The diversification of its gaming portfolio, an expanded strategic partnership, and a pending merger contributed to a robust 2021 first-quarter report for PlayStudios.
The Las Vegas-based social gaming provider reported revenue of $74.1 for the quarter that ended March 31, a gain of 21% over the $58.3 million earned during the first quarter of 2020. Net income for the first quarter was $5.9 million compared to net income of $5.5 million during the first quarter of 2020, a 7.8% increase.
PlayStudios CEO Andrew Pascal attributed the growth to “the performance of our core portfolio of games.”
PlayStudios CEO Andrew Pascal
In a statement, Pascal said, “Looking ahead, we expect the results for the rest of 2021 will reflect the combination of the current momentum in our existing portfolio with new game expansions into two of the fastest-growing game categories — bingo and idle role-playing games (RPG).”
In February, the PlayStudios announced it was merging with Acies Acquisition Corp., a publicly-traded special purpose acquisition company led by former MGM Resorts Chairman and CEO Jim Murren. The deal values PlayStudios at $1.1 billion and is expected to close in the second or third quarter of 2021.
PlayStudios introduced myVegas Bingo, a collaboration with Texas-based Boss Fight Entertainment, in March. The free-to-play mobile game allows gamers to traverse a virtual Vegas strip while earning loyalty points redeemable for real-world rewards including food, beverages, entertainment, and travel. The company expects to introduce another RPG game, Kingdom Boss, in the second half of 2021.
PlayStudios also expanded a strategic partnership with MGM Resorts International, adding MGM Springfield to its loyalty rewards program.
“We feel we are well-positioned to enjoy continued organic growth as well as act on key strategic acquisitions,” Pascal said.
