Online Casino Sells Rest of Company is a current news story on River Belle Online Casino

Online Casino Sells Rest of Company

28 Dec 2006

The remainder of a leading online casino and poker room headed by Israeli gambling entrepreneur and marketing expert, Noam Lanir, has been sold for US 40 million dollars. After more than eighteen months after the online casino group listed on the London Stock Exchange, the signs are that Lanir is leaving the online casinos business completely, after announcing that he will sue the revenues from the sale which total a whopping US 300 million dollars, to invest in real estate.

The deal with a leading online casino, the world’s largest operator of gambling Web sites, is expected to be finalized by the end of the week. A few Israeli experts believe that the move should be seen as a signal that the two remaining Israeli online casino companies traded on the London Stock Exchange may be making similar moves following the enactment of the UIGEA, or Unlawful Internet Gambling Enforcement Act.

The online casino company was worth an estimated US 928 million dollars when first traded on the London Stock Exchange, but its shares have fallen considerably in recent months. The online casino group has an estimated value of US 244 million dollar at the present time after its shares fell by 80 percent. As with many online casino companies, this is another sale of business that is becoming common practice in this growing industry. Only time will tell if the other Israeli companies become intimidated enough by the UIGEA to sell their shares as well.

Related News:

14 Mar 2005  Absolute Poker Sees Record Growth
8 Oct 2004  Kansas Artist/Author releases Inspirational New Book
6 Sep 2004  SportsInsights Goes WAP
23 Aug 2004  $1,000 for artists placing music in games