marcos’ announcement of banning all POGOs and welcome this development. We believe this decision echoes the call of the Philippine people and serves the common interests of people of both countries," the Embassy stated on Thursday. 

The Chinese government has been actively cracking down on its citizens involved in gambling businesses abroad, including POGOs. The embassy underscored that these operations are linked to serious crimes such as kidnapping, human trafficking, and murder. It was emphasised that POGO activities harm the interests and images of both nations and negatively affect China-Philippines relations. 

"The Chinese law prohibits all forms of gambling," the statement added. "The Chinese government strictly cracks down on Chinese citizens engaging in overseas gambling businesses including POGO."

The embassy reiterated China's readiness to continue its strong law enforcement cooperation with the Philippines to protect the safety and well-being of their citizens. They emphasised that many Chinese citizens involved in POGO-related crimes were victims of the industry. 

"POGO breeds serious crimes and gravely undermines the interests of both Philippine and Chinese people," the statement said. "In line with this commitment, China is ready to continue its strong law enforcement cooperation with the Philippines and better protect the safety and well-being of the two peoples." 

The Associated Press reported that Marcos’ order targets over 400 online gambling operations employing tens of thousands of Chinese and Southeast Asian nationals. These operations have often been linked to illegal activities and poor working conditions. 

Marcos emphasised the need for strict enforcement of this ban, citing the severe abuse and disregard for Philippine laws by these operators. The Philippine Amusement and Gaming Corporation (PAGCOR) has been tasked with winding down these operations by the end of the year, with labour officials working to find alternative employment for displaced Filipino workers. 

In a joint House committee hearing, PAGCOR Chairman and CEO Alejandro Tengco clarified that the President’s order encompasses all offshore gaming operations, including the licenced Internet Gaming Licensees (IGLs). Speaking with local reporters, Tengco also shared that around 20,000 Filipino workers are set to be displaced. 

The Philippines' relationship with China remains complex, balancing significant trade engagements and cooperation against crime with ongoing territorial disputes in the South China Sea. While Marcos’ predecessor, Rodrigo Duterte, fostered closer ties with China, Marcos has shifted towards strengthening defence ties with the U.S. and other allies. 

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In the world of philanthropy, there are a number of unsung heroes who dedicate their efforts to bring about significant change. Among these individuals are Michelle Debono and Patrick Meli, who stand out as beacons of hope through their ongoing commitment to the SiGMA Foundation's mission.

Michelle and Patrick recently celebrated their marriage, marking an important milestone in their journey together. They first met during the weekly hikes organized by SiGMA Foundation where they bonded over the shared interests in adventure and giving back.  Their relationship flourished through these incredible journeys, both personal and charitable.

Patrick Meli and Michelle De Bono at their wedding ceremony.

Michelle first got involved with the SiGMA Foundation in 2022 when she took part in the Camino de Santiago challenge. She showcased her passion for fundraising and her dedication to making a difference, playing a pivotal role in raising funds for the 3-in-1 School project in Ethiopia. Her deep commitment to uplifting those less fortunate has been evident since then. Reflecting on her journey, Michelle shared, “I started trekking because of the SiGMA Foundation. The group's growth and the increasing participation in expeditions inspired me to integrate trekking and charity into my life. I've taken on other physical challenges and donated the funds to various charities, always looking for ways to give back.”

SiGMA Foundation's second Camino de Santiago challenge group.

Earlier this year, two years after completing the Camino de Santiago challenge, Michelle, now alongside Patrick, took on a new challenge: the first edition of the Lost City Trail expedition, which was held in conjunction with the Cleft Lip and Palate project in Colombia. 

Patrick Meli and Michelle De Bono at the Premium Care Kids Clinic in Cartagena, Colombia

Their fundraising efforts were remarkable, exceeding the set goal of raising enough funds for one operation per participant, they managed to raise enough to conduct an impressive 14 reconstructive surgeries, offering renewed hope and smiles to children suffering from this condition in Colombia. Patrick reflected on his involvements, stating;

 “One vital factor that stood out for me, having been with the SiGMA Foundation for two years, was the proximity of the trek to the clinic in Cartagena. Knowing that the funds were going directly to a nearby clinic and actually visiting it to see the impact first-hand was very important to me.”

Their contributions extend beyond raising money. Both Michelle and Patrick actively engaged in the training and preparation for the challenging Lost City Trail, demonstrating exceptional teamwork and endurance. Their dedication to the cleft lip and palate project reflects their commitment not just to raising funds, but also to being hands-on in their support.

Their generosity continued with their recent wedding gifts. Instead of traditional presents, they donated the monetary value of their wedding gifts to the Dreams of Horses Farm in Xaghra, Gozo. This farm, long supported by the SiGMA Foundation, provides therapeutic and educational experiences for children and adults with special needs. It serves as a sanctuary of healing and learning, where Michelle and Patrick's contributions will make a lasting difference.

Patrick Meli and Michelle De Bono at the Dreams of Horses Farm in Xagħra, Gozo.

The success of their efforts would not have been possible without the support of various groups and individuals. Their journey exemplifies the profound impact that love, dedication, and collective efforts can achieve in the world. Michelle and Patrick's story is an example of the power of compassion and the lasting change that can be achieved when individuals come together for a common cause.

With the world in dire need of philanthropy, the SiGMA Foundation is leading the charge. As the philanthropic arm of the SiGMA Group, the Foundation is dedicated to supporting those who are most in need.

The SiGMA Foundation was founded in 2019 by Keith Marshall, Austin Cachia and Eman Pulis, Founder of SiGMA Group, with a mission to make philanthropy more participatory and engaging. Keith, who is known for his boundless energy, has dedicated his life to making a difference in the lives of thousands of people through various expeditions across the globe. With a fun and engaging approach to fundraising, the Foundation prioritises supporting underprivileged communities through active giving and aims to create meaningful impact in the world.

If you would like to get involved in any of the Foundation’s upcoming projects visit the website for more information.

Interview with SiGMA Group Founder, Eman Pulis on the SiGMA Foundation