Hilton Group's Profits Jump 32.6 Percent
Hilton Group Plc (HG.L), the British hotel and gaming company, last week reported a 32.6 percent profit rise for its first half. The increase happened despite the effects of a slowing economy and foot-and-mouth disease.
Ladbrokes, which the Hilton Group owns, had a profit rise of 24.4 percent even though 169 U.K. horse races were cancelled during the time period due to foot-and-mouth disease and inclement weather.
The company still faces economic uncertainties for its second half, its chief executive, David Michaels, told Reuters.
Michaels said Hilton Group's pretax profits before goodwill, amortization and exceptional items were £144.3 million, which is higher than was expected. The results show a strong performance from the company's European betting operations, good trading at its hotels and an earlier move into Internet gaming than the company had planned. Hilton Group operates 400
hotels and 1,900 betting shops.
IQ-Ludorum Lowers 2001 Expectations
Internet gaming software maker IQ-Ludorum (IQL.L) announced Monday that its 2001 results will be under market expectations.
The British company said the reason for the lowered yearly result is setbacks in the installation of its new software platforms. Its stock on Monday dropped 34 percent to 15 pence after the announcement was made.
Arena Has Cash to Fund Attheraces for Four Years
Arena Leisure Plc (ARE.L) can afford to fund its part of the new horse racing media rights consortium, attheraces, for four years, the U.K. company said Wednesday.
The racetrack owner is in process of a major capital reinvestment. It raised £85.6 million from a share issue before the consortium was awarded the media rights last June. Arena said it has about £40 million left after initial investments along with partners BSkyB Plc and Channel Four.
The terms of the final agreement, which includes extra media rights and a "Superbet" lottery-style game that had not initially been part of the deal, put Arena and the industry in a better position that they had been in under the draft agreement.
"As a result, the company has been able to launch a comprehensive review of its racing operations and is in the process of a major capital reinvestment," the company said in a statement.
World Gaming Ticker Symbol Undergoes Dispute
Newly relocated World Gaming Plc spent three days last week under a different stock symbol.
The I-gaming software company announced on Aug. 28 that Nasdaq changed its OTC BB listing to WGMGE from WGMGY due to late filing of financial results. It had been the company's understanding that as a foreign issuer (World Gaming recently moved its headquarters to London from Antigua), it had a 6-month period to file its April 30, 2001 year-end results.
On Aug. 30 the company's CEO, Michael Aymong, announced the mistake had been corrected. The ticker symbol returned to WGMGY the following day.
The Way of the RivTrend
|
Aug. 17 |
Aug. 24 |
% Change |
| North America Index |
141.23 |
137.46 |
-2.66% |
| EuroAustralasia Index |
118.41 |
114.70 |
-3.13% |
| Global Index |
120.38 |
116.66 |
-3.09% |
1st Genx to Acquire Oasis Information Systems
U.S. investment holding company 1st Genx Inc. (OTC BB: FGNI) announced Friday that it will acquire 100 percent interest in California-based Oasis Information Systems Inc., which provides in-room entertainment services to hotel operators.
The agreement is subject to shareholder approval; 1st Genx will hold a shareholders meeting at 10 a.m. PST on Oct. 2 in Las Vegas. Oasis provides hotel rooms with a variety of services including movies, interactive videogames and high-speed Internet access.
TQL Yearly After-Tax Profit Falls
TAB Queensland released its year-end results on Aug. 27. The TAB's sales increased 10.6 percent to AUD $288.5 million. Its after-tax profit fell 14 percent to AUD $20.3 million.
TQL, like NSW TAB, is introducing several new wagering alternatives to stimulate interest, and is also cutting its costs by implementing voice-recognition technology. The TAB's new revenue sources include QLD gaming machine monitoring services, NT gaming machine monitoring, Supercash Jackpots, keno at the Jupiters casino and facilities management with
Pacific-based gaming companies.
iTV to Mull Stock Consolidation, Name Change
At the annual shareholder meeting this year, iTV Games Inc. officials will propose a consolidation of shares as well as a name change for the company. The meeting will take place on Sept. 28 at the company's office in Vancouver.
Shareholders will be asked to consider a five-for-one stock consolidation in order to attract future equity financings. The proposed new name for the company is iTV Games Corp. The Canadian Venture Exchange requires the change so that the market isn't confused by the pre- and post-consolidation shareholdings.
Report Released
Web design and e-payment company Aqua Online (JSE: AQU) announced a revenue increase of 184 percent along with its results for the year ending June 30.
Aqua Online(ECP.AX) - Year-end Report