PartyGaming, the parent company of Party Poker and Party Casino has posted its 2009 numbers. The numbers show that PartyGaming had lower revenues and even some losses during the financial crisis. The overall revenue was $446.2 million which is $26.7 million less than the revenue generated in 2008. The poker revenue for 2009 was $77.3 million less ($196.7 million) than 2008′s revenue of $274 million. All other sectors including the casino games, bingo, and sports betting had revenue that actually exceeded PartyGaming’s expectations for 2009.

Industry experts claim that the lower gambling revenue for PartyGaming is a direct result of the settlement that was made with the US government last year, when they agreed to pay $105 million in a non-prosecution agreement with regard to activities in the United States prior to the UIGEA. On the positive side, PartyGaming purchased the World Poker Tour tournament series.

Chief executive officer of Party Gaming, Jim Ryan said, “We delivered a solid performance during 2009 which demonstrated the resilience of a business model that continues to generate strong cashflow, even in the most challenging of circumstances. Leading brands and market position, supported by a strong balance sheet underpin our business strategy. With some acquisitions and major B2B deals already under our belt, we plan to do more in 2010 and I believe we are on course to meet our objective of becoming the world’s most valuable online gaming company.” Now that PartyGaming is in complete compliance with US laws, they should be able to focus all of their efforts on developing their various gaming brands, and increase their global ad budget.

© Felicia for Casino News Authority, 2010. | Permalink | No comment | Add to del.icio.us
Post tags: gambling, online gambling, party casino, party poker, partygaming, wpt

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Anurag Dikshit, one of the founders of Party Gaming has sold his remaining shares
in the company. Dikshit paid a $300 million fine to the US, and will be sentenced
by the US court for his admission to running an illegal online gambling site and
accepting customer from the US. Many in the gaming industry believe that his
decision to admit this activity to the US government was the wrong move to make.

He had already sold two-thirds of his Party Gaming stock, and he just sold off
his remaining ownership of 9% for approximately $170 million. The sale of the
Dikshit’s remaining stock in Party Gaming was the final step in an on-going
plan to completely remove Dikshit from Party Gaming and the gaming industry.

Legal experts have argued that Dikshit was never charged with a crime and
their is no crime in the US statutes against online gambling, so their
is great wonder and what will happen to him during the sentencing phase.
It is noted that the sale of all online gambling assets is likely part
of Dikshit’s strategy to receive a lighter sentence from the US government

© Felicia for Casino News Authority, 2010. | Permalink | No comment | Add to del.icio.us
Post tags: gambling, gambling stock, online gambling, partygaming

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