Related Parties

12 Months Ended

Dec. 31, 2020

Related Party Transactions [Abstract]

Related Parties

22. Related Parties

HG Vora Special Opportunities Master Fund, Ltd. (“HGV Fund”), the owner of approximately 16% of our common stock, purchased the promissory notes issued under the NPA which were repaid on October 1, 2019 in connection with the Company’s refinancing (see Note 13). The interest expense payable with respect to the promissory notes for the year ended December 31, 2019 amounted to $12.3 million and the repayment of the promissory notes included an exit payment premium in the amount of $4.2 million for repayment on an early basis. HGV Fund also holds warrants to purchase 400,000 shares of our common stock and is a stockholder and investor in Leisure Acquisition Corp., a special purpose acquisition company affiliated with two members of our management.

Macquarie Corporate Holdings Pty Limited (UK Branch) (“Macquarie UK”), is an affiliate of MIHI LLC, the beneficial owner of approximately 13% of our common stock. Macquarie UK is one of the lending parties with respect to our senior secured term loans and revolving credit facility under our senior facilities agreement dated September 27, 2019, as amended and restated on June 25, 2020 (the “SFA”) (see Note 13). The portion of the total loans of $313.3 million at December 31, 2020, and $288.6 million at December 31, 2019, under these facilities held by Macquarie UK at December 31, 2020 and December 31, 2019 was $30.7 million and $25.8 million, respectively. Interest expense payable to Macquarie UK for the year ended December 31, 2020 and 2019 amounted to $2.2 million and $0.5 million, respectively. In addition, $0.6 million and $0.5 million of accrued interest payable was due to Macquarie UK at December 31, 2020 and 2019, respectively, and Macquarie UK received $0.3 million of the total $3.1 million of SFA amendment fees paid (see Note 13). MIHI LLC also holds warrants to purchase 1,000,000 shares of our common stock and is a party to a stockholders agreement with the Company and other stockholders, dated December 23, 2016, pursuant to which, subject to certain conditions, MIHI LLC, jointly with Hydra Industries Sponsor LLC, are permitted to designate two directors to be nominated for election as directors of the Company at any annual or special meeting of stockholders at which directors are to be elected, until such time as MIHI LLC and Hydra Industries Sponsor LLC in the aggregate hold less than 5% of the outstanding shares of the Company.

The Company held a 40% non-controlling equity interest in Innov8 Gaming Limited (“Innov8”) from October 2019 until April 2020 when the Company disposed of its interest. Revenue earned from Innov8 while a related party for the year ended December 31, 2020 and 2019 amounted to $0.6 million and $0.4 million, respectively and purchases from Innov8 while a related party for the year ended December 31, 2020 and 2019 amounted to $0.2 million and $0.0 million, respectively. Amounts owed by Innov8 at December 31, 2019 amounted to $0.9 million. The value of the investment was impaired by $0.7 million to $Nil in March 2020 prior to disposal.