I’m really surprised by this news having followed the Party Gaming share price for the last couple of years. On the back of this news the share price jumped up 34% yesterday.
Everyone knows that Party have been talking to the DOJ for a while now. What I can’t work out is the timing?
Why did he decide to hand himself in during the last remaining days of the Bush administration? :sarcasm:
I think below the surface there is a little more to this than meets the eye. He is obviously not stupid (the guy built Party), and I wouldn’t imagine that he has been badly advised.
I thinks the DOJ prosecuters will get their 15 minutes of fame, and the final outcome won’t be a custodial sentence. A win, win for all concerned.
As for Party selling out to land based casino’s. Party are publicly owned and any potential buyer would need to acquire the shares. The ideal time for a buyer to attain a decent shareholding would have been in the turmoil of the last 12 months, when the share price was at a low.
http://business.timesonline.co.uk/tol/business/industry_sectors/leisure/article5355573.ece