Friday, March 18, 2005


Cassava Enterprises IPO - Pacific Poker - Casino on Net - IPO

Pacific Poker parent company Cassava Enterprises Ltd. has hired Credit Suisse First Boston to prepare the company for an IPO. Cassava owns Pacific Poker and Casino on Net (, and they're anticipating an initial market cap of about $1.6 billion. The company is owned by Ari and Aharon Shaked and Shai and Ron Ben Yitzhak. It's one of the largest online gambling and online poker companies in the world.

Cassava Enterprises is headquartered in Gibraltar, and does not allow wagers from Israeli gamblers because of potential legal issues in that country. (The laws regarding online gambling there are uncertain.) Between Pacific Poker, and Casino on Net, the company generates an annural profit of between $200 million and $300 million. Cassava was founded 7 years ago when the four owners (Ari and Aharon Shaked and Shai and Ron Ben Yitzhak) bought an online gaming license from Antigua for $100,000.

Casino on Net and Pacific Poker are both powered by Random Logic Software, which is also owned by the four partners.

This news comes soon after the January rumors that Party Gaming will be taking Party Poker public in an IPO . I'll post more info on both IPO's as it becomes available.

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