Stanley Leisure books low profits as customers take winnings home |
|
|
Published
:
Mon, 18 Jul 2005 16:05
|
Unfavorable sporting results have sent Stanley Leisure’s bookmaking division slide down with a series of wins recorded by punters during chief sport functions. Much to its dismay, Stanley Leisure, the gaming group, saw bets on games like horseracing and football going in favour of customers following which its annual pre-tax profits plummeted 4% and hit £40.1m ($70m).
Stanley's betting business in UK also had its profits decline 17% to £29.6m. It however, recorded a reasonable performance in the year since its overall sales stood at £2.07bn after a rise of 25% and its casino branches reported a rise in profits of 30% to £33.7m. Ever since Stanley sold off its UK bookmaking business to William Hill, it has been left solely with its casino operations.
Stanley plans to develop its casino ventures with an investment injection of about £100m in the subsequent five years as it intends to derive benefit from the impending liberalization of laws in the industry. In its expansion plans, Stanley wishes to increase the amount of casinos along with the relocation of some existing branches to bigger and better sites. Furthermore, it plans to seek licences for 17 new casinos, comprising of the country’s very first regional casino called the “supercasino” which is due next year.
Stanley Leisure’s chief executive, Bob Wiper said, “The group is now focusing on consolidating its position as the leading UK casino operator and capturing all possible benefits from deregulation. We have an exciting STG100m-plus five year investment plan for the significant expansion of our estate, including new licence applications.”
|
|
|
|
|
|
Print this Story
