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Casino group loses out on soccer
LUCKY punters contributed to a 4% drop in Stanley Leisure's annual
profits, the gaming giant announced yesterday.
The firm said unfavorable soccer results offset strong trading at its
casinos.
The Liverpool-based group reported that underlying profit at its betting
operation - which has since been sold to William Hill - fell 17%% and
were down 54% at international outlets.
Stanley, which is the UK's biggest casino operator, saw profits soar at
its London venues and yesterday unveiled plans to spend more than £100m
on these and 37 others in the regions to cash in on the relaxation of UK
gaming laws.
The money will be spent over five years on increasing the number of slot
machines as well as a general refurbishment of sites.
The company, which has two casinos in Liverpool, has lodged applications
for five new licences under the existing Gaming Act, and is exploring
the potential to extend or relocate a further nine casinos.
Chief executive Bob Wiper said: "In aggregate these plans could add over
50% to the size of our gaming floor space over the next five years." In
addition to this expansion, Dale Street-based Stanley is bidding to win
some of the 17 new casino licences that are due to be selected in 2006.
Mr Wiper said the company would be bidding "aggressively" for the one UK
supercasino that the government will allow, wherever it is to be built.
Although the group reported an overall 25% increase in turnover from
£1.65bn to £2bn, group profit before tax, goodwill amortisation and
impairment was down from £41.8m to £40.1m.
The gaming giant announced it would return £325m to shareholders once
the deal with William Hill is completed.
The £504m deal netted Stanley an estimated profit of £210m and made
William Hill the nation's biggest bookmaker.
As a consequence of the disposal, Stanley also closed its non-retail
telebetting and internet-based betting businesses.
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