Harrah’s Entertainment, the Las Vegas based gaming giant with annual revenues of around $10.8 billion have today announced that Mitch Garber will be taking over the reigns of their new online division.
Garber, formally CEO of Party Gaming the online gaming operator listed on the London Stock Exchange was widely tipped to be contention for the role. A qualified attorney, Garber lasted two years as the CEO of Party Gaming, during which time he strategically realigned the business by reducing its dependence on its core poker operations. He was also instrumental in reducing the risk faced by the business by diversifying into new geographical territories, a move that was considered as of fundamental importance following the closure of the US market in late 2006.
Industry analysts have been quick to see the significance of the appointment.
Commenting on the move, Dan Crosley a freelance analyst stated:
“Mitch Garber’s move to Harrah’s has come at no surprise within the industry. He has proven online experience and has been at the helm of one of world’s leading online gaming companies. His departure from Party Gaming took the industry by surprise, and is more indicative of a Board Room clash than his stewardship of the Party Gaming Group. Growth via acquisition seems the likely avenue for Harrah’s, and backed by a huge bank roll Garber will be on the look out for an acquisition to immediately give Harrah’s a foothold in the online gaming market.”
Commenting on potential acquisition targets that Harrah’s could consider, Crosley goes on to state:
“There is a realistic chance that Party Gaming could be a target for acquisition. A marketing link up with the land based Harrah’s casinos would offer a great strategy from which to reactivate Party Gaming’s lapsed US based customers, many of whom have been playing at rival sites since the implementation of the UIGEA in October 2006.”
Party Gaming shares remained steady at around £2.55 following the news of the appointment.
Source: Online Pokies Club.
This entry was posted on Friday, June 5th, 2009 at 5:08 am and is filed under Blog.
