Related Parties

9 Months Ended

Sep. 30, 2024

Related Party Transactions [Abstract]

Related Parties

13. Related Parties

Macquarie Corporate Holdings Pty Limited (UK Branch) (“Macquarie UK”) (an arranger and lending party under our RCF Agreement) is an affiliate of MIHI LLC, which beneficially owned approximately 11.4% of our common stock as of September 30, 2024. Macquarie UK held $2.2 million of the total $20.1 million of RCF drawn at September 30, 2024, and $2.1 million of the total $19.1 million of RCF drawn at December 31, 2023. Interest expense payable to Macquarie UK for the RCF for the three months ended September 30, 2024 and September 30, 2023 (including non-utilization fees) amounted to $0.1 million and $0.0 million, respectively, and for the nine months ended September 30, 2024 and September 30, 2023 (including non-utilization fees) amounted to $0.2 million and $0.0 million, respectively. Macquarie UK did not hold any of the Company’s senior notes at September 30, 2024 or December 31, 2023. MIHI LLC is also 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.

Richard Weil, the brother of A. Lorne Weil, our Executive Chairman, provides consulting services to the Company relating to our lottery operations in the Dominican Republic under a consultancy agreement dated December 31, 2021, as amended. The aggregate amount incurred by the Company in consulting fees was $37,500 and $37,500 for the three months ended September 30, 2024 and September 30, 2023, respectively, and $112,500 and $97,500 for the nine months ended September 30, 2024 and September 30, 2023, respectively