Online Casino Group Head Quits
CEO of Party Gaming online casino group, Richard Segal, said that he was ending his term with the company after he turned down an offer to relocate in Gibraltar. Until now, Segal had been running the online casino group by making weekly commutes to Gibraltar and seeing his family on weekends. It is suspected that family pressure was a major concern for Segal to turn down the offer. The online casino group’s headquarters are based in Gibraltar, as are many online casinos, but it has strong connections with the United Kingdom.
Despite the announcement of Segal’s departure, the online casino group posted staggering financial results for 2005. Full year earnings rose 49% to $583.7m on a 63% rise in revenues to $977.7m. The financial figures were as a result of the company’s strong presence in the online casino poker market and interactive blackjack which it developed recently. The online casino group also said that its customer numbers had soared to 1.7 million after it signed up 900,000 new users over the year. A further 92,838 signed up in January.
The online casino group is seeking new markets and recently announced a combined account option for all of its sites. The group also plans to push its presence in the United States, where the status of online casino sites is still a very gray area. Despite the uncertain months ahead, until Segal is replaced on June 1st, the group’s profits have remained stable.