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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Gaming Innovation Group Inc.    GIG

GAMING INNOVATION GROUP INC.

(GIG)
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Gaming Innovation : & HardRock International mutually agree not to extend partnership

09/30/2020 | 02:33am EST
Gaming Innovation Group Inc. (GiG) & HardRock International (HRI) have agreed to
a mutual termination agreement of platform and sportsbook services.

Hard Rock represented less than 2% of GiG's revenues in the last 12 months, with
a marginal negative contribution on EBITDA. Both parties acknowledge that
despite a fruitful relationship and upswing in results through 2020 a commercial
agreement to move forward could not be agreed and the strategic aims of both
companies lay in seperate paths. Hard Rock will immediately release GiG from the
contractual exclusivity clause allowing for GiG to pursue further nationwide US
business.

Richard Brown "Through the partnership with HRI the GIG organization has been
able to build and customize a very strong omni channel product which has helped
HRI online to break records during 2020. I am extremely proud of what our
company has delivered in the past two and half years we have been active in the
US. We have a high quality, innovative omni-channel solution that we have built
out of work with HRI and a very competitive casino offering that can be tailored
to the US market which we believe can lead to future success as more states
begin to regulate online. GiG is in a strong position to pursue further business
opportunities in a fast-evolving US landscape, which we now look to intensify,
having a fully compliant and quality solution operational in two US states,
easily configurable to additional states. However the global gambling market is
an exciting one and we believe there are considerable areas of growth globally.
GiG will support Hard Rock fully as they migrate to their new supplier and we
wish them well in their future endeavours."

Kresimir Spajic, SVP Online Gaming and Sports Betting at Hard Rock International
stated: "We are thankful to GiG for helping us take our first steps in the
regulated US online gaming and sports betting market. Together we have achieved
notable results and launched significant innovations including the World's First
Live Slots. We wish GiG all the best in their future ventures."

It is expected that the migration of online will happen during Q1 2021 while
retail Sports will be moved during Q4 2020. The termination will not have any
effect on GiG's guiding for 2020.

For further information, please contact:

Richard Brown, CEO, richard.brown@gig.com, +34 661599025

Tore Formo, Group CFO, tore@gig.com, +47 91668678



About Gaming Innovation Group (GiG)

Gaming Innovation Group is a leading iGaming technology company, providing
solutions, products and services to iGaming Operators. Founded in 2012, Gaming
Innovation Group's vision is 'To be the industry leading platform and media
provider delivering world class solutions to our iGaming partners and their
customers.  GiG's mission is to drive sustainable growth and profitability of
our partners through product innovation, scalable technology and quality of
service. Gaming Innovation Group operates out of Malta and is dual-listed on the
Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under
the ticker symbol GIGSEK. www.gig.com

About Hard Rock®:

Hard Rock International (HRI) is one of the most globally recognized companies
with venues in 248 locations spanning 70 countries that include owned, licensed
or managed Hotels, Casinos, Rock Shops®, Cafes and Hard Rock Live concert halls.
 Beginning with an Eric Clapton guitar, Hard Rock owns and showcases the world's
most valuable collection of music memorabilia at more than 83,000 pieces. In
2020, Hard Rock International was honored as one of Forbes Magazine's Best
Employers for Diversity and Top Employers for Women.  Hard Rock was recognized
as one of the top performing hotel brands in J.D. Power's 2020 North America
Hotel Guest Satisfaction Study for the second consecutive year.
HRI destinations are located in the world's greatest international gateway
cities, including its two most successful flagship properties in Florida and
home to the world's first Guitar Hotel® in South Florida, where its headquarters
are located. The brand is owned by HRI parent entity The Seminole Tribe of
Florida. For more information on Hard Rock International
visit www.hardrock.com or shop.hardrock.com (https://shop.hardrock.com/en-us).

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Financials
Sales 2020 73,5 M 89,1 M 89,1 M
Net income 2020 -11,5 M -13,9 M -13,9 M
Net Debt 2020 37,0 M 44,8 M 44,8 M
P/E ratio 2020 -12,4x
Yield 2020 -
Capitalization 100 M 122 M 122 M
EV / Sales 2020 1,87x
EV / Sales 2021 1,75x
Nbr of Employees 467
Free-Float 46,0%
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Mean consensus -
Number of Analysts 1
Average target price
Last Close Price 11,90 
Spread / Highest target -
Spread / Average Target -
Spread / Lowest Target -
EPS Revisions
Managers
NameTitle
Richard Brown Chief Executive Officer
Johan Petter Erik Nylander Chairman
Tore Formo Group Chief Financial Officer
Justin Psaila Chief Financial Officer
Helge Nielsen Independent Director
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