The Colorado Economic Development Commission has granted nearly $19 million in state tax credits to two companies, including an unnamed UK-based sports betting and gaming company. Project Forge, the code name given to the applicant, was given the largest award at $14 million in Job Growth Incentive Tax Credits.
The company reportedly plans to invest $40 million to build 120,000 square feet of office space, says The Denver Post. This investment is expected to create 807 net new jobs with an average annual wage of $97,238, which is 108% higher than the average annual wage in Denver County. Combined, the two firms would locate more than 1,250 jobs in the state.
The positions for the gambling firm include senior leadership, software developers, data engineers, product and customer service managers, fraud and risk supervisors, and traders. The company has more than 6,000 employees, including some at its U.S. base in New Jersey but none in Colorado. Tucson and Nashville are competing with Denver for what will become the company’s new U.S. office.
“We are excited about the opportunity to work in Denver and Colorado. It seems to be a great fit for us,” said an executive with Project Forge, as reported by The Denver Post. The company was described by the Colorado Economic Development Commission (EDC) as “a global leader in the online sports betting and gaming sector.”
“Project Forge’s expansion seeks to bring the company’s reputation and brand awareness to the US as its newest growth frontier,” the EDC’s project summary stated. “While the company has a presence in New Jersey, the project will serve as a formal stake in the ground, the main office for the US.”
EDC officials did not name the company as they believe that “further identification would jeopardize the company’s confidentiality.” They further described the firm as having shaped the industry “over the last 20 years” through its innovative technology.
Meanwhile, project Eye in the Sky, a satellite manufacturer, received the next largest award at $4.9 million in Job Growth Incentive Tax Credits in exchange for creating 451 net new jobs at an average annual wage of $121,421. That represents 140% of the average annual wage in Boulder County, where the company currently has 69 employees out of its total workforce of 72.
“Our company was born and raised here in Colorado. We have some opportunities to expand, and if we can, we would like to stay home. The team and I would love to stay in Colorado,” said a company executive identified as Gregg, according to the above-mentioned media.
A third award of $519,626 was approved for a turf and landscape maintenance company with a global retail network reaching 125 countries. It is looking into establishing a research and development hub for its robotics division that could bring 45 jobs to Weld County, paying an average annual wage of $106,889, which is 180% of that county’s average. It is also looking at Minnesota.
Original article: https://www.yogonet.com/international/news/2023/04/25/66926-colorado-awards-14m-in-tax-credits-to-uk-sports-betting-firm-considering-denver-for-us-headquarters
