SPECULATION RAMPANT ON PARTY GAMING U.S. DEAL (Update)
6 June 2008
A billion dollar settlement with the DoJ?
Friday's rumours around a possible settlement between
the US Department of Justice and Party Gaming (see
previous InfoPowa reports) have continued to inspire
extensive speculation in both Internet and print media,
although no official confirmation has yet been issued by
the London-listed company itself.
The New York Post published an article by Paul Tharp
claiming that unidentified sources had revealed that
redeeming Party Gaming's pre-UIGEA "crimes" was going to
cost the online gambling group a whopping $ 1 billion.
After outlining the nature of the rumours that have
sparked the latest speculation, the article quoted
"industry sources" on the $1 billion penalty which comes
after extensive negotiation between the Department and
Party Gaming officials seeking to clean the slate on
pre-2006 activities in the USA.
The writer recalls that PartyGaming's husband-and-wife
founders, Russ de Leon and Ruth Parisol, earned a $7
billion windfall when they took the company public in
London, but could be bankrolling part of the alleged
massive settlement to avoid shareholder backlash.
One online-gaming authority, law professor Joseph Kelly
at the State University of New York-Buffalo, opined:
"They may be paying a huge fine to get this behind them,
but it won't get them any closer to online betting here
anytime soon."
Online Casino News courtesy of
InfoPowa
More news here.
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