LASSETERS NEGATIVE PREDICTIONS WERE RIGHT

5 September 2008

Aussie online gambling group's operating revenue down 49 percent

Negative predictions on its full year results notified some weeks ago by the Australian Internet casino operator Lasseters (see previous InfoPowa report) were confirmed this week when the official results were announced.

Lasseters Corporation posted a 49 percent decline in operating revenue from A$6.8 million in 2007 to A$3.5 million Australian dollars, for the year ended June 30, 2008.

In August the Australian veteran online casino operator had warned investors that it would make a loss of A$6.36 million, commenting that the full year stats reflect the costs of operating the start-up business of Lasseters Sportsbook, include costs of replacing US online revenues with business from Asia and Europe, and reduced revenues from the company's online casino operations due to "delays in the implementation of new games."

Lasseters is powered by Orbis Openbet software.

The statement also referred to "significant" one-off adjustments for the write-off of unspecified historical deferred tax asset balances, and the impairment of the online casino gaming licence and associated product development costs.

Lasseters Online is a wholly owned subsidiary of Lasseters Corporation - a public company listed on the Australian Stock Exchange and licensed and regulated by the Northern Territory Government in Australia. The gaming servers are housed in Lasseters Hotel Casino in central Australia, a gambling venue that has been in operation since 1981.

Online Casino News courtesy of InfoPowa