Poydras Gaming Finance (CVE:PYD), which leases and finances slot machines, surged today after announcing the expansion of its business in its core markets of Oklahoma and California.
The company told investors that it added a third California casino to its portfolio, with an initial installment of eight gaming machines, and launched a new distribution partnership in Oklahoma through a six machine order from Australian-listed Ainsworth Game Technology.
"With this new deployment in California, we now have a local market presence ranging from the L.A. Basin to the San Francisco Bay Area as the company continues to successfully implement its rollout strategy," said chief executive Peter Macy.
"The new partnership with Ainsworth enhances the range of gaming machines that we can provide as we help finance the expansion and upgrading of casino floors in our core markets."
Poydras said the new deployments bring its machine count to 326 across seven casinos, following the successful delivery of 28 new machines in June and early July.
The company also noted that with the addition of Ainsworth products, its deployed assets will include gaming machines from seven of the top ten North American gaming vendors.
The company leases and finances gaming machines and related capital expenses for existing casinos, new casino developments and gaming machine suppliers in the US.
Poydras said it will also be opening a new San Francisco Bay Area office in September to take advantage of the growing opportunities in California, which is home to more than 70,000 slot machines.
Shares jumped 18.75 percent to 19 Canadian cents on Monday. Since May, the company's stock has more than quadrupled, rising 375 percent.