Greentube Buys Stake in Flamingocatz
Novomatic subsidiary Greentube has revealed that it has purchased a 40% stake in Flamingocatz, as part of its long-term strategy of increasing its focus on the North American gambling market. Greentube clarified that the two suppliers will collaborate together on developing content for Greentube’s portfolio, with several new game offerings already in the works for 2023.
Greentube has purchased a 40% stake in Flamingocatz – part of its long-term strategy of increasing its presence in the North American gambling market. ©kalhh/Pixabay
Greentube’s Games Will Launch in North America First; Other Jurisdictions to Follow
In more good news for the competitiveness of the United States gambling market, Novomatic subsidiary Greentube has come out and revealed that it has acquired a 40% stake in Flamingocatz, as part of its overall long-term goals of increasing its focus on North America.
In further explaining the details of its stake purchase, Greentube clarified that both it and Flamingocatz will collaborate closely together on building custom-made content for Greentube’s growing portfolio.
Greentube also revealed that a selection of new games are already in the development pipeline, with ambitions to launch in 2023. These products will initially launch in North America at first, but hold plans to expand into other jurisdictions in hopefully the near future. The news comes not long after Greentube’s acquisition of Present Creative, which was first announced in October 2022. This move was likewise part of the operator’s plans to expand further into the United States.
Paying Attention to Players’ Needs is Key Tactic in Greentube’s US Strategy
Celebrating the occasion of Greentube’s purchase of a large 40% stake in gaming provider Flamingocatz is Greentube chief financial officer Michael Bauer, who praised Flamingocatz’s team for their expertise and deep industry experience, hoping the collaboration between the two will bring Greentube future success in the US:
“We remain committed to growing our presence in North America and through this joint venture with Flamingocatz, we will further strengthen our capabilities, working with a talented and very experienced team who sits on a lot of local knowledge. Having a laser focus on what local players desire is paramount to us and this partnership will help us execute our growth strategy in the US and Canada.”– Michael Bauer, Chief Financial Officer, Greentube, Press Release
Meanwhile, for its part, Flamingocatz co-founder Job Spiero explained that Greentube’s scale and distribution capabilities are just what Flamingocatz needs to help support the studio’s somewhat unorthodox games.
“We are very excited to work on this new studio together with Greentube and we could not have hoped for a better partner to go into the Americas. With Greentube’s vast experience in distribution, placement, and marketing of games and Flamingocatz’s ‘outside of the box’ way of creating games, we have very high hopes for this partnership.”– Job Spiero, Co-founder, Flamingocatz, Press Release
Bally’s Corporation Recently Purchased Plot for Massive Upcoming Chicago Complex
In other major US gambling market news, the development of Bally’s Corporation’s massive Chicago mega casino project reached a new milestone in November 2022 when the casino and sportsbook giant announced that it had closed a deal worth up to a whopping $500 million (£423.3m/€488.1m) with a real estate private equity firm in Chicago. The firm proceeded to acquire the 30-acre Tribune Publishing Center plot of land where Bally’s Chicago is expected to be situated.
The specifics of the agreement indicate that Bally’s will have the ability to lease back the land from the real estate firm in a ground lease agreement – should it want or need to. The deal will run for an initial 99-year term, then to be followed by ten separate 20-year renewals. Furthermore, the private equity firm has pledged to invest upwards of $300 million into the Bally’s Chicago’s development project as part of the deal.
Soo Kim, chair of Bally’s board of directors, was pleased to begin working together with one of the city’s top private equity firms, hyping up what is sure to be a world-class betting complex:
“We are excited to be partnering with one of Chicago’s leading real estate private equity firm as we progress with building our $1.7bn flagship property in the Chicago market. We continue to demonstrate our commitment to delivering a world class entertainment facility that supports Chicago’s economy and community.”– Soo Kim, Chair of Board of Directors, Bally’s Corporation, Press Release
US Total Gambling Revenue During Q3 Hit New All-Time High Quarterly Record
The US gambling market continues to revel in the good times after a suffering major slump as a result of the global coronavirus (Covid-19) pandemic: during the third quarter of 2022, total generated US gaming revenue hit a new all-time high quarterly record of $15.17 billion (£13.31bn/ € 15.1bn). These numbers come courtesy of the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker.
This stands as a 2% increase on the previous quarterly record of $14.81 billion achieved in the preceding quarter, with 2022 almost certainly exceeding 2021 as the highest grossing year of gaming revenue. The total for the first nine months of 2022 alone is far ahead than 2019’s full-year revenue.
Bill Miller, who is the President and CEO of the American Gaming Association (AGA), cited high consumer demand as a big reason for the numbers, championing the gambling industry’s resilience through tough times:
“While business challenges remain, high consumer demand continues to fuel our industry’s record success. Our sustained momentum in the face of broader economic volatility points to gaming’s overall health today and provides confidence as we look to the future.”
