Party looks for new opportunities
PartyGaming have announced that they will take a $250 million one off charge resulting from the new anti-online gambling legislation, having shut down their US operations. In the face of this financial setback, they still see the industry thriving with opportunities.
Chief Executive Mitch Garber said, 'We have entered a new and distinct era. You can expect to see us push aggressively into new territory, including Asia.'
PartyGaming have shown a loss of over 70% from their revenue since the legislation, seeing a staggering $3 billion slashed from the value of the company. For the moment, Garber sees Party Gaming as consolidating their position, but any move they make in the future will likely to be aggressive and have a big impact on the industry.
'Chaos breeds opportunity,' he said. 'I believe this is a golden consolidation opportunity for PartyGaming. We are the online gaming company with the most firepower.'
Editor, Jackpot.co.uk - 2006-10-23 11:57:37