Following the creation of a joint venture in July 2018, MGM Resorts and GVC Holdings announced this week the appointment of Adam Greenblatt as the venture’s Chief Executive Officer. Greenblatt has previously served as Director of Corporate Development & Strategy for GVC Holdings Plc, but he also possesses in-depth knowledge and expertise in sports betting and online gaming from his position at Ladbrokes.
His promotion to the executive leadership position was announced on Tuesday in a combined corporate communication, pointing out his long experience in the gambling and entertainment industry. Greenblatt will now serve as CEO of the recently established joint venture between the American gaming and hospitality giant MGM Resorts International and Isle of Man-headquartered GVC Holdings PLC, which owns major gaming and sports betting brands, including Coral, Ladbrokes, bwin, Crystalbet, partypoker, and CasinoClub.
The joint venture was formed this summer for the purpose of creating a leading sports betting and interactive gaming proposition for the US market, according to the press release. It is hardly a surprise that Adam Greenblatt has been chosen to lead MGM GVC Interactive, considering he has played a “significant role” in its creation during his job as a Director Corporate Development & Strategy at GVC Holdings. His career, however, did not start at GVC and has been much more interesting.
After studying Business Science at the University of Cape Town, Greenblatt worked as a Chartered Accountant in the UK with Arthur Andersen. He then focused on mergers and acquisitions at international investment bank Rothschild where he oversaw deals in the leisure sector. In addition, Greenblatt was Director of Corporate and Strategic Development at Ladbrokes from 2010. According to the press release, he was in charge of “defining transactions” for the company such as the strategic partnership with Playtech, the acquisitions which created Ladbrokes Australia and the successful merger between Gala Coral and Ladbrokes in November 2016.
MGM GVC Interactive Joint Venture
Rumors about the partnership between MGM Resorts and GVC emerged in late July and it the two companies soon confirmed the creation of MGM GVC Interactive. The joint venture has its headquarters in the United States and is formed with an initial investment of $100 million made by each of the partners. According to the initial statement by GVC, the new business would have access to 15 states within the US and a potential audience of 90 million people.
In reality, MGM GVC Interactive will take advantage of all U.S. land-based and online sports betting and poker tournaments, real money and free-to-play casino gaming. It will integrate both companies’ customer loyalty programs. Commenting his new position as CEO, Adam Greenblatt said that he would transform the joint venture into the most “dynamic and successful” company in the industry, considering MGM GVC will profit from the combined brands, technology, and market reach.
The new venture is looking at the rapidly evolving US sports betting market following the United States Supreme Court’s decision in May to lift the federal ban on sports wagering. GVC is one of the several UK-based bookmakers that are now focusing on the new opportunities in the US as more and more states are passing legislation that allows wagers on sports.
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