It has been reported on FT.com that Chief Executive Officer Mitch Garber of PartyGaming has announced the online gambling group is open to being bought out by Las Vegas casinos. During the EIG2007 iGaming conference in Barcelona, Garber spoke in an interview with FT.com and made this announcement. The online gaming group would like its buyers to be from a major casino in Las Vegas.
The company has seen hard times since the passing of the UIGEA and has since pulled out from the United States marketplace. When they were associated with the United States, the company made almost $10 billion. Since that time, the company only brings in around $2.5 billion. Garber is interested in Las Vegas casinos because he thinks it would be a great venture for a casino wanting to enter the global online stage.
Any casino or buyer interested in PartyGaming will probably have to wait until the company has finished their talks with the US Department of Justice. They are continuing to discuss PartyGaming’s activities in the United States before their departure. It is believed that the company may still be made to pay fines. The Unites States Department of Justice recently made NETeller pay$136 million fine.
Despite their losses, PartyGaming is still in business and they are making profitable trades and are becoming competitive again. If Barney Frank’s IGREA bill is picked up, a casino would reap rewards if they were to buy out the company. Only time will tell if PartyGaming will be bought out by a high rolling Las Vegas casino or if they will remain as they are right now.
PartyGaming’s holdings include PartyPoker , PartyCasino , PartyBingo, Starluck Online Casino, Planet Luck Online Casino, PartyGammon (Backgammon) and Gamebookers (Sportsbet).
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