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PartyGaming Loses Garber

PartyGaming Plc has announced that Chief Executive Mitch Garber will be leaving the company. The company also announced that they have experienced a 68% drop in their annual profit – and it is directly related to the Unlawful Internet Gambling Enforcement Act.

The company says that with their net income dropping to $41.6 million from $128.4 million, the UIGEA has had a dramatic impact on the online slots site. This was the first year that the company has been performing after the passing of the online gambling law, and it has affected their online slots revenue.

The company is also reporting that Garber has decided to return to his “native North America with his family” and that he has chosen not to renew his contract past its current release date which is a year from this May. Some blamed Garber for the loss that the company experienced, but experts point out that it has been a hard year for many online slots and gambling companies.

The company tried to increase their investment outside of the US because of the hit they knew they would take because of the UIGEA. Many of their attempts have been successful, and losses would be much greater had they not been pursuing other avenues to keep it a viable company.

Back to March 2008 Archive.