The casino operator will invest US$23.3m in Gaming Innovation Group to support the funding of GIG’s acquisition of Sportnco.<\/p>\n\n\n\n\n\n\n\n
New Zealand.- SkyCity Entertainment<\/strong> has announced it will invest \u20ac25m (US$23.3m) in Gaming Innovation Group (GiG) after expanding its strategic partnership. GiG is a European-based online gaming platform provider and media services operator and has been a strategic partner to SkyCity following the launch of SkyCity Online Casino in August 2019.<\/p>\n\n\n\n GiG has entered into a Sale and Purchase Agreement to acquire 100 per cent of Sportncom<\/strong>, a European online sports and player account management provider, for a headline price of \u20ac70m.<\/p>\n\n\n\n Michael Ahearne, SkyCity\u2019s CEO<\/strong>, stated: “We are excited that SkyCity is expanding its strategic partnership with the GiG team.<\/p>\n\n\n\n He added: “We view the equity investment in GiG as both strategic and value accretive for SkyCity shareholders.”<\/p>\n\n\n\n Richard Brown<\/strong>, GiG’s chief executive officer also stated: “We are also delighted to bring on SkyCity as a new shareholder, a company held in high regard within the land-based segment of the industry, as a GiG shareholder and Board member.<\/p>\n\n\n\n “Both companies\u2019 outlook and focus around the ever-evolving digitalisation of gambling is expected to enable strategic gains, with GiG benefiting from decades of retail experience to finetune our offering and SkyCity benefiting from first-hand digital experience that GiG holds<\/strong>, and new opportunities brought about by the transaction with SportNCo.”<\/p>\n\n\n\n SkyCity Entertainment Group<\/a> has shared an update on trading, revealing that earnings have been impacted by the Covid-19 pandemic<\/strong> and multiple lockdowns, especially in Auckland. However, the company noted a new record for online gross revenue <\/strong>of more than NZ$5m in September. <\/p>\n\n\n\n In the first month of the current financial year, online revenue reached NZ$3m, up 30 per cent year-on-year. In August, it saw a record of NZ$4m when SkyCity\u2019s venues in Auckland<\/a> and Hamilton<\/a> were closed due to new Covid-19 restrictions. <\/p>\n\n\n\n The casino operator expects revenue from online casino will continue growing <\/strong>and estimates the New Zealand market could produce NZ$300m in revenue annually at maturity. The company also said tourism-related businesses will continue to be negatively impacted by international border closures in the following months.<\/p>\n","protected":false},"excerpt":{"rendered":" The casino operator will invest US$23.3m in Gaming Innovation Group to support the funding of GIG’s acquisition of Sportnco.<\/p>\n","protected":false},"author":176,"featured_media":25905,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"SkyCity Entertainment has expanded its strategic partnership with Gaming Innovation Group (GiG) through a \u20ac25m equity investment, primarily to fund GiG's \u20ac70m acquisition of Sportnco. This move aims to bolster SkyCity's digital strategy while providing GiG with capital and leveraging SkyCity's land-based expertise. Despite land-based operational challenges, SkyCity reported record online gross revenue, projecting significant market potential in New Zealand.","focusai_entities":"SkyCity Entertainment, Gaming Innovation Group, GiG, Sportnco, Michael Ahearne, Richard Brown","focusai_location":"New Zealand, Europe, Auckland, Hamilton","focusai_target_profile":"ceo_executive (0.95), regulator (0.7), operator_casino (0.9), affiliate_publisher (0.7), product_ux (0.7), tech_data (0.85), marketing_crm (0.8), payments_fraud_aml (0.7), investor_analyst (0.95), supplier_vendor (0.9), journalist_researcher (0.9)","focusai_suggestions":[{"label":"GiG M&A Synergies?","query":"What specific operational and commercial synergies are anticipated from GiG's acquisition of Sportnco, particularly in enhancing its B2B sports betting and PAM verticals?"},{"label":"SkyCity Digital Strategy?","query":"How does SkyCity's expanded equity investment in GiG align with its long-term digital transformation strategy, and what are the projected returns on this strategic capital allocation?"}],"footnotes":""},"categories":[16336,157],"tags":[1137],"class_list":["post-25884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-skycity"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=25884"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25884\/revisions"}],"predecessor-version":[{"id":25890,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25884\/revisions\/25890"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25905"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=25884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=25884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=25884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}SkyCity H1FY22 performance to be impacted by land-based closures<\/h2>\n\n\n\n