Online Casino BTDino

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Saturday, October 08, 2005

what is a casino

Yesterday PartyGaming announced the appointment of Michael Jackson, the chairman of Sage Group, the software firm, as non-executive chairman, while Brian Larcombe, the former chief executive of the private equity firm 3i, becomes non-executive deputy chairman.

Richard Segal, PartyGaming’s chief executive, said: “They are both guys with very substantial reputations and the fact that they are on board with this says something about PartyGaming.”

He said that there had been no falling out with Investec, adding: “The strategic review ended and their mandate finished. David Currie is a good guy and he and his team will be on my Christmas card list.”

PartyGaming, which would be catapulted into the FTSE 100 index, reported annual revenues last year of $602 million (£302 million) and earnings before interest, tax, depreciation and amortisation (ebitda) of $391 million. Analysts are predicting that ebitda this year will hit $600 million as the poker boom gathers pace.

Cassava Enterprises, owner of the gambling website, is expected to pursue an IPO in the second week of July or in September, depending on market conditions.