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PartyGaming Signs Deal with Leading Spanish Gaming Group CIRSA

by PokerPages.com
Fri, Feb 6th, 2009 @ 12:00am

Party Poker parent, PartyGaming, today announced that it has entered into a three-year global alliance with Spain's leading international gaming group, CIRSA Gaming Corporation S.A. (CIRSA). PartyGaming said in their press release that the alliance would enable them to "explore and develop internet gaming opportunities in Spanish-speaking countries," a nod to CIRSA's strong presence in Latin and South America.

The alliance announcement comes as PartyGaming reported a steep 18% fall in fourth quarter revenues from its traditional online gambling activities. The company attributed US dollar currency movements, promotions, tough competition pressures- particularly in online poker, where sites that continue to take bets from US customers are distorting the market, and a delay in the launch of the group's new loyalty scheme, adversly affecting revenues.

Barcelona-based CIRSA reports that they have become one of the world's leading offline gaming companies. They own and operate bingo halls, casinos and amusement arcades in more than 70 countries. They have market leadership in Spain where they have 57 bingo clubs, four casinos and 139 amusement arcades.

Commenting on today's announcement, Jim Ryan, Chief Executive Officer of PartyGaming said:

"Our agreement with CIRSA is part of our stated strategy to develop a strong business-to-business operation through alliances with leading companies around the world. We believe the combination of CIRSA's assets with our online gaming expertise will create a major opportunity for both companies, especially throughout the Spanish speaking world."

PartyGaming said it was in discussion with other well-known, but as of yet unnamed, operators about forming similar alliances.

Other PartyGaming News

PartyGaming, continues talks with the US Department of Justice, hoping to settle any US liabilities in the wake of the crackdown on internet gambling in 2006. PartyGaming noted that the DOJ discussions "continue to progress in line with our expectations".

In December Anurag Dikshit, co-founder of PartyGaming pleaded guilty to a single charge of online gambling and forfeited $300m, which in return ended any liability hanging over him.

It is rumored that Russ DeLeon and Ruth Parasol, two other founders of the company, did not settle with the US authorities at that time, as they prefer to wait to see if the Obama administration re-opens the United States to online gambling. No mention of the intentions of Vikrant Bhargava, the fourth founder of the company, has been made.

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