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PartyGaming CEO steps down

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Feb 28, 2006

The news came as PartyGaming reported a jump in annual profits of $583.7m (£334.9m) up 49% on last year.  The company also saw a 63% rise in revenues to $977.7m.

 

Segal said he was stepping down because of his weekly commute to Gibraltar, where the company is based. He agreed to leave after turning down a request to move to the country, due to “strong family ties to London”.

 

In a statement,, the firm said: "Given the rapid growth of the company, he and the board agree that the CEO now needs to be located in Gibraltar along with all the other executive directors.”

 

PartyGaming said it is now seeking a replacement for Mr Segal, who will leave before 1 June.

The firm announced its customer numbers had surged to 1.7 million after it signed up 900,000 new users over the year. A further 92,838 joined up in January.

 

The online casino also revealed that its daily win had dipped slightly to an average $920,000, compared to $980,000 between October and December.

 

 

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