Document:

Exhibit 10.24

 

SIXTH AMENDMENT TO

 

MARKETING AGREEMENT

 

This Sixth Amendment (“Amendment”),
entered into as of December 4, 2019 (“Effective Date”), is between MGM Resorts International, a Delaware corporation
(“MGM”), and PLAYSTUDIOS, Inc. (f/k/a incuBET, Inc.), a Delaware corporation (“PLAYSTUDIOS”)
(formerly myVEGAS.com, LLC, a Nevada limited liability company), and amends in part the Marketing Agreement dated April 13, 2011
between MGM and PLAYSTUDIOS, as amended by (i) that certain Letter Agreement dated July 13, 2011, (ii) that certain Corrective
Amendment to Marketing Agreement dated as of July 20, 2011, (iii) that certain Third Amendment dated June 18, 2014, (iv) that
certain Fourth Amendment dated May 1, 2015, (v) that certain Letter Agreement dated October 9, 2015, and (vi) that
certain Fifth Amendment dated January 4, 2016; (the “Agreement”).

 

RECITALS

 

WHEREAS, Mandalay Resort Group, Circus Circus Casinos, Inc.,
Circus Circus Holdings, Inc., and Vintage Land Holdings, LLC, on the one hand, and Circus Circus LV, LLC and CCLV Parcel Holdco LLC,
on the other hand, have executed that certain Asset Purchase Agreement, dated October 14, 2019, by which the Circus Circus Las Vegas
property will be sold with an expected closing date of December 20, 2019;

 

WHEREAS, the parties desire to amend the Agreement
(i) to exclude Circus Circus Las Vegas from the Licensed Marks and Casinos, (ii) to provide for termination of redemption of
rewards at Circus Circus Las Vegas, (iii) to address exclusivity with respect to Circus Circus Las Vegas, and (iv) to clarify
responsibility for such rewards; and

 

WHEREAS, the parties desire to further amend the
Agreement to reflect the name change of the Monte Carlo property to the Park MGM.

 

AGREEMENT

 

NOW, THEREFORE, based on the foregoing recitals,
which are incorporated herein by reference, and for good and valuable consideration, the receipt and adequacy of which the parties hereby
acknowledge, the parties agree as follows:

 

1.            Amendments.

 

1.1.            The
Agreement is hereby amended in part by:

 

1.1.1.            Revising
the definition of “Licensed Marks” to delete Circus Circus-Las Vegas, to add Park MGM, and to read as follows:

 

“Licensed Marks” means the following trademarks
and services marks (in any form or font and with or without the stylization and logos to be provided from time to time by MGM): MGM Grand,
Mandalay Bay, Luxor, Excalibur, New York-New York, Aria, Vdara, Bellagio, The Mirage, and Park MGM.

 

1.1.2.            Revising
the definition of “Casinos” to delete Circus Circus, to reflect the name change of the Monte Carlo property to Park MGM, and
to read as follows:

 

“Casinos” shall mean the MGM Grand, Mandalay
Bay, Luxor, Excalibur, New York-New York, Park MGM, Aria, Bellagio, and The Mirage casinos located in Las Vegas, Nevada.

 

    Page 1 of 3

     

    

 

1.1.3.            Adding
the follow statement to the end of the fourth sentence in Paragraph 7 of the Agreement:

 

provided, however, that PlayStudios waives the six (6) month
exclusivity period following the closing of the sale of the Circus Circus Las Vegas property, and will use commercially reasonable efforts
to cease all uses of the Circus Circus trademark by January 31, 2020.

 

1.1.4.            Adding
the following statement as Paragraph 9.6:

 

PLAYSTUDIOS will cease offering Circus Circus rewards through
the Game on the Effective Date. Redemption of rewards earned through the Game at Circus Circus Las Vegas shall cease upon the closing
of the sale of Circus Circus Las Vegas (“Circus Rewards Termination Date”). PlayStudios shall be solely responsible
for any rewards relating to Circus Circus Las Vegas, including, but not limited to, redemption or replacement of any such rewards, on
or after the Circus Rewards Termination Date.

 

1.1.5.            Amending
Section 12.1 to replace “or (v) myVegas’ violation of any applicable law, in any case regardless of cause or origin”
with the following:

 

(v) myVegas’ violation of any applicable law, in
any case regardless of cause or origin; or (vi) any rewards that cannot be redeemed at Circus Circus Las Vegas on or after Circus
Rewards Termination Date.

