A Google job listing indicates that the company is building a gaming division.
The job description of the product manager, games describes it as "a rare opportunity to grow a brand-new business - Games at Google!"
"We are looking for a strategic, technical and game-loving Product Manager to drive Google's gaming strategy," the job listing continues. "You will design strategies for game distribution and discovery, player identity, game mechanics, and more. In addition to designing a great user experience and building out key partnerships, you will be significantly influencing Google's social platform as you work directly with a critical set of early adopters, game developers. Interesting and impactful decisions involving social gaming, privacy, virality, business, and technical APIs await you and the strong, passionate team of gamers you will work with."
From the job description we can deduce that Google is planning to build a social gaming platform, but it isn't clear yet whether they plan to create their own games or follow Facebook's model of relying on third party games.