Greenwood Gaming and Entertainment’s Parx Casino property has unveiled an extension of its contract alongside Gan, as the Pennsylvania based entity targets online growth into its neighbouring state of New Jersey.
The deepening of its contract has seen Parx stress an intention to offer casino gaming and internet sports betting within the Garden State, subject to approval from regulator the New Jersey Division of Gaming Enforcement.
This is to compliment its efforts already made within its home state, with commercial launch within Pennsylvania pencilled in to commence this year.
Gan has also revealed that the Pennsylvania Gaming Control Board has conditionally approved the company as an interactive gaming manufacturer, lauded as “a key step for Gan which reflects the company’s reputation and long-held commitment to transparency, compliance and probity”.
This becomes the organisations second gaming license in the US, following the receipt of a full casino service industry enterprise license in the state of New Jersey in April 2017.
It’s new manoeuvres within the Keystone State see a licensing fee of $10,000 be payable, which it is commented “is significantly lower than the company’s previous expectations for $1m in direct licensure costs for delivering interactive gaming services to clients in Pennsylvania”.
Furthermore, Gan has also confirmed a conditional sports wagering operator licence awarded by the PGCB to its Betfair Interactive US client.
In a media release, Gan commented further on its new development, and expectations for the year ahead: “Following discussions with its clientele, Gan expects the internet gambling market in Pennsylvania to commence in summer 2019. Based on current strong trading conditions experienced year to date, and lower Pennsylvanian licensing costs, the company remains confident in the CY2019 full year guidance provided on January 24, 2019.
“The company expects mid-to-high double-digit percentage year on year revenue growth in FY 2019 and full year positive EBITDA, based on the current fixed cost base.
“The board does not anticipate any additional capital requirement on the current business plan, and the company is therefore fully funded.”