Casinos.co.uk: Casino News Archive
Thursday 28th February 2008
Genting Reports Stanley Losses
Genting International Plc, the Singapore-listed subsidiary of Malaysian gaming giant Genting Berhad, has revealed losses for the year of $273.6 after factoring in a $325.9 million impairment loss on goodwill arising from the acquisition of the UK’s largest casino operator, Stanley Leisure.
In 2006, Genting posted net profits of $41.5 million but an increase in gaming duty rates by the British Government following the acquisition of Stanley has hurt the giant’s overall performance.
“The increase in gaming duty took the UK gaming industry by surprise as it was made without any prior consultation and indication,' said a spokesperson from Genting.
'The smoking ban, which came into full effect throughout the UK from July has also adversely impacted the gaming business.'
Stanley Leisure, which has since been renamed Genting Leisure, increased contributions from the UK and boosted revenues to $536.8 for the previous year from the $210 million seen in 2006.
Source:OnlineCasinoNews
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