Exchange Rate Affects Poker At PartyGamingYear End Trading Update Says Daily Poker Revenue Up But Tempered By Euro/Dollar Rate |
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Today’s trading update from PartyGaming Plc indicates daily gross poker revenue is up but gains have been offset somewhat by the Euro’s strength against the dollar over the period.
Jim Ryan, chief executive officer of PartyGaming said, “Revenues in the fourth quarter have enjoyed their usual seasonal upturn. Casino has performed particularly strongly with double-digit revenue growth over the third quarter, although currency movements meant that the uplift in poker has been less pronounced than usual. Clean EBITDA margins are expected to be in line with our previous guidance for 2010.
Ryan also confirmed the upcoming merger with bwin will be completed by the end of March 2011 saying, “The proposed merger with bwin remains on-track to complete at the end of the first quarter and should place the combined group in a strong position to take advantage of the changing regulatory landscape in Europe given its leadership positions across all key product verticals.”
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