Webis Holdings PLC WatchandWager secures lease extension approval (1515G)
28 March 2022 - 5:00PM
UK Regulatory
TIDMWEB
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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