Empire Online recently sold off a portion of their Internet gambling empire, Empire Poker, and saw a drop in first quarter gaming revenues, which could be attributed to the sale. Thursday saw the report of the drop in revenues, but also $250 million for acquisitions. For the first quarter the net gaming revenue was down by over a million, to $21.1 million from $22.5 million in the preceding quarter. Gambling revenue was $24.4 million a year ago.
A drop in poker revenues of nearly 70 percent followed the purchase of Empire Poker by PartyGaming in February for $250 million. Empire Online said that despite the drop they have $259 million in cash reserves, showing a financial strength that will allow them to diversify and expand its offerings.
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