LONDON (Alliance News) - Sportech PLC said Wednesday it has won regulatory approval to build and open a flagship sports bar, restaurant and betting venue in downtown Stamford, Connecticut.
The online gambling and sports-entertainment company said the development will be the second of its type in the state of Connecticut following the opening earlier this year of Sportech's USD4 million 10,000 square foot sports bar in Bradley where up to 370 customers can bet, play, dine and drink in the multi-use facility.
Sportech expects betting volumes in Connecticut to exceed USD200 million per annum, following the opening of the Stamford site, said CEO Ian Penrose. The new venue is a redevelopment of an existing building and is scheduled for recompletion in 2015. The venue will have two floors and a 20,000 square foot capacity.
The sports bar was approved Monday by Connecticut's Board of Representatives, said Sportech.
The company is the only licensed operator of betting in Connecticut.
Like its Bradley site, Stamford will be operated in partnership with baseball legend Bobby Valentine, a resident of Stamford and restaurant entrepreneur, said the company.
Last month the company said overall trading in the first quarter remained in line with expectations, despite severe winter weather in the US in February hindering its US operations and hitting trading at its retail venues business, due to a high number of race cancellations and being forced to close its retail venues for several days during the period.
Shares in Sportech were trading marginally higher Wednesday morning, up 0.63% at 79.25 pence per share.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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