Everest Poker Revenue Down 19 PercentEverest Gaming Reports Second Quarter Loss Of $11 Million |
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Gigamedia, which part owns Everest Poker with Mangas Gaming, has reported poker revenue down 19 percent to $8.5 million in the second quarter of 2011 from $10.4 million in the first quarter of 2011.
The second quarter of 2011 saw approximately 110,000 active depositing players and 25,000 new depositing players.
This compares to approximately 126,000 active depositing players and 40,000 new depositing players in the first quarter.
Everest Gaming, Everest Poker’s parent company, also reported to GigaMedia total net loss of $11.0 million for the period. This compares to $8.6 million for the first quarter of 2011 making a total loss of $19.6 million for the year to date.
GigaMedia sold 60 percent of Everest Gaming to Mangas Gaming in May 2010 for an initial payment of $100 million but Everest Poker has seen revenue plummet from its 2008 peak of over $100 million to around one-third of that pro rata.
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