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Saturday, October 15, 2005

Revenue casinos

The company, which recently changed its name from iGlobalmedia, is understood to favour an initial public offering (IPO) some time this year, although its advisers will also consider alternative ways of taking the company forward, including raising debt or seeking a merger partner.

Last summer PartyGaming appointed Richard Segal, the former Odeon Cinemas boss, as its chief executive and it recently hired Martin Weigold as finance director. Mr Weigold was previously chief financial officer at Jetix Europe, the children’s entertainment network formerly called Fox Kids Europe.

Last year the company reported earnings before interest, tax, depreciation and amortisation of about $350 million (£186 million). However its IPO valuation is likely to be based on projected 2005 earnings of as much as $600 million, implying a valuation of perhaps $5 billion to $6 billion.