In its interim results for the six months that ended on June 30th, revenues for Asian Logic Limited skyrocketed 208% according to a report released on Tuesday to the London Stock Exchange. Its total revenues jumped to $54.9 million, up from $17.8 million in 2007. Poker revenues were up 760% to $2.6 million, climbing from $0.3 million during the first half of 2007.
Asian Logic runs several online casinos including Megasport, Dafa888, Asian Casino, Zipang Casino, and Tila Casino. Its 100 game offering includes classic table games, video poker, slot machines, keno, and games “specifically designed for the Asian market, including Solo, Mahjong, and Pachninko,” according to its website. Casino revenues for Asian Logic Limited soared 184% during the first half of 2008 to $47.4 million, up from $16.7 last year. Its average casino net gaming per day was up 185% to $98,811.
The company has cash and cash equivalents of $80.7 million on its balance sheet and adjusted earnings per share of 5.48 cents. Its CEO, Tom Hall, commented on Tuesday, “AsianLogic continues to grow organically and through acquisition. During the period, we have made several important strategic acquisitions and investments. We are adapting to and driving market trends through the expansion of our Poker and P2P business and foresee that acquisitions such as the Asian Poker Tour and its successful roll out will continue to raise the profile of this renowned card game and benefit AsianLogic’s shareholders.”
In February, Asian Logic acquired the Asian Poker Tour. The tournament series just completed its Macau stop, where Yevgeniy Timoshenko, who plays in the online poker world under the name “Jovial Gent” on PokerStars, took home the $500,000 first place prize. Others at the final table included Joon Hee Yea, Rober Karian, and Casey Kastle. Also appearing at the tournament were a number of high-profile players including Doyle Brunson, Johnny Chan, J.C. Tran, Kenny Tran, John Juanda, Todd Brunson, Nam Le, Quinn Do, Huck Seed, Liz Lieu, and Steve Song. The APT even invited U.S. Olympic swimmer Michael Phelps to play, but the winner of multiple gold medals in Beijing did not turn out.
In addition, the Asian Poker Tour just signed three well-known ambassadors to its ranks including J.C. Tran, who won his first World Series of Poker bracelet after taking down a $1,500 buy-in No Limit Hold’em event this year. Quinn Do won the Macau celebrity poker tournament this year and is also the owner of a WSOP bracelet, which he won in 2005. Nam Le is fresh off a win in the PokerStars Asia Pacific Poker Tour Macau High Rollers event for nearly $500,000. He also won the World Poker Tour’s Bay 101 Shooting Star tournament in 2006 for $1.1 million.
Asian Logic has launched three new gaming sites so far in 2008 and plans to launch five more before the year is through. The company has also partnered with Leisure Resorts and World Corporation, which is a sports book. Asian Logic’s shares are traded on the London Stock Exchange under the symbol “ALOG.” The stock closed down 2.16% to ₤68 in trading on Tuesday. Its directors include Jong-Dae Lee, Thomas Hall, Christopher Parker, Chi Kan Tang, Robert Evans, Gary Underwood, Itamar Shamshins, and Jonathan Hubbard.
