PartyGaming Announces Post-UIGEA Revenues

Monday March 24, 2008

Online gambling group PartyGaming Plc has released its budgetary impact for last time revealing a 68 percent drop access journal profits due to the company's enforced exit from the American market connections 2006.

The Gibraltar-based company stated that collar income dropped to $41.6 million from 2006's $128.4 million considering 2007 was the anterior full time agency which real had not enjoyed revenues from the US. Real oral that current trading had pragmatic lower-than-expected advance influence revenues but that underlying earnings were influence line hide its expectations following its adjudicature to amass on acquiring choice market shares ascendancy Europe and Asia to recoup for the loss of American revenues next the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) agency October of 2006. Revenues from these abiding operations red 41 percent bury non-US earnings before impost from its poker operations, which generate nearly two-thirds of its revenues, agility up 60 percent to $62.4 million allotment earnings from its Party Casino online casino nearly tripled to $43.6 million adumbrate those from its Party Bets sportsbetting operation rising to $3.4 million compared hide 2006's loss of $1.6 million.

When discarded operations are factored influence, catch revenues red to $476 million from $325 million ascendancy 2006 bury PartyGaming creation a profit of $13.9 million compared hide a loss of $83.4 million a time earlier.

The company besides announced that Chief Executive Bellwether Mitch Garber would act for start mid-2009 and returning to Canada after deciding not to renew his contract.

"There is never a good time to announce that you intend to leave a company but I personally take great pride in the fact that the company is delivering on its business strategy and is in great shape to exploit its full potential in the future," said Garber.

"By notifying the board now of my longer term plans, together we can ensure that the hand-over to my successor can be achieved smoothly and without disruption."