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Penn National Gaming acquires Rocket games
Thursday August 4,2016 : PENN NATIONAL GAMING ACQUIRES ROCKET GAMES
$60 million to expand social casino portfolio.
Penn National Gaming (Penn) has acquired social gaming company Rocket Games for a consideration that could potentially reach “up to $170 million”.
Penn will pay $60 million in cash, as well as earn-outs of up to $110 million based on company performance over the next two years.
Based in San Francisco, Rocket Games was co-founded in 2013 by Bill Gelpi, Steven Jian and Niko Vuori who all held senior positions at Zynga as director of product, principal software engineer and studio general manager respectively.
The company has found success in its popular social casino game titles Viva Slots Vegas, Vegas Jackpot Casino and Downtown Deluxe Slots among others, titles which will now fall under Penn’s digital subsidiary Penn Interactive Ventures who already operate social casino games Hollywood Races and Hollywood Slots, both of which reported strong growth in the company’s latest financials.
“Penn National’s accretive acquisition of Rocket highlights our ongoing strategic initiative to acquire emerging growth platforms that complement, and allow us to leverage, our core regional gaming operations and database of over three million active customers,” commented president and chief executive officer of Penn, Timothy J. Wilmot.
“Since the separation of our gaming assets from our real estate assets in 2013 we have been highly focused on a broad range of growth and diversification initiatives,” the press statement reads.
“Based on our internal analysis, a significant segment of Penn National’s database customers actively participate in social and online gaming, and we believe there are meaningful operating and revenue synergies between Penn National’s operations, our Hollywoodcasino.com and Hollywoodslots.com social casino offerings and Rocket’s operations that will drive near- and long-term growth for our shareholders,” Wilmot noted.
“The entire Rocket team is delighted to join the Penn National family and leverage their expertise and nationwide reach to take our game development capabilities and company growth to the next level,” Gelpi said in a press statement. “Social and online gaming is an extremely attractive segment of mobile and online gaming, and tying our innovative gaming expertise to a traditional casino operator with a qualified database of customers will create unmatched opportunities for both Rocket Games and Penn National.”
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgaming’s customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sunday’s 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at –115.
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