Hilton reports a 4 percent decrease in profits
May 20, 2005
Hotel and bookie owner Hilton Group plc warned this week that profits
since the start of the year were lower than last due to less favorable
sporting results at subsidiary Ladbrokes. Hotel and bookie owner
Hilton Group plc warned this week that profits since the start of
the year were lower than last due to less favorable sporting results
at subsidiary Ladbrokes.
The Hilton Group stated that the 4 percent profit decrease was
mainly due to tough racing breaks at Ladbrokes. However, Ladbrokes'
online profits were up 23 percent. CEO David Michels said he isn't
worried about the recent purchase of Stanley Leisure by William
Hill, making William Hill the largest bookmaker in the U.K. in terms
of betting shops, because Ladbrokes still tops the charts in terms
of profit.
InfoPowa news contributed to this report
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