In line with its plan to focus on online and mobile gaming, Amaya Gaming has sold off its Slots manufacturing company subsidiary, Cadillac Jack, to AGS.
AGS has ties to fund management group Apollo Global Management LLC, which has approximately US$160 billion of assets under management, and the price tag for Cadillac Jack is CA$476 million with an initial payment of CA$260 million.
Amaya acquired the company in 2012 for CA$177 million.
"We are confident that combining Cadillac Jack with AGS presents a strong opportunity to expedite the company's growth strategy, while at the same time crystallizing on the strong value created in the business to benefit Amaya's shareholders," CEO David Baazov said.
sharpe
9 years ago
Super Hero
I think it make sense for Amaya Gaming to concentrate on mobile and online gambling because the land based market is much more limited in possibilities than the online market. On the other side the competition in the net gambling business is fierce and there is no guaranties for success.
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jade
9 years ago
Super Hero
That shows how quickly the gambling market, even land based gambling has expanded in only a few short years. Now that was a really nice profit they made after just about three years. I think I'm reading that right $299 million profit, wow! Cadillac Jack is my very favorite in land based games. I hit several jackpots during...
That shows how quickly the gambling market, even land based gambling has expanded in only a few short years. Now that was a really nice profit they made after just about three years. I think I'm reading that right $299 million profit, wow! Cadillac Jack is my very favorite in land based games. I hit several jackpots during the Christmas Holidays on their machines which was amazing, but I just enjoyed playing them. I was hoping to see some of their games converted to online slots one day. I am sure it can still happen, but it does not look like that plan is anywhere in the works at this time.
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