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Empire Online sales down after poker sale

27 April 2006

As reported by: Tiscali
Internet gambling group Empire Online reported a slight decline in first quarter gaming revenues on Thursday, following the sale of its Empire Poker site, but said it now had up to $259 million (145 million pounds) for acquisitions.

Total first-quarter net gaming revenue was $21.1 million, compared to $22.5 million in the preceding quarter and $24.4 million a year ago.

Casino revenues nearly tripled year-on-year to $15.3 million, but poker revenues fell by 69 percent to $5.8 million, following the $250 million sale of Empire Poker to industry leader PartyGaming in February.

Empire said it now had $259 million of cash on its balance sheet at the end of the first quarter.

"The company now has the financial strength to diversify both its product and geographical exposure outside of the USA through value enhancing acquisitions," it said in a statement.

"Empire Online is actively seeking to acquire complementary gaming businesses in such areas as sports betting, skill-based gaming and soft-gaming niches such as bingo," it added. "

"In addition, the company is exploring further poker and casino acquisitions."
Article By: Tiscali

Related Articles:

PartyGaming to buy Empire, Intercontinental Online - 29 December 2006
Empire Online still confident of revenue rise - 04 April 2006
Empire Online suing PartyGaming in Gibraltar - 06 December 2005
PartyGaming strikes two poker deals - 12 November 2005
PartyGaming in Empire Online Takeover Talks - 04 November 2005

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