Genting has unveiled a bolstering of its gaming portfolio after entering into an agreement to purchase LeoVegas’ live gaming specialist Authentic Gaming.
The leisure and entertainment operator is to pay €15m on a debt free basis for the subsidiary of the online gambling operator, a price that represents a return of more than 100 per cent during a period of a little over three years.
Jeremy Taylor, managing director of Genting Online, explained: “Our global presence in land-based casino gives us a platform to grow online at a fast pace. Our vision is to offer our customers an amazing gaming experience from all of our casinos around the world, 24 hours a day through any device.
“With Authentic Gaming’s advanced technology and innovative product, we are convinced that together we have a good position to realise that vision.”
Genting, which boasts a significant footprint in the global land-based scene, states that the acquisition will enhance a “rapidly growing digital arm”.
Bringing together offline and online experiences, Genting is to utilise Authentic’s streaming technologies and expertise across its land-based and digital estate, both in the UK and internationally.
Continuing to operate independently from the larger group, the purchase comes as Genting strives for growth across a European live casino sector that analysts estimate to be worth €2.5bn.
“We have now laid the foundation for Authentic Gaming to take its next big step in live casino,” commented Jonas Delin, CEO and founder of Authentic Gaming.
““I am very happy that Genting, with more than 50 years of experience in gaming and entertainment, shares our vision to weave online and land-based casino and has chosen to invest in our product and team.
“At the same time I want to thank LeoVegas for their tremendous support since the start and for the platform that LeoVentures has created for us to take us to where we are today.”
In a media release regarding the agreement it is said that Authentic Gaming has developed into a profitable company with a prominent position in its niche in the live casino market.
Authentic Gaming is one of three holdings included in LeoVentures, the LeoVegas Group’s investment company for innovative gaming-related businesses.
Gustaf Hagman, group CEO, LeoVegas Mobile Gaming Group, added: “This is a milestone for LeoVegas. The time is now right to sell the enterprise to the industry giant Genting, which is the perfect buyer to take Authentic Gaming to the next level.
“The deal shows our innovative strength in the Group and our ability to develop and build sustainable companies. We have thereby created shareholder value with a more than a 100 per cent return on our investment in Authentic Gaming.”