Cassava Enterprises Listing Confirmed

September 2 - 888 Holdings, previously known as Cassava Enterprises and owner of 888.com today confirmed their intention to list on the London Stock Exchange. The move marks the second biggest IPO in the online gambling industry and will be worth over $1 billion. The primary reason for the listing is to fund acquisition and growth and to create an incentive scheme for staff and management.

The chief executive office of 888 Holdings, John Anderson, said that the listing was also aimed at raising the profile and credibility of the company.

"This move is a key step towards making us a leading company in the online entertainment industry", said Anderson.

888 Holdings also announced financial information for the first time ever. The group, who owns 888.com and Pacific Poker, posted an operating profit for 2004 of US$42.8m off a revenue base of US$177.9m.

The group appears to be driving strong growth in 2005 with 6 month revenues already at US$123.7m and an operating profit of US$25.4m.

This growth is mainly attributable to poker revenues, which now makes up 45% of total revenues as opposed to 22% in 2004.

Even though the profits are below predictions, the group is on course for a valuation of over $1 billion.

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