Casinos.co.uk: Casino News Archive
Thursday 14th December 2006
PartyGaming Stabilises Revenue
PartyGaming Plc, which had been hit hard by the Unlawful Internet Gambling Enforcement Act, has reported that its revenues have quickly stabilised in the wake of the legislation, and that it has begun to see improvements in a number of its key performance indicators.
The online gaming operator also said the realignment of its infrastructure is almost complete and the company is on track to realise substantial annual cost savings.
In a trading statement PartyGaming said it had cut 945 jobs, about 41 percent of its total strength before the US legislation was passed, and the cash costs associated with the restructuring are expected to remain within its previous forecast.
The company reported that excluding sports betting, gross daily revenue in the last four weeks to December 11 averaged about $921,000 a day and overall player volumes averaged about 52,000 active players a day.
Gross daily poker revenues average $721,000 a day, having hit a low of $637,000 per day after the US law was passed. Gross casino revenue, including bingo and backgammon, has been steady, averaging about $199,000 per day.
PartyGaming also said non-executive directors Brian Larcombe and Nigel Kenny will step down from the board at the end of the year.
Source:OnlineCasinoNews
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