Seven Aces Subsidiary Further Solidifies Market Leader Position via US$3.2M Acquisition

Seven Aces Limited recently announced its expansion across the booming US market via its subsidiary Lucky Bucks. The company is now the owner of five contracts purchased from Ambaji Amusement LLC that would see expanded operation in Georgia’s gaming field. This acquisition amounts to some US$3,252,909 making it possible for Toronto-based Seven Aces to explore the opportunities available in the US state.

Gaming expansion is among the driving points to success for every company, especially when it comes to Canadian companies exploring international opportunities. Seven Aces is aware of this and its efforts are giving results. The company was formerly known as Quantum International Income Corporation, with quite the experience to its name. Now Seven Aces is putting its subsidiary to good work.

Lucky Bucks Acuiqres Five Contracts

It owns 70 percent of its subsidiary Lucky Bucks that would soon further explore Georgia’s gaming field. Putting its foot in the door is about to happen thanks to the contracts covering five locations. Georgia Lottery Corporation has issued licenses for all five of the contracts, which is projected to make the market entry a smooth and seamless one. As a result of that, local players are going to experience enhanced gaming.

Skill-based gaming machines using coins are among the preferred pastime activities for many people. These offerings would now be overseen by the subsidiary company. The acquisition amounted to some US$3,252,909 and it should be taken into account that up until now, Ambaji Amusement LLC had control over the five contracts for operation. It could be recalled that towards the end of 2018, Seven Aces then called Quantum announced a surge in its credit facility.

This resulted in a swelling reaching US$100 million that is now able to fund the acquisition and expansion across the US. August 23 saw the purchase of 3,514,550 common shares, a move that was approved mid-February. Each and every one of the common shares retailed for US$0.85. This acquisition is crucial for the company.

COAM Sees Increased Popularity

At the moment, Seven Aces has a strong presence in Georgia and it is about to solidify it with the acquisition of the five contracts. Earlier this year, the company increased its ownership of Lucky Bucks from 60 to 70 percent. The subsidiary company is based in Georgia and this percentage swelling amounted to some US$6.72 million.

Seven Aces is projected to increase its stake over the upcoming years at a slow but steady pace. It could be recalled that 2018 saw another 9-percent increase, which equated to a US$6-million acquisition. Coin-Operated Amusement Machines are the hype across Georgia, something Seven Aces is willing to capitalize on. At the beginning of 2018, Quantum International Income received recognition for its stellar performance.

• Toronto Mayor Sides with Scarborough Seniors in Euchre Problem Gambling Dispute

The 2018 TSX Venture 50 praised its performance, as it managed to turn the situation around from negative cash flow to generating more than US$8 million per year. The beginning of 2018 saw gaming revenues reaching US$51.5 million, marking a significant surge year-on-year. Ever since 2016, the Toronto-based company has been exploring the market, determined to continue.