AsianLogic Reveals First Glimpse of Reality

11 April 2008

The following article comes from Interactive Gaming News:

The various markets of Asia have been the focus of growing interest within the I-gaming industry over the last 18 months. Until now, however, it has been difficult to gauge what the potential of these markets is because few Asia-facing operators made their financial performance public. The maiden full-yearly results from AsianLogic, the land-based and Internet gambling operator, give the first glimpse into the realities of operating in the region.

The company posted total revenues from its gaming activities of $54.3 million across 2007, almost doubling its 2006 figure of $27.8 million. Gross profit on this revenue was $5.55 million, versus $3.73 million a year ago. Although a 49 percent increase year-on-year, the figure, $5.5 million, actually represents a fall in gross profit margin from 13.4 percent in 2006 to 10.2 percent in 2007.

While casino gaming activities, both on- and offline, accounted for around 92 percent of revenues, the most interesting figures come from AsianLogic’s poker business. Revenues from rake and tournament fees grew from just $64,000 in 2006 to $1.16 million in 2007. It is not immediately clear from the results whether Asian players accounted for all of this growth in poker revenues, as the company also took more than $4 million from gaming activities in Europe......

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