Lasseters Calls For A Hold On Shares
By Staff
Online casino operator Lasseters Corporation Limited has requested that its shares be suspended from the Australian Securities Exchange following uncertainty over its continued financial support by parent firm Lasseters International Holdings Limited.

In August, the veteran Australian firm behind the online casino warned investors that it would report a loss of $5.12 million for the year. It stated that this deficit was due to costs associated with opening its virtual sportsbook business coupled with reduced revenues from its online casino operations due to ‘delays in the implementation of new games’. Its warning also referred to ‘significant’ one-off adjustments associated with the write-off of unspecified historical deferred tax asset balances and the impairment of its online casino gaming licence and associated product development costs.

The Brisbane-based firm is powered by Orbis OpenBet software and then reported last week that its operating revenues for the first six months of 2008 had hit $2.82 million, a 49 percent decline from last year’s $5.48 million.

Lasseters has been dependent on financial support from its parent but stated that it expects its suspension from the Sydney-based Exchange to last only one month while it agrees a plan of action after taking the appropriate operational and financial advice. The firm announced that it is hopeful that discussions between the two parties would yield new terms and conditions but would not comment further until meetings had taken place.

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