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The owner and operator of PartyPoker.com, PartyPoker Gaming, is reporting first-half losses thus far in 2009.
According to the report, the online gambling site lost almost $67 million. That translates to about 16 and one half cents per share. The Gibraltar-based company said it turned a $22.7 million profit in the same period of 2008.
In a effort to boast revenue, PartyGaming has about $40 million to spend on acquisitions in online bingo, sports betting, casino and poker.
Over the last two months, the company bought Cashcade Ltd. Internet bingo company and WPT Enterprises Inc., which started the World Poker Tour television show.
PartyGaming Chief Executive Jim Ryan said, “Poker revenue is stable and casino sales are continuing to grow. We’re quite optimistic we’ll see PartyGaming return to growth in the fourth quarter.”
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