XSGames Looking to Expand in Europe through Acquisition of Palasino Holdings’ Shares
Byadmin
Nov 27, 2024Following the 2022 US market entry, the Taiwanese gaming and investment company XSGames is working to expand its slot machine developments to European market. As reported, the online gaming content and slot machine supplier is following the initial public offering of Palasino Holdings Ltd in Hong Kong stock exchange to avail of Palasino’s verticals in Chech Republic, Austria, and Germany.
$27m Share Subscription:
As reported by GGRAsia, XSGames has subscribed for almost 3.4% of Palasino’s shares worth almost $27 million to use the investment as a stepping stone for European expansion. The company reportedly stated in the press release that the venture would make XSGames the “first Taiwanese company to introduce slot machine products into Europe”.
Palasino Holdings’ Initial Public Offering:
Palasino Holdings is a subsidiary of the Far East Consortium International, a Hong Kong-listed corporation with investments into Australian Star Entertainment Group‘s flagship casino resort Queen’s Wharf Brisbane. Far East Consortium controls the Palasino Holdings through an Ample Bonus vertical that holds an around 73% stake in the company initiating public offering of its stakes in the Hong Kong stock exchange.
IPO Generates Almost $25M in Revenue:
Palasino Holdings reportedly revealed that the IPO procedure offered a 30 percent corporate stake to generate $24.81 million in net revenue for the company. As a sequence of total, XSGames’ current stake amounts to almost $9 million, according to GGRAsia. Taiwanese online gaming content and land-based slot machine supplier intends to use the expected 3.4% stake to benefit from the Palasino Holdings’ land-based operations in Europe. According to the source, the expansion of slot machines with Paladino would include its three casinos in Czech Republic.
XSGames Looking to Expand in Europe:
Such an expansion would be facilitated by the respective regulatory compliance as Palasino operates in Malta under the gaming license issued by the Malta Gaming Authority. According to reports, the company would use the most of IPO revenues to strengthen the market position across European jurisdictions. As XSGames reportedly stated in the press release on 25 March 2024, the investment in Palasino Holdings was “primarily driven by Palasino ‘s strengths in the European gaming industry”.
The Taiwanese company reportedly continued: “In the future, Palasino will leverage XSGames’s experience in global gaming platform operation and technology to enhance business expansion for both companies,’‘ and added that XSGames was “committed to providing trusted technology and products for the global gaming industry”.
Lucrative European Prospects:
With 15 years of industry experience, the gaming technology supplier has built its reputation through unique offerings to worldwide partners, such as online gaming platforms and slot machines. The company operates in Taiwan, Australia, and China, with its flagship slot machine product having been lunched in the U.S. in 2022. The latest deal with Palasino Holdings Ltd represents a lucrative prospect for both companies.
“Palasino plans to procure slot machines from XSGames to enrich its product diversity. In the future, XSGames will plan to launch its products into the European market through this collaboration, ” XSGames reportedly said, and added: “This successful entry into the European market will mark the first Taiwanese company to introduce slot machine products into Europe, representing a significant milestone for XSGames and a new chapter for Taiwan’s gaming industry development.”