Leroy’s posts record-setting results

Jun 14, 2005 8:16 AM

 

For Vic Salerno, it’s been a very good year. At least according to his company’s first quarter results.

The president and CEO of American Wagering (which operates Leroy’s race and sports books) and Computerized Bookmaking Systems (CBS) announced last week record quarterly revenues, as well as several key company developments.

Salerno said sports wagers handled by Leroy’s sports books increased $766,000 or 3.6 percent over last year’s first quarter, while the win amount increased $502,000 or 33 percent over last year’s win.

Both the handle and win amounts were "the best in Leroy’s 25-year history," Salerno said.

Helping to drive the sports handle was a record-breaking Super Bowl, which generated $163,000 or 6 percent more wagers than 2004’s Super Bowl. The win amount increased $85,000 or 22.5 percent over the amount won on the previous Super Bowl.

"We are very pleased with the record first quarter results," Salerno said.

Leroy’s operates nearly 50 sports books throughout the state. Salerno said the company added three pari-mutuel race books to its roster, bringing the total to six race books.

The newly-added race books are located at the Avi Hotel and Casino in Laughlin, the Silver Club Hotel and Casino in Sparks and the Silver Nugget Casino in North Las Vegas.

"As a result of operating these new books, pari-mutuel race handle increased $333,000 or 61.8 percent over the first quarter of last year," Salerno said.

Other key company developments, according to Salerno, include:

”¡ CBS installed the first 64-bit computerized race and sports system at the Aladdin Hotel.

”¡ CBS installed its most advanced race and sports betting system at the newly-opened Wynn Las Vegas.

”¡ CBS installed new handicapping software and oversaw contests at Harrah’s in Reno, and at various Coast Casino properties.

Also in the quarter, Salerno’s company formally emerged from Chapter 11 bankruptcy protection.

While in bankruptcy protection, Salerno’s company successfully averted a hostile takeover initiated by Youbet.com, an account wagering company that televises and takes bets on pari-mutuel horse racing.

Youbet.com filed a reorganization plan with the U.S. Bankruptcy Court that would have put control of AWI in Youbet.com’s hands. But Youbet’s plan was rejected.

"While the accomplishments of the first quarter are significant and indicate that our operating strategies are correct, we realize that this is no time to rest on our laurels," Salerno said. "We remain committed to our goals of strengthening and diversifying cash flows, growing the company and increasing shareholder value in the long term."