Red kings casino abandons Italian gambling market
The flourishing Italian internet gambling market has been popular among many companies.
Red kings poker has sold its Italian retail betting and gaming business. An affiliate of Italian gaming group Cogetech pays approximately €5.25 million in cash.
Red kings casino
The actual net value of the business at the time of conclusion of the deal determines the definite prize of the transaction. All revenues are used to reduce debts.
Under the terms of the agreement, Cogetech accepts responsibility for approximately 18 million Euros of guarantees. Presently the UK gambling giant assumes this responsibility.
Italian internet gambling market
The British based gambling company decided to abandon the Italian market August last year. The decision was initiated after revenue growth failed to meet expectations. The required additional investments and the intensifying competition in the market also contributed to the exit.
Italian retail business
Last year, the Red kings Casino
Romana Ruleta retail business posted a loss of 10.46 million EUR. At the end of 2009, the book value of the Italian retail business was 28.19 million EUR.
