Casinos.co.uk: Casino News Archive
Friday 18th March 2005
Online casino to float for $1.6 billion
Cassava, the owners of the world’s biggest Internet gambling companies have reportedly asked Credit Suisse First Boston to take 888.com to the stock market. The value of the online casino is estimated to be at $1.6 billion (£836 million). The flotation is expected in the second half of the year.
Cassava has three other gaming sites: Betmate UK, Casino-on-Net and Pacific Poker. The sites are barred to Israeli surfers, as part of a strategic decision by Cassava, due to legal uncertainty in Israel regarding gambling.
VHL told 'Globes' in response, 'As a matter of policy, VHL does not normally confirm or deny rumours about talks or business contacts, whether they exist or not.'
The flotation of the company will naturally force Cassava to disclose its figures to the public. The company's annual turnover has reportedly exceeded the $1 billion threshold, and its profits are estimated at $200-300 million.
Source:OnlineCasinoNews
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