Gaming VC Announces Interim Financial Results
Gaming VC, the operating and acquisitions company focused on the growing world of online gaming, announced EUR 11.1 million profit before tax and revenues of EUR 21.3 million for the first half of 2005.
Established in 2004, Gaming VC was incorporated in Luxembourg to acquire the business and operating assets of Casinos International NV, collectively known as The Casino Club, the dominant online casino in German-speaking markets.
Other interim financial highlights include EUR 11.9 million of cash generated from operations and EUR 0.36 of basic earnings per share.
Larger than William Hill, Sportingbet and Bet 365 from a single market position, The Casino Club boasts 58,000 active customers and more than 100,000 registered users. In the first six months of 2005, 8,115 new depositing customers joined Gaming VC with a 62% conversion rate after first registration.
Highlights during this period include the soft launch of the Spanish site, the planned launch of a new Poker site as well as the publication of two magazines.
Commenting on the first half results Steve Barlow, CEO said: “Being a new company, our first six months has been about getting the financial systems and key personnel required to position Gaming VC for growth as well as maintaining the existing business”.
“We had an excellent first quarter supported by some initial marketing in Germany including the distributions of our magazine. During the second quarter we didn’t spend as much as we had originally planned on marketing, which impacted our revenue figures. We have a major marketing initiative under way in the second half, which we anticipate will kick start revenue growth.”