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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With a surprising turn of events, PartyGaming has acquired the World Poker Tour. PartyGaming is one of the top online casino companies, and it looks like the rich are just getting richer. WPT Enterprises has confirmed that a company owned by PartyGaming has acquired the company.

The World Poker Tour is one of largest poker tours in the world, and is second to the World Series of Poker which is owned by Harrahs Entertainment. Professional stars play on this tour and the television exposure of the WPT events is unmatched.

This may increase the chances of PartyGaming re-entering the U.S. market, because the World Poker Tour is globally recognized and it will be definately be a driving force in the U.S. segment of the online poker industry.

It has been speculated that WPT Enterprises decided to sell the World Poker Tour because of financial hardships due to the financial crisis and dwindling attendance at the World Poker Tour events. It is believed that PartyGaming has the power to turn things around, especially with it’s huge market share in the poker industry.

“PartyGaming has been an important partner for a couple of years and we are confident that they will be an excellent manager of our brands in the future,” said Steve Lipscomb, CEO of WPT Enterprises.. The sale of the WPT was completed for $12.3 million and 5% of future gaming revenues.

© Monty for Casino News Authority, 2009. | Permalink | No comment | Add to del.icio.us
Post tags: poker, world poker, world poker tour, wpt

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