September 2 - The Chief Executive Officer of gambling giant, Party Gaming,
Jim Ryan, said that his company's settlement with the Department of Justice in
the United States was a huge advantage for the group.
Ryan said that by settling with the authorities over charges of illegal
gambling activity prior to the introduction of the Unlawful Internet Gambling
Enforcement Act, the group had a strong advantage over its rivals.
Ryan noted that it was in a good position to now start eyeing lucrative
Merger and Acquisition deals.
"We believe we have a strategic advantage," he said. "It took two years and
discussions over 200,000 documents to reach a settlement. This is not a quick
process. One does not will your way to it."
Party Gaming agreed to pay the Department of Justice $105 million in April.
The group said that it was not "in a race" with rival companies, although
since settling with the US authorities, it has purchased online bingo website,
Cashcade for £72 million and has recently paid out another £12.3 million
for the World Poker Tour brand.
These recent acquisitions pinpoint exactly the direction that Party Gaming is
facing when it comes to market expansion.
Pre tax profits for the group jumped from $30.3 million to $38 million in the
first six months of the year.
However, taking into account the settlement with authorities, underlying loss
was $66.9 million.
Please visit Party Poker or Party Casino.
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