Leroy’s owner posts profit for year

Monday, June 11, 2001 | 10:40 a.m.

The owner and operator of the Leroy's sports book chain has parlayed a significant reduction in expenses into a profit for the fiscal year that ended Jan. 31.

Tim Lockinger, chief financial officer for the Las Vegas company, said expenses were cut with belt-tightening in personnel, transportation and communications. He said when four of the company's 214 employees left the company they weren't replaced. Also, a fleet of leased service vehicles was replaced with less expensive cars the company bought.

American Wagering Inc., which also owns an Australian subsidiary that operates its Megasports sports betting games on the Internet, reported net income of $464,029, 4 cents a share, on revenues of $12 million for the 2001 fiscal year. That compares with a net loss of $814,531, 20 cents a share, on revenues of $12.6 million for the same period a year earlier.

The company is in the process of selling the Australian subsidiary following a December 1999 complaint filed by the state Gaming Control Board. Lockinger said the company should know by the end of the week whether a deal with Forward Publishing Pty. Ltd. of Australia will be completed as planned.

"Over the past year, the company has made a considerable effort to focus on the Nevada race and sports market, our core business, and to return the company to profitability," said Victor Salerno, chairman and chief executive officer of American Wagering.