Emilio Gomez Leaves PartyGaming Board of Directors

Non-Executive Director Emilio Gomez has cited personal reasons for his decision to step down from the board of directors at PartyGaming. No replacement has been named thus far but a balance between Executive and Non-Executive members of the Board was noted in an official company statement released following Gomez’s resignation.
In December 2007 Gomez was appointed Non-Executive Director at Party Gaming and was responsible for representing the company co-founder Anurag Dikshit.
A year later Dikshit became the first high profile online gaming entrepreneur to be reigned in by the US Justice Department after he was accused of being in contravention of the Federal Wire Act and faced a lengthy prison sentence. Dikshit pleaded guilty to the charge in a US court and told the judge, “I came to believe it (PartyGaming activity) was in fact illegal under U.S. law. I have taken full responsibility for my actions.” After forfeiting $300 million he was released and now resides in Gibraltar as the island’s wealthiest resident.
Having vacated the US market following the introduction of the UIGEA in October 2006, a deal was reached with the US government this year whereby in return for the company not being further prosecuted PartyGaming agreed to pay them $105 million. Despite taking a hefty toll on PartyGaming revenue results it has allowed the company to restructure and re-enter the US market once more and, as Chief Executive Officer Jim Ryan explained, “It has also opened up the capital markets for us and allows us to pursue acquisitions we would otherwise have been unable to go after.”
Dikshit became the company’s Head of Research and Special Projects in 2006, having vacated his board seat, and as of yet it is unclear how Gomez’s resignation will affect Dikshit’s influence on the Board. In the meantime PartyGaming shares had fallen from $282 on September 23rd to $263.80 on the 24th following the news of Gomez’s departure. The company’s share value, however, has been on the rise throughout 2009 and started this year at $195.