888 Holdings To Consolidate?

888 Holdings has decided to cut back in an attempt to stop the bleeding which was responsible for the business having to hold back dividend payments rather than pay them out to stockholders. The move was made to blunt the losses the company experienced during the first two quarters of the year (from January to June 30^th). The drop off in revenue has been blamed on a weak online poker market, the World Cup and unfriendly currency exchange rates.

Gigi Levy, the 888 Holding’s Chief Executive Officer, had this to say about the consolidation, ,  “We look at consolidation as one of the possible routes to realising our full value and feel that longer term this is the direction the industry will take. We have always stated that we will look into all relevant deals and expect the recent merger news to accelerate such discussions in the industry.”

A merger has become even much more of a consideration after the recent consolidation of Partygaming and Bwin. A move such as this could help to reduce overhead costs by $5-$6 million in the second half of the year, alone. No word on who 888 Holdings will merge with, though Ladbrokes is a good candidate.

 Source:online-casinos.com

 

 

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