Bookmaker’s earnings improve

Monday, May 20, 2002 | 11:32 a.m.

The Las Vegas-based operator of a chain of sports books said earnings nearly doubled for the 2002 fiscal year ended Jan. 31.

American Wagering Inc., which owns and operates 41 sports books under the Leroy's Horse and Sports Place brand, reported annual net income of $914,654, 10 cents a share, on revenue of $12 million. That compares with earnings of $464,029, 4 cents a share, on revenue of $12 million for the 2001 fiscal year.

The company reported revenue for 2002 was off with the decrease attributed to the National Football League season being pushed into the first quarter of the 2003 fiscal year because of game postponements resulting from the Sept. 11 terrorist attacks.

American Wagering also owns four other subsidiaries besides the Leroy's chain, including Computerized Bookmaking Systems, a supplier of computerized sports wagering systems, and Secured Telephone Operating Platform, a telephone account wagering system.

Tim Lockinger, chief financial officer, said the company is continuing efforts to sell its MegaSports subsidiary, an Internet gambling operation in Australia, after a deal with an Australian company fell through last year.