Update: Refocusing to play to its strengths
Gaming Realms has announced that it has reached agreements to sell its third-party platform-driven bingo skins and associated websites (excluding bingoport.co.uk) for a total consideration of £2.9m. It will now focus its investments on higher-margin owned IP (such as its Slingo brand) delivered through its own platform. We have adjusted our forecasts to reflect the disposals and our revised view of the timing of additional Slingo game launches. As a result, we have reduced our 2016e EBITDA forecast from £5.8m to £1.4m, followed by a significant ramp up in 2017e to £12m.Gaming Realms is a developer, publisher and licensor of mobile games. Co.'s principal activities is that of an online bingo and casino operator, the provision and marketing of interactive bingo and casino services to customers in the U.K. and social gaming on Facebook and mobile to customers in the U.S. and Europe. Co. has three reportable segment. The social publishing provides freemium games to the U.S. and Europe. Licensing includes IP brand and content licensing to partners in the U.S. and Europe. The real money gaming products and marketing services operates Co.'s brands and provides other digital marketing services to both gaming and non-gaming clients in the U.K.
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