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Stanley Leisure Lowers Annual Profit Forecast

6 Jan 2005

UNITED KINGDOM – As reported by the Bloomberg News: "Stanley Leisure Plc, the largest U.K. casino operator, cut its annual profit forecast because of unfavorable sports results that hurt the betting business and unpaid gaming debts. The stock slid 12 percent, the sharpest decline in 21 months.

"Pretax profit excluding one-time items and goodwill for the year through May 1 will be "broadly in line" with the prior period's 41.8 million pounds ($78 million), Noemie de Andia, a company spokeswoman, said today. Analysts had expected profit of 52 million pounds, according to the average of 23 estimates compiled by Stanley Leisure.

"Results of horse races and European soccer games in the six weeks starting Nov. 1 crimped earnings, Liverpool, England-based Stanley Leisure said. The company, which operates 634 betting shops, also paid out about 3 million pounds to a big casino winner in London and is uncertain whether it can collect unpaid debts from losing casino players by the end of the fiscal year, de Andia said.

"…The stock slumped 49.75 pence to 381.25 pence in London today, reducing Stanley Leisure's market value to 483.2 million pounds…"

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