Second-quarter revenues soar

Wednesday, Aug. 18, 1999 | 11:40 a.m.

Casino Journal Publishing Group Inc. of Las Vegas reported a 39 percent jump in second-quarter 1999 revenues to $3.64 million from $2.62 million for the same year-ago period.

The company attributed the boost to aggressive marketing promotions and robust growth in advertising and subscription revenues.

The company also announced negotiations for its acquisition by BG Media Investors LP have reached an impasse and a letter of intent with the company won't be extended.

"While our door remains open to any parties who are interested in making an offer which will enhance shareholder value, the focus of the company will now be on continuing the raging growth, increasing the value and activity of our common stock and generating the financing the company needs ... to list our company on either the Nasdaq or Amex stock markets," said Alan Woinski, Casino Journal's president and chief financial officer.

The company attributed a 95 percent jump to $825,075 in second-quarter 1999 subscription revenues to the release of its newest consumer magazine, Strictly Slots, in December 1998 which generated subscription revenues of $1 million, while Casino Player has increased its paid circulation in that period.

Advertising revenues soared 33 percent to $1.98 million, lifted by the increased circulation of Casino Player, the successful launch of Strictly Slots and a 15 percent increase in advertising revenue at its flagship trade publication, Casino Journal.