Party Gaming Q1 2010 Revenue Up

Party Gaming, the leading gambling operator announced its Q1 2010 KPI. KPIs show a significant improvement in the company’s year to year performance, and a mild decrease in results compared with previous quarter (Q4 09).

According to the KPI, Party Gaming’s revenue was up 27% compared with Q1 09 to $127M. The rise in revenue was triggered mainly by the outstanding casino performance – casino revenue increased by 25% to $51M, compared to Q1 09. Bingo revenue also contributed to the growth – $17M compared with $1M in Q1 09. Poker revenue, however was disappointing – down to $47.8M from $53.6M in Q1 09.

Average daily revenue decreased by 2% compared with the previous quarter (Q4 09), triggered mainly by the 9% decrease in casino average daily revenue. Party Gaming explained the decrease in the seasonality of the gambling industry.

Jim Ryan, Party Gaming CEO commented on the company’s results, saying:

“Total revenue was up by 27% year-on-year with strong increases in all product verticals except poker which fell due to competition from US-facing sites. On a quarter-on-quarter basis and as expected, we have seen a slight softening in average daily revenue overall following the exceptional casino performance in the previous quarter. While Clean EBITDA margins for the year to-date were ahead of our expectations in the first quarter of 2010, we are maintaining our previous full year guidance for 2010 Clean EBITDA margins of approximately 28%. In line with our expectations, since the end of March gross average daily revenues have softened and were down between 6% and 7% versus the average for the previous quarter, reflecting the normal seasonal pattern seen in previous years.”

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