Chartwell (PokerNexus)

[celiboy]

Chartwell is traded on the TSX. It hit a high of around $12 in 2005 and is now trading around $2. It operates the POkerNexus network and provides software licensing to some sportsbook sites. Revenues were around $20 Million in 2006, but they only got PokerNexus running in late 2005...I've never even heard of PokerNexus but apparantely it's popular in Europe. POker is only about 10% of revenues at the moment. The UIEGA didn't affect the stock directly as none of their sites catered to the US market. It seems as though this is rock bottom for the stock, and they had some large one time expenses in 2006 so their net income was just under $1 Million in 06 but close to $4 million in 2005. Anyone know anything more about this stock? I know that they hired a poker manager to rapidly expand their network, as right now Pokersitescout doesn't even list them. I downloaded one of their sites and there are about 100 players on there right now, so it's very small at the moment. Also, Morgan STanley just listed Party Poker as a buy as there are rumors Harrah's is looking to buy them out....the sector might be on an upturn at this point.

[Pokeraddict]

Chartwell was affected by UIGEA. PokerNexus took US players as did several sportsbooks. Also Eurobet's casino took US players until UIGEA. Most of their ventures are heavily marketed towards EU players though and always have been.