PartyGaming CEO targets DoJ resolution this year
LONDON, Aug 29 (Reuters) - PartyGaming (PRTY.L) is targeting a successful resolution to talks with the U.S. Department of Justice this year and has placed new Chairman Rod Perry in charge of the process, Chief Executive Jim Ryan told reporters.
"Certainly that's our goal (to have a successful resolution by the end of 2008)," Ryan, who joined the company at the end of June, said in a conference call on Friday.
"To bring continuity to the DoJ discussions Rod Parry, our newly-appointed chairman, will be taking over the day-to-day management of the DoJ process freeing me up and allowing me to focus my efforts on daily operations," he added.
Perry has been a non-executive director of PartyGaming since May 2005 and has been the senior independent director since February 2007.
Ryan emphasised that PartyGaming has made negotiations with the DoJ a priority and said the talks are continuing to progress.
PartyGaming initiated discussions with the DoJ in June last year in the hope of securing a deal to end the threat of prosecution for taking U.S. Internet wagers in the past.
As well as removing the legal axe hanging over their heads, a deal could leave online firms clear to re-enter the United States if Internet gambling is ever permitted there.
Analysts also say it could trigger major consolidation in the fragmented sector. (Reporting by Matthew Scuffham; Editing by Mike Elliott)
