PartyGaming: “Greed…is Good.”

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PartyGaming (PRTY) announced on Friday that it plans to take over two of its four partners (Multipoker and IntertopsPoker), is cutting ties with a third (Coral Eurobet), and is going to kill the value of its fourth partner, Empire Poker, so they can eventually buy it on the cheap (although not exactly phrased that way).

We can see it now: the reclusive Anurag Dikshit and the PartyGaming cabal sitting in a dark, underground mission command, plotting their next diabolical move as construction of the Death Star is almost complete. 

All joking aside, Wicked Chops Poker respects any European-based company that shows a little American-killer-business-spirit. 

Gekko1As it breaks down, PartyGaming has (or shall we say, "had") four partner sites.  Players could compete against each other on these "skins," but now the loss of players from the other "partner" sites leaves one "partner," Empire Poker, particularly vulnerable, reducing the number of players on their site by 40 percent.

Says analyst Robin Chhabra, "PartyGaming is using this to further squeeze down the price it pays for Empire — that’s if it bothers at all."

We believe they eventually will.  Why?  Because, in true business fashion, the owners of PartyGaming adhere to this important credo: greed, for lack of a better word, is good.

Read the full story on Reuters.

 

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