LeoVegas announces new board to oversee MGM closure 

LeoVegas AB has announced a new three-member board that will oversee the final procedures of the firm’s pending acquisition by MGM Resorts International. 

The board will be led by Gary Fritz as Chairman, who serves as Head of Gaming Investments at IAC a major shareholder in MGM Resorts International.

LeoVegas Founder and CEO Gustaf Hagman will also serve as a board member overseeing final deal proceedings, alongside MGM Resorts CEO William Hornbuckle.

The board will remain in place until the end of the operator’s next annual general meeting, with no remuneration to be paid to the directors.

Initiated on 2 May, the board of MGM Resorts proposed an SEK 61 (€5.90) cash-per-share takeover offer to acquire LeoVegas outright at a deal consideration of approximately $604m (€600m).

On 31 August, LeoVegas shareholders unanimously approved MGM Resorts’ offer which secured approval of 98%, allowing deal-makers to begin a settlement of shares period from 7 September.

The Stockholm Nasdaq delisted LeoVegas AB from its exchange on 22 September.

H1 trading saw LeoVegas accelerate its technology investment strategy, opening two new tech hubs in Warsaw (Poland) and Malaga (Spain). 

“The plan is to recruit up to 100 developers to these offices in the coming two years,” Hagman commented on tech developments. 

“To ensure that we possess the necessary resources to continue to deliver on our ambitious growth plans, we are opening two new tech hubs, one in Warsaw and one in Malaga, where we plan to recruit up to 100 new developers in the coming two years.” Hagman commented on tech developments.

“These investments ensure that the group will continue to offer the best gaming experience moving forward with the latest innovations in areas such as casino, sport, payments and personalisation.”