Swedish mobile company and provider of live casino solutions LeoVegas has reached a landmark agreement with Genting to sell its subsidiary Authentic Gaming. The entire purchase arrangement is estimated to EUR 15 million with a return of more than 100 per cent in the next three years.
Authentic Gaming is a debt-free company with a reputable position on the iGaming market, representing a leader in the live dealer niche. Its new owner, Genting Group, is headquartered in Kuala Lumpur, Malaysia. Among the company’s subsidiaries are Malaysia Berhad, Plantations Berhad, Genting Singapore plc and Energy Limited.
It also epitomizes one of the largest groups in the land-based casino industry with over 50,000 employees worldwide. As a comparison, Authentic is one of three holdings included in LeoVentures, an investment company for innovative gaming businesses under LeoVegas.
Weaving Live Casino Innovations
Genting was founded in 1965 and the group has garnered more than 52 years of experience in developing, operating and marketing casinos. With integrated resorts in various parts of the world such as the Americas, Australia, Singapore and UK, the company has diversified its casino activities in both online and land-based sectors.
Jonas Delin, CEO and founder of Authentic Gaming said that the arrangement represents the next big step in live casino for the supplier of premium table games solutions and added the following:
“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.”
Growing at a Fast Pace
By signing a landmark deal with an important industry supplier, Genting will strengthen its position on the market and provide new experiences to players around the world. Jeremy Taylor, managing director of Genting Online is convinced that the corporation will now grow at a faster pace than before, reinforcing its presence in the land-based division.
“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.”
Finally, Gustaf Hagman, CEO of LeoVegas Mobile Gaming Group explained that the purchase agreement is a milestone for the company and added that timing to sell the enterprise could not be more perfect.
Hagman believes that Genting is the best buyer at the moment who will take Authentic Gaming to the next level. LeoVegas has invested an enormous amount of innovations and its ability to develop sustainable companies.
“…we have thereby created shareholder value with more than a 100% return on our investment in Authentic Gaming,” commented Hagman.
Meanwhile, the Administrative Court of Sweden has approved a 5-year license to LeoVegas, despite the previous decision of Spelinspektionen to sanction the operator to 2 years.
“LeoVegas to Sell Subsidiary Authentic Gaming”, prnewswire.com, October 30, 2019.