Stanley Chief Says Betting is Up, Casino Gaming Down
Leonard Steinberg, the chairman of Stanley Leisure Plc (SLY.L), said Wednesday that betting is ahead this year while the casino business is lagging.
He said the company's betting business stands to benefit from the change in U.K. tax law, which will replace the betting tax with a 15 percent tax on bookmakers. It goes into effect on Oct. 6.
Steinberg also commented on the British Horseracing Board's possible decision to raise the levy on horse wagering, saying his company is not in a position to stand any additional cost increases of the levels demanded by the BHB.
He said Stanley's gaming business has had a harder year than its betting arm, and that casino division hasn't yet rebounded from last year's costs.
Steinberg also announced that Stanley recently bought two new casinos for £6.6 million. One is in Plymouth and one is in Torquay. The purchases make Stanley the operator of the largest number of casinos in Britain.
Ebet Looks to U.S. For Betting Revenue
Online gambling may no longer be a government-sanctioned activity in its home country, but Australia-based Ebet (EBT.AX) still plans to make a profit on it.
Ebet's managing director, Keith Cullen, last week told the Australian Stock Exchange that Ebet, along with its U.S. partner, Penn National Gaming, can make "an attractive share" of Internet horse betting revenue in the United States. Ebet estimates the market to reach AU$30 million in turnover in the next three years.
During the last year Ebet had consolidated revenue of AU$6.2 million, which is a 135 percent increase from the previous year. It plans to announce an EBITDA loss of about AU$3.4 million this week. Ebet said it hopes to be cash positive in the near future.
Ebet is concentrating its efforts in Australia on card-based gaming systems. Penn, in the United States, is using Ebet's system for Playboy's horse wagering site.
eLot Unable to Make Interest Payment
Internet marketing and application service provider eLot Inc. (OTC BB:ELOT) announced Friday that it would not be able to make its US $612,750 interest payment due Sept. 14. The payment is on its convertible subordinated debentures.
eLot has a 30-day grace period in which to make the payment. Ed McGuinn, the company's chief executive, said eLot is considering its options.
"To date we have received no revenues and it is uncertain when or to what extent we will receive any of the anticipated revenues from the FreeWorldLottery Web site acquired under the asset purchase and management agreements with PlasmaNet," he said.
Leisure & Gaming to Make ASX Debut
Leisure & Gaming Corp. announced Wednesday that it will be listed on the Australian Stock Exchange. The company, based in Sydney, said it planned to raise AUD $4 million at its offering on Sept. 14.
Leisure & Gaming, which was originally called Australian On-line Casino, has Internet gambling licenses from Norfolk Island and Vanuatu. It owns seven Australian domain names but is forbidden to use them by the government 's Interactive Gambling Act of 2001.
The company plans to start trading on the ASX in November.
World Gaming Conference Call Sept. 25
World Gaming Plc (OTC BB:WGMGY) will host a conference call to discuss its year-end results at 8:30 a.m. EST on Sept. 25. To participate, call 1-888-273-1350 five minutes before the start of the call. A tape of the call will be accessible until midnight on Sept. 25. To hear the tape, call 1-800-558-5253 and enter the pass code 19643629. The call will also be available via a simultaneous Web cast at www.worldgaming.com.
GTECH Conference Call Sept. 20
GTECH Holdings Corporation (GTK) will host a conference call at 9 a.m. EST on Sept. 20 to discuss its second-quarter earnings. To hear the call, visit www.gtech.com or call 612-332-0636. A replay of the call will be available from 12:30 p.m. on Sept. 20 through midnight on Sept. 21. To hear the replay, call 320-365-3844 and enter the pass code 600825.
Lasseters Annual Results Released
Lasseters Corp. Ltd. (LAS.ASX) announced its yearly results on Wednesday for the year to June 30.
The company came into being on June 29 when Gocorp Ltd. merged with Lasseters Casino Pty Ltd. Peter Bridge, Lasseters Corp.'s managing editor, said the results include only one day's contribution by Lasseters Casino due to the late settlement of the merger.
Separately, Lasseters Casino reported a strong financial performance for the year.
Lasseters Corp. reported a revenue of AUD $469,000 for 2001. That compares to AUD $4,000 in the previous year. Operating losses were AUD $12.9 million for 2001; in 2000 losses were $16.5 million.
Bridge said the results reflect the high operational costs incurred by Gocorp from the launch of its AusVegas online casino, and an 89 percent write-down in the carrying value of the company's fixed assets.