NIP Group, a company co-founded by Mario Ho, the 29-year-old son of late casino magnate Stanley Ho, has gone public on the NASDAQ stock exchange, Business Insider reports. 

The company’s SEC filing reveals that its primary revenue stream comes from managing a network of 36,000 online entertainers, predominantly through fees on their live streams.

The company’s IPO raised $20 million, with Ho holding a 13.6% stake and controlling 36.6% of voting rights. As of July 26, Ho’s stake was valued at $69 million.

NIP Group’s annual revenue grew 27% to $83.7 million in 2023 despite posting a $13.3 million loss, up from a $6.3 million loss in 2022. 

The company’s SEC filing indicates it may not achieve profitability in the near term, a common disclosure for newly public companies operating at a loss.

While marketed as an esports company, NIP Group’s financial data shows that its influencer management division generates the bulk of its income. 

According to Business Insider, the company’s leadership is primarily based in mainland China, and many of its prominent influencers are also Chinese.

Ho, who serves as co-CEO alongside 35-year-old Hicham Chahine, manages the company’s Asian operations from Hong Kong. Chahine, a former hedge fund manager, oversees Western operations in Sweden.

The SEC filing also discloses a nearly $300,000 loan issued to Ho in 2022 and a payment of over $814,000 to Ho in 2023 for “reality show services.” 

Notably, the company’s reality show service, part of its esports platform, generated less than $200,000 in revenue last year.

The filing outlines NIP Group’s future plans to explore esports real estate, digital collectibles, and esports training camps.