REG - Webis Holdings PLC - WatchandWager secures lease extension approval

Webis HoldingsAnnouncement

28/03/2022 07:00

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RNS Number : 1515G  Webis Holdings PLC  28 March 2022

For immediate
release
28 March 2022

 

Webis Holdings plc

 

("Webis" or the "Group")

 

WatchandWager secures approval to extend lease at Cal Expo

 Cal Expo landlord approves extension of lease to 2030 in Sacramento,
California

The Board of Webis, the Group specialising in pool wagering and the operation
of WatchandWager Cal Expo, the Californian harness track, is pleased to
announce that its principal USA based subsidiary, WatchandWager.com LLC
("WatchandWager"), received formal approval from the Board of the California
Exposition and State Fair in Sacramento, California on Friday 25 March to
extend its lease of the operation of Cal Expo Harness racetrack till May 2030.
The current lease runs to May 2025, so WatchandWager has taken up its option
to extend the lease for a further five years from that date.

This approval is subject to a signed contract between the landlord and
WatchandWager, but the key commercial terms of the extension have been agreed,
so the contract is expected to be a formality. Shareholders will be informed
when the contract extension has been signed.

WatchandWager has operated live Racing at the Cal Expo venue since 2012 and
continues to improve the quality of Racing at the venue. In addition, this
sector of the business has proven to be profitable in the past and indeed
currently. The Board sees no reason why this positive trend should not
continue to be the case into the extension. The racetrack also enjoys an
excellent health and safety record for equine and human participants, and this
continues to be a key focus for the operation.

This approval secures the WatchandWager physical licensed presence in
California for a further significant period, alongside its existing online
license. This commitment to the State is important, as the State Capitol
continues to consider its options for the legalization of sports betting in
California, the biggest market in the USA. Whilst this subject is complex and
currently subject to change, the Board believes cementing its position in
California as a Racing and Gaming operator can only enhance its prospects in
the key State of California.

It should be noted that the above extension approval does not require approval
from the State regulator, with WatchandWager already being approved by the
California Horse Racing Board to conduct its operations.

For further information:

 

Webis Holdings plc                        Tel:
       01624 639396

Katie Errock

 

Beaumont Cornish Limited         Tel:        020 7628 3396

Roland Cornish/James Biddle

 

 

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