Everest Poker Revenue Down 32 PercentGigaMedia Reports Net Loss at Everest Gaming of $86.7 Million in Fourth Quarter 2011 |
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GigaMedia, a 40 percent shareholder in Everest Gaming, saw its business unit Everest Poker report revenue down 31.5 percent to $7.4 million in the fourth quarter of 2011 compared to $10.8 million a year earlier.
Everest Gaming itself saw revenue fall 30 percent to $10.9 million in the final quarter of 2011 from $15.5 million in the same period last year.
Unique active players plummeted 44 percent to 82,000 from 146,000 while new depositing players plunged 37 percent to 24,000 from 38,000.
Most remarkably Everest Gaming also reported a total net loss of $86.7 million for the period compared to $8.6 million in the three months to the end of December 2010.
GigaMedia sold 60 percent of Everest gaming to Betclic owner Mangas Gaming in 2010 for $100 million.
In 2008 Everest Poker earned over $100 million in revenue and signed a sponsorship deal with the World Series of Poker which subsequently developed into a legal wrangle for the company.
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