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GAN to launch Parx Casino Internet Gaming in Pennsylvania

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 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.
 
 
 
 
 
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™, 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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