11 March 2013
888 Holdings Public Limited Company
("888")
US Joint Venture Agreement and Nevada Poker Contract
· Final strand in US online strategy
· Fully funded platform for B2C
· Leverage strength of 888 brand in US market
· Nevada Poker Contract signed with Treasure Island
888, one of the world's most popular online gaming and solution providers, has announced today that it has entered, through a wholly owned US subsidiary, into a joint venture agreement with global investment firm Avenue Capital Group to launch and operate a comprehensive B2C gaming offering in the US market upon regulation.
The newly formed company, incorporated in Delaware, called All American Poker Network (AAPN), will launch 888's brands into the US market using 888's leading gaming platform immediately as either Federal or state based regulation is finalised and upon licensing by gaming authorities.
Additionally, 888 announces an agreement with Treasure Island, one of the most prestigious and well renowned Las Vegas operators, for the launch of online poker in Nevada through AAPN.
This deal will see AAPN provide 888's award-winning poker and back office platform to Treasure Island for the launch of an online poker proposition, once the appropriate license is in place.
As announced on 7th March, 888 became the first non-US operator recommended by the Nevada Gaming Control Board to the Nevada Gaming Commission for the approval of licensing as an Interactive Gaming Service Provider. Receipt of this licence will allow AAPN to launch the real money 888poker brand in Nevada as the first step, once all certifications are in place, expected later this year.
This deal follows 888's partnerships with Caesars Interactive Entertainment and WMS, signed last year.
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, commented:
"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 potential 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."
-ends-
Contacts and enquiries 888 |
Brian Mattingley, Deputy Chairman |
+350 200 49800 |
Aviad Kobrine, Chief Financial Officer |
+350 200 49800 |
M:Communications |
Ann-marie Wilkinson/Andrew Benbow |
+44 (0)20 7920 2330 |
About Avenue Capital Group
Avenue Capital Group is a global investment firm focused on undervalued opportunities in the private and public debt, equity and real estate markets in the U.S., Europe and Asia. Avenue manages assets estimated to be approximately $12.0 billion as of December 31, 2012.
