Online gaming company up for sale

PartyGaming, the online gaming company, is open to approaches from big Las Vegas casinos with regards to a sale, according to chief executive officer Mitch Garber.

Garber dropped the bombshell in an interview with the Financial Times at last weeks EIG 2007 i-Gaming conference in Barcelona.

When the US passed the Unlawful Internet Gambling Enforcement Act (UIGEA) last year, PartyGaming were hit harder than most. They immediately withdrew from the US market and took an exceptional charge of $250 million in the process.

Ever since then they have sought to consolidate their position in the market.

Should the US reform the UIGEA and decide to regulate online gambling, which they have come under pressure from all angles to do, the eventual buyer would immediately be in a strong position.

However, what would be more appealing, especially to US casinos as Garber is seeking, is an entrance into the UK gambling market and, on a wider scale, the European gambling market. Garber would not reveal if PartyGaming were currently in talks with any interested parties or refused to name any possible suitors.

However, it seems likely nothing will happen conclusively before PartyGaming has finished its talks with the United States Department of Justice regarding the company’s position in the US before the UIGEA was passed, although a hefty fine seems most probable.

Amongst PartyGaming’s suite of gaming products are the well-established PartyPoker and PartyCasino, plus smaller offerings such as PartyBingo and PartyGammon.

Editor, - 2007-10-10 11:33:11

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