MY CASINO ad-hoc : Initial Gaming Turnover Exceeds Predictions ..+15% ASX
Drogo : MY CASINO ad-hoc : Initial Gaming Turnover Exceeds Predictions ..+15% ASX
HOMEX - Perth
My Casino Limited, the only Australian listing on Black Monday (April
17, 2000) to close 275 per cent higher on its debut, has handled
gaming monies of AUD$10 million in the first 2 weeks of May, far
exceeding its "pre-dot.com crash" predictions of AUD$2.5 million.
The next shortest time for a comparable Australian-owned internet
casino to reach this figure was nine months, compared to two weeks by
My Casino Limited.
Directors of My Casino Limited, which is Australian-owned but
licensed and operated out of Vanuatu, said the turnover was rising
far faster than expected despite a five-week delay on the budgeted
My Casino Limited is the only Australian-owned fully operational
internet casino focusing on developing the cyber gaming market in
Asia, where it has taken a lead.
The Managing Director of My Casino Limited, Gordon McIntosh, said:
"The concerted Asian marketing roll-out is continuing and is likely
to strengthen the company's earnings in the immediate and long terms.
The company remains cashed up from its oversubscribed AUD$7.6 million
float just prior to its April 17 listing with substantial funds on
hand for marketing and product expansion.
"The next stage is the likely debut of our Sportsbook operation,
which is completing rigorous beta testing in preparation for release
"Volume of play is far higher than we expected, which proves that our
South-East Asian marketing efforts have been enormously successful
and we expect this level of growth to continue throughout the next
financial year," Mr McIntosh said.
Mr McIntosh said My Casino was in a robust position given its core
* Licences granted for 10 years with 10-year renewal (including
* Highly competitive 4 per cent gaming tax rate
* Secure financial transactions handled by Barclays Bank in the UK
* Fully audited to industry best practice
* Low operating costs ensuring high operating profitability for the
* Return to players reflecting the high standard by Australian
* Operating in a highly regulated and audited environment.
..+15% an der ASX