Sharp earnings rise for Party Gaming
20th May, 2008
Leading online gambling operator Party Gaming - the company that owns Party Casino - has notched up a phenomenal rise of full-year earnings for 2007.
The internet-based casino gambling firm revealed a 119 per cent rise in takings for the year, raking in a massive $111.7 million (£57 million) compared with $50.9 million in 2006.
That figure was marginally ahead of market expectations - ranging between $107 million and $110 million - but net revenues came in slightly below predictions at $476 million.
However, that still marked a significant rise against the $325 million taken in 2006 - and analysts say the muted figure merely reflects ongoing global economic turmoil.
Speaking to Thomson Financial, Richard Carter, an analyst for independent investment bank Numis Securities, commented: "With Mitch Garber declaring his intention to leave the group in 2009 and with trading only in-line with expectations, we think the shares may fall back a little over the coming days."
The online casino recently revealed it is holding discussions with the US authorities over the possibility of blocking retrospective legal action relating to that country's 2006 ban on online gambling.
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