Online Casino Interim Results amidst CEO Resignation
Recent arrests in the US have sent tremors through the online casino industry but the 888 gambling group are stressing that John Anderson, the chief executive, is stepping down for unrelated reasons. Anderson has announced that he is leaving a position he has been filling for the past six years, and plans to take up a non executive role. Replacing him will be the online casino COO, Gigi Levy, who has long been lined up for the role.
As Anderson is resigning, the online casino group has announced its interim results for the six months ending on the 30th of June 2006. Key highlights from the company’s results show an increase of 88 percent in pre-tax profit to $48 million, with net gaming revenues up 32 percent to $163.5 million. The group gets 52 per cent of its business from American punters and is trying to cut its dependence on the US online casino industry further by expanding in the UK, Germany, France, Spain and Asia. It signed two football sponsorship deals with Seville FC and Toulouse FC, in addition to sponsoring the World Snooker Championship and Middlesbrough FC.
888’s CEO has decided to step down after six years with the business which he led through its stock market flotation in 2005, and is now keen to pursue his property interests – before 888 Anderson ran the property firm Burford Holdings where he led a management buyout in 2001, and remains its chairman. He previously worked for Ladbrokes.