Italy Saves Bwin.party Yet Country Still In Economic, Political Mess
After creating a lot of grief for investors, Bwin.party has finally started to post significant profits. According to their most recent financial statements, Bwin.party bolstered its revenue by 3% in the third quarter, largely due to the introduction of a few new games like roulette, blackjack and casino table games in Italy.
Bwin.party’s growth is particularly impressive, considering the current climate in Italy. The debt crisis, the threats of a global recession and Prime Minister Silvio Berlusconi’s statement of resignation have cast many concerns on the state of Italy’s economy.
Bwin.party clearly isn’t concerned with the political or financial situation in Italy at the moment. They are living high on the hog right now, even as the Italian Parliament is ready to kick Berlusconi’s butt to the curb.
The rest of the debt crisis throughout the European Union is expected to have little effect on Bwin.party. Although many people are considering the possibility that Greece may be ousted from the EU, Co-CEO Jim Ryan doesn’t expect that to have any real impact on Bwin.party as a whole. Greek players may end up playing with a different currency, but they will keep playing nonetheless.
Stockholders have been riding a roller coaster for the past year. Investors initially expected Bwin.party to post monstrous gains after the United States Department of Justice decided to use PokerStars and Full Tilt Poker as punching bags, a few months after they were already planning to expand. Instead, Bwin.party shares lost most of the value they gained from the Black Friday debacle and revenues eventually dropped.
Investors no longer have to be skeptical about news stories about Bwin.party’s opportunity to grow. Bwin’s third quarter financial statements speak for themselves.
What do you think of Bwin.party’s increased revenue? Share your thoughts in the forums.