Under the agreement, which is expected to complete by the end of March, Parthenon will transition Global Payments Gaming Solutions into Pavilion Payments, a new, stand-alone independent company.
This new business will continue to offer the division’s full suite of payments solutions for the gaming industry such as VIP Preferred and the cashless solution VIP Mobility.
Pavilion Payments will continue to be led by its existing management team, with current gaming division president Christopher Justice to assume the additional title of chief executive of Pavilion Payments.
The transaction remains subject to the receipt of certain regulatory approvals.
“The transaction positions our business to meet the evolving needs of the gaming industry and capitalise on the growth trends, especially in markets like igaming,” Justice said. “We are focused on creating unique player experiences for both in-person and online gaming.
“Customers can expect further focused investment in innovation and product development, bringing clients more advanced tools to support patron engagement and satisfaction, lift revenue and reduce friction.”
Parthenon partner Zach Sadek added: “We are excited about our partnership with the Pavilion Payments team. The company’s innovative product portfolio, including the industry’s only true omnichannel payments offering and most successful cashless implementations, position the business to continue to ensure its customers’ success.”