MGM GVC Interactive Announces the Appointment of Adam Greenblatt as Chief Executive Officer of Joint Venture
Las Vegas, 23 October 2018 – MGM GVC Interactive LLC, the US sports betting and online gaming joint venture owned by MGM Resorts International (“MGM Resorts”) (NYSE: MGM) and GVC Holdings Plc (LSE: GVC), is pleased to announce the appointment of Adam Greenblatt as the venture’s CEO, effective upon receipt of all applicable licensing and regulatory approvals.
Adam takes up the position having played a significant role in the creation of MGM GVC Interactive via his previous role as Director Corporate Development & Strategy at GVC Holdings. The joint venture was established in July 2018 to create a world-class sports betting and online gaming platform in the United States, in order to take advantage of the new opportunities created by the U.S. Supreme Court’s decision to overturn the U.S. federal Professional and Amateur Sports Protection Act (PASPA).
Prior to its acquisition by GVC, Adam served as Director of Corporate and Strategic Development at Ladbrokes from 2010 and led defining transactions for the group, including the strategic partnership with Playtech, the acquisitions which created Ladbrokes Australia and the successful merger between Gala Coral and Ladbrokes in November 2016. Adam has been President of GVC’s US sports betting software business, Stadium Technology since 2012 and sits on the Board of GVC’s joint venture in Spain. Having begun his career as a Chartered Accountant in the UK with Arthur Andersen, Adam then moved into mergers and acquisitions at international investment bank, Rothschild. At Rothschild, Adam focused on the leisure sector and was instrumental in developing the betting and gaming franchise. Adam studied Business Science at the University of Cape Town.
In a joint statement welcoming the appointment, GVC CEO, Kenneth Alexander and Jim Murren, Chairman and Chief Executive Officer of MGM Resorts, said:
“We are pleased to appoint Adam as CEO of the joint venture, who will bring his in-depth knowledge and expertise in on-line gaming and sports betting from both sides of the Atlantic. His determination, experience and vision are exactly what we need to establish a prime position in the rapidly evolving U.S. gaming market.”
Adam Greenblatt added:
“I am delighted to have been chosen to lead MGM GVC Interactive at this historic time for the US sports betting and gaming sector. With the combined brands, technology and market access of our two parent companies, I am determined to make it the most dynamic and successful player in the industry.”
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ABOUT MGM RESORTS INTERNATIONAL
MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 28 unique hotel offerings including some of the most recognizable resort brands in the industry. Expanding throughout the U.S. and around the world, the company in 2018 opened MGM Springfield in Massachusetts, MGM COTAI in Macau, and the first Bellagio-branded hotel in Shanghai. The 81,000 global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine’s World’s Most Admired Companies®. For more information visit us at www.mgmresorts.com.
ABOUT GVC HOLDINGS
GVC Holdings PLC is one of the world’s largest sports betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports Brands include bwin, Coral, Crystalbet, Eurobet, Ladbrokes and Sportingbet; Gaming Brands include CasinoClub, Foxy Bingo, Gala, Gioco Digitale, PartyCasino and partypoker. The Group owns proprietary technology across all of its core product verticals and in addition to its B2C operations provides services to a number of third-party customers on a B2B basis. GVC acquired Ladbrokes Coral Group plc on 28 March 2018 and is now the UK’s largest high street bookmaker, with over 3,500 betting shops. The Group, incorporated in the Isle of Man, is a constituent of the FTSE 100 index and has licences in more than 20 countries, across five continents.
Statements in this release that are not historical facts are “forward-looking” statements and “safe harbor statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including those described in MGM Resorts’ public filings with the SEC. Forward-looking statements are based on management’s current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements regarding the future market position of the joint venture. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include effects of economic conditions and market conditions in the markets in which the joint venture operates and competition with other sports betting platforms, risks relating to permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in MGM Resorts’ Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, MGM Resorts is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If MGM Resorts updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.