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!

4mins ago someone from United States played White Buffalo

Casino Community

Share this page on:
Follow LCB on:
Follow LCB

Casino Of The Month

Casino of the Month

In the last 24h

Totals

  • New Members
    27
  • Members Online
    321
  • Guests
    2,058
Highest Community Rated Online Casinos
NextCasino
  (97 Ratings)
Bet365 Games
  (113 Ratings)
CasinoLuck
  (161 Ratings)
Betsson Casino
  (148 Ratings)
BitCasino.io
  (100 Ratings)
Guts Casino
  (117 Ratings)
Redbet Casino
  (94 Ratings)
Intertops Casino Classic
  (69 Ratings)
Betsafe Casino
  (124 Ratings)
Unibet Casino
  (92 Ratings)
Slotty Vegas
  (56 Ratings)
3Dice Casino
  (163 Ratings)
Spin Palace Casino
  (87 Ratings)
Thrills Casino
  (87 Ratings)
Uptown Aces
  (71 Ratings)
Liberty Slots Casino
  (115 Ratings)
Mr Green Casino
  (227 Ratings)
32 Red Casino
  (194 Ratings)
ComeOn Casino
  (175 Ratings)
Winner Casino
  (287 Ratings)
Vera John Casino
  (134 Ratings)
Casino Saga
  (68 Ratings)
Jetbull Casino
  (66 Ratings)
Casumo
  (82 Ratings)
Sin City Casino
  (66 Ratings)
River Nile Casino
  (74 Ratings)
BETAT Casino
  (132 Ratings)
No Bonus Casino
  (37 Ratings)
Crazy Vegas
  (121 Ratings)
Whitebet Casino
  (60 Ratings)


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