IQ-Ludorum Lowers Expectations
Internet gaming software maker IQ-Ludorum (IQL) is expecting higher losses for the year to Dec. 31 than what had previously been predicted.
The London-based company blamed lower-than-expected revenue from new business and a fall in royalties from its casino clients. IQ-Ludorum also experienced higher operating expenses and more external consulting than had been planned, as well as higher-than-expected debt write-offs.
To counter the losses, the company reports it has halted spending on consulting within its software development. IQ-Ludorum will release its 2001 yearly report during the first half of March.
New Anti-Money Laundering Rules for Securities Dealers' Group
The National Association of Securities Dealers (NASD) is instituting new money laundering regulations for the organizations it oversees.
The association's announcement came after the U.S. Senate found that the securities industry is vulnerable to money laundering. A law was recently passed in the United States that requires regulators and financial institutions to put anti-money laundering programs in place by April 24.
The NASD's new rules include specifications that member organizations comply with the U.S. Bank Secrecy Act, implement policies and procedures to discover and report suspicious transactions and provide for independent testing to determine its compliance with anti-money laundering regulations.
Betandwin.com Previews Q4 Report
Betandwin.com released preliminary results for its fourth quarter. The betting site's turnover for the quarter was 23.9 million EUR, a 214 percent increase over last year's figure of 7.6 million EUR.
The company reports that it received 24,562 new registrations between October and December of 2001. At the end of December, betandwin.com had 117,807 registrations.
Multimedia Games EPS Increases
In the first quarter of Multimedia Games' fiscal year, the interactive bingo and lottery company's basic earnings per share were 59 cents and its diluted earnings per share were 49 cents.
Multimedia Games announced Jan. 25 that it will have a three-for-two stock split on Feb. 12. Basic and diluted EPS would have been 39 cents and 33 cents respectively, adjusting for the stock split. The 33-cent, split-adjusted diluted EPS compares with last year's figure of 4 cents for split-adjusted diluted EPS.
The company's earnings before interest, taxes, depreciation and amortization for the quarter ending Dec. 31 were $10.9 million--a 27 percent increase from the corresponding quarter last year.
MGM Mirage Suffering from Travel Slump
This week casino operator MGM Mirage said its fourth quarter earnings have fallen victim of the continued travel depression following the Sept. 11 attacks. The company, which has an online gaming license from the Isle of Man, said its Q4 net income will be $23.7 million or 15 cents per share--dramatically different from the net income of $68 million or 42 cents per share reported at the same time last year. Earlier this month the company, which owns several hotel-casinos on the Las Vegas
Strip, said it would launch its Internet casino in the spring.
Sun Conference Call Feb. 5
Sun International Hotels Ltd. (SIH) will hold a conference call at 3 p.m. EST on Feb. 5 to discuss its third quarter results.
The call will be Webcast on the company's Web site, www.sunint.com. It will also be accessible on a first-come, first-served basis by calling 877-371-3550 in the United States and Canada and 706-679-0864 internationally.
A replay of the call will available beginning at 6 p.m. EST on Feb. 5 by calling 1-800-642-1687 in the United States or Canada or 706-645-9291 internationally. The pass code is 3124862.
Scientific Games Listing on Nasdaq
Scientific Games is switching its stock market listing to the Nasdaq from the American Stock Exchange. As of Jan. 29, the lottery services company will trade on the Nasdaq under the symbol "SGMS." Scientific Games is the first company in 2002 to make the move from the American Stock Exchange to the Nasdaq.
Report Released
Sportingbet Plc (SPO), in its third quarter report, is announcing turnover of £352.5 million and gross profits of £23.5 million. Last year the company's turnover and gross profits were £103.7 million and £5.2 million. The interactive betting company's chairman, Peter Dicks, said the third quarter is the most important time to the Sportingbet's annual results because of all the sports events that take place during it, including American football, European soccer and Australia horse racing.
Sportingbet Plc (SPO) - Third Quarter Report