GAN Announces Extension of Parx Casino Contract into New Jersey
GAN today announced that Greenwood Gaming & Entertainment, Inc. trading as ‘Parx Casino have extended their relationship and Parx intends to offer online sports betting and casino gaming in the State of New Jersey subject to approval by the relevant NJ regulatory authority, as well as in the State of Pennsylvania as previously announced on July 30, 2018 with commercial launch expected in 2019.
Following discussions with its clientele, GAN expects the Internet gambling market in Pennsylvania to commence in Summer 2019. Based on current strong trading conditions experienced year to date and lower Pennsylvanian licensing costs, the Company remains confident in the CY2019 full year guidance provided on January 25, 2019.
The Company expects mid-to-high double-digit percentage year on year revenue growth in FY 2019 and full year positive EBITDA1, based on the current fixed cost base. The Board does not anticipate any additional capital requirement on the current business plan and the Company is therefore fully funded.