Las Vegas Sun

December 3, 2009

Currently: 42° | Complete forecast | Log in

LV firm’s profit increases

Thursday, June 17, 1999 | 11:40 a.m.

American Wagering Inc. of Las Vegas earned $251,410, or 3 cents per share, in the company's first fiscal quarter that ended April 30, an increase from the $112,777, or 1 cent per share, earned in the same quarter last year.

Revenues increased from $2.3 million last year to $3 million.

American Wagering said it was the strongest quarter in company history. Handle -- or amount wagered -- rose 13.1 percent from $20.2 million last year to $22.8 million this year. Net win percentage -- revenues divided by handle -- rose from 6.2 percent last year to 7.6 percent.

Offsetting the gains were initial and start-up costs of $136,000 related to American Wagering's Australian Internet operations and its progressive Keno game. The Keno game will be launched this month, the company said.

"This company achieved record handle last year but since we are in the sports betting business, that handle did not show up in our bottom line results because the outcome of certain sporting events were in favor of the bettors," said Victor Salerno, American Wagering's chief executive. "In the first quarter, our win percentage increased and that increase caused our stronger handle to finally begin to show up in our bottom line."

archive

  • Most Read
  • Discussed
  • Most E-mailed

Complete Listing

Calendar »

  • 3 Thu
  • 4 Fri
  • 5 Sat
  • 6 Sun
  • 7 Mon

All events on Thursday »