LIVERPOOL gaming group Stanley Leisure announced £100m expansion plans for the next five years today.
After the £504m sale of its betting shops to William Hill in May, the group is now concentrating on its casino division and today began moves to refurbish its existing 41 sites and bid for new licences to cash in on the relaxation of UK gaming laws.
Chief executive Bob Wiper announced the investment in today's annual results to May 1, which showed a 25% jump in turnover from £1.66bn to £2.07bn. Bottom line profits rose 11% from £35.4m to £39.2m.
Betting division turnover rose 27% to £1.88bn due to fixed odd betting terminals, but operating profits fell by 24% to £25.9m due to a poor run of sporting results.
The gaming division recouped heavy losses in its London-based estates where some of their high rollers had enjoyed a lucky streak. Last year profits at the four London casinos jumped 96% from £7.6m to £14.9m. The 37 provincial sites, including two in Liverpool, saw profits increase by 2% to £33.7m.
Stanley has lodged applications for five new licences under the existing Gaming Act and has a further nine casinos where it is exploring the potential to extend or relocate.
"In aggregate, these plans could add over 50% to the size of our gaming floor space over the next five years," he said.
On top of this, the group is bidding to win some of the 17 new casino licences that are due to be selected in 2006.
Giving his response to deregulation in the gaming industry he said the final shape of the Gambling Act 2005 "was not what any of us expected" and a long way from the free market that was initially recommended.
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