Casinos.co.uk: Casino News Archive
Friday 23rd July 2004
Stanley Leisure Reports Marginal Rise in Profits
Stanley Leisure has reported that has report a small rise in profits over last year despite fears of a major downturn in land-based casino revenue. The company said today that profits rose by 1% to £41.8m in the year to April on sales up 67% to £1.66bn. Pre-tax profits fell from £39.5m to £35.4m.
Stanley Leisure is Britain’s largest casino owner, operating 660 betting shops and 41 casinos, as well as numerous online casinos and an Internet sportsbook. Casino profits fell from £37.9m to £26m, with a massive 80% nosedive in London. The company was spared by its bookmaking chains and Internet operations, which saw robust growth this year: a record-breaking year for sports betting in the UK was supplemented by the introduction of lucrative fixed odds machines in bookmaking shops.
'We're pleased to be ahead of the prior year. We've got a figure that is at the top of expectations,' chief executive Bob Wiper said.
Stanley, however, is confident that the company’s casinos will see a renewal of their fortunes with the implementation of the forthcoming gambling bill, announcing that it is looking to build up to five or six new ‘super casinos’ to counter the threat from US operators planning to open huge Las Vegas-style outlets in the UK.
The Financial Times has reported the Groups’ shares rose sharply following its better than expected yearly results.
Source:OnlineCasinoNews
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