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Tuesday 4th December 2007
According to The Guardian newspaper, online casino, slot machine and betting software firm AsianLogic is set to become the first Asia-based gambling firm to list on the London Stock Exchange.
AsianLogic was established as ESL in 2002 by former Playtech Chief Executive Tom Hall, ex-British Army Officer Chris Parker and Asian gaming veteran Chi Kan Tang and is planning a $110 million pre-Christmas flotation on the Alternative Investment Market.
Hall stated that the firm would spend roughly $50 million of the proceeds buying or taking stakes in Asian betting rivals and around $20 million developing slot machines for Macau and the Philippines. He stated that the rest would be funnelled into a gaming and technology investment fund.
AsianLogic currently operates ten Asian gaming sites and provides online casino and poker sites with favourites such as Cho Da Di and Mahjong as well as 24-hour live video feeds of Philippino croupiers and dealers. It also has stakes in slot machine makers and runs an Asian gambling consultancy business.
The Guardian reported that the firm earns a large chunk of its revenues in Malaysia and Singapore by reselling Playtech software to Asian gaming sites while Playtech's Asian games use AsianLogic's croupier and live dealer feeds.
Source: OnlineCasinoNews
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