BGI 413 The One About Wild Corporate Valuations and Great Company Turnarounds
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Board Games Insider Episode 413 dives into the volatile world of board game publishing with a focus on Asmodee's aggressive acquisitions, including Japan Brand and ATM Gaming, sparking debate over inflated valuations and strategic bets on mass-market European games. The hosts analyze the $180 million purchase of ATM Gaming—valued at 3.5x revenue—as a speculative move likely driven by Asmodee's ambition to dominate the social gaming category. They also cover the ongoing fallout from Diamond Comics' bankruptcy, where a warehouse storage dispute adds $125,000 monthly in rent claims. On a more positive note, the podcast celebrates Elf Creek Games' turnaround under Genius Games' leadership, now profitable after three years of losses, and highlights Ross Thompson's new role at Critical Role. The episode also features deep dives into AI in game design, with TTGDA survey data showing designers are split on AI use—favoring it for prototyping and math but rejecting it for art and marketing. The hosts debate the importance of art versus gameplay, with a consensus that while art draws people in, gameplay sustains long-term success. Finally, the episode builds excitement around Restoration Games' upcoming Kickstarter for *Lord of the Rings: The King's Gambit*, a reimagined 3D version of the legendary *Queen's Gambit*, expected to break crowdfunding records.
Asmodee's acquisition of ATM Gaming for €180M at 3.5x revenue signals a high-stakes bet on translating European mass-market games into global hits.
Elf Creek Games has been revived by Genius Games, turning a three-year loss into 12% profitability through operational restructuring.
AI use in game design is widespread for prototyping and math but strongly opposed for final art and marketing due to plagiarism and ethical concerns.
The success of a board game hinges on a balance of stunning art to attract attention and deep gameplay to retain players.
Restoration Games' *Lord of the Rings: The King's Gambit* is poised to be a record-breaking Kickstarter, leveraging nostalgia and a reimagined 3D design.
Opening and Convention Highlights
The hosts kick off the episode with a warm welcome, acknowledging last-minute recording challenges due to illness and travel. Corey Thompson shares vivid highlights from Lyriacon in Portugal, praising the beachside location, incredible food, and exclusive playtests of upcoming games like *Density* and *Chimor*. He also celebrates the strong community, meeting legends like Mark Herman and Ben Maddox, and even reconnecting with a long-lost brother.
Asmodee's Aggressive Expansion Strategy
“I'm just so floored by this price. First of all, I've never heard of this company. And like you said, the revenue that they were going to be getting out of this, the revenue, not the profit, about 50 million in net sales and in excess of 25 million euros in EBITDA, that would be profit. So that's... Yeah, they're gambling that these games are going to now be translated.”
Diamond's Bankruptcy and the Storage Fee Crisis
“While all the groups are fighting over who gets this inventory. Meanwhile, they've sold the warehouse where it's sitting and the people who own the warehouse want their money for storing it while they're fighting over who gets it.”
AI in Game Design: A Designer's Survey
“AI is a very, very broad and very, very complex term. If you say you're completely against AI, it's like saying you're completely against verbs. There's some verbs that you shouldn't use. There's some verbs you should.”
Elf Creek Games' Remarkable Turnaround
“After three years of losses. So this is quite an undertaking and uh it's a very long press release with a lot of details that are too business oriented for for my short attention span but Congratulations to John Cove you and Genius Games.”
“AI is a very, very broad and very, very complex term. If you say you're completely against AI, it's like saying you're completely against verbs. There's some verbs that you shouldn't use. There's some verbs you should.”
“I'm just so floored by this price. First of all, I've never heard of this company. And like you said, the revenue that they were going to be getting out of this, the revenue, not the profit, about 50 million in net sales and in excess of 25 million euros in EBITDA, that would be profit. So that's... Yeah, they're gambling that these games are going to now be translated.”
“I literally ignored something so much. Wow. Yeah. I ignored one of the fields parts of it so much that I lost the game on the first turn. He's like, yeah, that shouldn't happen. So we're going to do a Bonacore fix here so that can't happen.”
Hosts
Stephen Bonacore
person
Corey Thompson
person
Asmodee
organization
Elf Creek Games
organization
Lyriacon
other
Genius Games
organization
ATM Gaming
organization
Lord of the Rings: The King's Gambit
media
Diamond Comic Distributors
organization
TTGDA
organization
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