Synectics secures $3m in gaming contracts

(Sharecast News) - Security and surveillance solutions firm Synectics said on Wednesday that it has been awarded two gaming contracts valued, in aggregate, at approximately $3.0m. Synectics said the first contract, valued at $2.5m, was secured with "a world-class integrated casino resort" located in Manila and will see the firm upgrade its proprietary Synergy software and deliver a major refresh of the existing video surveillance infrastructure.

The AIM-listed company said the work will involve upgrading critical components of the existing customer's surveillance system, enhancing its performance, scalability, and long-term resilience. The majority of the contract was expected to be delivered in the current financial year.

Synectics also said it had secured its first contract with a tribal gaming property in Oklahoma, USA, valued at $600,000, which will see the company deploy its Synergy software across the property.

Chief executive Amanda Larnder said: "We are pleased to secure these contract wins in both Asia and North America. The upgrade at a world-class resort in Manila reflects the strength of our long-term customer relationships and the ongoing investment by major operators in Synergy's mission-critical solutions. Whilst the tribal gaming contract in Oklahoma marks both an important entry into a new market and an early deployment of Synergy's new AI tools."

As of 1000 BST, Synectics shares were up 1.28% at 316.50p.





Reporting by Iain Gilbert at Sharecast.com