One of the largest developers and providers of online casino software, 888.com or Casino-on-Net has announced its quarterly results for the second quarter of 2010. Unfortunately for the company, these are very disappointing figures, because the casino revenue fell heavily in 2009.
888 Shares fell sharply with 11 percent, the worst decline since April 2009. The damage in financial terms is that the shares of the company fell 9.8p to 84p per share. The company says the losses are largely due to the under performing poker and bingo areas of the company. But despite the recent figures, the company still had some good news to report. The company says that most of its new products includingsports betting and backgammon, are still performing well, while the business-to-business component of 888, Dragon Fish, was above expectations.
888 said that the operating income for the first quarter increased by 21% to $ 69m, and the number of recorded customers increased by 24%. But the company added that trading so far in the second quarter was disappointing for online casino, poker and bingo, the average daily earnings where below average by about 13% in the first three months of the year.
The casino gambling group has begun a cost reduction program, as a consequence, the company needs cut some expenses. These include a 20% reduction in labour costs, with 20% of their workforce of 1000 employees to be laid off. In addition to this, top ten managers will be asked to take a 10% reduction in pay.
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