32Red Casino Continues with Float Despite Downturn

Filed in archive Casinos on September 23, 2005

Popular online casino group, 32Red.com, decided to go ahead with their intended float, despite the recent drop in PartyGaming's shares.

However, instead of a full floatation, 32Red listed just 0.5% of their equity -with a view to a future round of fundraising. This makes the MicroGaming powered casino group valued at �61.5 million and still majority-owned by their 3 main shareholders.

Most interesting part of all this are the figures! 32Red had net profits of �1m on �4.2m revenues in the six months to June 30. Net profits in 2004 were �1.1m on �5.9m sales. However, the most glaring figure is the split between casino and poker. More than 93% of revenues came from casino - making that just 7% from poker - proving thats its not as easy as PartyGaming make out to attract a successful online poker business

Article: 32Red online casino goes for a rolling flotation