This Casino Portal and Guide brings you the latest online casino news, reviews of web-based casinos and online
casino games in a clear, no-nonsense way.
|
|
|
|
|
|
|
|
|
|
 |
***GambLux EDITOR NEWS*** |
 |
| |
 |
Noam Lanir of Empire Online is selling
[Wednesday, January 03, 2007]
|
|
Just 18 months after Empire Online was floated with great fanfare on the London Stock Exchange, the company is being sold to PartyGaming for just $40 million. Lanir is reputed to be going into the Real Estate business, adding this sum to the company pot to reach a cash fluidity of $300 million. It is expected that the 888.com online gaming company will also be sold before long.
|
The belief in the market is that Empire Online is the first of the three Israeli companies traded on the London Stock Exchange to exit the online gaming business. These companies have reacted to the American law (the Unlawful Internet Gambling Enforcement Act, or UIGEA) which effectively chokes off all legal USA online gambling activity. They have seen the value of their shares plummet as a result of UIGEA. Empire Online today is valued at $224 million, far less than its cash balance. This means that its online gaming activities have almost no value.
Empire Online was the first of the three Israeli companies to raise capital abroad. Last June, the company raised $224 million and was valued at $928 million, which allowed Lanir to pocket $75 million when he sold his shares. However the share price then of 203 pence has dropped within 18 months to 22 pence, a fall of almost 90%!
|
| ARCHIVE GAMBLING NEWS |
|
|
ONLINE CASINOS PAYOUTS TABLE |
|
|
|
Sign-Up Bonus |
|
|
Welcome Bonus |
|
|
Online Tournaments |
|
|
| GambLux CASH HIGHLIGHTS |
 |
 |
|
|
|
| GambLux GAMBLING SURVEY |
|
|
|
| DEAL OF THE WEEK |
|
|
|
|
|
|
|
|
|
|
 |
Copyright © 2005 GLX. All rights reserved. |
|
|
|
|
|