Gaming company undergoing 'controlled exit of its remaining U.S. B2C operations, with the intention of fully ceasing operations by the end of 2024.'
Gaming company undergoing "controlled exit of its remaining U.S. B2C operations, with the intention of fully ceasing operations by the end of 2024."Global sports betting company 888 Holdings announced Thursday that it is selling off selected U.S. assets to Hard Rock Digital.
888 expects the transaction to be complete by the final quarter of 2024, pending regulatory approvals, and the company said the sale comes with a $31.5 million Adjusted EBITDA recurring annualized benefit starting in 2025. The British-based operator will reinvest $12.6 million of the savings into value-creation initiatives. 888 will incur a net-one cash-off cost of $50.5 million with the U.S. exit with payments occurring between 2024 and 2029. Selling to Hard Rock is just one of many changes 888 has outlined during its strategic review. 888 also ended its partnership with Authentic Brands Group’s Sports Illustrated Sportsbook earlier this month.
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