Poydras confirms Louisiana joint video poker venture
Poydras Gaming Finance, a leaser and financer of gaming machines, has formed a joint venture with Louisiana-based Southern Ace to acquire video poker machines across the US state.
Poydras will partner with Southern Ace in the formation of two entities: Poydras Gaming and Poydras Gaming Devices.
Under the agreement, Poydras will take a 90% interest in Poydras Gaming.
Poydras will also have a 49% interest Poydras Gaming Devices, which will own the physical machines in compliance with state regulations that require video poker devices be majority owned by Louisiana residents.
The Louisiana video poker market is made up of approximately 13,800 machines in restaurant, bars and truck stops, and is legal on a parish-by-parish basis.
Up to three machines can be placed in licensed bars and restaurants, while as many as 50 devices can be present in licensed truck stops.
Poydras said it intends to file for a licence with the Louisiana State police and does not anticipate the licensing process will impact its ability to enter into definitive agreements to acquire assets or contracts.
Peter Macy, chief executive officer of Poydras Gaming Finance, said: “Our new platform positions us to move aggressively into the $600 million (€443.7 million) Louisiana video poker market and we are already in active discussions regarding several attractive acquisitions.”
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