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Second quarter daily online casino revenues up 34 percent
London-listed AsianLogic, the Pacific-Asia facing online and land gambling group has reported the appointment of a chief executive, along with positive Q.2 business results.
The executive vice chairman and founder of AsianLogic, Tom Hall now has the responsibilities of Chief Executive Officer for the fast growing group. Hall replaces Christopher Parker, who remains as a director of the group and takes
up the new position of chief executive of the Asian Poker Tour.
Hall is recognised as an expert in the field of Asia Pacific interactive gaming, and in addition to his AsianLogic portfolio is the director and president of software developer Playtech's operations in the region. He is of Eurasian Hong Kong origin and has wide experience in global customer growth and the development of customised software solutions for the Asian marketplace.
In his executive duties with AsianLogic and Playtech, he has had extensive dealings with gaming operators in both the land based and online sector.
From 1995 until he joined AsianLogic and Playtech in 2002, he was Chief Executive Officer of TTR Strategic Holdings Limited (“TTR”), an Asia Paciﬁc focused financial services group, and subsequently CEO of its data processing associate – NAV Limited. Prior to that, he worked in Swiss private banking and private client financial services in the UK and Hong Kong. He also sits as a non-executive director of a number of gaming and technology companies.
Hall's appointment comes at a positive stage in AsianLogic's development, with the company reporting Q.2 online casino average daily turnover up by 34 percent on Q.1 to $14.6 million, and prospects for the year bright. Net gaming revenue per day increased 31 percent to $320 158 and poker fees were up 39 percent on-quarter, beating forecasts.
Operating margins have improved, but AsianLogic expects lower levels of profitability in some sectors of its online casino activities due to margin pressure, but says it does not expect these pressures to significantly impact overall business.
The report includes a reference to the sale of AsianLogic's domestic sportsbook to Philippine-based gaming company Leisure Resorts and World Corp. (LRWC) to operate a land-based sportsbook operation (see previous InfoPowa report).
AsianLogic and its sportsbook partner will get up to 342 million shares over the next 3 years, about 30 percent of LRWC, subject to performance targets being met. Asianlogic said it will also invest $4.5 million in LRWC.
In other major deals, AsianLogic notes that it expects to close a “part cash, part shares US$24 million transaction with a leading Asian e-gaming operator in the next 60 days” and reports an investment of $3.4 million in a minority stake in an unidentified European -based software provider which will expand its range of products.
The company's sponsorship of the Asian Poker Tour (see previous InfoPowa report) is proving successful with 316 players from 23 countries turning out for the first event held in Manila and more action planned for Macau, Korea and Singapore.
Hall said: “We believe the acquisitions and joint ventures announced today will strengthen, complement and expand our existing operations. Our core gaming activities are performing strongly and the accretive benefits from acquisitions and investments coming into play from Q3 onwards.”
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