With the IT industry still reeling in the wake of last month's market crash, listed online gaming company My Casino has quadrupled its revenue expectations.
In a statement issued to the Australian Stock Exchange today, the Australian-owned but Vanuatu-operated and licensed casino said it had "handled gaming moneys of $A10 million" in the first two weeks of May, "exceeding its "pre-dotcom crash" predictions of $2.5 million".
Furthermore, the company, which debuted on the ASX on Monday, April 17, 2000 -- the day spectators equate with the severest share market correction in 10 years -- has seen its share price grow steadily, now riding at around 45 cents and double its issue price.
My Casino's managing director, Gordon McIntosh, said the company maximised revenues by paying gaming taxes of only 4 per cent, complying with Vanuatu laws. Many countries, including Australia, charged gaming companies up to 15 per cent in tax, he said.
McIntosh also said that the success of his company, relative to rival Australian gaming company Lasseters Online, was due to its broad experience in both casino management and international marketing.
Lasseters was recently forced to reduce its $40 million float by 25 per cent in an effort to attract investors, and said that existing shareholders will no longer be selling shares under the IPO.
McIntosh said that his company, although Australian-owned, would be unaffected by any federal government-imposed moratorium on internet gambling.