Gaming group Stanley Leisure said a winning streak by a “major player” at its casinos had dented its profits.
Stanley did not disclose how much the high-roller had won but said it amounted to “material losses”.
It came as the group, which has 41 casinos, suffered further setbacks from unpaid debts and a string of adverse sporting results at its chain of 600 bookmakers.
Stanley said a small number of casino gamblers had not settled their accounts and these debts might not be recovered fully before the end of its financial year in March.
In an update on trading to cover the six weeks since 23 November, Stanley added that racing results have been poor at a time when Premiership title challengers Arsenal, Manchester United and Chelsea were enjoying winning runs.
“While machine profits have continued to increase, but this growth has been insufficient to offset the reduction in contribution from the core betting operation,” Stanley said.
Analysts had expected the group to report profits of around £52m, but Stanley warned today that it only expected to match last year’s total of £41.8m.
The company’s shares fell 10% following the announcement. This was despite the company saying its profits could change “very quickly” if its luck turns at its bookmakers and casinos.
References: EGi News 05/01/05
