NEW YORK, Feb. 18, 2016 (GLOBE NEWSWIRE) -- Empire Global Corp. (OTCQB:EMGL) a company providing regulated online and offline gaming and wagering through its wholly owned ADM licensed subsidiary Multigioco Srl, announced today that it has secured an additional 20 online web-shop gaming arcades situated in Rome, Italy. The locations currently generate approximately $2.5 million per year in gross betting wagers and have approximately 600 online gaming accounts. The company has also now opened 2 additional Corner locations to its land-based portfolio in Rome.
The company acquired the web-shop locations at no cost from a competing dotcom operator and will integrate the locations under our Multigioco online license with Newgioco branding and our new online sports betting platform by the end of March 2016. The company will invest up to $125,000 for rebranding, refurbishing and marketing as part of the deal that is expected to add approximately $200,000 in annual earnings to our existing operations.
“These additional web-shops strengthen our foothold and brand name recognition in this highly contested gaming region,” stated company CEO Michele Ciavarella. “Our work and expenditures over the past 24 months has established the operational infrastructure and manpower to add these assets and forthcoming opportunities without additional operating overhead. We expect revenue generated from these new locations to have an immediate and positive impact on our operating results.”
Empire Global Corp., together with its wholly owned subsidiaries, Multigioco Srl and Rifa Srl, is a licensed gaming operator. The company conducts its business primarily through our internet-based gambling and sports betting platform under the registered brand Newgioco on our licensed gaming website www.newgioco.it as well as land-based neighbourhood betting shops situated throughout Italy.
The company, through its online gaming website and shops, provides a full suite of gaming products and services, such as sports betting, online casino, poker, and bingo and interactive games. Additional information is available on our corporate website at www.emglcorp.com.
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," “forecast,” "plans," "intends," "potential" and similar expressions. These statements reflect the company's current beliefs and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements.
Factors which may cause such differences include the company's ability to complete additional acquisitions, expand our distribution, increase our client base and other risks disclosed in the company's SEC filings. The company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information covered in this press release, including such forward-looking statements.
Source:Empire Global Corp.