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Party Gaming profits continue to decline

The current world economic crisis is affecting the finances of online poker companies. The latest quarterly earnings reports of PartyGaming Inc. (owners of Party Poker) show lower profits which are mainly due to falling poker revenue (a decline of 15%, or US$65m).

However, company insiders hope that the recent re-launch of its flagship PartyPoker.com site will reinvigorate this portion of the company. Despite the reduction in the poker profitability, PartyGaming (partly due to its strong online casino platform) remains profitable overall, citing revenues of US$117m.

Despite the company’s market value dropping substantially over the last two years - from a US$7bn peak to around US$500m - there are high levels of optimism within the company, mainly due to feelings that the new Obama-led administration will be far more open to discussions on re-opening the US market than the Bush administration ever was. In addition, constructive talks with the US Justice Department are ongoing.

According to PartyGaming CEO Jim Ryan, the company is on the brink of a “transformational acquisition”, meaning that a new round of mergers and acquisitions within the online gaming industry could stimulate the market. In addition, PartyGaming’s branded online gaming system could be further enhanced by a recent deal with a UK broadcaster.

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