PartyGaming Revenue Increase Reflects Recovery From UIGEA

PartyGaming, a leading online gaming company, has generated close to $26 million in the last 4 weeks, a figure which is evident from a pre-close trading update that was released on Thursday, December 14th.

PartyGaming pulled the plug on its US operations and fired 945 of its people after the Unlawful Internet Gambling Enforcement Act (UIGEA) was passed.

However, PartyGaming would not reveal its 4th quarter key performance indicators yet, but rather chose to postpone the revelation of a further results statement until March.

As Mitch Garber, PartyGaming CEO stated, "(Passage of the UIGEA) was a blow to our business for sure, but one thing that I am very pleased to say is that our group has absorbed and now recovered from this incident".

"PartyGaming is no longer a poker-led, US-dependent and one language gaming operator," Garber added. "We are rapidly becoming a multi-lingual and multi-currency non-US company."

After the UIGEA was passed, daily poker revenues for PartyPoker reached a low of $637,000 a day. But PartyGaming, which is much more than a source of online poker, is now slowly getting back its bearings with an average of $721,000 per day.

Garber further stated, "We will continue to pursue deals that are accretive and can add either management or product expertise to any of our operational lines, and we will be pushing further into new territories as a main and key objective of M and A and in our organic business plan".

January 30, 2007
Jeremy Evans