Each week, CasinoBeats breaks down the numbers behind some of the industry’s most interesting stories. Read on to discover more interest in the Japanese integrated resort race, big money purchases and the benefits of the casino gaming industry to Oklahoma.
The American Gaming Association has provided an in-depth look into the casino gaming industry in the state of Oklahoma, as part of a ‘Get to Know Gaming’ event held in its capital city and Tulsa.
Providing an insight into the economic opportunities for communities across the state, it was revealed that the casino gaming industry supports 75,885 jobs statewide, in addition to having an annual economic impact of $9.8bn.
Hosting its Get to Know Gaming event in Oklahoma City, following a reception in Tulsa, the AGA also released ‘Casinos & Communities Oklahoma,’ an in-depth look at how the gaming industry supports local communities.
Bringing $4.3bn in wages into the state via the 141 tribal and commercial casinos, whilst also generating $1.7bn in taxes and tribal revenue share payments, the AGA also provided an insight into the unique value brought by tribal gaming.
Gaming Realms has agreed the £11.5m sale of UK real money operating subsidiary Bear Group to River iGaming, whilst also relinquishing its 30 per cent stake in River UK Casino and providing a permanent licence to its gaming platform.
It is expect that, subject to shareholder and regulatory approval, the transaction will be finalised in the year’s second quarter, with the sale price including the settlement of a contract deferment of £4.2m owed by River UK Casino to the group.
Gaming Realms stressed that it is to now focus upon game development and international licensing of its retained Slingo brand and slingo.com IP, which is to continue operating on the Bear Group gaming platform via a deal with River iGaming.
Furthermore, the transaction is to also provide resources for the repayment by Gaming Realms of a £3.5m loan from JPJ Group.
Melco Resorts and Entertainment is aligned with a growing industry trend, by pinpointing the prospects of securing a Japanese integrated resort licence as a key focus for the group moving forward.
With the country’s government set to issue up to three such licenses, Melco believes it is perfectly placed to play an active role in the development of the next generation of IRs.
Lawrence Ho, chairman and chief executive officer, explained: “Lastly, Japan continues to be a core focus for us. We expect development of the next generation of integrated resorts to soon commence in this incredibly exciting, yet currently underpenetrated, tourism destination.
“With our focus on the Asian premium segment, high quality assets, dedication to world-class entertainment offerings, market-leading social safeguards and compliance culture, and our commitment to being an ideal partner to local governments and communities alike, we believe Melco is in a strong position to help Japan realise the vision for integrated resort development with a unique Japanese touch.”
888, through its wholly-owned Brigend Limited subsidiary, has announced the £18m acquisition of a selection of brands from the JPJ Group, including Costa Bingo, City Bingo and Sing Bingo.
Via the acquisition, which is to see £12m paid upon closing of the transaction and the remaining £6m in September of this year, 888 is to own a clutch of brands that already appear of its Dragonfish platform.
The purchase by the online gaming operator sees it acquire the operating business Mandalay via the acquisition of certain assets of Jet Management Group and Jet Media, which itself falls under the banner of the JPJ Group.
888 states that as a result of this latest move it is “consolidating its position as one of the leading bingo operators in the UK,” having secured the portfolio which previously operated as business-to-business brands, but will now function on a business-to-customer basis.
Having previously operated on Dragonfish, the purchase gives “the group full control of these successful brands from a marketing perspective, to support and further strengthen its position in the UK online bingo market”.