|AngelCiti.com, the operator behind online casinos which include SharkCasino.com, SharkPoker.com and TheHouseWins.com, has disclosed that it has a achieved a major milestone by paying down all of its long term debt, from internally generated cash flow and equity raised by the company. |
The company added that this is an important effort as it would boost its expansion plans in 2004. Other than technical inter-company debt between the company and its wholly owned subsidiaries and miscellaneous service provider bills incurred in the ordinary course of business, the company is now debt-free.
AngelCiti President George Gutierrez said that by paying down debt incurred from initial start-up costs, the financial burden is left behind and will strengthen the company’s Asian market expansion efforts.
The online operator believes it has good prospects in getting a slice of the online casino market, which is pegged to be worth by $10 billion in 2005 by industry analysts.