Party Gaming Presents a 5.7% Decline
Posted on March 4, 2010 by John Trevors for Luckyroom.com
Party Gaming Plc holding company of popular brands partypoker.com, partycasino.com, partybets.com, partybingo.com and inter trader which has come to replace party markets has presented its 2009 fiscal reports with a $446.2 revenue tracing a 5.7% decline in comparison to the previous year 2008. The increased US competition from US poker rooms seems to have had a negative impact over its poker product which has reported a decline of 28.3% opposed to its casino brand which has reported a 12.1% increase over 2008 figures.
Significantly increased figures have been reported for its online bingo product and its sports betting division which have both increased amazingly in revenues as they have presented a combined $32.8 million in revenues; therefore capitalizing on the rapidly increasing popularity for online bingo and sportsbook products. Party Gaming has moved in to expensive acquisitions during the past year which seem to have not placed the expected output to pay off the cost that has been placed for the deals as the London Stock Listed company has amongst others acquired the rights of the World Poker Tour which has proved to be an expensive deal as it is in question if it will be able to pay off its contributed capital in the short run due to the complications that might arise if the US market does not open in the following year.
It is well mentioned that the US market has both previously and at this point in time proved to be an expensive sport for PartyGaming which in addition to the acquisition of the WPT for reasons of making its possible return to the US market smooth; another $105 million have been agreed to be paid over the next 3.5 years in order to settle outstanding debts related to the UIGEA and its presence in the US market between the period of 1998 – 2006. After the announcement of figures; PRTY.L which is the Party Gaming prefix for its stock which is listed on the LSE closed at 310.1 pence.
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