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Gambling.co.uk: Gambling News Archive
Share Price Of Online Casino Recovers
PartyGaming regains float price after recent slump
Wednesday 30th November 2005
PartyGaming has regained its float price just 13 weeks after it’s warning on poker growth knocked over £3 billion from its market value.
After a high-profile £4.6 billion London flotation in June, PartyGaming saw its market value soar to over £7 billion.
Then on September 6 came the company's warning that poker growth was 'moderating'. For the first time shares plummeted below the float price as the company lost over £2 billion pounds in market value -- one of the most dramatic losses in recent years.
Recovery for PartyGaming started after the split with former partners such as Empire Online led to a more competitive strategy, and the removal of any litigation threat from Empire also lifted the share price.
Shares in PartyGaming were up 6.9% yesterday (29/11/05) at 117p ahead of the initial float price of 116p.
Source: OnlineCasinoNews
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