Stanley Leisure hopes to maintain growth in spite of drop in London business |
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Wed, 23 Nov 2005 09:40
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LONDON: Stanley Leisure, the biggest casino operator in Britain, says its casinos in London are picking up in the second half after a drop in revenues in the first half. The company, in an update ahead of its interim results, said the London outfits, including Crockfords and Colony Club, are on a course of recovery.
Saying that the performance can change quickly, it said if the current levels continue, it is confident of a recovery. Trading in the first half had remained overall in line with expectations as some of its provincial clubs have brought in substantial revenues. Stanley Leisure runs 41 casinos in the country.
The company's chief executive Bob Wiper said the company will not be out of line with the industry growth projection of 8 per cent.
The company said there has been increasing attendance in the casinos after the abolition of the 24-hour-rule, which forced new members to wait for 24 hours before they could play. The company also hopes to benefit from the relaxation in the number of machines allowed at a particular venue and stakes and prize limits. It intends to have some 1,000 machines by the end of the financial year, doubling the existing count.
The company had sold one of its betting shops to William Hill in June for 504 million pounds. Revenue from the shop for the period it was under the company has been included in the projections.
Finance director Colin Child attributed the fall in attendance and revenues in its London casinos to the July bombings in the capital and the death of King Fahd of Saudi Arabia. Saudi Arabia accounts for many of the high-rolling gamblers. However, the company hopes to achieve the market forecast of 37 million pounds in profits for the full year, he added.
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William Hill and Stanley Leisure deal booked at £504m 