Ladbrokes issues profit warning on weak revenues
Ladbrokes PLC, which recently acquired 65 percent of Stadium Technology Group in Las Vegas, issued a profit warning Thursday because of declining revenues from its online business.
The British company said full-year earnings before interest and tax were expected to be $317.5 million, or
$15.4 million lower than the company's previous estimate.
Weak margins in online sports betting and technological problems meant lower-than-expected revenue, the company said.
Stadium Technology provides the software for each of the current Cantor Gaming locations in Las Vegas, along with the Golden Nugget and Treasure Island. Ladbrokes operates more than 2,700 betting shops in the United Kingdom and Europe.
