Wednesday, Feb. 14, 2007

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PartyGaming exec previews full-year profit

By Sarah Polson

Mitch Garber, PartyGaming Plc. chief executive, talked to attendants at the Gala Casino in Gibraltar last week, giving people a preview of the company's full-year profits.

Though he didn't specify what profit figures he was talking about, he said the company was expecting a profit of more than $140 million, according to Reuters.

The profit for PartyGaming, which owns PartyPoker.com, comes despite choosing to give up its U.S. customers after the nation passed the Unlawful Internet Gambling Enforcement Act (UIGEA).

The changes have put a dent in the company's profits though. The projected $140 million is considerably less than the $293 million net profit the company reported for 2005.

To compensate for the loss of the U.S. market, Garber said he hoped the company would expand its international presence with deals in Russia and Asian countries such as China.

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