GameLogic Receives $3 Million in Debt Financing
GameLogic announced that it has received $3.0 million of debt financing from Velocity Financial Group, Inc., a leading specialty finance company that serves middle-market and venture-backed companies.
GameLogic uses popular Internet-based game content to help casinos attract new players and interact with existing players while they are off property, materially increasing casino property visitation. The Company's award-winning, regulatory-compliant, PlayAway™ system is operating successfully at regulated casinos across the United States.
"Our ability to proactively raise debt on favorable terms in these turbulent economic times is a testament to our solid business model and the tremendous opportunity to leverage the popularity of Internet games in the regulated US gambling markets," said John E. Taylor, Jr., president and chief executive officer of GameLogic. "We are pleased that Velocity engaged us and that we were able to form this mutually beneficial relationship."
In commenting on the current condition of the casino industry, Taylor went on to say that "Casino marketers are experiencing unprecedented economic challenges that require a complete rethink of marketing to existing players and finding new ones. Our products provide a solution to this challenge: low cost, efficient and entertaining ways for casinos to boost their marketing efforts."
"Given the current economic environment, we are extremely selective with whom we provide capital," said JP Marchette, Principal at Velocity Financial Group. "We saw a tremendous opportunity in GameLogic with their business model, and ability to enable their customers to monetize their existing assets via a unique proprietary platform that has the potential to be adopted across an entire industry."