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Garber Maintains Online Casino Shares |
The United States is still negotiating terms and applicable punishments for online casino companies that operated in the U.S. prior to the Unlawful Internet Gambling Enforcement Act (UIGEA). Several companies, 888.com, PartyGaming, and others have chosen to fully cooperate with U.S. authorities rather than risk potential more serious litigation in the future. Most online casinos industry analysts predict that PartyGmaing will get off with only slight repercussions because the company immediately withdrew from the U.S. market once the UIEGA took effect. Some companies continued, and continue to operate internet gambling sites despite the ban – but PartyGaming instead just faces judgement form the U.S. Department of Justice for gambling offenses prior to the UIEGA.
As the negotiations with the Department of Justice continued, PartyGaming lost some of its value in the international online casino gambling industry – many companies are waiting on the U.S. decision before partnering, investing, or purchasing PartyGaming. And for a time, it seemed that even the CEO of PartyGaming assumed the negotiations with the U.S. would go south. CEO Mitch Garber has sold many of his stock options in the online casinos company over the past several months. But Garber recently decided to halt his previous plans to sell a huge portion of his existing stock options.
Garber’s confidence in the strength of the online casino company’s stock makes many speculate that discussions with the U.S. DoJ must be going well. Other industry analysts continue to assert that even with Garber’s decision to keep his 8.75 million shares in the company, that PartyGaming will be severely punished for operating in the U.S. online casinos industry. |
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