Emilio Gomez Steps Down from Party Gaming Board of Directors

Party Gaming lost a member of its Board of Directors last week, when Non-Executive Directors Emilio Gomez stepped down from his post for personal reasons. The official statement from Party Gaming announcing his resignation made no mention of a future replacement and noted a balance between Executive and Non-Executive members of the Board in the wake of Gomez’s departure.

Now that Gomez has moved on, the Board now consists of seven members, including Chief Executive Officer Jim Ryan, Non-Executive Chairman Rod Perry, and Finance Director Martin Weigold. Gomez first began his tenure as one of the group’s Non-Executive Directors in December of 2007 and served as the representative for Party Gaming co-founder Anurag Dikshit.

In December of 2008, Dikshit became the first online gambling mogul to face legal action in a U.S. Court when he agreed to forfeit $300 million in earnings from the company after admitting to breaking laws related to the Wire Act in conjunction with Party Gaming. In exchange for the monetary settlement, Dikshit avoided jail time until at least December of 2010 and continues to reside in Gibraltar, where Party Gaming is based. Dikshit stepped down from the Board of Directors in 2006 to serve as the company’s Head of Research and Special Projects. There has been no announcement as of yet as to how Gomez’s departure will influence Dikshit’s influence on the Board. Party Gaming can be found on the London Stock Exchange under the symbol “PRTY.” It is the parent company of PartyPoker.

Gomez’s resignation is just the latest in a long list of changes for Party Gaming this year. The company’s purchase of World Poker Tour Enterprises (WPTE) in August as well as numerous business-to-business ventures like the purchase of the online bingo company Cashcade and the launch of an Italian online poker site in tandem with Intralot have headlined a busy 2009 for Party Gaming. In its mid-year financial report, Ryan said the company would continue to pursue these profitable business-to-business deals and invest more time and effort in Party Casino, its online casino business.

In the week following Gomez’s announcement, PRTY shares have seen a slight drop in value, falling from a high of $282 on September 23rd to a low of $263.80 towards the end of day on the 24th. At the close of the business day on Friday, shares were trading at $267.60. The news of Gomez’s departure may not be the only influential factor on Party Gaming’s stock prices, as the company also issued a Block Listing Six Monthly Return on Friday. Despite the slight drop this week, Party Gaming stocks have been on a rise as a whole in 2009, increasing in value from $195 in January to a high of $283 in May to its current trading price of $267.60.

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Casino poker language:

BURN - To discard the top card of the deck prior to dealing, usually done for every dealing round except the first. The theory being that if somehow the cards are marked (illegally) no one will know what card will next be dealt, only what card will be burned. This makes marked cards less of an advantage, hence tends to reduce cheating.
OPENER - The player who opens the betting, especially in draw poker. A hand may have no openers, in which case it is PASSED OUT, i.e., new hands are dealt.
SPLIT [OPENERS] - In draw poker, to discard one or more openers, usually to draw to a straight or flush. Normally requires the opener to declare the act and retain the discards so that the act of opening can later be validated.
SHILL - A card room employee who plays with House money, and does not share in any of his (her) winnings or losses. Shills are used to facilitate starting games, and keeping them going. Compare: PROP.
PASSED OUT. - A hand in which nobody opens. What happens next is a function of the game being played.
OUT - [1] A card that will improve your hand, often substantially. A hand with many OUTS is preferable to a hand with only 1 or 2. [2] Folded, ineligible to bet or win this hand. "I'm out" is often a synonym for "I fold".

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