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A Huge Recovery

PartyGaming has recovered from the setbacks that the U.S. online casinos gambling ban forced on the company in 2006 and 2007 as is indicated by the recent full-year report released. The UIGEA legislation in the U.S. effectively forced foreign and offshore online gambling companies to abandon the highly lucrative U.S. gambling market. For companies like Party Gaming, the loss was nearly devastating to the company’s long-term financial viability, and the 2006 earnings were dismal. But the 2007 earnings and figures are essentially right online with predictions.

The 2007 profits for the online casinos gambling company came in at US $111.7 million which is a whopping 119 percent increase in profits from 2006. Party Gaming operates two main Web sites that generated revenue for the 2007 financial year and brought the company back into the black as far as operating profits and revenue as the company struggled to find a place in the European online gambling market. Both Party Poker and the online casinos gambling site Party Casino turned in impressive results.

There is one drawback according to some financial analysts looking at the big picture and long-term stability of the Party Gaming online casino gambling site. An independent investment bank analyst, Richard Carter, commented on the year-end results and how they will affect the company’s share price. He notes, “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.” That could be just a short term effect though and further share prices will fluctuate with the quarterly report releases.