Party Gaming Declares Improvement in Profit for Internet Casino and Poker
On May 22nd, 2008, online gaming company Party Gaming announced an improvement for the one year profits for 2007 for their two main gaming sites Party Poker and Party Casino. The online casino site has stated a 119% improvement in profits last year for an overall total of $111.7 million or 57 million pounds compared to $50 million in 2006.
The result was slightly bigger compared with the gaming market predictions of $107 million to $110 million and net profits were slightly lower than expectations at $476 million, but this was still a substantial improvement to the $325 million that was achieved last year.
A gaming analyst from the independent investment bank Numis Securities, Richard Carter said that with Mitch Garber declaring his plans to leave Party Gaming by 2009 and with dealing only meeting expectations, they believe that shares may slide down a little over the next few days.
Party Gaming suffered a massive loss when the Unlawful Internet Gambling Enforcement Act prohibited U.S. based players from playing online but Party Gaming recently revealed that they are talking with U.S. officials about the online gaming ban.
06/04/2008 03:00 PM
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