MGM-GVC retains advisor to grow tribal client base
MGM Resorts International will retain TFA Capital Partners as a strategic advisor to its joint venture with GVC Holdings as it seeks to strike new deals with tribal gaming operators throughout the US.
TFA, an investment bank specialising in the gaming and leisure sectors, will work with the MGM-GVC Interactive joint venture, established earlier this year, to identify potential tribal partnerships in the growing US sports betting market.
Such deals would enable MGM-GVC to provide over-the-counter sports betting, self-service kiosks and mobile sports betting products to tribal operators, as well operational services such as odds compliation, trading and risk management services.
In addition, the joint venture will be able to leverage MGM’s deals with various sports leagues, including the NBA and MLB, in the US.
"Sports betting represents a significant opportunity for both the tribal nations and the MGM-GVC joint venture," MGM Resorts president of interactive gaming Scott Butera explained.
“We look forward to working with the TFA team to develop mutually beneficial relationships that offer the joint venture entry into new markets while providing our Tribal Nation partners with additional capabilities and resources to drive incremental demand to their casino properties.”
In October, the MGM-GVC Interactive JV made an early play for California’s sports betting market by striking a deal with the United Auburn Indian Community (UAIC), despite the state having not yet legalised sports wagering. UAIC operates the Thunder Valley Casino Resort, the state’s biggest casino with over 3,000 slot and video machines.
MGM-GVC would provide UAIC with its proprietary technology to enable the venue to offer retail and mobile sports betting, as well as online casino and poker, if and when any of these verticals are legalised in the state.
Tribal gaming laws have also opened up sports betting on a limited basis in New Mexico. In October, USBookmaking opened a sportsbook at the Santa Ana Star Casino near Albuquerque, a facility operated by Tamaya Nation at the Pueblo of Santa Ana under the jurisdiction of tribal gaming laws.
The tribal gaming compact between the state and tribes covers Class III gaming under the Indian Gaming Regulatory Act, which encompasses sports wagering. Mobile betting is not available as part of the service.
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