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Lower Revenues For Genting

Owners of Stanley chain of UK casinos reports 14 percent drop in proceeds as attendance levels fall.

Tuesday 20th May 2008

The owners of the UK’s largest chain of casinos, Genting International, has reported a 14 percent drop in revenues to $122.4 million for the first quarter of the year.

Genting attributed the decline to a $20.7 million fall in revenues from its Stanley chain of UK casinos due to a fall in attendance levels and currency exchange losses. The company stated that higher gaming duties introduced in April of last year had also negatively impacted results.

The Kuala Lumpur-based firm's pre-tax profits fell from $55 million a year ago to $2.9 million for the current period due to lower gains on financial instruments and $7.1 million of bad debts at its UK operations where pre-tax profits dropped to just over $580,000.

However, Genting stated that it expects to improve the performance of its UK casinos following the creation of more external smoking spaces and is also in the early stages of evaluating advertising possibilities ‘which should provide new opportunities in the long term’.

Finally, the company announced that it plans to launch an online gaming offering through Genting Stanley Alderney Limited by the end of the second quarter.

 


Source: OnlineCasinoNews