PartyGaming Releases Financial Results for 2005Poker Accounted for Large Majority of Revenue |
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PartyGaming, owner of PartyPoker.com, released its preliminary financial announcement for 2005, and the figures show that poker is the company's golden goose.
Revenues in 2005 for PartyGaming, which also includes PartyCasino.com and PartyBingo.com, hit $977 million, up 63 percent from 2004. Out of that, $859 million was generated solely by people playing online poker. The rest ($118 million) came from the company's online casino and bingo operations.
In 2004, $553 million was brought in through poker, and $48 million by the casino.
The company's Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA), was $349 million. That number was adjusted to include the money PartyGaming spent floating its stock and settling a legal dispute with Empire Poker.
Cash flow from operating activities was up to $620 million, compared to $429 million in 2004. The net cash available at the end of the year was down to $200 million. In 2004, it was $350 million when the company was preparing for its IPO.
For the entire year, 839,317 new players signed up to play for real money at PartyPoker.com. In 2004, that number was 596,565. The average daily revenue at PartyPoker.com for 2005 was $2,274,943.
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