Noam Lanir
Gambling boss selling firm to rival company
Noam Lanir sells remaining shares of Empire Online to rival PartyGaming for USD 40 million
Noam Lanir, owner of the Empire Online, will sell his remaining shares in the gambling company to rival PartyGaming for USD 40 million.
A year and a half after the company was put up on the London Stock Exchange, Lanir seems to be heading out of the gambling business.
Lanir will use revenues from the sale of Empire, which total USD 300 million, to invest in real estate.
The sale deal with PartyGambling, the world's largest operator of gambling Web sites, is expected to be finalized by the end of the week.
Experts said Lanir's decision is a signal that the two remaining Israeli online gambling companies traded on the London Stock Exchange, 888.com and Playtech, will be selling their shares in the future over US law banning online gambling.
The US Senate approved a the law on September 29, making it illegal for US banks, credit card and companies to make transactions carried out in the US to online gambling companies.
Empire was worth USD 928 million when first traded in London, but its shared fell significantly in recent months. The company is estimated at USD 244 million today after its shares fell by 80 percent.
Kobi Paz contributed to this report
