Company posts profit for quarter

Wednesday, Dec. 20, 2000 | 11:36 a.m.

American Wagering Inc. of Las Vegas reported net income of $545,000, or 6 cents a share, for the quarter ending Oct. 31, reversing a string of losses for the company.

Net income was up from a net loss of $261,000, or 4 cents per share, reported in the year-ago quarter. Current quarter results included a $415,000 gain from a lawsuit settlement and a $174,000 loss from the closure of casino operations.

Revenues fell 13 percent to $3.2 million, while operating income was $337,000, up from an operating loss of $207,000. The company attributed decreased revenues to a decline in total wagering activity and win percentage, while net income improvement came from cost reduction measures.

American Wagering is the owner and operator of Leroy's Horse and Sports Place, which operates 47 satellite sports books in Nevada. The company also owns CBS, a supplier of sports book equipment and software, and AWI Keno, an operator of interlinked keno games.

archive