Empire Wins $250m Payout from PartyGaming.
Empire Online has emerged with a significant financial settlement after a long running court battle with PartyGaming finally ended today. PartyGaming announced it would pay Empire $250 million in cash following a legal dispute over ownership of marketing and online assets.
Empire Online sued PartyGaming after their partnership dissolved and PartyGaming purportedly attempted to take Empire’s Internet poker clientele through various suspect marketing campaigns.
“This was a tough-but-necessary period in our development; we did not give up and we emerged stronger,” said Noam Lanir, founder and CEO of Empire Online. “We anticipate $37 million in profit this year from our existing business. The PartyGaming settlement will help support our efforts to enter into the European and Far Eastern Markets.”
In other promising fiscal news for Empire, they reported positive results in the fourth quarter of 2005, due in part to the success of their other online properties, Club Dice Casino and Noble Poker.