Online Casino Gaming Chief Bows Out
The latest news in online casino circles is that Richard Segal, who has been chief executive of Party Gaming, the online casino gaming group, since the summer of 2004, has decided to leave the company in June 2006. Segal was asked by the online casino gaming group to leave London for its Gibraltar base but Segal refused to make the move. He explained that his family was well settled in the English capital and he could not base himself in Gibraltar full time, as was requested of him.
Richard Segal saw online casino giant, Party Gaming through its stock market flotation last year. By leaving the online casino world, Segal is expected to reap approximately 10 million pounds in payout. Segal also managed to accumulate over 30 million pounds in share options that were awarded to him by the online casino gaming company’s founding shareholders.
As part of his severance agreement, Richard Segal will be required to surrender option entitlements over a three year period. Party Gaming, the online casino firm, has recently seen a stronger growth outside its main market, the United States. Online casino games continue to gain in popularity, which explains the company’s growth in revenue of over 60%.