Fairground Gaming Buys Online Casino Group Spin Palace
Financial details regarding the acquisition of online casino operator Spin Palace-Piggs Casino were revealed surprisingly this week. The London Stock Market listed Fairground Gaming Holdings plc bought Spin Palace Casino for $66 million and became the owner of the recently merged online casino group. Commerce on Fairground Gaming stocks stopped as the deal went through. Fairground Gaming will buy all of Spin Palace’s online gambling businesses and subsidiaries adding them to its online casino portfolio.
This is the first acquisition made by Fairground Gaming since their IPO on October 2005, and it’s a good choice. The Spin Palace group is made of two recently combined online casino groups, and it’s a licensed online casino and online poker operator. According to the deal all management and staff will remain as they are until the end of the acquisition process, and all future products and assets will be transformed to Fairground Gaming’s possession. Spin Palace’s online gambling sites will run under Fairground Gaming’s management and all decisions will be made strictly by Fairground.
Both companies are expecting that the combination between Spin Palace’s online casino sites and Fairground Gaming’s management will increase the online casino sites profitability and increase revenues. With new online gambling players are hard to come by more online casino groups are looking at business merging as a real option. Combing the strengths of companies to offer better products to the gambling audience is the only thing that will bring new players.