Party Gaming Announces Sharp Profits Rise In Online Casino And Poker
Industry giant announces a phenomenal 119% rise even without US players
Wednesday 21st May 2008
Leading online gambling company Party Gaming have announced a rise of full-year earnings for 2007 in their two main sites Party Poker and Party Casino.
The internet casino has declared a 119% rise in profits last year for a total of $111.7m (£57m) against just over $50m in 2006.
The figure was slightly ahead of the market expectations of $107-$110m and net revenues were slightly below predictions at $476m, however this was still far superior to the $325m recorded the previous year.
Richard Carter, an analyst for independent investment bank Numis Securities, said: 'With Mitch Garber declaring his intention to leave the group in 2009 and with trading only in-line with expectations, we think the shares may fall back a little over the coming days.'
Party Gaming took a massive hit when the UIGEA prevented US players from accessing its facilities, however the firm have recently revealed that it is holding discussions with US authorities regarding the ban.
