Monday March 11,2013 : 888 U.S. SUBSIDIARY INKS DEAL WITH MAJOR GLOBAL INVESTMENT FIRM
Deal with Avenue Capital Group aimed at B2C poker and gaming when regulatory conditions permit
The Gibraltar-based online gambling group 888 Holdings announced further developments in its strategy for the United States Monday, confirming its business association with land gambling group Treasure Island and unveiling a new joint venture deal with the major global investment firm Avenue Capital Group.
Working through its wholly owned US subsidiary, 888 poker announced that it has entered into a joint venture agreement with Avenue Capital to launch and operate a comprehensive B2C gaming offering in the US market upon regulation.
The newly formed company, incorporated in Delaware, is titled All American Poker Network (AAPN), and it will launch 888's brands into the US market using the company's proven gaming platform immediately as either federal or state-based regulation is finalised and upon licensing by gaming authorities.
Delaware is one of three US states that have signed online gambling legalization laws into their books.
888 also confirmed its business association with Treasure Island, which surfaced when the two were granted preliminary approval for a Nevada online poker licence recently .
The launch of the Treasure Island poker enterprise will be carried out through the All American Poker Network created by the agreement with Avenue Capital, and will see AAPN provide 888's award-winning poker and back office platform to Treasure Island once the appropriate licence is in place.
The latest deals follow 888's partnerships with Caesars Interactive Entertainment and WMS, signed last year (see previous InfoPowa reports).
A 888 spokesman said that Avenue Capital Group has other interests in various terrestrial casinos and entertainment companies, making them an ideal partner for 888.
Brian Mattingley, CEO of 888, said in a statement on Monday:
"This is the perfect deal for 888, providing the ideal platform through which to launch our B2C brands into the US market, once regulated.
"Our WSOP agreement with Caesars gives us an excellent B2B deal with one of the largest global gaming brands and most prominent casino operators, and we also have a strategic alliance with one of the largest gaming machine manufacturers in the world, WMS. We now have a significant financial partner for our leading B2C product – the final piece in the jigsaw, completing our US online strategy.
"The agreement sees a leading US financial institution backing one of the largest gaming platform operators in the world, joining forces to tackle a potentially huge market. Working with a substantial financial partner provides the firepower that we need to take advantage of the significant opportunities that will be provided by a regulated US gaming market, and we are enormously excited by the opportunities that it will provide.
"The partnership with Treasure Island, a top tier casino property and operator in Las Vegas, is a further step forwards and another vote of confidence in our technology and people. We are well positioned to become a market leader in Nevada and other states as they regulate online poker going forward."