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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 : signs with LeGrand Casino in North Macedonia

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07/17/2020 | 10:11am EDT

Gaming Innovation Group Inc. (GiG) has today signed a heads of terms agreement with  K.A.K. DOO Skopje, Hospitality, tourism and services company (K.A.K.) for the provision of GiG's platform, front-end development and managed media services to launch their digital operation in the regulated North Macedonian market.

K.A.K. is one of North Macedonia's leading leisure groups with two casinos offering both slots and table games, LeGrand Casino Skopje and LeGrand Casino Bitola, along with four hotels (Hotel Epinal in Bitola and hotels Sport, Bistra and Lodge in Mavrovo) and the Mavrovo Ski Resort.

Having traditionally been a closed market to online operators, the Macedonian government is now allowing land based operators to apply for online licenses that must directly reflect their offline offering. Through their LeGrand casinos, K.A.K. will therefore be one of a handful of operators in North Macedonia to offer table games to online players along with a complete slots portfolio. K.A.K. has selected GiG's casino platform offering as well as GiG's managed media services to capitalise on their digital transformation from land based to online gambling.

The final agreement is expected to be signed in August 2020, and will be on a combined fixed fee and revenue share structure.The casino offering is expected to go-live by Q1, 2021, and this partnership is expected to make a positive contribution to GiG's revenues from 2021 onwards.
 
Ognjan Cigovski, Chief Executive Officer of  K.A.K. DOO Skopje says: "Gaming Innovation Group is known in the iGaming industry as a reliable and trustful company with a history of success working with land based operators like ourselves. We are pleased to have them supporting our digital transformation and online player acquisition strategy as we expand into the newly regulating online market. We believe that by joining our efforts we can translate the feel and look of our LeGrand casino's into an online offering that both caters for our current players as well as attracts new ones. We are looking forward to a long lasting and mutually beneficial partnership."
 
Richard Brown, Chief Executive Officer of GiG says, "North Macedonia has a long history in the landbased casino segment, and is a major casino tourist destination in the region. Partnering with a leading brand, hospitality and entertainment group in the region is an exciting opportunity for GiG and we look forward to helping replicate LeGrand Casinos retail success online as the market regulates".

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 technology company providing solutions, products and services throughout the entire value chain in the iGaming industry. Founded in 2012, Gaming Innovation Group's vision is `To open up iGaming and make it fair and fun for all'. Through its ecosystem of products and services, GiG is connecting operators, suppliers and users, to create the best iGaming experiences in the world. 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 K.A.K. DOO

K.A.K. DOO, based in Skopje, Republic of North Macedonia, is one of the longest established corporations consisting of top brands (Le Grand Casino, Resort Mavrovo, Hotel Epinal) under its portfolio investing in Macedonian Hospitality and Tourism market for more than 25 years and counting more than 300 employees.

K.A.K. DOO with more than two decades under it's belt has transformed the gaming industry into a real live experience, operating as the first corporation with two Casinos in two different cities, in Skopje and Bitola. As the dominant Casinos in North Macedonia, the Le Grand Casino brand serves as a trustworthy and authentic entertainment and gaming company and is the equivalent of the fair game in the Casino industry in Republic of North Macedonia running by its motto "Always a fair game!".

Resort Mavrovo - Ski Center Mavrovo, Hotel Bistra, Hotel Sport, Hotel Lodge is another brand operating under K.A.K. Doo. It is one of Macedonia's longest established ski resorts, and one of the most famed, prestigious and distinguished winter & summer sports destinations in North Macedonia, a popular resort with high-quality accommodation and well-established services. Hotel Epinal, located in the ancient town of Heraklea Linkestis - now Bitola, under the elegant architecture of Ottoman Empire, remains the synonym of Macedonian hospitality with luxurious and rich offerings.

https://news.cision.com/gaming-innovation-group/r/gaming-innovation-group-signs-with-legrand-casino-in-north-macedonia,c3156384

https://mb.cision.com/Main/15972/3156384/1281022.pdf

(c) 2020 Cision. All rights reserved., source Press Releases - English


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Financials
Sales 2020 77,0 M 90,9 M 90,9 M
Net income 2020 -7,00 M -8,27 M -8,27 M
Net Debt 2020 32,5 M 38,4 M 38,4 M
P/E ratio 2020 -7,04x
Yield 2020 -
Capitalization 63,4 M 74,9 M 74,9 M
EV / Sales 2020 1,25x
EV / Sales 2021 1,36x
Nbr of Employees 487
Free-Float 46,0%
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Last Close Price 7,70 
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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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