Empire Online Revenue Drops Following Sale

Internet gambling firm Empire Online saw reported a slight dip in first quarter earnings last week, mostly as a result of its purchase by online gaming giant, PartyGaming.

Net gaming revenue for the quarter was $21.1 million, almost $1.5 million less than 2005 Q4. It was over $3 million lower than the same quarter a year ago.

The totals do not tell the entire story. The real shortfall game from Empire Online’s poker arm, Empire Poker. Poker revenues were down a whopping 69 percent from the first quarter of last year, to $5.8 million. It was the casino revenues that saved Empire, as they tripled, rising to $15.3 million.

Empire was hopeful, though, as it says it now has $259 million to use towards acquisitions.

Originally published May 2, 2006