PokerTek, Inc. announced June 22 that they have signed a deal with Hollywood Park Casino, one of the three largest card clubs in California. Under the deal, they have agreed to install an initial six PokerPro(TM) tables for a 90-day trial period.
Hollywood Park Casino is the first in California to install PokerPro tables. The contract initially requires a six table startup, to be added on with additional units at the discretion of the Hollywood Park Casino. If the partnership passes through the 90-day trial period, the contract will automatically be followed by 12-month renewals in accordance with their terms of agreement.
"The impact that this technology will have on our industry is enormous. In addition to being more efficient, PokerPro(TM) allows us the ability to attract a new segment of poker players to our casino." Said Leo Chu, President and Owner of Hollywood Park Casino. PokerTek, Inc., headquartered in Charlotte, NC, develops and markets the PokerPro(TM) system, an electronic poker table that provides a fully automated poker room environment. The PokerPro(TM) system was developed to increase casino revenue by increasing hands per hour, while reducing labor costs within poker rooms. PokerTek's Intellectual Property currently consists of twenty-six patents pending covering various aspects of the PokerPro(TM) system.
"We are excited about this initial installation and look forward to a long and mutually rewarding relationship. Hollywood Park Casino's savvy management team and our technology will be a revolutionary union to introduce PokerPro(TM) into the California Card Club market," said Lou White, Chief Executive Officer of PokerTek.
California, with approximately 1,300 poker tables operating in over 100 large card clubs, small card clubs and Native American casinos, has the largest concentration of poker tables in the world.
Disclaimer: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements herein, include, but are not limited to, the expected adoption of the PokerPro(TM) system by casinos and card clubs, the expected acceptance of the PokerPro(TM) system by players, and the anticipated long term duration of the relationship with Hollywood Park Casino. Our actual results may differ materially from those projected, stated or implied in these forward-looking statements as a result of many factors, including, but not limited to, overall industry environment, customer acceptance of our products, further approvals of regulatory authorities, adverse court rulings, production and/or quality control problems, the denial, suspension or revocation of permits or licenses by regulatory authorities, termination or non-renewal of customer contracts, competitive pressures and general economic conditions. These and other risks and uncertainties are described in more detail in our most recent annual report on Form 10-K filed with the Securities and Exchange Commission PokerTek does not undertake any obligation to update the information contained herein, which speaks only as of this date.
July 24, 2006