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PartyGaming CEO Does Not Renew Contract - 03-05-08 |
March 5 - Mitch Garber, one of the most respected executives in online gambling,
has shocked many in the industry with news that next year he will step down as
the chief executive officer of successful online casino and poker powerhouse, PartyGaming.
PartyGaming, which owns and operates amongst other online gambling sites, the
highly popular PartyPoker online poker room, announced that Garber has chosen
not to renew his contract with the company, which runs out in May next year.
According to recent reports, Garber wishes to return to his native Canada with
his family one his contract is up. Currently he lives in the online
gambling-friendly jurisdiction of Gibraltar, where PartyGaming's headquarters
and operations centre are based.
Interestingly, news of Garber's resignation has come not long after
PartyGaming
reported a $6.7 million pre-tax profit in the year to the end of December,
compared with a $77.4 million loss of the previous year as a result of the US
online gambling ban.
Hard hit by the Unlawful Internet Gambling Enforcement Act (UIGEA) which was
passed by US Congress in late 2006 and signed into law shortly thereafter,
PartyGaming was forced to focus its marketing efforts elsewhere, with its once
lucrative US business all but gone.
Said Garber on the company's comeback, 'While the majority of PartyGaming's
revenue was wiped out, we managed to survive by focusing on increasing our
player base, offering our websites in more languages and currencies and by
constantly adding new and mire exciting games.'
After the news, shares in PartyGaming fell by 7%c to GBP 25.5 by late-morning
today.
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>> PartyGaming May Face $20m in Back Taxes - 01-07-08
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