Casino supplier’s profits rise on improved sales
9 November 2012
Las Vegas-based casino supplier Gaming Partners International Corp. cashed in on worldwide casino openings and expansions in the third quarter, reporting a higher profit on improved sales.
GPI said Thursday that it earned $1.3 million, or 15 cents per share, in the quarter ended Sept. 30, an improvement from the profit in the year-ago quarter of $477,000, or 6 cents per share.
Revenue grew from $13.8 million to $16.9 million.
GPI sells casino products such as table game chips, cards, dice, roulette wheels and gaming furniture.
CEO Greg Gronau said the higher third-quarter sales resulted from U.S. casino openings, rebrandings and expansions. New and expanded casinos in the Asia Pacific region also generated “significant increases” in GPI sales there, he said.
Through the first nine months of this year, key drivers of revenue have been sales to the SJM and Las Vegas Sands Corp. casinos in Macau and sales to new casinos in Ohio and New Jersey, GPI said.
The company ended the quarter with a backlog of business totaling $8.1 million, including $4.6 million for its U.S. division. That compares with a backlog at the end of last year’s third quarter of $9.9 million.
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