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Party Gaming increase revenues
Many companies are posting losses at the moment, but Party Gaming have managed to buck the trend and have announced a 4% increase in daily bingo revenue for January, February and March, reaching $17.7 million. The gaming giant has fingers in many pies, and amongst others is the parent company of Think Bingo, Foxy Bingo, Cheeky Bingo and Party Bingo. Party Gaming bought Cashcade in July 2009, who owned the first 3 brands as well as Bingo Scotland.
The increase in bingo revenue was particularly welcome as the company’s poker side suffered a fall in revenue, largely caused by stiff competition from Poker Stars and Full Tilt Poker who dominate the US market.
Jim Ryan, the Chief Executive of Party Gaming chief said: “Total revenue was up by 27% year-on-year with strong increases in all product verticals except poker which fell due to competition from US-facing sites. On a quarter-on-quarter basis and as expected, we have seen a slight softening in average daily revenue overall following the exceptional casino performance in the previous quarter. While Clean EBITDA margins for the year to-date were ahead of our expectations in the first quarter of 2010, we are maintaining our previous full year guidance for 2010 Clean EBITDA margins of approximately 28%. In line with our expectations, since the end of March gross average daily revenues have softened and were down between 6% and 7% versus the average for the previous quarter, reflecting the normal seasonal pattern seen in previous years.”
Despite the positive announcement shares in Party Gaming fell just under 3 per cent in early trading, down 7 pence at 278 pence.
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