California-based PlayStudios, the social gaming company founded by former Wynn executive Andrew Pascal, announced that it has raised million in a third round of funding through a consortium led by Jafco Ventures.
The funding support was attributed to PlayStudios’ new program under which its myVegas social casino awards comps to brick-and-mortar Las Vegas hotel-casinos as rewards for playing its social games.
“The company is doing great and we are in a position where we are self-sustaining,” PlayStudios CEO Pascal said in an interview with the GamesBeat website. “But we felt like there was an opportunity to raise capital and more aggressively invest in our current apps or, opportunistically, find and create other apps to invest in.”
MGM Resorts International is among the investors supporting PlayStudios and the myVegas site. MGM is offering rewards such as hotel stays and free shows at its Las Vegas Strip properties. Rewards on myVegas include contributions from Aria, Bellagio, Royal Caribbean International, Cirque du Soleil, MGM Grand, Wolfgang Puck, House of Blues, Mandalay Bay, the Mirage, the Las Vegas Monorail, and Sugar Factory.
PlayStudios launched myVegas on Facebook in 2012. “I think our best work is ahead of us and our biggest opportunities are ahead of us,” Pascal told the website. “Having this additional capital will ensure we make the most of these opportunities.”
