- 80,000-Square-Foot Waterfront
Location Will House Company's
Rapidly Expanding Workforce -
TORONTO, Aug. 19, 2021 /CNW/ - Score Media and Gaming Inc.
(TSX: SCR) (NASDAQ: SCR) ("theScore" or the "Company") and Menkes
Developments Ltd. ("Menkes") together with partner BentallGreenOak
announced today that they have entered into an agreement for
theScore to lease an 80,000-square-foot space in the Waterfront
Innovation Centre, an office and retail development property in
downtown Toronto. The Company will
occupy more than 85-percent of The Exchange, one of two buildings
that make up the state-of-the-art complex.
theScore, an innovative digital sports media, gaming and
technology leader, is headquartered in Toronto with roots in the city that date back
to 1997. This new expansive office space will house theScore's
rapidly growing workforce and accommodate its accelerating business
operations, including the highly anticipated rollout of online
sports betting in Canada.
"As our technology-driven business has grown across North America so too has theScore family,
particularly in product development and engineering, with new team
members joining every week. We are committed to supporting our
strong Toronto roots, continuing
to grow our operations and workforce, and are thrilled to do so in
a new, state-of-the-art waterfront office space," said theScore
Chairman and CEO John Levy. "Moving
into this newly constructed building affords us the opportunity to
design our ideal work environment and provides ample space for our
rapidly expanding team. The Waterfront is fast becoming a hub for
some of Ontario's most innovative
and forward-thinking companies, and we are excited that it will be
our home for many years to come."
"Ontario's deep talent pool,
cutting edge innovation ecosystem, and competitive business costs
make our province an ideal place for businesses to invest and
grow," said Ontario Minister of
Economic Development, Job Creation, and Trade, Vic Fedeli. "Leaders in Ontario's tech and entertainment sector
like theScore will be at the forefront of our economic growth and
recovery as we proceed out of the pandemic. We congratulate
theScore on their expansion in Toronto and for their continued support of
homegrown tech talent."
"The decision made by theScore to lease space at Toronto's Waterfront Innovation Centre is not
only a testament to the continued growth of our technology and
innovation sector, but it will act as another confidence boost as
we move forward in our pandemic recovery. Toronto has long been a city where businesses
have chosen to come set up shop or expand their operations, and the
decision by theScore will help further amplify that Toronto story that we are a city that welcomes
businesses, new ideas, innovation and much more," said Mayor
John Tory. "I want to thank theScore
and Menkes for this partnership and for choosing to expand their
team here – all of which will help increase economic growth and
create new opportunities for our city and its residents."
"This is an exciting partnership for us and we are proud to
bring a like minded company into our unique space," said Menkes
Developments President, Commercial/Industrial, Peter Menkes. "With theScore looking to expand
and grow their business in Canada,
we believe the Waterfront Innovation Centre will set them up for
success through an environment that fosters collaboration by
providing superior technology and amenities."
The building's design will allow theScore to create an open and
collaborative office environment tailored to its business. In
particular, theScore will benefit from the Waterfront's
ultra-high-speed broadband fibre-optic network, which will deliver
internet connection speeds faster than the North American average,
as well as sophisticated audio-visual and video conferencing
tools.
On August 5, 2021, it was
announced that Penn National Gaming, Inc. ("Penn National") had
entered into an agreement to acquire theScore in a deal that brings
together two industry leaders to create North America's leading digital sports media,
gaming and technology company. Pursuant to the agreement, Penn
National intends to operate theScore as a stand-alone business, led
by the Levy Family, with the Company remaining headquartered in
Toronto.
Penn National was attracted to
theScore, in part, for its ready access to a deep pool of Canadian
engineering and technology expertise. Penn National expects to
leverage Canada's world class
technology talent pool to expand theScore's engineering and
production workforce based in Toronto as the business scales.
Designed by Toronto's Sweeny
& Co Architects Inc., the 475,000-square-foot Waterfront
Innovation Centre is comprised of two buildings, with three
distinct but interconnected components: The Exchange, The Hive, and
The Nexus, a space that will serve as a public square and directly
connect the two buildings. The complex offers state-of-the-art
amenities, including high-speed broadband networking (fueled in
part by self-generating solar power), floor-to-ceiling windows and
expansive collaboration spaces. The Waterfront Innovation Centre,
co-owned by Menkes and BentallGreenOak, on behalf of Sun Life
Assurance Company of Canada, was
developed in partnership with Waterfront Toronto, neighbours
Sugar Beach on Toronto's eastern
waterfront. The building's office space is now approximately 91%
pre-leased.
