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PartyGaming's casino keeps year on track

Fri, 17th Dec 2010 08:12

PartyGaming, the internet gambling firm that's merging with rival bwin, has traded in line with expectations during the fourth quarter, with a stronger casino business offsetting weakness in poker and bingo.The company said trading since the end of September has been "solid" overall, thanks mainly to casino's double-digit growth in average daily gross revenue versus the third quarter.There was also growth at the poker business quarter on quarter, but the usual seasonal pickup has been "less pronounced" due to the euro's strength against the dollar. Both bingo and sports are down on Q3.But clean earnings before interest, tax, depreciation and amortisation (EBITDA) margins for 2010 remain in-line with previous guidance of 27-28%.And the company is excited about the possibility of online gaming being regulated in the US both at the Federal and State level. If it goes through, the group is "well advanced" in talks with licensed companies in the US that could create "substantial" value. "The proposed merger with bwin remains on-track to complete at the end of the first quarter and should place the combined group in a strong position to take advantage of the changing regulatory landscape in Europe given its leadership positions across all key product verticals," boss Jim Ryan said.
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30 Jul 2010 10:47

UK MARKET TALK ROUNDUP: BROKERS COMMENTS

Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk, markets.eu@dowjones.com Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com 0947 GMT [Dow Jones] Collins Stewart raises PartyGaming (PRTY.LN) price target to 350p from 265p, following its proposed merg

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30 Jul 2010 07:59

UK MARKET TALK ROUNDUP: BROKERS COMMENTS

Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk, markets.eu@dowjones.com Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com 0659 GMT [Dow Jones] Shore Capital upgrades PartyGaming (PRTY.LN) to hold from sell following the announcement of its plan to

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30 Jul 2010 07:59

MARKET TALK: Shore Capital Upgrades PartyGaming To Hold

0659 GMT [Dow Jones] Shore Capital upgrades PartyGaming (PRTY.LN) to hold from sell following the announcement of its plan to merge with Bwin (BWIN.VI). This deal is highly attractive and could provide significant future earnings accretion, says Shore. However, there remains some transaction risk an

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29 Jul 2010 16:33

London close: US gloom offsets company cheer

Footsie closed slightly in the red, despite starting well on the back of well-received company updates, as weakness in the US spread across the Atlantic. AstraZeneca closed sharply higher. The group's potential blockbuster heart drug Brilinta has received the backing of a US advisory panel just as

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29 Jul 2010 14:28

London afternoon: Footsie off the top

The Footsie drifted lower over the lunch time session though still remained in positive territory, thanks in large part to enthusiastic responses to results from heavy hitters AstraZeneca, BT and Reed Elsevier. AstraZeneca is sharply higher. The group's potential blockbuster heart drug Brilinta has

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29 Jul 2010 14:18

FTSE 250 movers: Gambling stocks in demand

PartyGaming is the star performer after announcing a merger with Austrian rival bwin. The online gambling group said the merger would create the world's largest listed online gaming business. Elsewhere in gambling, casino and bingo hall operator Rank is in demand after a rise in profits. Connaugh

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29 Jul 2010 13:31

MARKET TALK: 'Sensational' Synergies In Bwin/Partygaming

1231 GMT [Dow Jones] The planned merger of online gaming, gambling and betting companies Bwin (BWIN.VI) and Partygaming (PRTY.LN) sounds extremely positive and offers "sensational" synergy effects (EUR55M annually), according to estimates from the companies, says UniCredit MIB analyst Katharina Kast

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29 Jul 2010 13:21

2nd UPDATE: PartyGaming, Bwin Shares Soar On Merger Plan

(Adds detail.) By Simon Zekaria Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Shares in PartyGaming PLC (PRTY.LN) and Austrian peer Bwin Interactive Entertainment AG (BWIN.VI) were sharply higher Thursday after the U.K.-listed gambling group and one of Europe's largest sports book operators s

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29 Jul 2010 13:13

UK MARKET TALK ROUNDUP: SHARES GAINING

Stocks on the rise in the UK today. Compiled by Dow Jones Newswires Markets Desk, markets.eu@dowjones.com Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com 1213 GMT [Dow Jones] UK gambling stocks advance Thursday, helped by a vote to legalize online gaming in the US Wednesday.

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29 Jul 2010 13:13

MARKET TALK: UK Gambling Stocks Gather Pace On US Legislation

1213 GMT [Dow Jones] UK gambling stocks advance Thursday, helped by a vote to legalize online gaming in the US Wednesday. At this stage, this is the most positive step towards the reopening of the US online gaming market since 2006, notes Collins Stewart. "PartyGaming (PRTY.LN) was set to make $750M

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29 Jul 2010 12:52

UPDATE: PartyGaming Shares Soar 25% On Bwin Merger Deal

(Adds CEO comment, analyst comment, detail.) By Simon Zekaria Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Shares in PartyGaming PLC (PRTY.LN) soared 25% Thursday after the U.K.-listed gambling group said it plans to merge with Austrian peer Bwin Interactive Entertainment AG (BWIN.VI), one

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29 Jul 2010 12:01

Partygaming and bwin to merge

Shares in PartyGaming jumped after the online gambling group announced that it is to merge with its Austrian rival bwin. The merger will create the world's largest listed online gaming group and would have, PartyGaming. The two companies combined would have turned over about €682m in 2009, it said.

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29 Jul 2010 12:00

UK MARKET TALK ROUNDUP: SHARES GAINING

Stocks on the rise in the UK today. Compiled by Dow Jones Newswires Markets Desk, markets.eu@dowjones.com Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com 1100 GMT [Dow Jones] Partygaming (PRTY.LN) +22% at 1500p, following the company's proposed merger with Bwin Interactive En

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29 Jul 2010 12:00

MARKET TALK: Partygaming Shares Soar On Bwin Merger

1100 GMT [Dow Jones] Partygaming (PRTY.LN) +22% at 1500p, following the company's proposed merger with Bwin Interactive Entertainment (BWIN.VI). "This makes strategic sense," says an analyst. "I see it as a good fit, with annualized synergies of approximately EUR55M." Says combined, the company's ma

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29 Jul 2010 11:59

UK MARKET TALK ROUNDUP: SHARES GAINING

Stocks on the rise in the UK today. Compiled by Dow Jones Newswires Markets Desk, markets.eu@dowjones.com Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com 1059 GMT [Dow Jones] The proposed merger between PartyGaming (PRTY.LN) and Bwin (BWIN.VI) makes sense, a Daniel Stewart an

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