Things tend to happen lightening fast in this amazing world of online casinos. Hopefully, AskGamblers is always on the lookout, so you don’t miss out on anything. We’ve just received notice that the award-winning 32Red has just acquired the remote Roxy Palace Casino for total consideration of £8.4 million, comprising £2.0m in cash and the issuance of 10,000,000 new Ordinary Shares. Keep on reading and find out more about this surprising event.
32Red purchased Roxy Palace Casino
The new is just in that the 32Red has purchased the customer database, intellectual property rights and certain other assets used in connection with Roxy Palace Casino via the acquisition of the entire issued share capital of Eucalyptus Investment Limited, a wholly-owned subsidiary of Hyperlink Media Limited and Applied Logics Limited.
Roxy Palace Casino has just been sold to 32Red for a total of £8.4 million!
"We are delighted to have acquired Roxy Palace and we believe this is very beneficial for both our existing and new shareholders. We have known and respected the business for many years, and share a number of common values. Like 32Red, Roxy Palace is also based on the Microgaming platform which will aid in making for a smooth integration." Ed Ware, the CEO of 32Red Plc, commented.
He further explained: "This acquisition fits well with our regulated markets growth strategy and will allow us to leverage the expertise that the Roxy Palace team has built up over many years in international markets to the combined benefit of the enlarged business. To that end we will continue to support the Roxy Palace brand along with maximizing synergies where appropriate."
Is Roxy Palace a good purchase?
Roxy Palace is a well-known Microgaming Casino that has been present in the industry since 2002. They offer more than 500 online casino games including slots, blackjack, video poker and roulette, and benefits from a database containing 230,000 registered players.
The online casino reported net revenue of £10.1 million for the previous year. Furthermore, it generated gross profit of £3.4 million. EBITDA amounted to £1.6 million for 2014.
This deal represents 32Red’s efforts to further expand its business, after acquiring the UK-facing Go Wild Casino last September. In March, 32Red reported that its revenue had risen 26% in 2014, its fifth consecutive year of double-digit growth. In addition, 32Red stepped into sports betting via their B2B deal with Kambi Sports Solutions last year in advance of the 2014 FIFA World Cup.