IQ-Ludorum Gets Loan from CEO
IQ-Ludorum (IQL) said last week that it is investigating different options aimed at providing long-term structural and financial support for the company, which is a U.K.-based online gambling software firm.
In the meantime, Roger Stone, the group's CEO, is loaning IQ-Ludorum US $100,000 in the form of a six-month loan with interest of 12 percent. Stone will also be rewarded with 500,000 options to buy ordinary shares at a cost of 5 pence per share between March 31, 2003 and March 30, 2008. Including this new grant of options, Stone holds options covering 1.7 percent of the issued shares of stock.
Profit Up For Stanley Ho's Macau Company
The eleven casinos Stanley Ho owns in Macau netted a profit of 2.22 billion patacas in 2002, a 20 percent increase from last year, the South China Morning Post has reported.
During 2002, the casinos' gross revenue was 22 billion patacas, which was also a 20 percent increase from last year, according to Ambrose So, a senior manager at Ho's company, Sociedade de Turismo e Diversoes de Macau. Last April, the casino's operations were transferred to Sociedade de Jogos de Macau, which Ho created after Macau's casino monopoly was broken up.
Station Moves Kerzner Interactive Write-Off to Q4 of 2002
Station Casinos Inc. (STN) will write off its investment in Kerzner Interactive, the online gambling arm of Kerzner International Ltd. (KZL), in the fourth quarter of fiscal 2002, which ended on Dec. 31, 2002.
The discontinuation of Kerzner Interactive occurred on Jan. 29, 2003. Station Casinos had invested $4.9 million in the company, which operated an online casino called Casino Atlantis. Station also had an option to purchase 50 percent of Kerzner Interactive.
In a press release, Station Casinos said that its external auditor, Deloitte & Touche, had advised Station to transfer the write-off to last quarter.
The write-off changes Station's fourth-quarter results, making net income $4.5 million as opposed to the previously reported $7.7 million.
Earthport Makes Losses Smaller
Payment services company earthport plc (EPO) is reporting smaller losses for the first six months of this year. The company, which recently signed license agreements with Sportingbet and Betfair, embarked on restructuring to shrink costs.
Earthport is reporting £3.03 million in pre-tax losses for the six months to Dec. 31, 2002. That compares to the group's losses of £7.07 million in 2001. The company offers a variety of payment mechanisms for mobile and online payments.
The group's costs decreased to £3.85 million from £7.07 million. Earthport also managed to increase its turnover by 300 percent to £282,000.
BETandWIN.com Reports Another Successful Quarter
Austrian online gambling company BETandWin.com Interactive Entertainment AG is reporting its yearend 2002 results, which include a 266 percent increase in turnover from to EUR 227.82 million from EUR 165.65 million last year.
Net winnings were also on the rise, to EUR 19.88 million from EUR 15.39 million. For the fourth quarter of 2002, turnover increased heavily to EUR 66.62 million from EUR 42.76 from the previous quarter. Net winnings in the fourth quarter increased to EUR 8.93 from EUR 1.64 million in the fourth quarter of 2001.
The company also reports that in the fourth quarter of 2002, a positive EBITDA was achieved on a quarterly basis for the first time.
AngelCiti Moves to International Exchange
AngelCiti Entertainment Inc. (OTC BB: AGLC) announced this week that it will list its shares on the Global Internet Stock Brokerage Exchange. The Florida-based company, which licenses online casino software, said it hopes to attract more foreign investors on the GISBeX. AngelCiti still plans to trade shares on the Over the Counter Bulletin Board.
"This new listing will enable international investors, who currently do not have access to U.S. markets for various reasons, to be able to trade in AngelCiti's shares," said George Gutirrez, the company's president. "Increased trading hours, market exposure and liquidity are three additional immediate benefits. We look forward to a steady increase of activity and volume for AGLC on this new international stock exchange."
Reports
Online gaming operator ukbetting plc (UKB) is reporting turnover of £46.8 million. The group's gaming turnover increased throughout the year 56 percent to £42.9 million. Gross profit increased from £88,000 in 2001 to £4.4 million.
ukbetting plc (UKB) - Yearend Quarter Report