Business
Allied Esports Entertainment Announces Third Quarter 2019 Financial Results
Third Quarter 2019 Revenue of $6.0 Million, Up 10% Year-Over-Year IRVINE, Calif.--(BUSINESS WIRE)-- Allied Esports Entertainment, Inc. (NASDAQ: AESE)
About this update from Allied Gaming & Entertainment Inc.
[{"type":"text","content":"\nThird Quarter 2019 Revenue of $6.0 Million, Up 10% Year-Over-Year\n\n IRVINE, Calif.--(BUSINESS WIRE)--\nAllied Esports Entertainment, Inc. (NASDAQ: AESE) (“Allied Esports” or the “Company”), a global esports entertainment company, today announced its financial results for the third quarter ended September 30, 2019 as well as an update on several key business initiatives. As previously announced, the Company was formed on August 9, 2019 as a result of the completion of a business combination among Black Ridge Acquisition Corp., Allied Esports International, Inc., WPT Enterprises, Inc. and other affiliates.\n\n\nCommenting on the Company’s third quarter results, Allied Esports’ CEO Frank Ng said, “In our first quarter as a public esports company, Allied Esports delivered solid results driven by continued execution of our operating model along with early benefits from our strategic alliances with Simon and TV Azteca. At the topline, total revenues expanded more than 10% compared to the third quarter of last year, with each of our three strategic pillars—In-person, Multiplatform Content, and Interactive—generating year-over-year growth. I am also pleased with the progress we are making in our partnership with our strategic investors, Simon and TV Azteca, as evidenced by the launch of the Simon Cup esports tournament as well as the premiere of WPT® television programming and social gaming in Mexico across various distribution channels via TV Azteca. Looking ahead to the fourth quarter, momentum continues to build and we expect a strong finish to the year.”\n\n\nThird Quarter 2019 Financial Results\n\n\nRevenues: Total revenues in the third quarter of 2019 increased 10.2% to $6.0 million from $5.5 million in the third quarter of 2018, reflecting growth from all strategic pillars.\n\n\nIn-person revenues increased by approximately $0.4 million, or 17%, to approximately $2.6 million for the third quarter of 2019 from approximately $2.2 million in the third quarter of last year. The increase in In-person revenues is driven by the Allied business, particularly revenue generated from Allied Esports’ flagship venue, the HyperX Esports Arena Las Vegas, which opened its doors in March of 2018.\n\n\nMultiplatform Content revenues increased by approximately $0.1 million, or 9%, to approximately $1.0 million for the three months ended Septemb...