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Mitch Garber named as chairman of Cirque du Soleil

Tuesday April 21,2015 :  FAMILIAR NAME SURFACES IN CIRQUE DU SOLEIL SALE
 
Mitch Garber named as incoming chair of company.
 
Online gambling industry veteran and CEO of Caesars Interactive Entertainment, Mitch Garber, has been named as the incoming chairman of Cirque du Soleil, the subject this week of an acquisition deal in which TPG-led investors agreed to buy the controlling interest in the company from founder Guy Laliberté (55) for an undisclosed amount, although the enterprise has an estimated value of $1.5 billion.
 
Commenting on the deal, the Wall Street Journal reported that Texas-based private equity group TPG was at the head of a group of Chinese investors.
 
"Founder Guy Laliberté will maintain an unspecified stake in the business and act as creative adviser to the company, which will maintain its headquarters in Montreal," a Cirque du Soleil spokesman said.
 
Reuters reported that the new partners plan to expand into China, as well as push growth plans for the circus troupe in New York and London.
 
On completion of the deal, TPG will own 60 percent, while a unit of Chinese conglomerate Fosun International Ltd will have a 20 percent stake, Cirque founder and ninety percent shareholder Guy Laliberte said.
 
Fosun, which acquired French holiday group Club Med in February, also bought a 5 percent stake in British travel group Thomas Cook last month.
 
Canada's second-largest pension fund, Caisse de dépôt et placement du Québec, will hold a 10 percent stake, while the Laliberte family trust will keep the remaining 10 percent.
 
Cirque du Soleil generates revenues of $1 billion annually, and will remain headquartered in Montreal, Canada, CEO Daniel Lamarre said.

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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