Quarter four results released by Party Gaming


Significant rise in sales and a sound manager recruited

Online gambling group Party Gaming plc has reported a significant 32 percent rise in fourth quarter sales – a hopeful sign that punters are back enjoying a wager after a hard year.

Sales rose to $132.2 million in the three months to December 31 from $100.4 million in the same period in 2008, helped by two acquisitions and a particularly strong performance in its online casino division.

Finance director Martin Weigold told reporters that casino revenue was boosted by a customer who won $5 million in one of the group's large jackpots and recycled $2 million of that win back into Party Gaming's casino website.

Weigold said the company expects to report double digit sales and profit growth in the year ahead.

The bullish outlook for 2010 sits comfortably with the group's 2009 earnings, which it expects to be ahead of its own board forecasts.

Weigold said market consensus is for EBITDA of $132 million in 2010, and Party Gaming expects to outperform this.

Alongside its Internet casino improvements, the gambling group reversed an 18-month trend of quarter-on-quarter revenue declines for its online poker division, posting a 9 percent rise in sales to $49.1 million.

The company’s poker operations had been under pressure due to stiff competition from rivals, and the company has reacted by increasing the bonuses paid and expanding its loyalty program to retain players.

It already has a growing presence in Italy, and with France and denmark due to formalize regulation this year and next, the company is confident of its future growth prospects.

Party’s chief executive, Jim Ryan, told reporters the company was in "active discussions" with a number of parties, fuelling speculation that a major deal could be on the cards in 2010. Bwin has been repeatedly mentioned by analysts as the partner of choice .

The gambling group said that it is pursuing more business-to-business and government deals after reaching an agreement earlier in January to provide on online gaming platform for the operator of the Danish national lottery .

The company also announced the appointment of Per Widerstrom, previously CEO of the French online gambling group Mangas Gaming. Widerstrom is take up responsibilities with Party Gaming as group chief operating officer, a newly created post which effectively frees up CEO Ryan to focus on M&A and new business opportunities.

General Gambling News

Login to post a comment:


 
 

Click Here to register a new account

What's going on right now!

3mins ago someone from United States played Book of Fortune

Casino Of The Month

Casino of the Month

Casino Community

Share this page on:
Follow LCB on:
Follow LCB

In the last 24h

Totals

  • New Members
    30
  • Members Online
    432
  • Guests
    1,730
Highest Community Rated Online Casinos
Guts Casino
  (272 Ratings)
32 Red Casino
  (512 Ratings)
Club USA Casino
  (383 Ratings)
Mr Green Casino
  (376 Ratings)
Buzzluck Casino
  (246 Ratings)
Lucky Red Casino
  (295 Ratings)
Videoslots.com
  (245 Ratings)
Bet365 Games
  (240 Ratings)
CasinoRoom
  (243 Ratings)
Unibet Casino
  (223 Ratings)
Raging Bull
  (174 Ratings)
NextCasino
  (243 Ratings)
CasinoLuck
  (318 Ratings)
SlotsMillion
  (155 Ratings)
Betsson Casino
  (311 Ratings)
TradaCasino
  (98 Ratings)
Redbet Casino
  (226 Ratings)
Betsafe Casino
  (288 Ratings)
Vera John Casino
  (247 Ratings)
Casino Extreme
  (259 Ratings)
ComeOn Casino
  (348 Ratings)
Chance Hill
  (50 Ratings)
Thrills Casino
  (237 Ratings)
Ladbrokes Casino
  (200 Ratings)
InterCasino
  (196 Ratings)
Bet365 Casino
  (488 Ratings)
Intertops Red Casino
  (172 Ratings)
Slotland
  (422 Ratings)
Win A Day Casino
  (456 Ratings)
Slotty Vegas
  (170 Ratings)


Follow LCB on Facebook Follow LCB on Twitter Follow LCB on Pinterest Follow LCB on Google plus