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CORE ENERGY MINERALS LTD Capital/Financing Update 2004
64702_rns_2004-02-29_4db8a717-f6ff-492c-becd-3b782286ae17.pdf
Capital/Financing Update
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CRO Rox 446 Brisbane, Qid 4001
Ph: 61-7-3317 2226
ASX AND PRESS RELEASE
Monday 1 March 2004
GROWTH IN 2004 AND PAYMENT SYSTEM ADVANCES
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Global Approach Limited (ASX:GLO) today announced a strong trend of growing turnover and revenue for the first 2 months of 2004. In addition, the company has announced a number of key payment system advances that directors expect will further assist growth in 2004.
Growing Turnover and Revenue
The 2004 year has seen an increase in activity in the Music Hall casino. Activity in January has increased 63% from the monthly average achieved in the 6 months ending December 2003. This trend has continued into February 2004 with turnover growing a further 34% over January.
| Month average for 6 months to Dec03 |
January 2004 $(31$ Days) |
Monthly Growth (Dec to Jan) |
February 2004 $(29 \text{ Days})$ |
Monthly Growth (Jan to Feb) |
|
|---|---|---|---|---|---|
| Turnover | US\$2.75 million (AUD\$3.57 million) |
US\$4.49 million (AUD\$5.83 million) |
63% | US\$6.0 million (AUD\$ 7.8 million) |
34% |
| Gross Revenue |
US\$89.000 (AUD\$116,000) |
US\$126,000 (AUD\$165,000) |
43% | US\$150,000 (AUD\$194,000) |
19% |
| Casino Hold |
3.1% | 2.8% | 2.5% |
"The online casino is off to a flying start in 2004", said Mr David Barwick, Executive Chairman of GLO. "Upcoming advances to the range of payments systems available to our players is set to further boost activity in 2004".
Turnover is the measure of total bets placed in the casino (also known as total wagered amount). Each bet is a single event in the casino such as a hand of blackjack or a spin of a roulette wheel or poker machine. In January 2004, approximately 2 million bets were placed to achieve a turnover of US\$4.49 million resulting in an average bet of US\$2.25.
Gross Revenue is the measure of net player losses and is the difference between player winnings and losses. This amount is used by the casino to pay expenses and arrive at the ultimate profit/loss result.
GRANDA 406 Brisbane, Qid 4001
Ph: 61-7-3317 2226
Casino Hold is the percentage of gross revenue to Turnover and is usually in the vicinity of 3.4%. Another common measure is the payout percentage (simply equal to 100% minus the hold) and is usually in the vicinity of 96.6%. The payout percentage calculations are reported on a monthly basis and results are displayed on the Music Hall web site at www.musichallcasino.com/aboutus/pwc_0401.asp
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Payment System Advances
A number of key payment system advances are expected to occur in 2004. Payment Systems are important to the operations of the casino because they provide the channel through which money is deposited into the casino and withdrawals are made by the players. The strategy adopted by the casino is to have a variety of convenient payment systems available to players and to make available the latest offerings in the online payments systems industry. Currently the Music Hall online casino offers 15 alternative payment methods including credit cards.
Recent advances in payments systems include the following.
- Increasing trend towards credit cards. The Music Hall casino is negotiating with new banks to provide better rates and to provide access to a greater number of potential players. This is a positive boost to the casino as credit cards remain the most widely adopted method of online payments.
- Unique development of the INSTANT NETELLER payments system. Neteller (www.neteller.com) is a leading $\bullet$ online payments system provider listed on the AIM market. The company issues ATM cards to players allowing them to transfer funds online and access their cash worldwide via standard ATM machines.
A new improvement called "Instant Neteller" is in development which will substantially reduce the time needed for players to access their funds. This will only be available to a small number of online casinos including Music Hall. The result of this improvement is a greater adoption of this payments system and access to a larger market.
"The Music Hall casino has a robust payment system strategy to ensure long term stability and customer satisfaction", said Mr Barwick. "Further advances throughout 2004 will ensure the casino remains competitive in the online gaming industry".
For further enquiries, please contact: David Barwick, Executive Chairman Ph: (07) 3317 2226 Fx: (07) 3317 2243 Email: [email protected] Web: www.globalapproach.com.au