888 Announces Sale of US Assets to Hard Rock
888 has announced the sale of its American assets to Hard Rock Digital, a specialist in land-based casinos in the United States. This move signifies 888's complete withdrawal from the American gambling market following a strategic review of its B2C operations in the country.
The transaction is contingent upon regulatory approval and the fulfillment of various conditions. The exit from the market will be carried out gradually and is projected to be finalized in the fourth quarter of 2024.
This decision mirrors the recent move by another gambling company, Kindred Group, which also revealed plans to exit the US market. While 888's CEO Niels Anden hasn't ruled out long-term gains, the company has opted to follow suit and depart from the jurisdiction. Management anticipates regular annual EBITDA growth of approximately £25 million, with about £10 million of this earmarked for reinvestment in strategic initiatives.
29 March 2024, 11:00
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