Earnings Rise 119 Percent for Party Poker Parent PartyGaming

Gibraltar-based Party Poker parent, PartyGaming, has revealed a 119 percent rise in its full 2007 year earnings from continuing operations to $111.7 million, from $50.9 million in 2006. This exceeded 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.

When asked last week when he might expect a resolution with the US Department of Justice, Garber said:

"It's very hard to predict. There's some fluidity to it. We're in the midst of a process and our attorneys tell us it is moving in the right direction and at the right speed."

The company, which exited the United States market following the enactment of the Unlawful Internet Gambling Enforcement Act (UIGEA) October 2006, has been in negotiations with the U.S. authorities for some months. It is postulated that PartyGaming is seeking a settlement on its pre-UIGEA activities to assure that they would not be prosecuted any time in the future. Such a settlement would strengthen any mergers and acquisitions for the company by removing uncertainties related to possible U.S. prosecution.

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