Noam Lanir Sells Empire Online Assets to PartyGaming

Noam Lanir, owner of online gambling firm Empire Online, is selling his remaining assets to PartyGaming. According to reports, the deal is worth $40 million.

Previously, Empire Online conducted business through getting players to play online poker through a PartyPoker skin. This means the poker player played a PartyPoker game through an Empire Poker banner.

Empire Online went through a tough period with the introduction of the Unlawful Internet Gambling Enforcement Act (UIGEA). Empire's shares are traded publicly on the London Stock Exchange, placing them in the vulnerable spot of having to make a decision on continuing serving US clients. Only 18 months ago the company had an estimated value of $928 million, but now that value has plunged to $244 million.

The deal between the 2 companies is expected to be finalized before the end of the year. Reportedly, Lanir will be specializing in real estate after he disposes of his gambling assets.

PartyGaming is slowly recovering from the shockwaves brought about by the UIGEA. Their numbers in the LSE show that they are slowly getting back in the game.

Rumors have also been circulating that PartyGaming may soon be opening their doors again in the United States. Nonetheless, the company has declined to comment on the issue.

February 05, 2007
Jeremy Evans