PartyGaming posts excellent preliminary financial results

PartyGaming Plc., owner of PartyPoker.com, has announced excellent preliminary results for the year ended December 31, 2005. According to a media release issued by the online gaming giant, revenues are up 63% to $977.7 million as compared to $601.6 million in 2004. The firm said the increase reflects continued growth in poker and the introduction of blackjack.

PartyGaming said poker remains the largest individual business segment, representing 88% of 2005 revenues. PartyPoker.com is the "driving force" behind the firm's poker businesses and total poker revenue grew 55% to $859.1 million as compared to $553 million in 2004. PartyGaming's latest daily poker revenues averaged $3 million, up 9% on the final quarter of 2005, while daily blackjack revenues fell slightly.

Commenting on the full year results for 2005, Michael Jackson, non-executive chairman, said: "PartyGaming's full year performance has again been outstanding, endorsing the strategy mapped out at the time of the IPO. The rapid pace of development has continued in 2006. The Group has launched PartyCasino as part of a fully-integrated, Party-branded platform with a common account and shared purse; made significant enhancements to PartyPoker.com; and acquired Empire Poker consolidating consolidating our leading position in online poker and concluding our skins strategy."

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