Growing Wins at AngelCiti
The $1.56 million gross win on a net handle of $54.48 million for AngelCiti Entertainment's (OTC.AGEL) subsidiary Worldwide Management in 2003 is 73 percent better than the previous year's amount. Worldwide also announced that it recorded a gross win of $218,000 in January 2004 on a net handle of $4.32 million. Last January the company recorded gross win of $129,000.
Coral To Undergo Refinancing
Coral Eurobet will soon experience a £830 million refinancing that will give its private equity backer Charterhouse (CHO.L) 60 percent of the capital it spent to acquire the betting shop chain 16 months ago for £860 million. Coral's enterprise has since soared to £1.35 billion.
BlueSquare Predicts £1 million per month by WAP
Blue Square, which has been offering betting services through Vodafone Live! For a year and on Orange World for two months, says it expects to take over £1 million in bets per month via WAP by June. The company has witnessed a 30 percent monthly rise in betting turnover since November.
UNiTAB Profit Soars
Queensland-based UNiTAB Ltd. (UTB.AX) reports that its net profit has risen 30 percent to AU$28.5 million in its first six months ended Dec. 31, helped largely by the 5 million that NSW TAB was required to pay the company after breaking a merger agreement. UNiTAB's totalizator revenue jumped 8.6 percent to $224.5 million, fixed-odds revenue rose 74.6 percent to $4.5 million and revenue from gaming services climbed 18 percent to $8.6 million.
Upcoming Reports
Youbet.com, Inc. (UBET), a U.S.-based betting company and provider of horse racing content, will release its preliminary and un-audited financial results for 2003 on Feb. 12, 2004. The company's management will also host a conference call that same day at 5 p.m. (EST).
Reports Released
New South Wales' Tab Ltd. (TAB.AX) recorded AU$40.2 million in profit, a gain of 8.8 percent, for the first six months ended Dec. 31, 2003. The company's pre-tax earnings climbed 9.55 percent to $77.3 million, and its revenue from gaming operations is up 33 percent. Tab Ltd. will pay an interim dividend of 9 cents per share.
TAB Ltd - Interim Report
Canadian Gaming software company Chartwell Technology Inc (CWTKF.PNK) has reported an astounding growth of 97 percent in revenue and a net income of $1.6 million for the year ended October 31, 2003. Revenue for the company in 2003 was $7,353,141 while in 2002 it was $3,737,994. The 97 percent yearly gain can be attributed to the quarter over quarter increase in license fees. License fee revenue for 2003 was $6,300,335, 138 percent more than the previous year's $2,646,766. Chartwell, which has remained debt free, and posted operating income of $1.9 million and net income of $1.6 million for 2003, after posting a net loss of $1.4 million in 2002.
Chartwell Technology Inc. - Yearly Report
Isle of Man-based operator betinternet.com plc (BET.L) blames winning streaks by several European soccer teams for its disappointing results for the half-year ended Nov. 30, 2003. betinternet reported a £1.1 million pre-tax loss for the period, compared to a £135,000 loss in the same period the year before. Managing director Paul Doona explained the results: "Our customers in the Far East have a particular tendency to always back the favorites, so when there’s a run of favorite teams winning we lose out." As a result, the company's gross trading margin has decreased from 7.9 percent to 4.3 percent. In the last three months, betinternet's gross margin has returned to familiar levels, and as long as that level is maintained the company expects to improve its performance in the second half of the year. The group's turnover rose 65 percent to £40.8 million during the interim, due mostly to a joint venture with America's Greyhound Channel.
betinternet.com plc - Interim Report
Harrah's Entertainment Inc. (HET) saw its net income drop to $35.4 million in the fourth quarter of 2003, down from last year's fourth quarter mark of $53.9 million. The company's revenue, however, increased to $1.04 billion from last year's $1.01. Harrah's lowered profit was affected by its acquisition of Horseshoe Gaming Holding Corp., its expansion of existing properties in four U.S. cities, and the development of its recently launched online gaming site in the UK, LuckyMe. The company on Wednesday declared a regular quarterly dividend of 30 cents per share, payable on Feb. 25.
Harrah's Entertainment, Inc - 4th Quarter Report