TIDMGAN
RNS Number : 7941U
GAN PLC
16 July 2018
LONDON STOCK EXCHANGE (LSE): GAN | IRISH STOCK EXCHANGE (ISE):
GAME
GAN to launch Parx Casino Internet Gaming in Pennsylvania
Pennsylvania's market leading casino files $10m application in
preparation for iGaming launch utilizing GAN's US-patented
technology
London & Dublin | July 16, 2018: GAN plc ("GAN" or the
"Company"), an award-winning developer and supplier of
enterprise-level B2B Internet gaming software, services and online
gaming content in the United States, today confirms Greenwood
Gaming & Entertainment, Inc. trading as 'Parx Casino' ("Parx
Casino") has filed a petition with the Pennsylvania Gaming Control
Board ("PGCB") confirming Parx Casino's intention to launch
Internet gaming online in the State of Pennsylvania and identifying
GAN as their enterprise software platform provider.
Parx Casino launched GAN's Simulated Gaming in March 2015, which
will remain operational and available online at ParxOnline.com
following the launch of real money regulated Internet gaming.
Highlights
-- Parx owns and operates the #1 land-based casino property in
Pennsylvania located a short distance from Philadelphia,
Pennsylvania's largest City. In the most recent fiscal year ended
June 30, 2018 Parx Casino generated $570m from slot machines and
table games on-property representing a 18% share of the
Pennsylvania's $3.2bn gaming market.
-- The Pennsylvanian regulated Internet gaming market is
forecast to generate $200m in gross gaming revenue online during
the first twelve months of operation (source: Eilers & Krejcik
Gaming LLC(1) ).
-- GAN's US-patented technology will enable Parx Casino patrons
enrolled in the on-property loyalty program, to sign up online and
instantly link their reward cards to their online account
permitting those guests to trade in their reward points earned from
on-property gaming for cash online and/or to earn rewards points
from Internet gaming, to be subsequently redeemed on-property.
Management Commentary
Dermot Smurfit, CEO of GAN commented:
"Parx Casino and GAN have collaborated well for three years,
developing a close working relationship by operating Simulated
Gaming online. Launching regulated real money Internet gaming in
Pennsylvania is a logical extension of our existing long-term
relationship and we welcome the opportunity to deliver excellence
in technology and product, as we have for our clients in New
Jersey."
John Dixon, CTO of Greenwood Entertainment & Racing, Inc
commented:
"GAN has demonstrated its Regulated Gaming capability in New
Jersey and the merits of integrating with a casino management
system. Parx Casino will have the opportunity to launch Regulated
Gaming in Pennsylvania later this year, subject to the regulatory
approval of the PGCB."
Notes
1 Eilers & Krejcik Gaming, LLC | 'Pennsylvania Gambling
Expansion - Overview and Analysis' November 8, 2017
FAQ's about Pennsylvania, Internet Gaming, GAN's Patent &
relevant legislation
-- Pennsylvania's population of 12.8m is +42% larger than New Jersey's population of 8.9m.
-- There are currently twelve (12) land-based casino properties
in Pennsylvania which together generated $3.2bn in land-based gross
gaming revenue in fiscal year 2017/18 ending June 30, 2018.
-- Internet casino gaming in the neighbouring State of New
Jersey is a fast-growing market which generated $221m in Gross
Gaming Revenue in CY2017 (+30% Year on Year) and is anticipated to
grow +20% Year on Year to $266m in CY2018E.
-- Patent 8,821,296 was issued to GAN plc in September 2014 and
governs the automated authentication, card linkage and intra-system
messaging between the on-property Casino Management System and
GAN's Internet gaming system. Already proven for Simulated Gaming,
the launch of the real money Internet casino gaming for Parx Casino
is anticipated to generate new on-property visitation by
Internet-first players as well as increase visitation rates among
patrons who first engage on-property with Parx Casino then
subsequently play online from home, accumulating reward points from
online play.
-- GAN has licensed its US Patent fourteen (14) times to major
US casino operators and Parx Casino is the third land-based casino
operator to license the Patent for real money Online Gaming
following the licensing & services agreements between GAN and
Greenwood Gaming & Entertainment, Inc. announced November 2014;
MDDC (The Borgata) announced December 2016; and Ocean Resort Casino
announced July 2018.
-- The Federal ban on sports betting enshrined within
Professional and Amateur Sports Protection Act 1992 ("PASPA") was
repealed by the Supreme Court of the United States on May 14, 2018
permitting individual US States to pass their own sports betting
laws.
-- Pennsylvania passed legislation bill HB 271 on October 26,
2017 (signed into law on October 30, 2017) enabling land-based
casinos in the State of Pennsylvania to launch real money Internet
gaming and (subject to the repeal of PASPA) Internet sports
betting.
For further information please contact:
GAN US Investors: The Equity Group
Dermot Smurfit Adam Prior
Chief Executive Officer aprior@equityny.com
+44 (0) 20 7292 6262 212.371.8660
dsmurfit@GAN.com
UK & Ireland Investors: Walbrook
PR
Paul Cornelius
GAN@WalbrookPR.com
+44 20 7933 8780
Davy (Nominated Adviser,
ESM Adviser and Joint
Broker)
John Frain / Barry
Murphy
+353 1 679 6363
Liberum (Joint Broker)
Neil Patel / Cameron
Duncan
+44 (0) 20 3100 2000
GAN | Overview
GAN is a leading B2B supplier of Internet gaming enterprise
software-as-a-service solutions to the US land-based casino
Industry. GAN is listed on the ESM Market of the Irish Stock
Exchange and the AIM Market of the London Stock Exchange under the
ticker: GAN
The Company has developed an Internet gaming enterprise software
system, GameSTACK(TM), which it licenses principally to land-based
US casino operators as a turnkey technology solution for both
regulated real-money and/or virtual Simulated Gaming. GAN has
fourteen (14) casino operators as clients of Simulated Gaming
coast-to-coast across the US and Internationally; two (2) clients
of real money Regulated Gaming in New Jersey; one (1) client of
real money Regulated Gaming in Pennsylvania and ten (10) clients of
real money Regulated Gaming in Europe.
The Internet Gaming System, developed in London under a UK
Gambling Commission license, is certified to the highest technical
standards currently required by gaming regulators. In January 2018
GAN announced a strategic partnership with SBTECH, a leading
European B2B sports betting technology provider. In April 2017 GAN
was granted a Casino Service Industry Enterprise license by the New
Jersey Division of Gaming Enforcement being GAN's first privileged
gaming license in the United States. In May 2018, the US Supreme
Court repealed PASPA and GAN confirmed the H2 launch of sports
betting for US clients integrated into GAN's enterprise software
platform.
For more information please visit www.GAN.com
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END
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