PartyCasino Revenue Rise Of 32%
3rd February, 2010
Leading online gambling operator PartyGaming, owner of PartyCasino, has revealed that its fourth quarter revenue has risen by 32% to $132.2million; this has been achieved by large acquisitions of companies including cashcade and a strong performance in its online casino and sports betting areas.
The adjusted earnings before interest, taxes, depreciation and amortization and now likely to be slightly ahead of the board's expectations; with new player sign-ups in the quarter rising 3% to around 213,000.
"Whilst the regulatory picture in some countries remains uncertain, the momentum towards creating commercially viable and regulated markets is strong," said CEO Jim Ryan.
"Quarter 4 finished even stronger than we had anticipated, largely due to casino," says KBC Peel Hunt analyst Nick Batram. "Meanwhile, poker has delivered its first quarterly sequential revenue growth since Q1 2008. This is yet another example of management delivery."
In other PartyGaming news, the company has separately announced the appointment of Per Widerstroem to a newly created role of chief operating officer at the online casino company.
By Gina
