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Playtech CEO Mor Weizer on Thursday said the supplier was expecting to launch in Brazil early next year despite political uncertainty impacting its deal with Caixa.
In 2025, Playtech agreed a partnership to provide a platform for the launch of Brazilian state-owned bank Caixa’s betting operations.
Weizer previously said the Caixa tender could be “one of the most significant opportunities for Playtech for the coming years”.
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Papaya concedes that it cannot immediately pay the $719 million judgment, arguing that allowing the company to pay the penalty over multiple years would “preserve … the rights of all parties.”
Papaya games consist of Solitaire Cash, Bingo Cash, and Bubble Cash.
Skillz argues in its court petition that Chapter 15, which governs cross-border insolvency proceedings involving foreign companies operating in the U.S., shouldn’t apply.
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Two blockbuster developments in the casino space earlier this year seemed to indicate an increasingly bullish bet on the sector, including Fertitta Entertainment’s acquisition of Caesars Entertainment in May. The other is a subsequent takeover offer of MGM Resorts from its largest shareholder, Barry Diller’s People Inc. But a negative shift in market conditions could affect both deals.
In July, Fertitta’s General Counsel Steven Scheinthal told the Nevada Gaming Control Board that the company had a letter of intent from banks to finance the transaction but was waiting for better borrowing conditions. Fertitta is assuming nearly $12 billion in Caesars’ debt and is committed to a $6.6 billion financing package.
“Our hope is that in the next few months there will be a window of opportunity where the market will be hotter and [it’s] a more interest rate friendly environment where we can go raise the money and then just put it in an escrow account,” Scheinthal said at the time.
