SOURCE: Elite Data Services, Inc.

Elite Data Services, Inc.

January 14, 2015 09:00 ET

Elite Data Services Eyes $15.5 Million Annually With Exclusive Casino/Gaming License

NEW YORK, NY--(Marketwired - January 14, 2015) - Elite Data Services (OTCQB: DEAC) recently added the hospitality and gaming industry to the verticals in which it plans to establish a footprint. It is a transition that likely made a lot of sense when the opportunity to acquire the only casino and gaming license on the beautiful island of Roatán presented itself. Roatán and its pristine white sand beaches, turquoise waters, and coral reefs make the largest of Honduras' Bay islands a growing tourism destination and an ideal target for growth. The island welcomes more than one million visitors every year by way of air travel and cruise ships, and Elite Data Services clearly sees the revenue possibilities that a gaming presence here could offer.

This week the company announced an update on its progress to obtain the dual casino/gaming license; including, a statement from the company's new CEO Charles Rimlinger, who projected the tax revenue associated with the license to be around $2.45 million per year, and used those figures to estimate the license's annual gross to be worth $15,500,000 million. If we were to extend that figure out over the first 25 years in which Elite Data Services would own the rights to the only casino/gaming license on Roatán, it translates to almost $400,000,000.

Since entering into a contract to acquire the license, Elite Data Services announced to its shareholders that it's in negotiations with 3 separate resort properties on Roatán. It appears the company's plan is to also acquire a resort property in order to establish a physical casino where it could implement the casino/gaming license.

For shareholders of the company, an exclusive casino/gaming license in a fast-growing tourism destination combined with Elite Data Services already established methods and technologies of advertising and marketing its assets, the acquisition of both the license and potentially a resort could offer a number of possibilities for future revenue growth and expansion.

According to the company, the terms of the original contract to acquire the license have since been mutually renegotiated by both Elite Data Services and H y H Investments, S. A. to include a reduction of $1,500,000 of the original $2,000,000 in the cash portion due within thirty days of exercising the option. The renegotiated terms call for the company to now pay only $500,000 in an up-front cash payment to obtain ownership of the license.

Elite Data Services says it will not have to pay any annual renewal fees, and when the license expires at the end of the negotiated 25-year term of the company's ownership rights, the casino license is renewable. The company will likely be able to draw upon additional revenue sources as well with this license as it does allow for a sportsbook, online gaming, bingo and a lottery, in addition to the physical casino.

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