Casino News: Internet Bill Sparks Dividend Drop
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Internet Bill Sparks Dividend Drop October 14, 2006, 12:18 pm (5 years ago)In the aftermath of the US Congress decision to pass the Internet Gambling law, online gaming group PartyGaming has announced that it is to cancel its dividend that was due to be paid at the end of this month.
The world’s largest internet gambling firm, said in a statement that it had decided to cancel the interim dividend of three cents a share in order to spend the money, a total of $120 million (£64 million), on acquisitions. The AIM-listed World Gaming also released a statement saying that it was in discussions with its banks following the decision by US Congress. The company, which derives 90 percent of its revenues from the US through sites such as sportsbetting.com and betonusa.com, said that the ‘material adverse change’ to its business from the new law could put it in ‘technical default’ of its loan agreement. In other news, PartyGaming rival 888 Holdings, said that it is planning to turn its American gaming platform into an entertainment website when the new law takes effect. The new site is likely to include fantasy sports, where punters can win cash prizes for selecting successful fantasy sports teams. Change is the only element that will never change. Every other thing in this globe is bound to change. In this case, for Good!
1. Chandrakant Mohonee
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