Party Gaming Loses Gomez
September 30, 2009
Emilio Gomez has stepped down from his post on the Board of Directors for Party Gaming. Gomez said that he needed to resign for personal reasons, and so far the online gambling company has not named a replacement. However there is now a balance between Executive and Non-Executive members on the board with him being gone.
The board now consists of seven members including CEO Jim Ryan. This resignation for the online gambling company is one more move that has shocked the industry. There have been a lot of changes for the online gambling company this year. First they saw Anurag Dikshit face legal action in the United States court and plead guilty to breaking laws in relation to the Unlawful Internet Gambling Enforcement Act. He agreed to forfeit $300 million in earnings from the company. By giving up the money, he has avoided jail time until December 2010.
The company then purchased World Poker Tour Enterprises, as well as other businesses that have to do with the online gambling industry. They also purchased an online bingo company Cashcade and launched a new Italian poker site. The online gambling company said that they are going to continue to move forward in their attempts to grow the brand as they do not want to become complacent in their business.
There was a slight drop in the online gambling company’s shares following the announcement that Gomez had resigned. However, this is not a huge deal for the company in that their shares have been steadily rising since January.