 

3.            CityCenter.
Aria and Vdara are indirect subsidiaries of CityCenter Land, LLC (“CC”). PLAYSTUDIOS acknowledges and agrees that CC
(not MGM) shall be solely responsible and liable for obligations, covenants, liabilities and other responsibilities relating to Aria and
Vdara.

 

4.            Effectiveness
of Amendment. This Amendment is deemed effective as of Effective Date. Except as set forth in this Amendment, the Agreement remains
unchanged and in full force and effect.

 

[Signatures appear on the following page]

 

    Page 2 of 3

     

    

 

The undersigned have executed this Amendment as authorized officers
or signatories of the relevant party.

 

	 	PLAYSTUDIOS, Inc.
	 	 
	 	 
	 	By:	 /s/ Joel J. Agena
	 	Name: Joel J. Agena
	 	Title: VP Legal Counsel
	 	 
	 	MGM Resorts International
	 	 
	 	 
	 	By: 	/s/ Laura Norton
	 	Name: Laura Norton
	 	Title: Senior Vice President and Legal Counsel
	 	 
	 	FOR ARIA AND VDARA:
	 	 
	 	CityCenter Land, LLC
	 	 
	 	 
	 	By: 	/s/ Laura Norton
	 	Name: Laua Norton
	 	Title: Authorized Representative

 

    Page 3 of 3Exhibit 10.25

 

[***] = Certain information contained in this document, marked by
brackets, has been omitted because it is both not material and would be competitively harmful if publicly disclosed.

 

SEVENTH AMENDMENT TO

 

MARKETING AGREEMENT

 

This Seventh Amendment
(“Amendment”), entered into as of October 30, 2020 (“Effective Date”), is between MGM
Resorts International, a Delaware corporation (“MGM”), and PLAYSTUDIOS, Inc. (f/k/a incuBET, Inc.), a
Delaware corporation (“PLAYSTUDIOS”) (formerly myVEGAS.com, LLC, a Nevada limited liability company), and amends
in part the Marketing Agreement dated April 13, 2011 between MGM and PLAYSTUDIOS, as amended by (i) that certain Letter
Agreement dated July 13, 2011, (ii) that certain Corrective Amendment to Marketing Agreement dated as of July 20,
2011, (iii) that certain Third Amendment dated June 18, 2014, (iv) that certain Fourth Amendment dated May 1,
2015, (v) that certain Letter Agreement dated October 9, 2015, (vi) that certain Fifth Amendment dated January 4,
2016; and (vii) that certain Sixth Amendment dated December 4, 2019 (the “Agreement”).

 

RECITALS

 

WHEREAS, Section 10.3 of the Agreement provides
that PLAYSTUDIOS remit to MGM a percentage of its Cumulative Net Operating Income (defined in the Agreement as the “Profit Share”);

 

WHEREAS, Section 10.4 of the Agreement provides
that PLAYSTUDIOS may terminate the Profit Share by giving notice to MGM and paying MGM a lump sum payment, so long as at the time of the
notice the aggregate number of registered customers who were derived from MGM marketing channels accounts for less than 25% of all then-current
PLAYSTUDIOS registered customer (the “Condition”);

 

WHEREAS, PLAYSTUDIOS has given notice to MGM that
it is electing to exercise its right to terminate the Profit Share;

 

WHEREAS, MGM and PLAYSTUDIOS have determined that
the Condition has been met;

 

WHEREAS, the parties
have mutually agreed that (i) PLAYSTUDIOS may terminate the Profit Share by agreeing to pay to MGM a total payment of $20,000,000,
and (ii) MGM has agreed to commit to reinvest the payment in PLAYSTUDIOS in (x) a private investment in public equity (a “PIPE”)
that is undertaken in conjunction with PLAYSTUDIOS’s planned business combination with a special purpose acquisition company (the
 “SPAC Transaction”), or (y) a bona fide private placement of equity offering to third party investors for a minimum
gross proceeds to PLAYSTUDIOS of $50,000,000, including the MGM commitment amount (the “Private Placement”) (the event
to occur first referred to as the “Next Financing”); and

 

WHEREAS, the parties desire to further amend the
Agreement to reflect the termination of the Profit Share.

