Most Recent Online Casino News
AngelCiti Entertainment Inc. Stock to Focus On
Aggressive investors may be watching AngelCiti Entertainment Inc. (OTCBB:AGEL)
again this morning! Yesterday after the markets closed, the company
issued a press release announcing that it has entered into a Loan and
Security Agreement for a Credit Facility of up to $2.43 million with
Finanzinvest, Ltd., a Bermuda investment company. The company intends on
using the funds for further development of its online casino and poker
software and expansion into the European and Asian markets. "This Credit
Facility is another strong step in the maturation of our Company,"
remarked AngelCiti president George Gutierrez. "We’ve moved from
development stage to expansion and this Credit Facility will provide us
with the additional tools necessary to become a leader in the online
There is more great news for investors! Earlier yesterday, the
company also announced that its wholly-owned subsidiary, Worldwide
Management, will split off its online poker operations into a separate
unit to more fully exploit the meteoric growth of the online poker
industry. While online gaming itself continues to grow at a dramatic
pace, the online poker industry has more than tripled in the past year
according to statistics provided by PokerPulse.com, with an estimated
$16 billion to be wagered at online poker websites this year.
"The prospective growth opportunity in online poker is extensive,"
remarked AngelCiti president George Gutierrez, "and we have succeeded in
successfully positioning our online casino operations into a high-growth
mode. It is now time to take that same mandate into our online poker
operations, whereby they will begin to provide a greater percentage of
our overall operations and profits. Management is also considering
splitting the online poker unit off into its own separate public
company, as and when business continues to develop, to more fully
exploit the opportunity for our investors."
Keep your eyes on this company! The Travel Channel’s 13-week WORLD
POKER TOUR series has been a ratings success on television, quickly
becoming the highest-rated programming on the network in 2003,
highlighting poker’s growth and popularity. The show continues to
capture new fans, as well as to captivate many of the nation’s 50
million poker enthusiasts. This year’s World Series of Poker attracted a
record 839 players and $2.5 million was won by a player who qualified by
winning an online tournament at PokerStars.com.
The stock closed yesterday at about Seven cents a share.
According to the press release (and describing the entire industry),
a Bear Stearns report for the industry pegs annual revenue at $4.2
billion for 2003, while Christiansen Capital Advisors predicts a
slightly more rosy picture pointing to an estimated $4.5 billion in
revenue for calendar year 2002, saying 2005 revenue could exceed $10
billion. InformaMedia Group, which tracks electronic gambling, predicts
that online gaming revenue will even reach $14.5 billion by 2006.
entire article at:
Prime Zone Media
2004 Online Casino News Archive