RAY reports revenues rise

Finland’s state-run Raha-Automaattiyhdistys (RAY) gaming operator has released its financial results for 2011 showing a 9.6 percent year-on-year increase in revenues from continuing operations to €739.1 million.

RAY was founded in 1938 and holds the exclusive rights to manage all gaming operations in Finland including slot machines and casino games and revealed that its total profits for 2011 rose 7.8 percent year-on-year to €410.8 million while it handed over €73.7 million in tax to the state, which was €18.2 million more than in 2010.

The Scandinavian operator stated that its positive results for 2011 had been achieved despite a seven percent swell in operating costs alongside a rise in the rate of state lottery tax and attributed the figures to ’success’ in its ’partnerships and development’.

“The excellent success of slot machines was first and foremost a result of cooperation with business partners,” read a statement from RAY.

“Revenues generated from slot machines in partner premises were €572.9 million. In addition, the popularity of Internet games exceeded expectations during their first full operating year generating €29.7 million in revenues. RAY’s own arcades also improved their performance compared to the previous year, generating €94.1 million in revenues.

“During 2011, RAY renewed its stock of slot machines, improved the technical performance of its games and experienced great success with its own newly designed and developed games. Changes in consumer behaviour were taken into consideration by introducing the option of paying for traditional coin-based games with banknotes and debit cards. The positive developments can also be partly attributed to the successfully executed rise in the minimum age for gaming. Starting from July 1, 2011, all RAY games require the player to be 18 years of age or older.”