BUSINESS

Perform go ahead with IPO and Genting to close three casinos

TAGs: Genting, IPO, Perform Group

Perform GroupAfter Germany wreaked havoc in the public online gaming company neighborhood it wasn’t just those on the stock exchange that were affected and it seems that one company has even been attracted into the stock exchange off the back of the new plans.

We reported yesterday that the group behind live streaming for a number of sports betting sites, Perform Group, had delayed their IPO until they’d spoken to their shareholders.

The expected decision to go ahead with the IPO regardless was taken today. The shares are priced at 260p, the bottom of the original estimate.

Perform’s chief executive Oliver Slipper said, “This is the right time in our development to move to the public markets.”

The UK's largest casino operator Genting CasinosIn other news, as everywhere apart from Macau struggles in the land based casino sector, Genting Casinos could shut down three of their casinos in the UK.

The largest operator of casinos in the UK has entered a 30-day consultation period regarding the future of the Great Yarmouth Mint, the Manchester Mint and the Leicester Electric Circus.

“It is with regret that we are proposing to close three of our premises,” said Paul Willcock, provincial managing director for Genting Casinos UK. “The decision is based purely on the economic performance of the individual clubs involved and we hope to be able to transfer staff to other Genting clubs wherever possible.

“These proposed closures are isolated incidents and we will be continuing to invest in our provincial estate as a whole to improve and expand facilities.”

The casinos will become the latest in a long line to close and the decision is primarily down to the fact that the sector is currently experiencing aggressive competition in all parts of the country. You only have to take the example of Manchester where fellow operator Grosvenor has as many as four in the general area that the Mint is in.

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