Aristocrat Leisure Ltd has announced the launch of a new business segment that focuses on Real Money Gaming (RMG), which will be led by the former CEO of the company’s land-based gaming unit, Mitchell Bowen.
Details of the plan were revealed by Group CEO and Managing Director Trevor Croker at the company’s Annual General Meeting on Thursday following its failed attempt to acquire UK-based platform provider Playtech plc.
The new RMG segment will sit alongside Bowen’s old Aristocrat Gaming segment – which will now be overseen by former President of Aristocrat’s business in the Americas, Hector Fernandez – and Pixel United, which includes social gaming.
Despite the failed Playtech takeover, Croker said Aristocrat has been investing in building its in-house online RMG capabilities over the past year and, leveraging these foundations, will now accelerating a “build and buy” approach to scaling in online RMG.
Croker said: “This will see us invest strongly in building out our own online RMG platform infrastructure while also undertaking select M&A, partnerships and talent acquisitions to accelerate progress wherever appropriate.
“To bring the right level of focus and momentum to the task, we are establishing a third global operating business within Aristocrat.
“Achieving a scaled position in online RMG will be a medium-term effort. It will take sustained investment over a number of years. However, our record shows that Aristocrat knows how to successfully scale businesses.
“We will apply a similar mix of effective organic and inorganic investment, and financial and operational rigour to this task, under Mitchell’s leadership and aligned to shareholders’ interests.”
On the appointment of Bowen to the new segment, Croker said he had already “cemented his reputation as an industry executive of global standing. His strategic and operational impact is evident in the outstanding momentum of the Gaming business and its recovery post COVID, with excellent staff engagement and an unwavering customer focus.
“Mitchell will be supported by a dedicated leadership team that will include a number of key internal and external appointments, to rapidly bolster our capabilities in relevant areas,” Croker added.
