Pollard seems to be interested in business bingo
Poydras Gaming sells bingo business to Pollard Games
2017-12-22 13:45 ET - News Release
Mr. Peter Macy reports
POYDRAS GAMING FINANCE CORP. ANNOUNCES SALE OF BINGO BUSINESS
Poydras Gaming Finance Corp. has completed the sale of the company's bingo business to Pollard Games Inc. (American Games), a subsidiary of Pollard Banknote Ltd. American Games has acquired Poydras's inventory of bingo equipment and supplies and other tangible property, certain intellectual property, and certain permits required for the conduct of the bingo business.
"The sale of our non-core bingo business allows us to sharpen our focus on our growing and more profitable slot machine route business," said Peter Macy, chief executive officer of Poydras. "We acquired these assets in 2015 as part of our acquisition of the Integrity Companies, and they were a relatively modest contributor to our overall financial results while offering fewer and fewer synergies with our core casino-centric business over time. As such, we expect to see limited impact on our EBITDA [earnings before interest, taxes, depreciation and amortization] performance and in the longer term to benefit from the redeployment of management time and capital. American Games has been our valued supplier for many years, and we are confident that they will continue to provide great service and products to our customers going forward."
The bingo business comprised primarily a brick-and-mortar wholesale business that supplies bingo paper, bingo ink, as well as related consumables to tribal and charity bingo operations and both retail and commercial customers.
"This acquisition builds on our long-standing relationship with Integrity," said Steven Fingold, president of American Games. "We've been Integrity's primary bingo supplier for close to 20 years and are looking forward to carrying on in their footsteps. The current Integrity staff and all the great products and services customers have become accustomed to will carry on. We're looking forward to working closer with both tribal bingo halls and the various charity bingo operations that rely on our products for the very worthwhile endeavours they support."
About Poydras Gaming Finance Corp.
Poydras Gaming Finance is a regional slot route operator with approximately 2,600 gaming machines in operation across 30 casinos in Oklahoma and Texas. The company primarily derives its revenue from short-term and long-term revenue share contracts with Native American casinos. It provides gaming equipment (such as slot machines and electronic table games) as well as project financing to owners, operators and managers of casinos and other regulated gaming venues. Effective Jan. 1, 2018, Poydras will change its name to Integrity Gaming Corp.