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Cassava to Float Next Week – August 24th, 2005

Casino NewsAs revealed on OCR back on the 6th March 2005, Cassava the Gibraltar based operators of 888.com and Casino on Net are to launch an initial public offering next week.  888.com, the world’s largest internet casino operator in terms of numbers of visitors, aims to launch an initial public offering in London next Thursday that is expected to value the group at more than £700m ($1.3bn).

An IPO would generate a substantial windfall for the two Israeli families that control 90 per cent of the company. Avi and Aharon Shaked own about 70 per cent while the Ben-Yitzhak family owns about 20 per cent. People close to the plans say 888.com is working towards a September 1 launch date for the IPO. If it succeeds, it will become the latest high-profile online gaming float, following Party Gaming and Empire Online.

Recognised throughout the Online Casino Industry as the dominant heavyweight when in comes to marketing their casinos online, Cassava have been orchestrating to raise awareness of their brands in the United Kingdom.

This planned floatation follows hot on the heals of the news that Gibraltar Based Trafalgar Betting & Gaming the company behind 32Red Casino have called in US firm Numis Securities to prepare for an IPO of their own, which values the company at £100 Million.

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