Cantor Gaming eyes IPO as company rebrands to CG Technology7th January 2014 10:02 am GMT
Mobile gaming and in-running betting solutions provider Cantor Gaming has changed its corporate name to CG Technology, ahead of a proposed initial public offering (IPO).
The company said the new identity reflects its position as “one of the world's leaders in mobile casino gaming technology and race and sports book technology products and services.”
A subsidiary of New York-based financial services giant Cantor Fitzgerald, CG Technology began operations in Las Vegas in 2009 and has seen its business double over the past two years.
The company now has over 30 per cent of the Nevada sports wagering market and processes over 50 per cent of Nevada technology-based wagers. It has deals with a number of leading Las Vegas casinos including The Cosmopolitan, The Venetian, The Tropicana, The Palazzo, and the Hard Rock Hotel & Casino.
CG Technology also said it intends to seek an initial public offering (IPO) in the future, although it did not provide a timeline. The company previously attempted to raise $100m in an IPO in December 2011 through parent company Cantor Entertainment Technology.
This was withdrawn in May 2012 with the company stating at the time that it would submit a new offering pursuant to the confidential submission process available to “emerging growth companies” under the new Section 6(e) of the Securities Act.
Cantor Ventures, the venture capital arm of Cantor Fitzgerald which has no equity interest in CG Technology, has been the company’s lead venture capital lender.
Cantor Ventures said CG Technology's “innovative market leadership and accomplishments have been exceptional”, adding that it expects the company to continue to “build upon and accelerate its performance as one of the world's most outstanding gaming technology companies.”