 

AGREEMENT

 

NOW, THEREFORE, based on the foregoing recitals,
which are incorporated herein by reference, and for good and valuable consideration, the receipt and adequacy of which the parties hereby
acknowledge, the parties agree as follows:

 

1.            Defined
Terms. Capitalized terms not defined in this Amendment shall have the meanings ascribed to them in the Agreement.

 

2.            Acknowledgment
of Notice of Exercise to Terminate Profit Share. MGM Acknowledges receipt of notice by PLAYSTUDIOS of its election to terminate the
Profit Share.

 

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3.            Payment.
As consideration for the amendment to the Agreement set forth in Section 4, the release and wavier set forth in Section 5, and
MGM’s commitment to participate the Next Financing as set forth in Section 6, PLAYSTUDIOS and MGM agree that
the Profit Share shall continue to accrue through January 1, 2021 and the Parties agree that the accrued amount of Profit
Share through such date shall be equal to $1,000,000 which shall be remitted to MGM pursuant to the terms hereof (the “Profit
Share Payment”), and the Parties agree that the settlement of the buyout of the Profit Share shall equal $19,000,000 and
be effective as of January 2, 2021 (the “Buyout Payment”). The Profit Share Payment is due on the
earlier to occur of (i) the consummation of the Next Financing, (ii) the date on which PLAYSTUDIOS waives
MGM’s commitment to participate in the Next Financing, or (ii) the two-year anniversary date of the Effective Date. The
Buyout Payment is due on the later to occur of (w) January 2, 2021, (x) the consummation of the Next Financing, (y) the
date on which PLAYSTUDIOS waives MGM’s commitment to participate in the Next Financing, or (z) the two-year anniversary
date of the Effective Date. MGM may apply the Profit Share Payment and the Buyout Payment towards its total
participation in the Next Financing on the terms set forth in Section 6.

 

4.            Amendment.
Section 10.3 of the Agreement is hereby amended in part by adding the following to the end thereof: “Notwithstanding anything
to the contrary in this Agreement, the Profit Share (1) shall accrue through January 1, 2021, (2) shall be settled in accordance
with Section 3 of the Seventh Amendment to this Agreement relating to the Profit Share Payment, and (3) shall be terminated
as of end of day on January 1, 2021.  The buyout of the Profit Share shall be effective on January 2, 2021 and shall
be settled in accordance with Section 3 of the Seventh Amendment to this Agreement relating to the Buyout Payment.  The Agreement
is hereby further amended in part by deleting Section 10.4 of the Agreement and replacing it with the words “Intentionally
Omitted”.  As of January 2, 2021, the Parties agree that the Agreement shall be automatically amended in part by deleting
Section 10.3 of the Agreement and replacing it with the words “Intentionally Omitted”.

 

5.            Release
and Waiver. MGM hereby releases PLAYSTUDIOS from, and waives any claim to, any amounts due under Sections 10.3 and 10.4 of the Agreement
other than as agreed with respect to the Profit Share Payment and the Buyout Payment set forth above.

 

6.            Commitment
to Reinvest Payments. During the two-year period following the Effective Date, MGM hereby agrees that it will participate in a PIPE
transaction or a Private Placement, whichever occurs first, by investing a minimum amount equal to the total of the Profit Share Payment
and the Buyout Payment (i.e. an aggregate of $20,000,000) at a valuation of PLAYSTUDIOS of $[***] or more on a pre-money fully diluted
basis, pursuant to and in accordance with the terms and conditions of that certain commitment letter dated as of the Effective Date and
entered into by MGM and PLAYSTUDIOS.

 

7.            Effectiveness
of Amendment. This Amendment is deemed effective as of the Effective Date. Except as set forth in this Amendment, the Agreement remains
unchanged and in full force and effect.

 

[Signature page follows]

 

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The undersigned have executed this Amendment as authorized officers
or signatories of the relevant party.

 

	 	PLAYSTUDIOS, Inc.
	 	 
	 	/s/ Andrew S. Pascal
	 	Andrew S. Pascal, Chairman and CEO
	 	 
	 	MGM Resorts International
	 	 
	 	/s/ Bil Hornbuckle
	 	William J. Hornbuckle, CEO and President

 

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