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Thursday, September 29, 2005

Pay my casino

It will pay up to $40m (£22.7m) in cash over a series of instalments for Club Dice, which runs four casino and bingo sites, and for Noble Poker.

Empire, which floated on the London market six weeks ago, has $47m cash in the bank. Its shares have raced up from the placing price of 175p to 223p.

Finance director Yossef Pereg refused to disclose the two individuals selling their businesses, and said the group could take up to three months to complete due dilligence.

Both acquisitions use Playtech software, generally reckoned to be the best on the circuit and used by another 50 independent gaming sites.

First-half profits from Empire jumped 87% to $25.5m on revenue virtually doubled to $49.7m. The only small fly in the ointment-was that revenue from virtual casinos dropped slightly due to what it called an 'extraordinary series of jackpots won by the company's players'.