Empire Online, owner of Noble Poker, today released its 2006 first quarter (Q1) trading update. The gaming firm reported a 69% decline in poker revenues to $5.8 million as a result of the sale of Empire Poker to rival company PartyGaming Plc., owner of PartyPoker.com, for $250 million this winter. Casino revenues were posted at $15.3 million, nearly three times the amount reported in Q1 2005.
Total Q1 net gaming revenue was listed at $21.1 million, as compared to $22.5 million in Q4 2005 and $24.4 million in Q1 2005.
Despite the devaluation, Empire is poised to spend $259 million on acquisitions of any number of online gambling firms, including poker rooms, casinos, bingo sites, and sports betting sites.
Commenting on the trading update, CEO Noam Lanir said, "I am delighted to report on such strong growth in our core businesses. Empire Online is in a strong and stable position and I look forward to this year being one of further progress for the company through the continued growth of our existing business and additional growth from an acquisition programme which will diversify the Company’s product and geographic reach."
*In this article, "the Company" refers to Empire Online.