Party Gaming Puts The Message Out
Published: Thursday, October 11, 2007 Online-Casinos.com
PARTY GAMING PUTS THE MESSAGE OUT
There are real advantages for a Vegas buyer
What seemed to start out as a general comment by Party Gaming boss Mitch Garber at the recent EiG conference in Barcelona that he would entertain offers for his group has become a the subject of full-on comment in the mainstream press this week.
The idea that one of the US land gambling giants might acquire Party Gaming is certainly an entertaining one with some solid advantages. Should a major U.S. land casino group invest in an online gambling site like Party, the move could be beneficial in at least two ways: First, it would deliver fast and expert access to the competitive European online market....and it could inhibit US political actions against online gambling in that country such as the UIGEA. Certainly it would give all concerned pause for thought, especially with the long dark shadow of billion dollar compensations in the World Trade Organisation debacle looming.
Garber's conference comments on the logical fit of land and online deals, and his indication that he would certainly consider such offers (see previous Online-Casinos.com/InfoPowa reports), was followed up by the UK newspaper The Financial Times in an interview this week. The newspaper commented that PartyGaming is a massive and strongly established online gambling network with a current market cap of $2.5 billion, running numerous well known online brands including PartyPoker, PartyBets, PartyCasino, PartyBingo and PartyGammon.
Despite the depredations of the Unlawful Internet Gambling Enforcement Act enacted late last year, which forced Party Gaming out of the US market and cut off most of its business, the group has proved to be both resilient and energetic, fighting its way back into a leading industry position by diversifying into other geographic markets.
In the Financial Times interview Garber repeated that he would like to hear from the major players in Vegas, indicating that as yet no such approaches have been made by giants like Bellagio, MGM, Vegas Sands, Harrah's Entertainment and the Wynn group.
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