Genting outlines live casino plans with Authentic Gaming acquisition
Genting has agreed to purchase Authentic Gaming from LeoVegas for €15m ($16.7m) on a debt-free basis.
LeoVegas reports this will provide a return of more than 100% on its own investment into Authentic Gaming.
In announcing the agreement, Genting outlined plans to utilise Authentic Gaming’s in-club streaming technologies for live casino in all international properties.
Authentic Gaming will continue to operate independently while Genting supports its expansion.
Jonas Delin, CEO and Founder of Authentic Gaming, said: “I am very happy 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.”
Jeremy Taylor, Managing Director of Genting Online, said: “Our vision for the future is customers will be able to play at any of our casinos in the world, such as Las Vegas, Bahamas, or Singapore to name but a few, in an immersive experience, from any device, from any website, 24/7.
“With their cutting-edge technology and innovative product capabilities, we believe Authentic are well placed to help us realise that vision.”
When contacted for comment by Gambling Insider, a LeoVegas spokesperson said: “In Q4 2018, we started a strategic review of LeoVentures and the outcome was announced today in selling Authentic Gaming. Genting is a perfect fit and a fantastic partner to take Authentic Gaming to the next level.
“Genting have a global presence in land-based casino which gives Authentic Gaming a platform to grow even faster. Genting have more than 50 years of experience in gaming and entertainment and they share Authentic Gaming’s vision to weave online and land-based casino.”