180 Life Sciences to Raise $2.9M as It Shifts Focus to iGaming
180 Life Sciences Corp. has set the price for its $2.9 million securities offering to raise funds through direct stock sales and private warrant placements. The biotech company, which is shifting more towards entertainment and online gaming, said institutional investors will buy 1.2 million common stock shares in a direct offering. This approach follows Nasdaq’s pricing rules.
Biotech Firm Announces $2.9M Offering, Pairing Stock Sales with Private Warrants
On top of the stock offering, the company revealed plans to have a private placement at the same time. This deal will give investors warrants to buy 1.2 million more shares. Each share and its warrant will cost $2.41 together. The warrants will have an exercise price of $2.28 per share. Investors can use these warrants right away, and they will stay valid for five and a half years after they are issued.
Based on estimates, the combined offerings are expected to bring in around $2.9 million in gross proceeds, but the final amount will be lower after taking out placement fees and other costs. The company thinks the deals will be done by December 30, 2024, as long as the usual closing conditions are met. Maxim Group is acting as the only placement agent for this project.
The company is carrying out the direct offering under a shelf registration statement that has been in effect since June 2022. This statement was approved and submitted to the US Securities and Exchange Commission (SEC). The firm mentioned that it will handle sales for this offering through a prospectus supplement connected to the registration statement. At the same time, the warrants in the private placement do not have registration.
180 Life Sciences Pivots to iGaming After Shareholders Approve Strategic Moves
This change comes after several key moves at 180 Life Sciences. Shareholders gave the green light to tweak the company’s incentive plan and voted in new board members at the 2024 yearly meeting. It is worth mentioning that these tweaks allow the Series B Convertible Preferred Stock to be turned into common shares. This shift gives the company more room to handle its outstanding warrants and boost its financial flexibility.
180 Life Sciences is branching out its business focusing more on iGaming and blockchain. This change shows the company’s plan to keep up with new trends and use its own technology to grow. Even though its stock prices have dropped by over 52% this year, the company still feels positive about its future in the changing world of digital entertainment.
Macau Concessionaires Unveil Bonuses for Employees
Several operators in Macau have unveiled special discretionary bonuses for most of their staff. As of the time of this writing, most of the concessionaires have announced similar bonuses, affecting thousands of workers.
Wynn Thanked Its Employees for Their Incredible Contributions
Among others, Wynn Macau unveiled a bonus equivalent to one month’s salary for the majority of its workers. This bonus aims to show the leadership’s appreciation for its employees’ incredible contributions and dedication in 2024, according to the operator.
The bonus will be paid to workers on January 21, 2025, and will affect 98% of its 11,317 employees across Wynn Macau and Wynn Palace.
Linda Chen, Wynn Macau’s president, vice chair and executive director, emphasized that the success of the casino company depends on the unrelenting efforts and outstanding contributions of the whole team.
She added that Wynn Macau is looking forward to 2025, hoping to leverage its internal resources to continue its growth journey.
MGM China Is Excited to Enrich Macau Culturally Together with Its Team
In the meantime, MGM China unveiled a similar bonus for 95% of its team members, likewise recognizing the efforts of its workers. The company confirmed that the bonus will be equivalent to one month’s salary and will be distributed by Chinese New Year (January 29, 2025).
Pansy Ho, MGM China’s chair and executive director, thanked the team, which allowed MGM to achieve many of its cultural goals in 2025. These included, among others, the launch of the POLY MGM MUSEUM, the residency show Macau 2049, and the refurbishment of the Barra District among others.
In line with Macau’s overall shift toward a more diversified economy, these milestones reflected the MGM team’s continued and unwavering efforts. Just like Wynn, MGM expressed enthusiasm about reaching new heights in 2025 and beyond.
Melco Thanked Its Workers for Allowing It to Remain a Local Leader
Among those confirming bonuses was also Melco, which will mirror its competitors’ move by paying out a one-month discretionary bonus to its non-management team members across Macau and Hong Kong. Just like MGM, the company promised to pay the bonus in time for the Chinese New Year festivities.
Lawrence Ho, Melco’s chair and CEO, said that the company leadership was delighted to recognize the efforts of its team members and thank them for their robust support over 2024. He thanked Melco’s loyal and dedicated team members for their hard work, which has allowed the operator to consistently exceed its guests’ expectations and maintain the company’s leadership position.
Galaxy Entertainment’s Team Continues to Drive Diversification
Galaxy Entertainment Group (GEG) also highlighted its intention to pay a discretionary bonus to its team members. Set to affect some 97% of the entire GEG workforce, the bonus will be provided to all staff at the senior manager level and below. The discretionary bonus will be paid on January 22, 2025, the company confirmed.
A GEG spokesperson commented on the matter, thanking all employees for their continued commitment to driving diversification and sustainability. Just like its competitors, the company has been working hard to diversify its business amid a broader shift from the usual gaming-centered industry in Macau. To that end, it has hosted more than 700 performances, exhibitions, conferences and sports shows since 2023.
GEG’s spokesperson added that it is looking forward to opening its Capella at Galaxy Macau, which will be its ninth hotel in the special administrative region. Set to create many new jobs, the new property will also generate tourism and leisure opportunities for visitors.
Cordish Names Greg Hinton as VP of Finance for Live! Casino & Hotel Louisiana
Cordish Gaming Group, The Cordish Companies’ gaming arm, has designated Greg Hinton as the vice president of finance of its new property in Louisiana. In this position, the appointee will be responsible for managing the new property’s financial operations as the operator penetrates the Shreveport-Bossier market.
Live! Casino & Hotel Louisiana Targets Q1 2025 Launch
The new $270+ million Live! Casino & Hotel Louisiana held its top-off ceremony earlier this year and is preparing for launch in February 2025. Set to be the first-ever landside casino in the Shreveport-Bossier City area, the property would bring a variety of lodging and entertainment options.
Live! Casino & Hotel Louisiana is expected to generate significant economic benefits for the state, including a projected $35 million in gaming tax revenue for Bossier City and over $168 million for the state within its first five years of operation.
As vice president of finance of the new property, Greg Hinton will play a key role in ensuring the financial well-being of the property, allowing it to meet its revenue goals and, by extension, the aforementioned tax targets.
Hinton Boasts Significant Experience in Gaming & Finance
As VP of finance, Hinton will be tasked with overseeing financial operations across key departments, such as accounting, analytics, cage operations, finance, income and revenue auditing, among others.
He will also be responsible for developing the company’s financial strategy and managing its operations. As VP of finance, Hinton will deliver various insights that allow Live! Casino & Hotel Louisiana to boost its performance and cement itself as a leading player in the local market.
To that end, Hinton will leverage his years of experience in gaming and finance. His track record, for context, includes finance-related executive positions at the likes of gaming and hospitality giant Landry’s, Louisiana Downs Casino and Racetrack, Coushatta Casino Resort, and Margaritaville Resort Casino. He has also served the likes of Caesars and Penn Entertainment, further highlighting his profound understanding of the industry.
John J. Chaszar, the executive vice president and general manager of Live! Casino & Hotel Louisiana, hailed Hinton’s appointment, saying that his input would be invaluable to the new property.
His [Hinton’s] leadership will be instrumental in shaping a world-class gaming and entertainment experience that will redefine the industry in Northwest Louisiana and the Ark-La-Tex region.
John. J. Chaszar, EVP & GM, Live! Casino & Hotel Louisiana
In addition to the current appointment, Live! Casino & Hotel Louisiana will create some 750 jobs, bringing an important economic stimulus to Bossier City.
