GAN to Launch Parx Casino Internet Gaming in Pennsylvania
July 16 2018 - 10:48AM
Business Wire
Pennsylvania’s market leading casino files
$10m application in preparation for iGaming launch utilizing GAN’s
US-patented technology
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 LLC1).
- 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.
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™, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180716005572/en/
GANDermot Smurfit, +44 (0) 20-7292-6262Chief Executive
Officerdsmurfit@GAN.comorUS Investors:The Equity
GroupAdam Prior, 212-371-8660aprior@equityny.comorUK &
Ireland Investors:Walbrook PRPaul Cornelius,
+44-20-7933-8780GAN@WalbrookPR.comorDavy (Nominated Adviser, ESM
Adviser and Joint Broker)John Frain / Barry
Murphy+353-1-679-6363orLiberum (Joint Broker)Neil Patel /
Cameron Duncan+44 (0) 20-3100-2000
GAN (NASDAQ:GAN)
Historical Stock Chart
From Mar 2024 to Apr 2024
GAN (NASDAQ:GAN)
Historical Stock Chart
From Apr 2023 to Apr 2024