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Arab Conflict Hits Casino

29 May 2001

PALESTINE – May 29, 2001 –As reported by the Financial Review: "Casinos Austria International Ltd said yesterday it expects pre-tax operating profits to be more than 30 per cent below last year, with the closure of one of the company's major venues continuing to eat into earnings.

"Chairman Ben Macdonald said that, excluding results from the Oasis Hotel Casino Resort in Palestine, the company's operating profit before tax for the first four months was 35 per cent above the same period last year.

"…The Oasis has been closed since October last year amid conflict between Israel and Palestine.

"…He added, assuming the Oasis does not reopen this year, the company expected total operating profits to be about one-third below that of last year.

"…The problems at the Oasis also forced Casinos Austria's parent, Casinos Austria International Holding GmbH, to withdraw a bid to mop up the shares in the Australian listed company it does not already own. Mr Macdonald said he was unaware of intentions regarding a renewal of any offer. "

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