Party Gaming Profits Down But Spirits Up
Published: Friday, February 09, 2007 Online-Casinos.com
PARTY GAMING PROFITS DOWN BUT SPIRITS UP
CEO predicts annual profit for 2006 at $140 million
Gibraltar-based Party Gaming chief exec Mitch Garber was in optimistic mood this week with a prediction that he expected the online gaming group to report full-year profit for 2006 of over $140 million (GBP71.9 million pounds), despite a setback in Internet gaming following the advent of the UIGEA.
The effects of the United States ban on financial transactions to gambling sites can be seen in the numbers Garber quotes in comparison to the net annual profit figure of $293 million achieved in 2005.
PartyGaming has seen its profit hit by efforts in the United States to try to ban online gaming financial transactions, which have caused it to withdraw from the US market and block US players. The group is taking up the slack with energetic development of the alternative European and Asian markets.
Garber said on Thursday he hoped to expand the company's international presence with deals in Russia and Asian countries like China.
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