PartyGaming Still Unstopable
PartyGaming Plc, the online poker operator of PartyPoker.com whose shares have slumped since June's initial public offering, said revenue increased 32 percent from its poker and online casino players.
Revenue for the three months ended Sept. 30 rose to $220 million from $166.1 million, the Gibraltar-based company said today in a Regulatory News Service statement. That compares with an 81 percent first-half gain. The number of days on which regular users played poker increased 53 percent, PartyGaming said.
Shares of PartyGaming slid 33 percent Sept. 6 after the company said revenue growth is slowing.
'Since the end of September there has been a marked improvement in poker and casino,' Chief Executive Officer Richard Segal said in the statement. 'We remain confident about the group's prospects.'
Customer retention rates are falling at PartyGaming as more casual players come on line. Competition is also increasing in the market, which is 51 percent-controlled by PartyGaming.
The poker industry has swelled as events such as the World Series of Poker have encouraged more people play games such as Texas Hold'em on line. About 29,000 players competed for more than $103 million of prize money at this year's tournament in Las Vegas.
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OnlineCasinoNews.com - 2005-10-25 11:52:59