December 14, 2007

Party goes to Hollywood

PartyGaming has announced its latest alliance, this time an exclusive licensing agreement with Paramount Pictures to develop a range of online slots based on four of the studio’s back catalogue.

The announcement came on the same day that Party issued a pre-close trading statement which said its financial performance was in line with expectations.

The company has also announced changes to the board which has seen founders Anurag Dikshit, Russell DeLeon and Ruth Parasol have placements appointed to represent their interests.

The new film-themed slot games will be available next year and will be based around Top Gun, The Godfather, Saturday Night Fever and Mission Impossible. They mark a first for the online gaming industry.

Party has had a busy few months, announcing deals with ITV, RTL in Germany and Sporting Index.

Mitch Garber, chief executive, said: “Popular brands are a differentiating factor in online gaming and this alliance will enhance and distinguish the quality of PartyCasino’s offer.”

Off the back of the trading statement, analysts at Dresdner Kleinwort have suggested the company should be on a greater P/E ratio that 16 times. The note forecasts 77% year-on-year growth for the fourth quarter and revenue growth expectations for 2008 of 28%.

Regarding the changes to the board, Dikshit, DeLeon and Parasol have placed two non-executive directors as board representatives - John Davy, Emilio Gomez.

Stephen Box and Lord Moonie have also been recruited. Parasol and DeLeon are 28.4% shareholders, and have nominated the founder of Jongleurs comedy club Davy, while Dikshit, who owns 27% of the company, nominated former senior partner of Baker Tilly in Gibraltar, Emilio Gomez. Life peer Lord Moonie is a former under secretary of state at the ministry of defence, and was MP for Kirkaldy between 1987 and 2005.