Latitude360.com Becomes First Chain of Fantasy Sports Restaurants: Buys PlayMLF
Today, Latitude360 (LATX) (www.latitude360.com), the “ultimate upscale multi-dimensional entertainment eatery,” continues to embark on a nationwide expansion by acquiring Major League Fantasy (MLF) (www.playmlf.com), a rapidly-growing player in the daily fantasy sports industry, which will offer the first chain of live in-venue fantasy sports books. MLF’s Founder and CEO Jesse Merl will remain President of the “360 Fantasy Live” division.
“With Major League Fantasy, we’re excited to incorporate the best fantasy sports experience into Latitude360’s unmatched entertainment and dining experience,” said Brent Brown, CEO of Latitude360. “We at Latitude360 see it as something our sports fan patrons will definitely enjoy when they come to visit our locations. They’ll know we’re giving them the best daily fantasy sports experience available anywhere, and our HD Sports Theaters are a perfect venue for the ‘360 Fantasy LIVE’ daily fantasy sports experience.”
The acquisition of MLF puts Latitude360 in a unique position to grab a meaningful piece of what will be a $6 to $10 billion-dollar market by the end of 2016. Known for offering the premier user experience with a complete social platform, MLF has seen its user growth continue to accelerate, tripling over the past two months alone, in addition to partnering with the World Champion Golden State Warriors.
“Together with Latitude, we are creating a new way to play,” said Merl. “We are confident that along with the ability to interact socially through our product, the ability to join in the energy of the live group viewing experience is going to be a differentiator that matters when people decide where to be during big games.”
Major League Fantasy will help Latitude360 patrons enjoy a fun, real-time fan experience, offering a variety of unique fantasy sports games, with the option to play for real money or just for fun. Latitude360 will be the first to offer dedicated VIP Rooms called the Latitude “Black Room” for high rollers, with contest entries that will range from $250 to $25,000 and a viewing experience for players and spectators that will be second to none. Users inside the Black Room, as well as casual players in the Sports Theater, will be offered real-time experiences, brand new game modes, daily featured prized contests, and interactive tools not found on any of the current daily fantasy sites or apps.
Latitude360 is compiling its own “Fantasy Team” to compete in the Fantasy Gaming Industry. They’ve taken a similar approach recently in the restaurant entertainment industry by adding new board members Tim Gannon (Founder of Outback Steakhouse), Michael Norris (COO of Sodexo and former President of Loews Cineplex Entertainment) and Mike Simon (a NFLPA sports Agent/Attorney with VMG Sports). Latitude360 recently hired Alan Greenstein as CFO as well. Mr. Greenstein over the past 25 years has served as Senior Vice President and CFO for Revel Entertainment Group in Atlantic City, NJ preceding his role of Chief Financial Officer at Mohegan Sun Casino, along with various financial positions with Sands Hotel and Casino, Caesars World Inc. and Trump Plaza Hotel & Casino.
In the Professional sports arena, Latitude360 recently announced their partnership with Julio Jones in their upcoming Alabama and Atlanta locations. Between MLF and Latitude360, you can see a pretty large stable of players and teams amassing. MLF is partnered with the world champion Golden State Warriors and earlier in the season signed Draymond Green in an independent endorsement deal. Latitude360 also has Cliff Avril (Seattle Seahawks), Rashad Jennings (New York Giants), Derek Wolfe (Denver Broncos), Uche Nwaneri (Former Jacksonville Jaguars), Garin Patrick (Former Miami Dolphins), Chris Ivory (New York Jets) and Tyson Alualu (Jacksonville Jaguars) as Shareholders.
“We couldn’t be more thrilled to be a part of this exciting endeavor, and watch this become the new standard in fantasy sports gaming,” Matthew Gavin, President and Partner of Brand Synergy Group. “The timing could not be more perfect for two companies to grow together while creating an innovative and unique concept that simply does not exist.”
Major League Fantasy, a Silicon Valley-based company, is the first and only daily fantasy product with a fully-integrated social network. It’s an organization that claimed to be focused on providing new and original games and a daily fantasy experience for the fantasy player looking to interact with their friends and opponents while they play.
Dawson James Securities is the Investment Banker on the transaction.
