The Australian online casino offered redundancies to 21 of its 40 staff. Following the passing of the UIGE Act, Lasseters stopped serving the US market, which accounted for 70 per cent of the company\’s global revenues.
“We don\’t need as many people to service 30 per cent of our business base,” said the online casino in a statement to the Australian Stock Exchange.
Lasseters said the next issue is what to do with the funds held in the purses of US-based players, as many of them have not met the company\’s requirements. The online casino is working through solutions with the Northern Territory regulator and banks.
From an operational perspective, the group\’s online casinos performed well and delivered an income before tax of $1.2 million for the year ended June 30.
For the future Lasseters remains commited to providing competitive gaming services and diversification, including the launch of Lasseters Sportsbook which the company is developing from scratch.
However, the startup costs associated with the sportsbook and redundancy costs will cause a loss before exceptional items of about $1.5 million for the year ending June 30, 2007.
“Impairment testing of the intangible assets may further impact the loss in the financial year,” Lasseters said.
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