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PARTY GAMING CONFIRMS CASHCADE ACQUISITION

Reports in The Times newspaper over the weekend that Party Gaming plc has acquired Cashcade plc have been confirmed by the online gambling group.
 
In a statement Thursday, Party confirmed that the consideration agreed is an initial payment of GBP 71.9 million in cash with up to a further GBP 24 million in cash contingent on future profit performance.  PartyCasino
 
Cashcade has been acquired on a debt-free/cash-free basis, and Party expects the acquisition to be earnings enhancing, pre-amortisation of intangibles, in 2009.
 
In the year ended 31 December 2008, Cashcade generated net revenue of GBP 44.9 million (2007: GBP 28.5 million) and EBITDA of GBP 12.2 million (2007: GBP 4.9 million), implying an acquisition multiple of 5.9 times 2008 EBITDA.
 
The acquisition is being financed from existing cash resources.
 
Cashcade’s skills and experience will boost PartyGaming’s existing bingo activities, the announcement notes.
 
Commenting on the deal, Jim Ryan, PartyGaming Chief Executive Officer, said: “Cashcade provides us with an excellent platform to build a meaningful share of the $1.5 billion global online bingo market.  Our M&A objective is to acquire companies that can put us into a top three position in each of our four product verticals and deliver substantial revenue and cost synergies.  Our longer-term strategic objective is to become the market-leader in online poker, casino, sports and bingo.”
 
Patrick Southon, Cashcade’s Managing Director, said: “This is a very exciting day for Cashcade and we are delighted to join the PartyGaming organisation.  We believe there is a substantial opportunity to leverage our existing business now that we are part of the world’s leading online gaming company.”



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US$30M DUBAI WORLD CUP - Racecourse Media Group and Meydan to showcase world’s richest raceday to more than 150 territories The Dubai World Cup is the first horse race to be broadcast live on airlines and cruise lines

NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

NHL Odds: Reeling Flyers Seek Relief in Pittsburgh - #nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.

Dollars to Donuts Slot Launch - Firstly, it's a classically styled, easy playing 3-reel with five pay lines featuring a traditional icon set of bars and sevens.

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