Stanleys £100m revamp - Tuesday 12th of July 2005

GAMING group Stanley Leisure pledged to spend more than £100m over the next five years on revamping its casinos.

Stanley, which sold off its betting shops to William Hill in May for £504m, is making the investment to cash in on the relaxation of UK gaming laws.

Money will be targeted at raising the number of slot machines in its four London casinos and 37 regional casinos as well as refurbishing a number of sites.

Stanley, under the guidance of chairman Lord Steinberg, has lodged applications for five new licences under the existing gaming act and has a further nine casinos where it is exploring the potential to extend or relocate.

Chief executive Bob Wiper said: "In aggregate these plans could add over 50 per centto the size of our gaming floor space over the next five years."

On top of this, the group is bidding to win some of the 17 new casino licences that are due to be selected in 2006.

Details emerged as Stanley posted a four per cent fall in pre-tax profits before goodwill amortisation of £40.1m during the year to May 1.

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