Thursday 24th April 2008 Gaming VC Reports 2007 Results
After announcing that unnamed company had made a preliminary approach that could lead to an offer being made for its entire issued stock, Gaming VC has published its full-year pre-tax results showing over $25 million in profits.
The results are a dramatic improvement for the Curacao-based firm, which reported a loss for 2006 of $46.05 million, mainly due to one-off impairment charges.
Gaming VC’s portfolio includes CasinoClub.com, CasinoClub-Poker.com and Betaland.com and it reported operating profit had rose 28 percent to $27.47 million. In addition, the firm revealed that its gross profits rose 9.5 percent to $51.14 million from the previous year’s $46.69 million on net gaming revenues of $67.82 million. It stated that casino net revenues fell to $60.51 million from the previous year’s $60.83 million while online poker revenues rose dramatically to $5.39 million from $3.29 million in 2006.
Sportsbetting net revenues of $1.74 million were announced but this figure could significantly grow next year after the company acquired a Maltese license alongside an Italian sportsbetting licence in the first quarter of 2008. The firm also recently launched a Spanish-language bingo site at Winzingo.es as part of its efforts at reducing its exposure in its home German market following concerns over a tough legal environment.
In a move to make it more competitive and gain market share following the launch of new poker products later this year, Gaming VC also recently re-negotiated its software contract with Boss Media enabling it to use other providers.
Source: OnlineCasinoNews
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