|Casino Journal Publishing Group has announced approval of a plan to spin off Gaming Venture Corp to existing shareholders. The publishing house, Gaming Venture, is a subsidiary company of the Casino Journal Publishing Group that specialises in casino trade publications. |
CJPG believe that it can no-longer support the best interests of Gaming Venture. Instead CJPG wish to focus specifically on products that are un-related to the casino trade industry. Ultimately they accept that Gaming Venture could only be damaged by this intention and that a spin off was the best solution for the subsidiary.
The announcement is of no particular surprise to industry insiders. Las Vegas based Casino Journal Publishing Group, publisher of “Casino Player” and “Strictly Slots” has become focused on consumer rather than trade publications. Indeed back in 2001 the company sold its trade show and trade publications to Gem Communications.
A spokesman for the company explains: 'GVC's business of daily, weekly and annual publications focusing on the financial and trade site of the gaming and lodging sectors along with their consulting operations has become non-core operations for CJPG and it was the board's view that GVC's growth has been constrained due to that.”