Online casino and sportsbook operator has appointed Jim Humberstone and Jon Salmon to help it manage growth into new territories.
Thursday 4th February 2010
As part of its continued strategy of geographic diversification, online casino and sportsbook operator Gaming VC Holdings SA has announced a ‘significant expansion’ of its CasinoClub and sportsbook brands into new territories.
To support this expansion, the Isle Of Man-based firm has revealed two new key appointments that will report directly to Kenneth Alexander, Chief Executive Officer for Gaming VC, and manage the international growth of its casino and sportsbook offerings.
The CasinoClub brand will expand outside its core German market with Gaming VC announcing that Jon Salmon, the former Chief Marketing Officer for PartyGaming and founder and past Managing Director for Ads Dot Com Limited, will be responsible for additional marketing spend to maintain its existing German business.
“Jon has a successful track record of building teams and launching gaming specific marketing programmes and brings in-depth gaming experience to the group,” read a statement from gaming VC.
In addition, Gaming VC has selected Jim Humberstone, the past Head Of Sportsbook for SportingBet, to lead a team that will launch a number of new language versions of its sportsbook for southern Europe.
“These two new management appointments further strengthen the senior team at Gaming VC and will enable the group to continue its aggressive expansion into new products and territories,” read a statement from Gaming VC.
“In total, the group expects to invest up to seven million Euros during 2010 to build the new businesses. Both businesses are expected to be loss-making in 2010 but make a contribution to earnings in 2011 and beyond.”
In addition, Gaming VC also revealed that it intends to declare a special dividend in lieu of its normal 2009 final dividend of not less than 50 cents per share following its redomiciliation to the Isle Of Man. For 2008, the firm paid a total dividend of 40 cents per share while it has already rewarded investors with an interim dividend of 20 cents for 2009.
“Despite challenging trading conditions within the sector throughout 2009, Gaming VC has successfully continued to deliver strategic growth in terms of enhanced product and geographic expansion outside its core German business,” said Alexander.
“The group welcomes Jon Salmon and Jim Humberstone to its management team, both of whom are very well respected executives in the eGaming sector. Between them, they have a wealth of experience as well as proven track records of delivering profitable growth in both casino and sportsbook. The group's stronger management team in Europe and South America is well placed to continue delivering on its diversification strategy.
“We acknowledge the importance that investors attach to their income and are committed to paying dividends. The board believes that its increased marketing investment and growth plans offer shareholders the best opportunity to protect and enhance their longer-term income while the expected special dividend should offset the short-term impact of these plans.”
