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DATE: May 26 2012
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Poker.co.uk - Poker News Archive

Thursday 10th May 2007

Online Casino Firm�s Profits Excel

Online gaming technology firm Playtech has exceeded analyst expectations, posting a first quarter profit of $19.8m, with growth expected to continue.

Playtech saw a 56% increase in online poker revenue, to a total of $4.2m - double last year�s figure. Europe is an expanding market as many sites join Playtech�s market-leading iPoker network. The latest migration by Tribeca doubled player numbers but was completed a month ahead of schedule. This will also mean increased future revenues

Meanwhile, land-based operator Harrah�s Entertainment missed Wall Street predictions for earnings of $1 per share by 2 cents. However, with a net profit of $185.3m, the world�s largest casino operator is still a worthy target for its planned takeover.

Harrah�s profits were down due to marketing costs in the north-eastern States. Such an investment is not bad news for Apollo Management and Texas Pacific group who agreed to pay $17bn or $90 a share for Harrah�s in December.

Both Harrah�s and Playtech have benefited from the growing popularity of online and offline poker; Harrah�s host the World Series of Poker this year and has profited from the growth of televised poker tournaments.

Source: OnlineCasinoNews

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