Hilton's Gamble Pays Off

26 Feb 2004

UNITED KINGDOM – As reported by This is Money: "Hotel group Hilton is now making more money from its Ladbrokes gambling operation than its luxury hospitality business after a 'depressed' year from corporate business travel hit earnings.

"Operating profits at Hilton's betting and gaming unit surged 43% to £214.1m (US$398.9 million) for the year to 31 December, up from £149.3m (US$278.3 million) the year before.

"Hilton group chief executive David Michels said: 'Basically, betting is just more popular. Our basic betting business went up 10% assisted by fixed-odds betting terminals (FOBTs).'

"He also put the success down to other new betting opportunities such as virtual horse and greyhound races.

"…Hilton has invested £14m in massive new screens for virtual racing across its shops, giving Michels confidence of 'future increases from the gambling business'…"

Hilton's Gamble Pays Off is republished from CasinoCityTimes.com.

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	Hilton's Gamble Pays Off 26 Feb 2004 <a href='http://as1.casinocity.com/adclick.php?n=a21efcd1'><img src='http://as1.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt=''></a> UNITED KINGDOM – As reported by This is Money: "Hotel group Hilton is now making more money from its Ladbrokes gambling operation than its luxury hospitality business after a 'depressed' year from corporate business travel hit earnings. "Operating profits at Hilton's betting and gaming unit surged 43% to £214.1m (US$398.9 million) for the year to 31 December, up from £149.3m (US$278.3 million) the year before. "Hilton group chief executive David Michels said: 'Basically, betting is just more popular. Our basic betting business went up 10% assisted by fixed-odds betting terminals (FOBTs).' "He also put the success down to other new betting opportunities such as virtual horse and greyhound races. "…Hilton has invested £14m in massive new screens for virtual racing across its shops, giving Michels confidence of 'future increases from the gambling business'…" Hilton's Gamble Pays Off is republished from CasinoCityTimes.com.