David and Ron Weiser's Black Tie Ventures has committed $7.5 million to Quebec City's economy for the development and operation of its gambling title Pink Martini Casino.
"This is by far the largest independent gaming project investment in Quebec City," said David Weiser.
"Thanks to the support of a few visionary angel investors who embarked upon this adventure with us, we were able to deliver a prototype that exceeded our expectations on Facebook. We're now looking forward to our official launch, which will be creatively rewarding for our collaborators-and financially rewarding for our investors thanks to the multiple revenue streams that have been seamlessly incorporated into our product."
Pink Martini Casino is aimed at a female demographic and Black Tie Ventures expects to generate $150 million from the project over the next three years. The company is currently preparing to enter its third round of funding which will help it towards a 2015 launch.
"Social casino games make up 50 per cent of the Top 20 Grossing apps on Facebook and the iOS platforms. The industry is set to generate $2.7 billion in revenues this year and is estimated to grow to $4.2 billion by 2016. Our prototype has already demonstrated the ability to track at par with industry metrics. We are convinced that our unique approach to in-game progression and rewards will offer our players one of the top social casino experiences out there."