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PartyGaming, the UK-listed online poker firm, is open to approaches from Las Vegas-based casinos regarding a sale, said its chief executive officer Mitch Garber.
Speaking in a one-to-one interview at EIG 2007 i-Gaming conference, Garber said the Gibraltar-based group with a market cap of GBP 1.23bn (USD 2.5bn) would like to hear from the major players in Las Vegas. Garber refused to comment as to whether the company was already in talks with a particular casino and remained tight-lipped as to potential main suitors.
Previously reported rumours mentioned 888.com as a possible buyer. An 888 source refused to comment.
An analyst said casinos such as The Mirage and The Bellagio could be interested. ”Online gaming is currently prohibited in the US. However PartyGaming is listed in the UK where EU legislation allows online gaming. It gives the casinos direct online access to the UK market,” the analyst said. When asked about the two casinos, a PartyGaming source said they were interested in holding talks with them.
PartyGaming’s share price today was 31.50p.
The company’s website says its shareholders include Deutsche Bank with 3.7%, Orbis Investment Management with 4.9% and Prudential with 3%.
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