GAN Ltd., the UK-based iGaming software firm that announced an initial public offering (IPO) in April, continues to ride a wave of success on the stock market. At the beginning of May, its stock was sitting at $13.25 on the NASDAQ exchange and, except for a brief dip on May 13, has done nothing but climb. A new partnership coming out of Pennsylvania is only going to bring more good news for the company, and excellent results for shareholders. GAN announced yesterday that it has teamed up with Cordish Companies to provide iGaming solutions for two casinos in the state.
Cordish is going to launch two casinos later this year – Live! Casino & Hotel, which is in the Stadium Entertainment District in Philadelphia, and a second Live! Casino near Pittsburgh. Both will make use of GAN’s software, and GAN said in a statement, “The Cordish Companies has engaged GAN as their enterprise software Platform provider to power their new ‘PlayLive!’ branded Internet gambling business in the State of Pennsylvania, complementing the development of two new Live!-branded gaming facilities in Philadelphia and Pittsburgh.”
The Philadelphia venue is expected to offer 2,200 slots and more than 150 live table games. The second property will have 750 slot machines and around 30 tables. Cordish Gaming Group president Robert J. Norton asserts of GAN’s involvement, “With our established relationship, GAN was the logical provider of our enterprise platform for launching real money Internet gambling and offers Cordish the ability to extend on-property rewards into the online channel, which has been shown to increase loyalty amongst players of Simulated Gaming.”
GAN CEO Dermot Smurfit adds, “We’re delighted to expand upon our long-standing relationship with one of America’s premier commercial real estate families. Bringing Pennsylvania’s newest casino online later this year will be a genuine privilege, and we look forward to supporting their on-property gaming business by leveraging our U.S. patented iBridge Framework, bridging the Internet gambling experience with that of retail gaming. Online will remain the growth driver of this Industry for decades to come, not just in Pennsylvania but across the nation.”
The returns seen on GAN’s price since the IPO were already significant, even before the latest announcement. However, after finishing Wednesday at around $16.48, the price has jumped even more, closing at $18.10 yesterday afternoon. That makes for an increase of almost $5 per share in May.
In addition to the news that GAN continues to ink new deals, the fact that its latest venture includes a company in Pennsylvania has helped its position. With a footprint that also includes New Jersey, Indiana, Michigan and Ohio, adding the Keystone State to its list should bring nothing but positive results. The state was already working on overtaking New Jersey as the East Coast gaming capital of the world, thanks to its online offerings, before COVID-19 and isn’t slowing down.
Having had the foresight to legalize online gaming, Pennsylvania has been able to take advantage of the virtual action to keep some revenue flowing, and online casinos reported a 73% increase in revenue from March to April. With that in mind, any company tied to online gaming in the state should make huge strides, and GAN is certainly ready to take advantage of the growing market.
