Online Casino Operator PartyGaming Buys Cashcade
PartyGaming , an online casino company, continues to take aggressive forward action after resolving its dilemma with the US Department of Justice. Despite having to pay hundreds of millions to derail an unjust investigation, PartyGaming execs bought Cashcade Limited as it moves out of the shadow of the US legal problem and toward expanding global operations.PartyGaming paid over $157 million for Cashcade, a company specializing in online bingo sites. Cashcade runs Bingo Scotland, Think Bingo, Foxy Bingo, and online casino sites Getminted and Foxy Flutter.
Cashcade's net revenue nearly doubled from 2007 to 2008, and earnings were almost tripled over the same time period. PartyGaming stock rose almost 6 percent on the news of the acquisition.
PartyGaming CEO Jim Ryan released a statement announcing the deal. He noted the advantage his company gained in the Internet bingo field.
"Our longer-term strategic objective is to become the market-leader in online poker, casino, sports and bingo," Ryan added.
PartyGaming is rumored by gambling insiders to have just beat out PaddyPower, another online casino operator, in the race to control Cashcade.
