PartyGaming CEO to Step Down

PartyGaming, owner of Party Poker and Party Casino, announced today that CEO Richard Segal will be leaving the company, despite a successful year. The decision was made by Segal because the company’s board wanted him to move to Gibraltar. Segal decided to keep his family in London.

"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 in a statement.

Segal will be stepping down a winner. PartyGaming reported that 2005 revenues $978 million, a 62% increase from $602 million in 2004. The company averages $3 million in revenue from poker every day.

Its casino revenues in the fourth quarter of 2005 were $980,000 daily, but have leveled off to $920,000, an expected dip.

PartyGaming shares (PRTY.L) rose early, but ended down 2.49%.

Originally published February 28, 2006