Following Nasdaq Listing, PlayStudios Focused On Social Gaming, Not Online Casinos
PlayStudios went public on the Nasdaq. PlayStudio is focused on social gaming.
PlayStudios announced six new partners for its loyalty rewards program and expansion of the company's relationship with MGM Resorts International. PlayStudio's CEO Andrew Pascal said the listing ended a process that began last October.
PlayStudios announced a merger in February with Acies Acquisition Corp. and took over the Aces listing on the Nasdaq on June 22. PlayStudio announced on Friday a new $75 million revolving credit agreement with its lenders. It adds funds for corporate operations and acquisitions. The company's shares are traded under the symbol MYPS.
PlayStudios is focused on social gaming. Pascal doesn't see PlayStudio entering the real money online casino gaming market. Online casinos are legal and regulated in five states, including Michigan and Pennsylvania. There is legislation pending in other markets.
PlayStudios has developed a portfolio of free-to-play casual mobile and social games. The company controls the playRewards loyalty platform, where players can earn real-world rewards from more than 95 partners and 290 brands. New partners added to the loyalty program include Intercontinental Hotels parent IHG, live entertainment and winery tour operator City Winery, Las Vegas Ballpark and three casino operators: Peppermill Resorts in Reno, West Wendover, Sycuan and its affiliate Singing Hills Golf Resort in San Diego and MGM Northfield Park near Cleveland.
Murren added to PlayStudios board. Institutional investors, including MGM Resorts, provided $250 million to help fund the SPAC acquisition. Acies contributed 89.1 million shares of its stock and $150 million in cash as part of the merger. Playstudios shareholders own 64 percent of company, institutional investors control a combined 18 percent.