Everest Poker Sees Sharp Decline

Everest Poker, the world’s 19^th largest network, and 7^th if combining its French website, reported a sharp decline in revenue over the past year. 

4^th quarter revenues were down 30 percent to $10.9 million compared to $15.5 million during the same period last year.  Everest Poker also saw a total net loss of $86.7 million for the period, down from $8.6 million in the three months to the end of December 2010.

Unique active players were down 44 percent to 82,000 from 146,000 and new depositing players fell 37 percent to 24,000 from 38,000.

GigaMedia said Thursday it is reviewing its 40 per cent holding in Everest Gaming later this year following a non-cash investment loss of US$36.3m in the fourth quarter of 2011 from its stake in the online poker network.  The other 60 percent of its shares were sold to Mangas Gaming for $100 million in 2010.

- Aaron Goldstein, Gambling911.com