saudi public investment fund

Passing “Go” has become especially lucrative for mobile game publisher Scopely.

The Culver City-based Scopely launched “Monopoly Go!” in 2023, betting fans of the classic board game would flock to a mobile version aimed at casual gamers.

By 2025, “Monopoly Go!” had accrued $6 billion in lifetime in-app purchase revenue, becoming the fastest free mobile game to do so, according to app analytics firm Sensor Tower.

This summer, the app is expected to reach $8 billion in lifetime revenue, the company says, solidifying “Monopoly Go!” as Scopely’s biggest game and far surpassing the company’s popular “Pokémon Go.” The company declined to disclose its total profits.

Scopely Co-Chief Executive Javier Ferreira.

As overall downloads in the mobile game market have stagnated and in-app purchases and retention become the main drivers of growth, Scopely has hit on an age-old Hollywood strategy — using known franchises and intellectual property to bring out fans.

“These are incredibly durable and long-lasting games that have really passionate communities and fandom around them,” said Javier Ferreira, co-chief executive of Scopely. “We’re in the business of building people’s favorite thing, and that’s a difficult thing to do. The power of [intellectual property] is that, in some cases, that is already their favorite thing.”

The company’s journey toward “Monopoly Go!” began in 2014, when Scopely formed a partnership with Rhode Island-based toymaker Hasbro. Its first collaboration was a Yahtzee mobile dice game that ultimately drew millions of players worldwide (though it was especially popular in the U.S.) and generated more than $1 billion in lifetime revenue.

After that, Scopely approached Hasbro about taking on the “crown jewel” of its board game empire — Monopoly.

Monopoly’s massive global popularity was an obvious draw. But adapting an hours-long real estate transaction game for a casual, mobile audience proved challenging.

Development of what would become “Monopoly Go!” ultimately took seven years, two of which were spent trying to make movement around the board more fun. In that time, the company scrapped two versions of the game; one deemed too competitive, and one that was too complex, Ferreira said.

Developers wanted to capture the “roller coaster feel” of the board game’s highs and lows, while also having simple rules and ensuring a strong social element, he said.

“We couldn’t just copy,” Ferreira said. “We had to reinvent it and re-imagine it, and that’s a complicated, creative endeavor.”

Today, “Monopoly Go!” brings in more than $2 billion in annual revenue and has been downloaded across the globe more than 300 million times.

Now with “Pokémon Go,” which the company owns after acquiring maker Niantic’s game business last year, “Scopely has gone from a successful publisher to one of the defining companies in mobile gaming,” Randy Nelson, head of insights at Appfigures, a mobile app analytics firm.

“The company cracked the code on licensed games years ago,” he wrote in an email. “Its biggest hits work because they’re great games first and recognizable brands second.”

Though the company’s overall game downloads have slowed, its gross revenue has largely increased every year since 2020, according to Appfigures data.

Shortly after Scopely released “Monopoly Go!,” the company was acquired by Savvy Games Group, which is owned by the Saudi Public Investment Fund, for $4.9 billion.

In a statement about the deal, Savvy Games Group Chief Executive Brian Ward touted the success of “Monopoly Go!” as “indicative of Scopely’s ongoing position at the forefront of the global games sector.”

Representatives of the Saudi investment fund are part of Savvy Game Group’s board and do sometimes give some feedback on company initiatives, though Ferreira said the company has remained “very independent.”

The proposed acquisition of gaming giant Electronic Arts by the Saudi Public Investment Fund is not expected to affect Scopely since EA largely focuses on high-budget console and computer games, he said.

As Scopely, now 3,000 employees strong, looks to the future, it has embarked on a number of entertainment partnerships with studios to add franchises such as “The Simpsons,” “Hello Kitty” and Marvel to its mobile game ecosystem.

“They give us access to these universes that millions of people love and are really invested in,” Ferreira said. “We see this as a very strategic part of our business.”

Two weeks ago, LIV Golf did its best to conceal the fact that the Saudi Public Investment Fund would cease to bankroll the league after the current season, only to have LIV CEO Scott O’Neill let the truth slip during a television interview.

This week, the intentions of PIF and consequences to LIV are known by all.

LIV Golf announced Thursday that it has established a new independent board that will attempt to keep the league afloat utilizing a “diversified, multi-partner investment model.” In other words, a model that doesn’t include PIF.

PIF Governor Yasir Al-Rumayyan no longer will serve as LIV Golf chairman, another unmistakable signal that the Saudi sovereign wealth fund worth an estimated $1 trillion is cutting ties with financially troubled LIV.

LIV Golf was supposed to be a key component in Saudi Crown Prince Mohammed bin Salman’s “Vision 2030” plan to diversify the kingdom’s economy away from oil. PIV lured megastar golfers Phil Mickelson, Jon Rahm, Bryson DeChambeau, Dustin Johnson and others away from the PGA Tour by shoveling hundreds of millions of dollars into their bank accounts.

Al-Rumayyan, Prince bin Salman’s trusted technocrat, was charged with implementing the plan, but LIV Golf has failed to attract significant viewership or commercial sponsors despite innovations such as a 54-hole format and a team model.

When LIV and the PGA Tour came to a short-lived, tentative agreement to end pending litigation and potentially join forces in 2023, Al-Rumayyan was a key figure in the negotiations.

A last-ditch effort to broker a merger between the rival leagues took place in the White House in February 2025 when President Trump hosted Al-Rumayyan, PGA Tour commissioner Jay Monahan and Tiger Woods. No agreement was reached.

Now, apparently, PIF will attempt to turn its attention to initiatives that don’t bleed billions. The fund has invested more than $5 billion into LIV Golf since it was launched in 2022 and is reportedly spending $100 million per month this year.

The wealthy but suddenly unmoored LIV golfers have been left to scramble like a weekend hacker trying to salvage a bogey after chipping into a sand trap.

LIV Golf Louisiana announced that the tournament scheduled for June 25-28 in New Orleans has been postponed. A new date hasn’t been set. However, an official told ESPN on Thursday that next week’s tournament at Trump National Golf Club outside Washington, D.C., will take place as planned.

Six other tournaments remain on the schedule that concludes with LIV team championships on Aug. 27-30 at The Cardinal at Saint John’s in Michigan. Tournaments outside the United States are scheduled for South Korea, Spain and Great Britain.

Hired Thursday to come up with a financial model to keep LIV afloat sans PIF are Gene Davis and Jon Zinman, described in a LIV statement as “seasoned experts with proven track records of navigating complex situations and unlocking value for global organizations.”
 
LIV Golf’s contorted spin on acknowledging that PIF will no longer subsidize the league was a statement saying it will focus on ”securing long-term financial partners to support its transition from a foundational launch phase to a diversified, multi-partner investment model.”

Davis, the newly appointed chairman of the LIV Independent Directors Committee, sees opportunity in the face of a PIF-less future.

“LIV Golf has built something truly differentiated — a global league with passionate fans, world-class talent, and demonstrated commercial momentum,” he said in a statement. “The executive leadership team, along with Jon and I, see a clear opportunity to help the league formalize its structure, attract and secure long-term capital, and position the business for growth while continuing to promote the game across the world.

“ We look forward to positioning LIV Golf for future success.”