Brief: American Wagering posts loss

Thursday, Dec. 10, 1998 | 11:52 a.m.

The company, which operates Leroy's Horse & Sports Place betting parlors at more than 35 Nevada casinos, posted a $676,965 net loss for the quarter ended Oct. 31, compared with a $608,503 loss for the year-earlier period.

Revenue fell to $2.6 million from $3.3 million, the company said.

Handle -- the total amount wagered at the company's sports and race books -- rose 14.7 percent, to $32.7 million from $24.3 million in the year-ago quarter, American Wagering said.

But the net win percentage fell to 4.5 percent from 10.3 percent "primarily due to unfavorable outcomes of football and baseball results during the quarter," American Wagering said.

"Unfortunately, in the sports-betting fixed-odds business, you always run the risk that the bettors will beat you and that is what happened in the quarter," American Wagering Chairman Vic Salerno said.

"The sweep in the World Series by the New York Yankees and the weekly results in football put a lot of money in the pockets of sports bettors in Las Vegas."

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