Elray Resources (OTC:ELRA) today announced, in a press release, it has provided some revenue and operational guidance for their new online gaming division, Elray Gaming. As I write, shares of Elray were up 20 percent at $0.035 per share on volume of more than 186,000 shares compared to its average daily volume of 207,000 shares. The company has a 52-week range between $0.01 and $0.27 per share.On February 21, the Company acquired Splitrock Ventures BVI, an online gaming business which owns and licenses Gaming Intellectual Property, Gaming Domains, Trademarks, and Player Databases.
The following are some of the brands currently being run under the Elray Gaming umbrella: Sierra Star Casino, Majestic Comet, Lottery Domain, Dollar Dazzlers, Jackpot Cafe, and Lucky Lucy Bingo. These brands are currently available in English, French, German, Italian, Japanese and Russian.
For 2011, the Company is projecting total gaming proceeds of $100 million, of which the company would recognize $6.5 million in gross revenues, and $1.1 million in net income.
For 2012, the Company is projecting total gaming proceeds to increase to $320 million, of which the company would recognize $8.8 million in gross revenues, or $3.4 million in net income.
Elray is a Global Online Gaming entity which owns and licenses Gaming Intellectual Property, Gaming Domains, Trademarks and Player Databases. Operations are headquartered in Curacao, Netherland Antilles and maintain offices, representatives and support facilities in the United States, United Kingdom, Australia, South Africa, Mauritius, Israel and the Philippines. Elray's business model is to offer Internet Gaming Products to non-US players in jurisdictions where online gaming is permitted.
For more information, please visit: www.elraygaming.com.
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