The Crystal Gaming Group to Float on AIM

April 8th, 2007 by blackjackcounter

The Crystal Gaming Group from South Africa has recently announced that they are going to floating on AIM. Warren Cloud, the founder of Crystal Gaming, and his family will retain a 45% share in the company.
Online Casino Business, The Crystal Gaming Group, which primarily runs casinos in South Africa and in the United States, is planning to float on AIM. The Crystal Gaming company, which is primarily based in Isle of Man, is believed to have appointed Seymour Pierce to be the advisor on the planned listing by Crystal which is expected to draw up a value of 140 million UK Pounds on the whole firm.

The company claims to be the third-largest online casino site on the grounds of the number of visitis to the its websites which include Crystalpalacecasino.com. The 32 year old founder of the company from South Africa, Warren Cloud and his family, will maintain a 45% stake at Crystal Gaming.

Despite growing doubts in the City about the reliability of online gaming businesses, Seymour Pierce is confident that the company’’s track record in the past 12 months to June 2005 when Crystal Gaming made a pre-tax revenue of 20.4 million UK Pounds and the fact that the management are not selling any shares will attract potential investors to the company. The 47 million UK Pounds that is expected to be raised from the float in AIM will be used by the company to develop an online poker business.

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