LeoVegas, Swedish mobile company and provider of live casino solutions has signed an agreement with Genting to sell its subsidiary Authentic Gaming. The whole purchase arrangement is valued 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 reliable 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 represents one of the largest groups in the land-based casino industry with more than 50,000 employees globally. Comparatively, Authentic is one of three holdings included in LeoVentures, an investment company for innovative gaming businesses under LeoVegas.
Merging Live Casino Innovations
Genting was founded in 1965 and the group has gained 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 expanded its casino activities in both online and land-based sectors.
Founder of Authentic Gaming and CEO Jonas Delin, 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.”
By passing a historic 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 rapidly than before, strengthening 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.”
Ultimately, 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 thinks that Genting is the best buyer now who will take Authentic Gaming up. LeoVegas has invested a huge amount of innovations and its ability to develop viable companies.
“We have thereby created shareholder value with more than a 100% return on our investment in Authentic Gaming.”
In the Meantime, the Administrative Court of Sweden has approved a 5-year license to LeoVegas, despite the previous decision of Spelinspektionen to ban the operator to 2 years.