US company continues to prosper, despite spending $28.5 million to acquire the Ongame online poker network
The US casino equipment company Shufflemaster showed this week that it has significant online as well as land gambling potential, reporting profits up 23 percent despite spending $28.5 million to acquire the Ongame internet poker group from Bwin Interactive.
The company's second quarter report saw net income rising to $9.7 million (Q2 2011: $7.9 million) on the back of revenues up 10 percent over Q2 2011 to $66.1 million.
Table game products leased to land casinos contributed a 13 percent rise in revenue.
Referring to the company's online poker possibilities, chief executive officer Gavin Isaacs observed that the deal presented the company with an opportunity to expand into the regulated online poker market, saying: "…the rollout of our interactive initiatives are key drivers of our future earnings potential and will write the next chapter of our profitable growth story."
The company's chief operating officer and erstwhile interim CEO before the arrival of Isaacs, David Lopes, has resigned to pursue alternative business interests after 12 years with the company.