
Stanley Leisure PLC
08 September 2005
8 September 2005
STANLEY LEISURE PLC
AGM STATEMENT
Lord Steinberg, Non-Executive Chairman of Stanley Leisure plc, made the
following statement today at the Company's AGM:
We experienced a satisfactory start to the financial year across the Group. Our
provincial estate traded in line with expectations in this seasonally quieter
period. In the past few weeks, during what is traditionally a busy period, our
London high-end casinos have experienced a drop in both attendance levels and
revenue, consistent with broader trends seen amongst London-based leisure and
retail operators. It is, of course, too early to tell whether this is a
temporary issue and as always in our London casinos, this position can change
very quickly. Business in our International Betting division has picked up
since the beginning of the football season and is in line with our expectations.
Since the year-end we have continued to position the Group's casino estate and
progress our five-year investment and development plan in order to ensure that
we maximise the benefits of deregulation as changes come into effect. As
previously announced, we are making five new licence applications under the 1968
Act regulations and are considering the extension or relocation of a further
nine casinos. These developments could add over 50% to our existing gaming
floor space and together with the enhancement of the estate and deployment of
additional machines, will involve an investment in excess of £100m over the next
five years.
When the locations for the 2005 Act casinos have been selected, we will of
course actively pursue 'new' casino licences.
In the short term, we are well placed to start enjoying the benefits of the
removal of the so-called '24 hour' membership rule and increased machine numbers
when the Commencement Orders come into effect on October 1. However, the full
benefit of these changes will not be realised until 2006/07.
We remain focused on taking full advantage of the exciting opportunities
presented by deregulation and are confident that this will deliver further
growth for shareholders.
Enquiries:
Stanley Leisure plc Tel: 0151 237 6000
Bob Wiper, Chief Executive
Colin Child, Finance Director
Hudson Sandler Tel: 0207 796 4133
Noemie de Andia
Elisabeth Young
This information is provided by RNS
The company news service from the London Stock Exchange
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