Gambling Law Forces Partygaming To Change Hand
By Andrew B
The new law banning internet gambling in America has created new waves by forcing PartyGaming to cancel its interim dividend and enter into discussions with its banks over new loan arrangements.

PartyGaming said that it had decided to cancel the interim dividend of three cents a share that was due to be paid on October 31 in order to spend the money — a total of $120 million (£64 million) — on acquisitions.

The company must also negotiate a new loan facility with its banks within 30 days of U.S. President George W. Bush signing the bill into law.

A clause in the online gaming company's $500-million-loan agreement allowing its lenders to call in the loan in the event of an alteration in U.S. law that affects PartyGaming's position in the country prompted the move.

 
 
 
 
 
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