NorthStar receives $3.5m in short-term financing from Playtech
The new investment follows two previous short-term financing transactions between NorthStar and Playtech.
Key Points
- Proceeds from the financing will be used to fund Northstar’s continued growth and for general corporate purposes
- The financing will become payable on April 25, 2025, or when NorthStar and its subsidiaries complete additional transactions of at least $10m
NorthStar Gaming has announced that it received $3.5m in short-term financing from Playtech, representing the third short-term financing transaction between the two companies. Proceeds from the financing will be used to fund Northstar’s continued growth and for general corporate purposes.
“This injection of capital will support our growth as we continue to deliver improved financial performance, evidenced most recently in our third quarter 2024 results,” NorthStar Chairman and CEO Michael Moskowitz said.
The financing will become payable on April 25, 2025, or when NorthStar and its subsidiaries complete additional financing transactions of at least $10m. It will also bear interest of 8% per year, payable in arrears at maturity as per the announcement.
After receiving short-term financing from Playtech on April 25 and September 13 during 2024, NorthStar will now owe the company $9.5m in unpaid transactions.
Good to know: The Alcohol and Gaming Commission of Ontario issued an Order of Monetary Penalty in the amount of $30,000 to NorthStar on October 16
On October 21, NorthStar debuted its online Blackjack Championship in the Canadian province of Ontario.
The event is open to legal Ontario residents who are 19 and older. NorthStar Gaming is not charging an entry fee to participate in the tournament which includes a $100,000 grand prize.
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