80,000-Square-Foot Waterfront Location Will
House Company’s Rapidly Expanding Workforce
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.
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theScore’s future headquarters at the
Waterfront Innovation Centre, a cutting-edge complex on Toronto’s
Sugar Beach. Artist’s rendering shows view looking southeast.
(Photo: Business Wire)
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210819005523/en/
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
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