Gaming Nation cites acquisition costs as losses mount up

Sports and entertainment technology firm Gaming Nation has cited the impact of transaction acquisition costs as the main reasons behind a net loss of $23 million (€20.4 million) during the 12 months to December 31, 2015.

Of the total loss recorded during the past year, over $17.4 million were non-cash expenses, with the firm having acquired Gaming Nation Acquisition Corp. under a reverse acquisition agreement in June of last year.

In the same month, Gaming Nation also closed its acquisition of 5050 Central, as well as 5050 Central-Delaware, Fantasy Feud, Guru Fantasy Reports and Stevo Design.

Total revenue for 2015 came in at $7.5 million, with $3.8 million of the amount generated during the final three months of the year.

Gaming Nation’s assets totalled $78.5 million, significantly higher than the $11.8 million in the previous period from the firm’s incorporation in July 2014 through to the end of 2014.

Meanwhile, Adjusted earnings before interest, tax, depreciation and amortisation came in at $762,300 for the full year.

Scott Secord, president and chief executive , of Gaming Nation, said: “While 2015 proved to be challenging for our daily fantasy sport business, our three other businesses performed extremely well and continue to show positive growth for the future.”

In addition, as part of its forward-looking strategy, Gaming Nation has appointed Joann Head to provide investor relations services to the company.

Head joins the firm having previously worked in investor relation with brands such as DHX Media and NYX Gaming Group.