The sale will leave Empire Online with over $300m in cash.
Online gaming company Empire Online Ltd. (AIM: EOL) is expected to announced the sale of its online gaming sites to rival PartyGaming Plc (LSE: PRTY) for $40 million. Empire Online controls two gambling websites, Club Dice Casino and Nobel Poker. The sale will leave Empire Online with more than $300 million in cash. The company had $262.1 million in cash at the end of the first half of 2006.
The sale of its two gambling sites will leave Empire Online with almost nothing apart from cash. Its marketing of activity on sites such as Casino-on-net which is owned by 888 Holding plc (LSE:888), no longer generate any revenue, especially following the closure of the US market which accounted for 65% of Empire Online’s revenue.
Published by Globes [online], Israel business news - www.globes.co.il - on December 27, 2006
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