British online gaming operator has received a letter of intent from an Asian investment group to the tune of $330m.
Monday 29th July 2013
British iGaming operator 2Up Gaming has announced that it has received a letter of intent from an Asian investment group to the tune of £215m ($330m) that it intends to use in order to enter the American market.
London-based 2UP Gaming is the firm behind the Curacao-licensed online casino at 2Up.com and stated that the letter of intent is subject to ‚Äėthe completion of a definitive agreement between the parties‚Äô, which it expects to finalise by September 9.
‚Äú2Up Gaming has been working diligently for the past twelve months assembling the finest technology and strategy necessary to be a global leader in the iGaming marketplace,‚ÄĚ said Marino Sussich, CEO for 2Up Gaming.
‚ÄúEmerging global gaming markets have created enormous growth opportunity for our company and the United States launch of 2Up Gaming‚Äôs online gaming products will significantly add to our growth.‚ÄĚ
2Up Gaming revealed that the resultant funds are to be utilised to build or acquire a hotel or casino in Atlantic City, New Jersey, which is a requirement under the recently passed New Jersey state law permitting intra-state online gambling.
Project financing group MidOil USA LLC previously announced a $75m financing commitment for 2Up Gaming and its managing director, Vincent Crandon, structured the most recent transaction and is set to oversee the iGaming operator‚Äôs expansion into the United States.
‚ÄúWe have assembled an amazing team of local New Jersey professionals who are looking forward to helping revitalise Atlantic City by creating new jobs and opportunity,‚ÄĚ said Crandon.