Allied Esports to bring Esports to malls in new deal
Simon Property Group Inc, the largest mall operator in the United States, will invest US$5 million in Allied Esports, Reuters news agency reported citing a statement from the companies.
Simon Properties’ unit Simon Equity Development LLC will make the equity investment through Black Ridge Acquisition Corp – a company formed to takeover Allied and its sister company, World Poker Tour.
The investment announcement comes days after Mexican broadcaster TV Azteca agreed to form an alliance with Allied Esports and Black Ridge Acquisition Corp to create a digital channel broadcasting electronic sports.
Simon and Black Ridge have entered a letter agreement that will see the former acquire $5 million (£3.96 million) in shares of the latter.
Simon and Allied Esports, post-investment, will collaborate on creating gaming venues and production facilities in select Simon malls across the United States. The in-mall arenas will be designed for competition though they will have the option to be “expanded into common areas” for activations and live events.
Mark Silvestri, Executive Vice President – Corporate Real Estate at Simon Property Group discussed the investment: “We’re extremely pleased to collaborate with Black Ridge and Allied Esports, leading innovators in esports and gaming, to bring cutting-edge venues to our iconic properties around the country. This is exactly the type of innovative activation that excites our customers and drives traffic for our centers at Simon. Simon’s successful locations are ideally suited to provide these new and exciting community spaces, complementing our other dynamic offerings.”
The two companies will also work together on a co-branded event, The Simon Cup. Described in a release as both an esports competition and festival, regional tournaments will be hosted in Simon’s properties in New York and Los Angeles – leading to a grand finale that will take place at the HyperX Esports Arena Las Vegas.
Lyle Berman, Director of Black Ridge Acquisition Corp. added: “The agreement with Simon is a landmark opportunity to bring Allied Esports’ vision for the future of competitive gaming to Simon’s world class property network. As we work to close the transaction combining our NASDAQ-listed Black Ridge Acquisition Corp. with Allied Esports and WPT, the significant investment by Simon would be a testament to our unrivaled plans and to the opportunity Simon sees to participate in this growing industry.”
More details about the project will be revealed at the forthcoming Coliseum Summit US, Las Vegas, Nevada, US on August 28-29, 2019.
Continue to follow Coliseum for latest updates on venues business news. Coliseum is dedicated towards building the best global community of sports and entertainment venue executives and professionals creating better and more profitable venues.
Coliseum facilitates a dialogue between stadiums, arenas, clubs, leagues and experts and enables them to learn from each other while establishing relationships. Coliseum’s digital 365Coliseum Business Center is a vast pool of resource for the stadium and arena industry world-wide.
« Previous News:
» Next News: