Immotion inks revenue sharing deal with Rank
By Iain Gilbert
Date: Thursday 08 Nov 2018
(Sharecast News) - Virtual reality outfit Immotion inked a revenue-sharing deal with Rank Group on Thursday after the pair decided to test out the AIM-listed outfit's VR machines at some of the casino giant's sites.
Immotion will install its new VR Racing Challenge simulator game at Rank's Grosvenor casino in Manchester on a trial basis before rolling out the machines at the FTSE 250 resident's 53 other casinos across the UK.
Chief executive Martin Higginson, said: "We continue to see strong interest from major leisure operators wanting to partner with Immotion Group to exploit the growing appetite for VR.
"As the only player offering quality proprietary content, motion platform and marketing solutions in multiple jurisdictions, we are quickly becoming the VR partner of choice."
In other news, Immotion stated it had experienced a period of "strong trading", especially during the recent half-term school holiday, leading it open five new ImmotionVR Experience Centres across Glasgow, Newcastle, London, Swindon and Birmingham.
Immotion, which has been focusing more of its efforts in the US, expects its first test site in Los Angeles to be a success and now aims to have as many as 100 US centres by the end of 2020.
The company has also made a move into the potentially lucrative Middle East market, signing an agreement with shopping malls owner Al Hokair, which, much like the Rank deal, will see one ImmotionVR Experience Centre opened in Abu Dhabi, with further to follow based on the results of its trial.
"The new concession initiatives with The Rank Group and Al Hokair are both major milestones for the company and I am confident that following successful trials, we will have a clear runway for future site rollout," added Higginson.
The boss also highlighted two new experiences, including Elf Power Inc, which he reckons will prove a hit over the upcoming holiday season.
As of 1115 GMT, Immotion shares had shot up 6.21% to 10.09p.
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