Aristocrat shares lift on Big Fish restructure
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More news: Shares in Aristocrat Leisure rose over 1% after the poker machine group announced it would cut investment in its Big Fish Games operations.
Aristocrat shares were trading at $75.53 by 12:15pm AEDT, having surged more than 70% over the last 12 months.
Aristocrat Leisure to restructure Big Fish operations following review
The news: Poker machine giant Aristocrat Leisure will significantly reduce investment in its Big Fish Games operation following a strategic review of mid-core gaming assets.
The context: The company said no new games would be developed by its Big Fish operations and would instead be focused on its evergreen titles.
Aristocrat also announced that the sale of Plarium Global to Modern Rimes Group, which was also part of the review, had been completed. It is expected the translation will result in a gain on sale in FY25.
What they said: Aristocrat chief executive and managing director, Trevor Croker, said: “With the completion of the strategic review of our casual and mid-core gaming assets, Aristocrat is well placed to accelerate our refreshed growth strategy.
“We are deepening management focus and targeting investment behind our core strengths in regulated gaming and gaming-themed content, to unlock new and adjacent opportunities across global markets.”
The source: ASX announcement