About Score Media and Gaming
Score Media and Gaming
Inc. empowers millions of sports fans through its digital media and
sports betting products. Its media app 'theScore' is one of the
most popular in North America,
delivering fans highly personalized live scores, news, stats, and
betting information from their favorite teams, leagues, and
players. The Company's sports betting app 'theScore Bet' delivers
an immersive and holistic mobile sports betting experience and is
currently available to place wagers in New Jersey, Colorado, Indiana and Iowa. Publicly traded on the Toronto Stock
Exchange (TSX: SCR) and the Nasdaq Global Select Market
(NASDAQ:SCR), theScore also creates and distributes innovative
digital content through its web, social and esports platforms.
About Menkes
Menkes Developments Ltd. is an
award-winning, fully integrated real estate company involved in the
construction, ownership and management of office, industrial,
retail and residential properties. Founded in 1954, the company is
one of the largest private developers in Canada, with a primary focus in the
Greater Toronto Area. Menkes is
known for its innovative, multi-disciplinary approach and
particularly for its expertise in large-scale, mixed-use
development. Past projects include the Empress Walk entertainment,
shopping and residential complex in North York City Centre, and two
landmark projects in Toronto's
South Core district, 25 York (TELUS Harbour) office tower and the
two million square foot One York
commercial retail complex.
Forward Looking Statements
This press release
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 and applicable
Canadian securities laws.
These statements can be identified by the use of forward-looking
terminology such as "expects," "believes," "estimates," "projects,"
"intends," "plans," "goal," "seeks," "may," "will," "should," or
"anticipates" or the negative or other variations of these or
similar words, or by discussions of future events, strategies or
risks and uncertainties. Specifically, forward-looking statements
include, but are not limited to, statements regarding Penn
National's acquisition of theScore, Penn National's digital
strategy, and the potential benefits of the acquisition of
theScore, including benefits for Penn National's digital betting
and content platform through the integration of theScore. Such
statements are all subject to risks, uncertainties and changes in
circumstances that could significantly affect the Company's future
financial results and business. Accordingly, the Company cautions
that the forward-looking statements contained herein are qualified
by important factors that could cause actual results to differ
materially from those reflected by such statements. Such factors
include, but are not limited to: (a) the magnitude and duration of
the impact of the COVID-19 pandemic on general economic conditions,
capital markets, unemployment, consumer spending and the Company's
liquidity, financial condition, supply chain, operations and
personnel; (b) the closing of the acquisition of the Company may be
delayed or may not occur at all, for reasons beyond our control;
(c) the requirement to satisfy the closing conditions in the
agreement with Penn National, including receipt of regulatory
approvals and the approval of shareholders of theScore; (d)
potential adverse reactions or changes to business or regulatory
relationships resulting from the announcement or completion of the
acquisition; (e) the ability of Penn National or theScore to retain
and hire key personnel; (f) the occurrence of any event, change or
other circumstances that could give rise to the right of one or
both of Penn National and theScore to terminate the agreement
between the companies; and (g) other factors as discussed in
theScore's Annual Information Form as filed with applicable
securities regulatory authorities in Canada and as filed with the
U.S. Securities and Exchange Commission, and elsewhere in documents
that theScore files from time to time with such securities
regulatory authorities in Canada and with the U.S. Securities and
Exchange Commission, including its Management's Discussion &
Analysis and Management Information Circular. The Company does not
intend to update publicly any forward-looking statements except as
required by law. In light of these risks, uncertainties and
assumptions, the forward-looking events discussed in this press
release may not occur.
For more information:
Dan Sabreen
Director, Communications
Score Media and Gaming Inc,
Tel: 917-722-388 ext. 706
E: dan.sabreen@thescore.com
Jamie Okorofsky
Manager, Communications
Menkes Developments Ltd.
Tel: 647-252-1952
E: jamie.okorofsky@menkes.com
SOURCE Menkes Developments Ltd
