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Party Gaming complete a successful Q4

19.12.2009

Back in July 2009, gaming giant Party Gaming bought Cashcade for a total sum of £94.9m, however it transpires that Party Gaming are not expected to fork out the full sum, due to a slight downturn in the UK bingo market, meaning Cashcade will miss out on the full earn-out expected.

In Party Gaming's December trading update which was released yesterday morning, they reiterated the company is currently undergoing “solid trading” & “sequential revenue growth for all brands” including Party Gamings bingo purchase - Cashcade.

The bingo brands that sit under the Cashcade banner are; Cheeky Bingo, Think Bingo, & Bingo Scotland.

CEO of Party Gaming, Jim Ryan, said: “Bingo continues to show considerable growth following the Cashcade acquisition back in July.” And followed to announce that Party Gaming expect to soon be licensed in both Italy & France where both markets are expected to deliver good revenues in the near to long term future. This comes following a £35m bank loan agreed to be dispatched over the course of three years and which will likely be used to finance further new acquisitions.

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