32Red Acquires Roxy Palace Casino for £8.4 Million

Published on Tuesday 14th July 2015, 10:29 am

32Red Acquires Roxy Palace Casino for £8.4 Million

32Red chief executive Ed Ware has expressed his delight after a deal was finalised to acquire the remote online gaming business Roxy Palace Casino. The deal is worth £8.4 million as 32Red will pay £2 million in cash and issue ten million shares at 64p each.

Roxy Palace will now hand over ownership of a customer database totalling 230,000 registered players, as well as intellectual property rights and other assets used in connection with the business. Roxy Palace was founded in 2002 and produced a net gaming revenue of £10.1 million last year with a gross profit of £3.4 million.

Over 500 online casino games are on offer at Roxy Palace, including blackjack, slots, roulette and video poker. As the casino also relies on the Microgaming platform, Ware is confident that the deal will help 32Red go from strength to strength.

He said: "We are delighted to have acquired Roxy Palace and we believe this is very beneficial for both our existing and new shareholders. We have known and respected the business for many years, and share a number of common values. Like 32Red, Roxy Palace is also based on the Microgaming platform which will aid in making for a smooth integration.

"This acquisition fits well with our regulated markets growth strategy and will allow us to leverage the expertise that the Roxy Palace team has built up over many years in international markets to the combined benefit of the enlarged business. To that end we will continue to support the Roxy Palace brand along with maximizing synergies where appropriate."

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