PartyGaming Earnings Rise 119 Percent
By Staff
Gibraltar-based online gambling operator PartyGaming has revealed a 119 percent rise in its full year earnings from continuing operations to $111.7 million from $50.9 million in 2006.

It stated that the figure was ahead of market expectations, which ranged between $107 million and $110 million, but that its net revenues for 2007 were lower than expected at $476 million from $325 million the year before.

“With Mitch Garber declaring his intention to leave the group in 2009 and with trading only in-line with expectations, we think the shares may fall back a little over the coming days,” Richard Carter, an analyst for leading independent investment bank Numis Securities was quoted by Thomson Financial.

Last week, PartyGaming announced that it was in discussions with the US Department of Justice over the possibility of preventing retrospective legal action surrounding the Unlawful Internet Gambling Enforcement Act (UIGEA) and Carter stated that he expects a resolution to these talks by the end of the next quarter.

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