Casino Journal Publishing Group, Las Vegas, has agreed to acquire a 60 percent interest in Poker Digest LLC in exchange for 301,500 restricted shares of its common shares. The remaining 40 percent stake in Poker Digest will continue to be held by the company's founders and current owners.
Poker Digest LLC, Las Vegas, owns Poker Digest magazine, a 2-year-old biweekly that focuses on the poker and card club niche market of the gaming world, and Classic Poker Cruises, a specialty division that uses its customer database to market and organize gambling cruises.
Poker Digest magazine, and specifically its access to its California readers, was the driving force behind Casino Journal Publishing's agreement.
“This acquisition opens the door to the California gaming market, a market which has the most growth potential for the gaming industry over the next few years,” explained Glenn Fine, chairman/CEO of Casino Journal Publishing Group. “Casino Journal's consumer magazines have had limited exposure to this market, while Poker Digest is distributed throughout the entire state.”
For the business market, Casino Journal Publishing Group publishes the monthly Casino Journal, the main trade publication for the casino industry, as well as two weekly newsletters and two daily newsletters. It also publishes three consumer-oriented gambling magazines: Casino Player, Strictly Slots and Atlantic City Insider.
Both companies said they expect the deal to close no later than mid-July.