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No Clear Specifics

Party Gaming has made headlines over the past week as the company moves into the new year with an aggressive expansion strategy and plans to finalize negotiations with the US government for pre-UIGEA online casino gambling activity. But the recent attention comes not from positive announcements but instead center on the recently launched litigation against the former CEO of the Livermore Investments Group, Ltd. Party Gaming purchased Livermore in 2006 from Noam Lanir. In the intervening nearly three years Livermore has failed to generate acceptable profit and revenues – and Party Gaming is suing for six figures according to the recent reports.

The online casino gambling industry is a tough place to stay afloat and the $38 million spent on Livermore is certainly a hefty investment in what is now a non-revenue making business. There are actually very few details of the litigation process and neither side has released specifics on the lawsuit. But while the exact details of the litigation are largely unknown, the actual litigation itself was confirmed by John Shepherd, the Director of Communications at Party Gaming.

The litigation claim was filed on December 23, 2008 – beyond that there is little addition information available at this point. As the litigation process proceeds and the two companies begin negotiations and/or a court hearing date there will likely be additional information on the lawsuit. The Party Gaming online casino gambling group has a lot on its plate this year and the litigation is just one of the concerns – growth strategies in the European market are likely the biggest stressor for the company.