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Australia's Burswood Shares Tumble

26 April 2002

PERTH, Australia – As reported by the Australian Associated Press: "Shares in resort and casino operator Burswood Ltd tumbled more than five per cent today after a low win percentage wiped out March quarter earnings.

"Burswood said its net operating profit after tax for the nine months to the end of March 2002 `has not changed materially' from its half year results due to a low win percentage in the international commission business (ICB) and lower international room play.

"…The disappointing quarter sent Burswood plunging five cents to 90 cents on volume of 19.39 million.

"Managing director John Schaap said that group's win percentage was out of the company's hands, but noted the lower result was made on greater turnover.

"…Despite the disappointing performance in the March quarter, analysts said they didn't expect aggressive selling given the volatile nature of the casino business.

"…Burswood's poor March quarter followed a 24.6 percent slump in first half earnings, and has led to the pairing back of full year forecasts.

"The sell-off in Burswood's shares follows a recent spike in the share price on speculation that the West Australian government may soon lift the company's 10 per cent shareholding cap…"

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