Roxy Palace is an online casino first founded in 2002, offering more than 500 online casino games. The site offers all the favorites including roulette, slots and video poker. With over 230,000 registered members, Roxy Palace has a nice player base that will soon come in handy at 32Red. As a top online gambling operator in the UK, 32Red will now be acquiring Roxy Palace for a grand total of £8.4 million.
32Red will be the brand new owner of Roxy Palace, after paying £2 million in monetary funds and then issuing new shares of 10 million. Both Roxy Palace and 32Red operate on the Microgaming platform, which should make the transition seamless.
Roxy Palace has a net revenue of £10.1 million for the 2014 year, earning £3.4 million in gross profits. Once the purchase of Eucalyptus Investment’s issued share capital of Roxy is completed by 32Red, the company will be the new owner, obtaining the intellectual property rights and customer database, among other aspects.
The 32Red Chief Executive Officer, Ed Ware, stated that the company is happy with the Roxy Palace purchase as it will be of benefit to the existing and new shareholders. 32Red plans on using Roxy’s presence in regulated markets to further the growth of the company, gaining access to international markets as well.