Party Casino Releases New Figures

05th March, 2010

One of the best uk casinos and poker rooms has released it's financial report for 2009, announcing a huge fall in the company's profit compared to the previous year.

The Gibraltar based online gaming company Party Gaming, the name behind Party Casino revealed a net loss of $26.5m for 2009, compared with a profit in 2008 of over $65m.

Whilst revenues dipped by 5.7% overall, it was their Party Poker product who performed the worst, seeing a 28.3% fall in net revenues to $196m. Party Casino came to the rescue though, with continued improvement in performance, weighing in withnearly $200m in revenue. Party Bets was the supporting actor, adding nearly $20m to the piece.

Party Gaming was quick to point out that the main reason for the sharp loss in profits was due mainly to £95m spent on buying Cashcade, the leading online casino and bingo company, as well as £8m on the World Poker Tour, as well as the deal that they did in early 2009 with the US DoJ, agreeing to pay over $105m as part of the UIGEA dispute.

A spokesman for the company said of the deal...

'We believe that at some point the U.S. will regulate online gaming and we want to be ready to take that opportunity. We have a number of organizations who are willing to do business with us. It is our ticket back.'

CEO of Party Gaming, Jim Ryan said of these latest results...

'We delivered a solid performance during 2009, which demonstrated the resilience of our business model that continues to generate strong cash flow, even in the most challenging of circumstances. With some acquisitions and major B2B deals already under our belt, we plan to do more in 2010 and I believe we are on course to meet our objective of becoming the world’s most valuable online gaming company.'

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