23 Mar 2015 07:00
GameAccount Network to Participate in Morgan Stanley US Online Gambling Forum
Full Year Results to Issue on 16 April 2015
| ISE: GAME | LSE: GAME |
London & Dublin | 23 March, 2015: GameAccount Network plc (“GameAccount Network” or the “Company”), a leading developer and supplier of enterprise-level B2B gaming software and online gaming content, announces that CEO Dermot Smurfit will be speaking at the Morgan Stanley US Online Gambling Forum in New York on 24 March 2015.
GameAccount Network will announce results for the year ended 31 December, 2014 on 16 April, 2015.
2014 Key Developments | Simulated Gaming
2014 marked a period of progress and development for GameAccount Network as the Company continued to roll out its offering to capitalise on the opportunities presented by Simulated Gaming™. Simulated Gaming™ is proven to monetize Internet traffic to existing websites operated by land-based US casinos with average revenue per daily active user (ARPDAU) of $2.75, as against an original estimate of $0.60. Supported by 20 months’ operating data, Simulated Gaming™ is now proven to drive increased visitation on-property and has delivered on average a 28% uplift in on-property theoretical win from increased visitation by existing patrons who also engage with Simulated Gaming online.
In September 2014, GameAccount Network announced the extension of Simulated Gaming™ into Australia in a partnership with a consortium of major land-based Australian community clubs.
2015 Key Developments | Parx Casino launches Simulated Gaming™
Parx Casino, the leading casino property in Pennsylvania announced the signing of a definitive agreement in November 2014. Parx operates over 3,200 machine slots and 150 table games, generating $478m in gaming revenues in FY 2013/2014, which represents an estimated 30% market share in the Eastern Pennsylvania market.
The Simulated Gaming™ website for Parx Casino located at www.ParxOnline.com launched on March 20, 2015 with marketing commencing during April 2015.
Throughout the multi-year term of the agreement, Parx Casino will rely exclusively on GameAccount Network’s Internet gaming system, deployed on-property in Pennsylvania, for all forms of real money Internet gaming (including poker, for the avoidance of doubt) in the event the State of Pennsylvania enacts legislation to regulate real money Internet gaming.
In March 2015 an additional undisclosed US casino operator of material size chose GameAccount Network’s Simulated Gaming™ launching in 2015.
2015 | Performance Year to Date
In the period since 31 December 2014, overall trading has been broadly in-line with expectations with Simulated Gaming™ out-performing initial expectations.
Progress in Simulated Gaming™ continues into 2015. On 9 March 2015, the Company announced a deal with Maryland Live! Casino to launch a Simulated Gaming™ online experience for new customers and existing patrons. The commercial launch of the previously announced Australian partnership with a consortium of Queensland-based RSL clubs took place on 20 March 2015 located at www.Club8Casino.com.au simultaneously with the launch of Parx Casino’s Simulated Gaming™ website on www.ParxOnline.com.
Activity in the real money gaming market has been encouraging year to date. As reported by The New Jersey Department of Gaming Enforcement, figures for February saw a year-on-year increase with a strong performance from Casino revenues, up 16% in the State. Golden Nugget Atlantic City, which permits Betfair (supplied by GameAccount Network) access to the New Jersey market via its land-based casino licence, reported a combined market share of 24.9% in New Jersey, up from 21.3% in January. Pennsylvania presents itself as a potential opportunity in real money gaming as it is widely expected to pass legislation to regulate intra-State Internet gaming in the coming months. In the last month a bill to legalise and regulate online gambling in the State was introduced. This is encouraging for GameAccount Network as GameSTACK™, deployed in Atlantic City and powering a New Jersey regulated Internet gaming business, offers Parx Casino a proven upgrade path from Simulated Gaming™ to regulated real money Internet gaming should legislation pass.
Discussions with a number of parties regarding system sale(s) are continuing and an announcement will be made as and when appropriate.
Outlook
GameAccount Network is confident in the prospects for the business in 2015 and beyond. To date, consistent with the objectives set out at the time of the Company’s 2013 public offering, we have progressed our capability to deliver both Simulated Gaming™ and regulated real money Internet gaming in the United States.
We are excited by the opportunity presented by Simulated Gaming™, the underlying player metrics of which have materially surpassed our expectations. The activity in the New Jersey market and the advancements in the regulation of Pennsylvania present excellent opportunities for growth in real money gaming in 2015 and 2016.
-ENDS-
www.GameAccountNetwork.com
| For further information please contact: | ||
| GameAccount Network | FTI Consulting | |
| Dermot Smurfit | Mark Kenny/Jonathan Neilan/Melanie Farrell | |
| Chief Executive Officer | ||
| +44 (0) 20 7292 6262 | +353 1 6633686 | |
| dsmurfit@GameAccountNetwork.com | gameaccount@fticonsulting.com | |
| Davy | ||
| John Frain / Roland French | ||
| +353 1 679 6363 | ||
GameAccount Network | Overview
GameAccount Network is a leading developer and supplier of enterprise-level Business to Business gaming software systems and online gaming content. GameAccount Network is listed on the ESM Market of the Irish Stock Exchange and the AIM Market of the London Stock Exchange under the ticker: GAME
The Company has developed an Internet gaming enterprise software system, GameSTACK™, which it licences to online and land-based gaming operators as a turn-key technology solution for both regulated real-money and simulated online gaming. The Internet Gaming System, developed in London under a UK Gaming Commission licence, is certified to the highest technical standards currently required by gaming regulators.
GameAccount Network is also a leading developer of proprietary online games with a complementary business converting offline casino slot machines into online equivalents on behalf of major land-based slot machine manufacturers including Aristocrat, Konami, Multimedia Games, Incredible Technologies, GamoMat, Reel Time Gaming, High Flyer Games and Ainsworth.
GameAccount Network has an established business in Europe, licensing gaming content to UK, Spanish and Italian gaming operators including Bet365, Rank, Lottomatica, Sisal MatchPoint and SNAI.
In the United States, GameAccount Network has partnered with Betfair Plc to provide its Internet Gaming System following the introduction of regulated real-money online gaming in New Jersey in November 2013. In Connecticut, GameAccount Network has licensed its Internet Gaming System to the Mashantucket Pequot Tribal Nation (owners and operators of the Foxwoods® Casino Resort) and currently offers Simulated Gaming™ via the Online Casino published on Foxwoods.com website. In New York, GameAccount Network has launched a Simulated Gaming™ website via www.EmpireCityCasino.com. In Pennsylvania, GameAccount has been chosen by Parx Casino to launch Simulated Gaming™ and on-property mobile gaming in 2015. In September 2014 an undisclosed multi-State US casino operator chose GameAccount Network’s Simulated Gaming™ launching in 2015. In March 2015 the major US casino operator of Maryland Live! Casino in Maryland chose GameAccount Network to upgrade their existing free-to-play website to the Company’s monetised Simulated Gaming™ offering, launching in the second half of 2015.
In Australia, GameAccount Network partnered with a consortium of land-based gaming venue operators in Queensland and brought Simulated Gaming™ online in March 2015 located at domain name www.Club8Casino.com.au.
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