PartyGaming posts fist half loss on US settlement
PartyGaming has us$ 40 million to spend on acquisitions in online bingo, sports betting, casino and poker, company officials said. Over the last two months, the firm bought Cashcade Ltd. Internet bingo company and WPT Enterprises Inc., which started the World Poker Tour television show.
“It opens the capital markets to us to enable us to pursue acquisitions we otherwise wouldn’t have been able to,” Chief Executive Jim Ryan said on the call.
Net revenue dropped 21 percent to us$ 201.3 million, due to competition in online poker and customer cutbacks in the recession, the company said in the statement. About half the decline was due to the strength of the US dollar, which reduced the value of income in euros and pounds, the company said.
Currently, poker revenue is “stable,” and casino sales are “continuing to grow,” Ryan said. “We’re quite optimistic we’ll see PartyGaming return to growth in the fourth quarter,” he said.
In 2010, the company will see “material benefit” from its business-to-business operations, which were started only a year ago, Ryan concluded.
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