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Puerto Rico Senate Passes Amendments to Gaming Machine Law

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Project 1593, aimed at amending the “Gaming Machines Law” to ensure retired Puerto Rico Police officers receive a minimum of 50 percent of their pensions, has been officially endorsed by the Senate. This measure had previously obtained approval from the House of Representatives in March.

On January 12, Representative José Rivera Madera introduced a legislative proposal to amend Section 29 of Law 11 of 1933, also known as the “Gaming Machines Law,” in order to secure funds for compensating retired police officers affected by Law 3 of 2013.

Under this amendment, the allocated amount for retired officers will be generated from the fees and royalties received from licensing and operating gaming machines in Puerto Rico.

The explanatory statement of PC 1593, authored by Representatives Rivera Madera and José González Market, emphasizes the Legislature’s unwavering commitment to the citizens who dedicated years to protecting lives and properties. The proposal requires the Governor of Puerto Rico’s signature to become law.

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The Tourism and Cooperatives Commission of the House of Representatives presented a favorable report on the measure. Representative Rivera Madera, who chairs the Commission, submitted an analysis highlighting that government revenues will remain unaffected as the funds will be available in a dedicated trust, based on receipts received from Route Games of Chance Machines, in accordance with the law.

Furthermore, recent amendments were introduced through Law 104 of 2022, which pertained to contributions to the Puerto Rico Police trust.

The announced amendments ensure that $75 from each license fee or renewal payment for gaming machines operating on designated routes will be used to enhance the compensation of the Puerto Rico Police Retirement fund. Similarly, when the license fee amounts to $1,500, a total of $450 will be allocated to the agents’ retirement.

Additionally, 60 percent of the income collected from slot machines, which is sent biweekly to the Gaming Commission and validated for amounts, will be allocated monthly to the trust established by law to improve the compensation of Puerto Rico Police Retirement.

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Jerome, a valuable addition to the Gamingo.News team, brings with him extensive journalistic experience in the iGaming sector. His interest in the industry was sparked during his college years when he participated in local poker tournaments, eventually leading to his exposure to the burgeoning world of online poker and casino rooms. Jerome now utilizes his accumulated knowledge to fuel his passion for journalism, providing the team with the latest online scoops.

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FDJ’s Acquisition of Kindred Group Shaping the Future of Global Gaming

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FDJ’s acquisition of Kindred Group, facilitated by regulatory approval and strategic shareholder engagement, signifies a transformative moment in the gaming industry. This deal exemplifies the intricate balance between regulatory compliance, shareholder value, and strategic growth ambitions. As the industry stands at the cusp of further consolidation and innovation, the FDJ-Kindred transaction heralds a new era of strategic realignment and competitive positioning in the global gaming landscape.


A Monumental Shift in Gaming Dynamics

The Swedish Financial Market Supervisory Authority (SFSA)‘s approval of Française des Jeux’s (FDJ) offer to acquire Kindred Group marks a pivotal moment in the global gaming and betting sector. This green light not only accelerates FDJ’s strategic expansion but also underscores the evolving landscape of international gaming regulations and corporate alignments.

Navigating Regulatory Waters

The SFSA’s endorsement is a crucial step in FDJ’s ambitious acquisition plan, setting the stage for a public offer slated to commence imminently. This regulatory approval highlights the meticulous scrutiny and compliance standards governing mergers and acquisitions within the sector, ensuring that such transactions align with market stability and shareholder interests.

A Call to Action for Kindred Shareholders

The forthcoming Extraordinary General Meeting (EGM) represents a critical juncture for Kindred Group, with proposed statutory amendments necessary for facilitating the acquisition. This meeting, aimed at achieving the requisite shareholder consensus, signals the importance of shareholder engagement in steering corporate direction and strategy.

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The Path to Acquisition: Shareholder Conviction and Strategic Vision

FDJ’s pursuit of Kindred Group, contingent upon securing 90% of total capital, reflects a strategic maneuver to consolidate its position in the global gaming market. The offer per share, valuing Kindred at approximately €2.6 billion, has garnered unanimous board endorsement and significant shareholder backing, illustrating the alignment of strategic interests and the perceived value of this consolidation.

Activist Influence and Strategic Realignment

The role of activist shareholders, notably Corvex Management, in advocating for Kindred’s sale underscores the dynamic interplay between corporate governance and shareholder activism. Their successful campaign for board representation and strategic evaluation reflects a broader trend of active investor engagement in shaping corporate trajectories.

Implications for the Global Gaming Industry

This acquisition not only exemplifies the financial and strategic considerations underpinning such deals but also highlights the regulatory complexities and shareholder dynamics involved. As the gaming industry continues to evolve, driven by technological advancements and regulatory changes, the FDJ-Kindred merger serves as a case study in strategic growth, market consolidation, and the pursuit of competitive advantage.

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