Greek state Togel lottery OPAP reports 20% profit surge

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Revenues up by 9% to €5.5 billion and net profits up 19.6% to reach €728.5 million were highlights of the 2008 financial report released by the Greek gambling monopoly OPAP this week. Earnings before taxation increased by 22.9% to €1.056 billion.

 

Revenues in the last quarter of OPAP’s 2008 fiscal year were up by 1.4% to €1.542 billion (2007 FY:€1.521 billion) but fourth quarter net profits decreased by 7.2% to €178.9 million (2007: €192.8 million).

 

Christos Hadjiemmanuil, Chairman and CEO, said: “Although we operated in a challenging and difficult economic environment in 2008, we managed to deliver impressive improvement in our business results.”

 

“Furthermore, we are particularly pleased with the significant progress achieved from our main priorities; rejuvenation of our games portfolio, progress in the revamping of our agent network and our internal reorganisation.

 

“For 2009, despite the deteriorating economic conditions, we will focus on maintaining our strong profitability at high levels and support initiatives to expand outside our core concession.”

 

Charges against American casino holder dropt

 

A prosecutor dropped charges on a Pennsylvanian casino holder Yesterday, he was accused of lying about his contacts with organised crime and other underworld figures. As part of the agreement, he has to turnover the Togel casino to his daughter.

 

Louis DeNaples a Scranton businessman who owns the Mount Airy Casino Resort in Pennsylvania, was charged with four accounts of perjury, perjury is lying while under oath, he supposedly lied about his connections with organised crime. This connection is with the Mafia family of Russel Bufalino, who are connected to prostitution, extortion and illegal gambling. Also he supposedly had connections with Roman catholic priest Joseph Sica, who was charged with the same counts. DeNaples casino license was revoked by the Gaming Control Board after the charges against him in January 2008. DeNaples will have to turn over all business of the Casino to his daughter Lisa.

 

Despite the fact that the charges were dropped, prosecutor Ed Marsico thinks he reached his primary goal, he wanted DeNaples out of the casino industry. DeNaples claims to be innocent and said, “I have said from the start I have no connection to organized crime, and that is the truth.” Lately the casinos feel the presume from the online casinos which do much better business, these type of cases is bad news for the land-based casinos.

Mary Farris