BMM Testlabs Acquired by Visualize Group
Testing and compliance giant BMM Testlabs has been acquired by The Visualize Group, a New York-based private equity firm, the parties announced April 15.
Financial terms of the deal were not disclosed in the announcement. There are three divisions under the BMM umbrella: the main testing division, a cybersecurity division and an RG training division. Only the latter, RG24seven Virtual Training, is not included in the acquisition, the company confirmed to iGB.
BMM CEO and President Martin Storm will stay in the role through the merger. He will also “retain a significant stake” in the business and Visualize is “thrilled to collaborate with Storm and the entire team at BMM,” per the announcement.
The acquisition is in some ways an investment in the continued growth of regulated gambling. Most regulatory bodies rely on third-party labs to help test and certify gaming products. Established in 1981, BMM has 16 offices around the world, with more than 700 licenses. It is considered a global leader in testing, alongside Gaming Laboratories International.
“Our team has closely studied the rapid global expansion of regulated gaming markets and we believe this trajectory will continue,” CC Melvin Ike, managing partner of Visualize, said in a statement. “As new jurisdictions open around the world, the need for safe and compliant gaming continues to rise. With its global footprint, track record of technical leadership and trusted reputation in the market, we believe BMM is the best-positioned regulatory technology platform to capitalize on the market opportunity.”
As a heavily regulated industry, gaming has steep barriers to entry that can be preventative to M&A. But with licenses in every jurisdiction and an established leader in Storm, Visualize will likely not need to do much heavy lifting in acquiring BMM. The firm also appears to be investing heavily in BMM’s existing staff.
“As part of the transaction, Visualize will implement a broad-based employee ownership program to allow BMM’s employees the opportunity to participate in Visualize’s value creation plan for BMM, which includes several pre-identified organic and inorganic growth initiatives,” the announcement said.
As a whole, BMM has more than 600 employees, but it is unclear how many are under the RG24seven division that was not acquired.
Multiple NYC Bids in Question Due to Review Process
An April 14 report from Crain’s threw the New York City casino race into a frenzy by revealing that three Manhattan bids—SL Green and Caesars Entertainment’s Times Square proposal, Soloviev Group and Mohegan’s Freedom Plaza proposal, and Silverstein Properties and Greenwood Gaming’s Avenir proposal—could be disqualified from consideration due to delays in the environmental review process.
The official bids are due by June 27, and state regulators are then to issue the licenses by the end of the year. Each project must account for all the relevant factors related to where they are located, including environmental reviews and/or zoning changes. Since the report was published, SL Green has clarified that its proposal still has a chance to remain compliant.
“We are not concerned about the ability to meet the SEQRA deadline and look forward to submitting our bid,” the company said in a statement, per Casino.org. “We’re confident the state can meet the deadline as well. Any further delay would be unwarranted.”
Soloviev and Silverstein have yet to make similar comments. Earlier this month, Hudson’s Bay Co. pulled its bid to turn three floors of the flagship Sak’s Fifth Avenue store into a luxury casino, representing the first proposal to be officially withdrawn. As the June deadline approaches, there is a chance that other bids could begin to drop off as well.
Nevada Lottery Efforts Dead Again
Nevada is the king of U.S. gaming, but it is one of just five states without a lottery. That will remain true for the foreseeable future as the latest attempt to bring a lottery to the Silver State died on April 11.
Over the last century, there have been dozens of attempts to establish a state lottery. The powerful casino lobby has successfully quashed every effort, however, usually even before it becomes a real possibility. That wasn’t the case this year, as a lottery bill (AJR5) had already made it through both chambers of the legislature in 2023, ensuring the issue would go to voters if also passed in the current legislative session.
The bill was reintroduced for the 2025 session on February 3 but did not gain traction this year. Friday was the first committee deadline day, meaning any bills that hadn’t passed through their first committee were dead for this session. On April 11, Assembly Speaker Steve Yeager confirmed that AJR5 had met its end, per the Nevada Independent.
“With so much economic uncertainty and shocking federal funding cuts, this measure will not move forward,” he said in a statement. Yeager said the bill’s first passage was to explore the possibility of Nevada entering multistate lotteries. Officials concluded that implementation costs were too high and projected revenue was underwhelming.
The latest lottery attempt came closer than prior efforts. In Nevada, a constitutional amendment must pass the full legislature in two consecutive sessions before it can be placed onto a ballot. AJR5 passed the state Assembly with a 26-15 vote on April 17, 2023, and the state Senate with a 12-8 vote on May 26, 2023. It was introduced by Assemblyman Cameron Miller, who did not seek reelection after that session.
If AJR5 had passed both chambers again, it would have gone before state voters to consider approval in a 2026 referendum. Its recent failure means that the process will have to start over again, delaying any future lottery possibilities for multiple years. Nevada will remain a non-lottery state, along with Alaska, Utah, Hawaii and Alabama.
Mount Airy Class-Action Lawsuit Reaches 75 Plaintiffs
A class-action lawsuit filed in February against Pennsylvania’s Mount Airy Casino Resort for underpaying employees has now reached 75 plaintiffs, per the Pocono Record.
The suit alleges the casino committed multiple labor law violations, including failing to notify employees about tip credits, improperly distributing money from table game dealers’ pooled tips, and rounding clock-ins to the nearest 15-minute interval. According to the paper, Mount Airy has until April 28 to respond after it was granted an extension March 7.
Bally’s Details Latest Progress in Baton Rouge
Bally’s Corp. is making progress on its renovation of the former Belle of Baton Rouge. The company is taking the former riverboat casino ashore and has officially reopened its 10-story hotel tower under the Bally’s Baton Rouge moniker.
Daniel Hutchinson, director of hotel operations at Bally’s Baton Rouge, said at a recent hearing that the hotel opened March 31, per the Baton Rouge Business Report. He also confirmed that the permanent casino facility will open sometime in the fourth quarter. The overall cost of the project was $141 million.
Caesars Southern Indiana Workers Strike
Some 140 employees at Caesars Southern Indiana Hotel and Casino went on strike April 14, per WHAS11. The employees’ union, Teamsters Local 89, said the strike was called after a new contract could not be agreed to before the existing agreement expired over the weekend.
“Caesars Southern Indiana remains committed to the collective bargaining process and continues to negotiate in good faith with union representatives,” the casino said in a statement. “Caesars Southern Indiana looks forward to continuing productive discussions and remains optimistic about reaching a mutually beneficial agreement in the near future.”
