UK AGC operator Praesepe has completed its third acquisition with the purchase of The Crystal Rooms in London's Leicester Square from United Leisure.
The total number of AGCs in Praesepe’s estate now totals 41 and this latest move provides the operator with a flagship venue in central London.
Under the terms of the transaction, Praesepe has acquired the entire issued share capital of United Leisure and its assets comprising the leasehold, 114 gaming machines and other operating plant and equipment.
Praesepe CEO Nick Harding believes that the transaction represents an opportunity to purchase a high profile but underperforming asset and transform it into one of the leading slot gaming venues in the UK.
"Revenues are currently running significantly below their 2006 level due to a number of reasons including the impact of the 2005 Gambling Act, the smoking ban, limited investment and management focus," said Harding. "We have identified clear opportunities to improve revenues and profits through hands-on management, operational improvements, increasing the floor space and introducing new gaming machines in partnership with the leading UK manufacturers.
"We expect the acquisition will be earnings enhancing in the current financial year and the industry is aware of our preference for establishing commercial partnerships with manufacturers and I want The Crystal Rooms to now be seen as the showcase for what is ‘state of the art’ in gaming machine equipment in the UK."
