Ladbrokes Carries the Flag for Hilton Again
The Hilton Group Plc (HG.L) last week reported a 72 percent increase in pre-tax profits for the first half-year to £190 million, thanks again to its gaming subsidiary Ladbrokes. As compared to the first half of 2003, gross winnings at Labrokes rose 25 percent over the interim as profit rose 51 percent to £153 million. Despite a couple of months without televised racing, the group's telephone betting division reported an increase of 73 percent in gross wins to £25.9 million. Meanwhile, profits from Internet gaming and betting rose 95 percent to £12 million.
Lasseters Thriving
The recently released profit report from Australian online casino Lasseters estimates that the company saw a 25.6 percent increase in profits over the last year; the improvement was due mainly to "significant cost savings." The company's net profit was A$402,604 for the year, compared to a profit of A$320,485 for the year ending June 30, 2003.
BetOnSports Pleased With Latest Move, Reveals Next Phase
David Carruthers, CEO of Costa Rica-based betting company BetOnSports Plc (BSS.L), said he is extremely pleased with his company's mid July $101 million float on the London Stock Exchange's Alternative Investment Market. He said the company is "particularly delighted with the quality and quantity of institutional investors who are now shareholders in BetOnSports." He also revealed that BetOnSports plans to open its very first land-based betting shops in the Central and South American regions during the fourth quarter of 2004. The company would like to open 1,000 shops within the next three years. They'd also like to enter new markets by acquiring Internet gambling brands in Asia, Australia and Europe.
Revenue on the Rise for Bingo.com
Portal operator Bingo.com, Inc. (OTC.BIGR) reported a revenue increase of 21 percent to $247,752 for the second quarter ended June 30, 2004, up from $203,947 over the same period last year. The company says that since last year it has increased its advertising rates by 10 percent and has obtained a greater number of individual advertisers. Last month Bingo.com converted Debenture B worth $145,000 and its accrued interest into common stock of the company at an average price of $0.158 per share, thereby reducing interest expense and increasing shareholder equity.
Reports Released
Victoria-based Tabcorp Holdings Ltd. (TAH.AX) has reported its financial results for the year ended June 30, 2004, a year in which it merged with gaming company Jupiters and then acquired Tab Ltd., its rival in New South Wales. Net profit after tax increased 23.1 percent year-on-year to $311 million as earnings per share rose 19.2 percent to 91.1 cents. EBITDA is up 43.5 percent to $629.7 million with the gaming division's EBITDA has rising 5.9 percent to $220.6 million and EBITDA from the wagering and network games division rising 38.6 percent to $92.9 million. The casinos division's EBITDA surged to $331 million, up 89.2 percent from last year.
Tabcorp Holdings Ltd. - Annual Report