Dentons has advised Global Gaming Ventures (Group) Limited (GGV) with respect to their financing of a new casino in Leeds.

The Gambling Act 2005 provided bidders with the opportunity to establish 8 new large and 8 new small casino licences. GGV has won, through rigorous tender processes, at least two of these new large casino premises licences in Leeds and Bath. It is currently competing for a third licence.

The Leeds casino is to be sited in a new complex comprising  shopping and office facilities. One of the anchor tenants is to be John Lewis. The complex has been built by Hammersons at Victoria Gate, Leeds.

A team from Dentons have led and coordinated the financing for the commercial fit-out and opening of the GGV Leeds casino. In addition to an LMA credit agreement, the transaction involved an equity kicker. The financing agreement was just one part of the overall transaction which also involved a buy out of an existing convertible loan note holder, a reorganisation of the share capital and detailed new shareholder arrangements.

GGV are planning for the Leeds casino to open towards the end of 2016.

The Dentons team was led by Corporate Partner, Jonathan Polin, and included Jessica Robinson and James Davison. The Banking and Finance team was led by Richard Garvan along with Adam Jones, Scott Syme and Philip Bowles. The tax team included Alex Thomas and Nicola Simmons.

Jonathan Polin comments, "Casino financings are complicated transactions which require input from a number of specialist teams, and we are delighted to have advised Global Gaming Ventures on this high profile deal."

Tony Wollenberg, Chairman of GGV, said: "This was a very complicated project financing and an important landmark in the development of GGV. It needed to be completed against a tight timeframe. The hard work and skill of our legal team at Dentons was a critical element in getting us to a very satisfactory outcome."

Dentons also coordinated GGV's other legal advisors which included Harris Hagan providing regulatory advice and Fladgates who provided real estate advice while a separate team acted for the junior shareholder. Hammersons were represented by Eversheds.