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PartyGaming CEO steps down
PartyGaming CEO Mitch Garber is leaving the company after a year in which the business's profits dropped 67% due to losing the U.S. online gambling market, according to a story with Bloomberg.
Garber joined the company in April 2006, just seven months before the Unlawful Internet Gambling Enforcement Act was passed. Since then PartyGaming and all of its brands including PartyPoker, PartyBets, PartyCasino, PartyBingo and PartyGammon have pulled out of the U.S. market.
According to the story with Bloomberg, Garber won't renew his contract beyond May 1, 2009. The 43-year-old executive is planning to move his family back to their native North America.
Despite the company's ventures into new markets in Asia and Europe, PartyGaming stocks have taken a beating in the past few months. Net income fell from $128.4 million in 2006 to $41.6 million in 2007.
Talks are still ongoing with the U.S. Department of Justice; if the outcome is positive, PartyGaming might return to U.S. markets in the future.
"We have every reason to believe that we can reach a resolution in 2008," Garber said in the Bloomberg story .
Meanwhile the company will begin seeking a replacement for Garber will begin immediately with both internal and external candidates considered.
"I think it's great for the company to promote from within," Garber said. "A number of people who have come to PartyGaming through acquisitions or progressed through the company would have relevant skills."