UK Stocks Performing Well
Bloomberg, the news service, noted this week that some U.K. punters might be better off putting their money into gaming stocks.
William Hill plc (WMH) and Stanley Leisure plc (SLY) have made strides in the market during the past year. Stanley Leisure was recently named one of the top ten performers in the FTSE 350 Index; the company is posting a 34 percent gain for the year. On the whole, the index lost 28 percent this year.
Similarly, Hilton Group plc (HG), pulled in a 20 percent gain in betting and gaming earnings in its first six months. The company, which operates Ladbrokes, suffered a 25 percent drop in share price due to falling revenue for its hotels business.
Turnover Up at Gaming Insight
Gaming Insight plc (GIN) is reporting a 34 percent increase in turnover for the first half of this year. The company's turnover rose to £7.786 million from £5.821 million during the first half of last year.
The company is taking a charge of £4.4 million due to amortization of goodwill and tangible assets and is reporting a net loss for the first half of £6.2 million. Loss per share is 2.45 pence.
The U.K. company launched an interactive racing service this year, which it expects to perform well in the second half.
Aspinalls Update
Aspinalls Online (ASP) reports turnover of £517,000 for the first six months to June 30. The company entered into an agreement to outsource its management to Golden Palace Ltd. on April 16 in return for a share of the net revenue.
The net loss for the period, £1,358,000, reflects non-recurring costs associated with the closing of the company's operations. Net income, as affected by the agreement with Golden Palace, was US$31,800.
The company states that trading losses have been reduced and that ongoing overhead costs due to the outsourcing are minimal.
"We expect to retain net cash balances of £1 million once all commitments associated with the group's former online gaming operations have been settled," said Damian Aspinall, the company's chairman, in his interim statement.
MGM Mirage Conference Call Oct. 23
MGM Mirage (MGG), whose online casino is now up and running, will hold a third-quarter conference call at 11 a.m. EST on Oct. 23. The call will be Webcast at www.mgmmirage.com and www.companyboardroom.com. A replay will be available on both sites for 14 days after the conference takes place.