Online Casino Poker Giant to Pay $200m Damages
It seems that the saga between the online casino poker giants might be coming to an end after an out of court settlement was reached in which Party Gaming would pay $200 million to Empire. The rumors of such a settlement managed to push Empire’s stocks up five percent. Empire released a statement saying that they were indeed close to settling with online casino poker operator Party Gaming. Although Empire did not make further statements, it is expected that the settlement is a $200 million deal between the two online casino poker operators.
The battle between the two poker operators over online casino territory began in November when Empire declared that it intended to sue Party Gaming for cutting off Empire’s flagship online casino poker site from the Party’s player pool. Empire claimed that its former partner breached their contract and took them to court in Gibraltar. While the $200 million is a respectable sum of money it is less that the online casino poker operator requested in the original law suit: $500 million.
The money earned from the settlement should help Empire make up the losses it acquired from the change of the line up of online casino poker games. Empire actually reported very positive fourth quarter results which are a good sign that the poker online casino is recovering from the legal battle.