PartyGaming Reports First Quarter Financial Results
PartyCasino
PartyGaming has reported a 27% year-on-year increase in revenue for the first quarter of 2010 and confirmed that most elements of the PartyGaming brand, aside from poker, are performing well. The online gaming company, which operates PartyCasino, PartyBingo and PartyPoker, announced profits of $127.1 million (£80 million) for the first quarter of 2010, with earnings from the casino amounting to $51.2 million. PartyGaming’s bingo brand also performed well during the first few months of 2010, with revenue up from $1 million to $17.7 million, when compared with 2009’s financial results for the same period.
However, PartyGaming also announced that, just like 888, the company’s poker brand isn’t performing well due to increased competition. PartyGaming’s chief executive Jim Ryan confirmed that PartyGaming’s poker brand earnings fell by 11% to $47.8 million when compared with 2009’s figures “due to competition from US-facing sites”. Analysts have suggested that while the financial results are positive, it’s likely that if PartyGaming promotes its online casino more then “margins are likely to come under pressure”. PartyGaming’s Jim Ryan made clear that the company has met its financial expectations for the first quarter.
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