Monday, December 21, 2009

PartyGaming Sees FY Earnings Up on Poker - 19th December 2009

Online gaming firm PartyGaming said fourth-quarter trading was solid, helped by a return to growth in poker, and that it expected full-year earnings to beat its own expectations.

The company said revenue was in line with its forecasts while clean earnings before interest, tax, depreciation and amortisation were expected to be slightly ahead of the board's expectations.

PartyGaming said on Friday its casino and bingo businesses were both performing well on the back of new games, higher jackpots and the Cashcade acquisition in July.

In sports betting, the company said it had benefited from a good run of results.

It also said it had agreed a new 35 million pounds three-year banking facility.

Analysts expect PartyGaming to report EBITDA of about $132 million (81.4 million pounds) for 2009, according to a Thomson Reuters I/B/E/S poll of eight brokers.

British media on Sunday said the company was in discussions with Austria's bwin Interactive Entertainment AG, but bwin downplayed the report, saying it was not in any advanced talks. PartyGaming said it did not comment on market speculation.

Global Gaming Directory Profiles