Gaming Strategy
Featured Stories
Legal News Financial News Casino Opening and Remodeling News Gaming Industry Executives Search News Subscribe
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Search Our Archive of Gaming Articles 

American Wagering Reports Loss

18 September 2002

LAS VEGAS – (Press Release) -- American Wagering, Inc. (OTC Bulletin Board: BETM) today announced the financial results through the second quarter. For the six months ending July 31, 2002, the Company reported a net loss of ($146,987), or ($0.03) per share, as compared to a net profit of $120,154, or $0.01 per share, for the six months ending July 31, 2001.

Commenting on the results, Victor Salerno, CEO/COO and Chairman of the Board of American Wagering said, "The Company has made significant strides towards long-term profitability in the last six months. Leroy's has added six new locations, including two with pari-mutuel racing, and expects to add yet another location in October. The opening of these locations in time for the professional football season should immediately add to the revenue base. The sale of the Mega$ports (ACT) subsidiary and the closure of the keno operations have allowed the Company to devote more attention and resources towards the development of two new business segments focused on the self-service kiosk. These new business segments are expected to be in operation in the fourth quarter. The decrease in revenues experienced during the last six months is not believed to be a trend and is not expected to continue in the future. I believe the positive strides the Company has made in the past six months far outweigh this short-term decline in revenues. Additionally, the short-term decline in revenues has not materially effected our cash position and has not negatively impacted our long-term business plan to grow the revenues by examining additional sports related opportunities in the Nevada and international markets."

American Wagering, Inc. owns and operates a number of subsidiaries including:

Leroy's Horse and Sports Place: Leroy's operates 45 race and/or sports books licensed by the Nevada Gaming Commission, giving it the largest number of books in the state.

Computerized Bookmaking Systems: CBS is the dominant supplier of computerized sports wagering systems in the state of Nevada.

AWI Manufacturing (formerly AWI Keno): AWI Manufacturing is licensed by the Nevada Gaming Commission as a manufacturer/distributor of gaming devices; AWIM will serve as the supplier of the Company's gaming related kiosks.

Contest Sports Systems (formerly Mega$ports): Contest Sports Systems is a subsidiary of CBS; CSS will serve as the supplier of the Company's non-gaming related kiosks.

Secured Telephone Operating Platform: STOP is the creator and operator of a system designed to ensure that telephone calls for account wagering originate from within the state of Nevada. STOP currently has three sports book operations utilizing the system.

< Gaming News