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Analysts: Lasseters is Safe Bet

26 October 2004

AUSTRALIA – As reported by the Singapore Business Times: "With an established presence in South Australia and the Northern Territory, casino operator Lasseters International Holdings is a safe bet on Australia's gaming market. But with costly acquisitions as its strongest source of growth, investors may need to be more patient if they're looking for a quick windfall.

"Sesdaq-listed Lasseters runs a casino in Australia's Northern Territory and recently acquired its sixth gaming tavern in Adelaide.

"…Competition-wise, South Australia has put a stop to the issuance of new gaming licences, giving incumbents like Lasseters a market largely free of new rivals.

"The Australian government has also concluded a review of online gaming laws, giving certainty to the Internet gambling industry there.

"…All that means a stable domestic market and a possible new revenue stream that will let Lasseters tap the international market. That's great if you are looking at the long-term viability of the company, but it's more complex if you are looking for growth

"…The company is also cash-flow positive, which means that so long as the company does not overspend on acquisitions, its tills will start ringing once the buying stops. For shareholders, the question is whether they can wait until then."

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