clears up debts
By maddy, the operator behind online casinos which include, and, 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.

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