The rapid growth of the London internet poker industry has prompted the world's most prominent gambling companies to seek opportunities of profit. One of the upcoming ventures appointed in London is the London float and Cassava Enterprises, the owner of the 888.com portal is weighing the option of swooping onto it.
Cassava, the owner of the largest poker site, PartyPoker which is about a third of the PartyGaming size, has come out with an announcement that it could float in London with the valuation of £3 billion-plus, directing it straight to the FTSE-100. The chief executive, John Anderson contended that the situation is extensively discussed and all the possible options are screened, in spite of the fact that no advisers were assigned as yet. Behind the drapes of this business are the Israeli brothers, Avi and Ahron Shaked.
To review Group's strategic options, PartyGaming resorted to the help of Dresdner Kleinwort Wasserstein and Investec banks. The revenues of the previous year have reached the $350m and by 2005 are anticipated to grow up to $600m. The valuation is dependant on the risk assessment, since about 85pc of its proceeds are yielded from America, where internet gambling is dubiously treated by the law. Private investors managing the debt-free company are likely to benefit big time from the float.
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| Source: gamblingsmart news writer
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Tuesday, 1 February 2005 |
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