Allied Esports Entertainment announced its financial results for 2019, describing the year as “transformational.”
Revenue for the fourth quarter in 2019 was up 19 percent, totalling $6.5 million (£5.4 million), when compared to the fourth quarter of the previous year.
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The company’s complete revenue for 2019 reached $26.1 million (£22 million), an increase of 27 percent over the past year, with an improvement of 38 percent in adjusted EBITDA.
Frank Ng, CEO of Allied Esports Entertainment, spoke on the results in a release: “Allied Esports Entertainment wrapped-up a transformational year ending with a strong fourth quarter highlighted by robust topline growth and continued execution of our strategic initiatives.”
Allied Esports is said to have held 78 events at its HyperX Esports Arena Las Vegas at the Luxor Hotel and Casino. Events included League of Legends All-Stars 2019, Capcom Cup North America Regional Finals, Simon Cup Grand Final, SoulCalibur World Invitational, and the Big Buck Hunter World Championship.
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Ng continued: “We also made significant progress in the fourth quarter with our strategic partnerships announced earlier in the year with Simon Property Group and TV Azteca and with this momentum, we announced a new relationship with Brookfield Properties. Our excellent fourth quarter results culminated in an impressive performance for the full year.
“Overall, 2019 was a very productive and foundational year for Allied Esports Entertainment. I want to thank everyone at the company for their hard work and dedication during a year of significant change. Momentum is gathering and we are all looking forward to building on this success in 2020.”
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The company entered an alliance with Wanyoo, one of the largest network of esports centres in China, in 2019. As stated by Ng, it also established deals with Simon Property Group, TV Azteca, and Brookfield Properties.
Esports Insider says: Allied Esports has already demonstrated how effective its global reach is by providing live experiences through multiple platforms. The momentum developed by the company’s 2019 financial report could ignite larger and better experiences, though the coronavirus certainly looks like it could put things on hold for quite some time.