Online Casino Founder Looks to Future
After suffering a near fatal blow following a serious drop in Party Gaming shares, co-founder Russell Deleon is looking into the film industry as his next likely move. The online casino gambling tycoon started Party Gaming in 1997 with wife Ruth Parasol and due to the recent online casino gambling legislation, he has been scouting this new territory, and has attended a conference of TV executives in the south of France last week to scout for ideas, unrelated to the world of online casinos.
As the fastest growing online casino company in history, Deleon plans to continue to push forward, hoping for prosperous times yet again in the future. The US government crackdown on the online casinos will force him to take his business elsewhere and put a halt to the US online casino venture.
Many online casino firms admitted that it would be impossible for them to continue. Some $7bn has been wiped off the value of online gaming shares this month. Deleon has suffered like the rest of the online casino tycoons out there, but wisely cashed in GBP 232 million this June along with two other of the company’s founders, months before the US legislation was brought up.