PartyGaming's CEO was planning to sell a significant part of the company's shares, but decided to cancel the plan and to show his confidence in its online gambling firm. PartyGaming is one of the most popular gambling firms in the world. The firm is publicly listed on the London Stock Exchange market, and plan to sell company stock was not projecting favorably on the firm's stock value. After all, when a CEO decides that getting rid of stock would benefit the firm, investors might think twice before putting their money where the CEO doesn't want to put his.
All in all, Mitch Garber, CEO of PartyGaming decided to cancel the plan. The original thought was to sell the shares between December 19 and 31. Instead of selling stocks, Mitch would increase its holding and will take options for 3.5 million shares. This is the kind of support that you'd except from someone heading one of the strongest firms in the online casino industry. The vote of confidence will surely make investors rethink their steps. PartyGaming's future is currently unclear as the firm waits for the United States Authorities to make their ruling it its case.
The firm expects a decision regarding its punishment for taking bets from United States' citizens prior to the enactment of the Unlawful Internet Gambling Enforcement Act in October. The online casino giant immediately withdrew from the American market once the anti online casino bill passed into law, and many believe that no real action will be taken against the firm. However, this is a crucial point in the firm's business history and it surely needs its CEO to show his confidence and support. Maybe Garber knows how the wind will blow in the matter and that's why he decided to keep his shares, and maybe not.
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