Wed, May 29, 8:26am by Staff Writer
Gaming machines have been lucrative in pubs and clubs across the Yass Valley and Hilltops local government area, the Yass Tribune reports.
Nearly $4.8 million has been taken from the machines according to data from Liquor and Gaming New South Wales.
Of that $4.8 million, $669,501 was paid in tax to the government.
By comparison, clubs profited more than $9 million in six months in Goulburn Mulwaree and Upper Lachlan Shire.
Hotels in Yass Valley made just $539,162, with $68,119.15 paid in tax.
Yass Soldiers Club ranked 251 in the state out of 1094 clubs in order of the clubs that made the most gaming machine profit.
Other clubs with gaming machines in the area include Yass Bowling Club, which ranked 787 and Yass Golf Club, which ranked 816.
Murrumbateman Country Inn ranked 827 in the state out of 1424 hotels in order of the hotels that made the most gaming machine profit.
Other hotels with gaming machines in the area include Australian Hotel Motel, which ranked 964, Club House Hotel, which ranked 1196, The Yass Hotel ranking 1314 and Bowning Hotel, ranking 1346.
Liquor and Gaming New South Wales’ latest reports covered June 2018 to November 2018 for clubs and July 2018 to December 2018 for hotels.
Venues across New South Wales made $2.02 billion at clubs at $1.32 billion at hotels.
Compared to the first half of 2018, across the state, the number of gaming machines in operation fell by 303 in clubs and hotels.
However, the net profit increased by 4.1 per cent for clubs and 13.4 per cent for hotels.
The total number of venues with gaming machines fell by 47.
RT YassTribune: Clubs profit nearly $4.8 million from pokies in Yass Valley and Hilltops https://t.co/JPHFE6OerU
— Cr Nathan Furry (@nathanfurry) May 27, 2019
One of Australia’s largest poker machine manufacturers has cut its expected profits, blaming “intense” market pressure and delays in securing approvals of new pokies products.
Ainsworth Game Technology told investors on Tuesday its profits for the second half of the 2019 financial year would be $4 million – more than $3 million less than what it had previously said, the Sydney Morning Herald reports.
The news sent the company’s stock price tumbling 9 per cent in early trading to 76 cents, before rebounding to end the day just 1.19 per cent lower at 83 cents after the company issued a clarification saying it had incorrectly stated its net debt was higher than what it actually was.
Last week, Wilsons analyst mark Bryan said Ainsworth had been in “perennial forecast downgrade mode” for the past five years, and “this trend is continuing.”
“Domestically, slots buyers are seeing a fragile demand environment, leading to reduced capex,” he said.
“This restricted market opportunity is being compounded by Ainsworth Game Technology products failing to resonate with buyers.”
In a trading update last Wednesday, Ainsworth said its pre-tax profit for the six months to June 30 would be about $4 million “impacted by the intense competitive market pressures and delays encountered in new product approvals which were not achieved in the expected time frames.”
Ainsworth expects the approvals soon and these would boost market share gains in 2019-20.
It would also take an impairment on its Australian and digital assets of $5 million, due to lower sales in New South Wales and a $2 million reduction in the value of its shares held in online social casino business 616 Digital.
“Ainsworth Gaming Technologies is progressing with the development of new products and technologies with the view to improving future profit performance,” it said.
“Additional opportunities to collaborate with AGT’s major shareholder, Novomatic AG, and other external content providers are being actively pursued.”
Ainsworth Game Technology was founded in 1995 by Australian billionaire pokies king Len Ainsworth, who recently sold his majority stake in the company to an Austrian gambling company, Novomatic, for $473 million.
Mr Ainsworth retains more than six million shares in the company.
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