PartyGaming Confident On Fourth Quarter Results

Wednesday December 30, 2009

PartyGaming Plc has said that the revenues from September are predicted to be in line with previous forecasts despite revenues falling over the first nine months of the year.

PartyGaming owns the world poker tour alongside online gaming sites, Party Casino, Party Poker, Foxy Bingo and Cheeky Bingo.

The gaming company has said that the company will release its financial results for the fourth quarter of 2009 on 3rd February and is expecting clean full year earnings before ITDA and to be slightly ahead of expectations.

"As indicated at the time of our third quarter key performance indicators, our business has continued to perform well across the board during the fourth quarter with a return to net revenue growth across all four of our key product verticals," said Jim Ryan, CEO for the operator.

"Returning poker to growth has been a key focus for us. We are pleased to see that the initiatives introduced throughout the year are now feeding through into both operational and financial performance with increased player numbers and average net daily revenues versus the previous quarter, despite continued competition from illegal US-facing sites and the difficult macroeconomic climate.

"Our casino business has also continued to perform well on the back of new games launched on Party Casino as well as higher jackpots with the most recent Mega Gold jackpot paying out close to five million dollars to the lucky winner earlier this month.

"Bingo continues to show substantial growth on the back of the CashCade acquisition in July of 2009.

"In sportsbetting, our gross win margin has benefited from a good run of sporting results and the introduction of improved risk management tools.

"Despite the challenges presented by the prevailing macroeconomic environment, we have not been distracted from the execution of our strategic plan. With the prospect of a number of new and large regulated markets in front of us, an expanding portfolio of business-to-business customers and a return to growth in our core business, we remain confident about the group's prospects."