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Thursday 27th April 2006 Empire Poker Sale Hits Q1 2006 Revenue
Empire Online has announced Q1 2006 financial results that included an expected shortfall in revenue after the sale of its Empire Poker site. The online gaming operator is now concentrating on new acquisitions and has set aside up to £145.1million to do so.
Empire's total first-quarter net gaming revenue was £11.8m, compared with £12.6m in the preceding quarter and £13.7m a year ago. Casino revenues nearly tripled year-on-year to £8.6m but it was the poker revenue that caused the decrease in profits
Following the £140.2m sale of Empire Poker to PartyGaming in February, poker profits fell by 69% to £3.3m.
A spokesperson for Empire Online confirmed the desire to look for new acquisitions, “Empire Online is actively seeking to acquire complementary gaming businesses in such areas as sports betting, skill-based gaming and soft-gaming niches such as bingo. In addition, the company is exploring further poker and casino acquisitions.”
Source: OnlineCasinoNews
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