* Sees 2009 EBITDA 100 million eur, gaming revs 430-445
million eur
* Sees 2008 EBITDA 65 million eur, gaming revs 415
million eur
* Q3 EBITDA down 40 percent to 9.6 million eur
(Adds detail, background)
VIENNA, Nov 20 (Reuters) - Austrian Internet bookmaker
bwin Interactive Entertainment AG said on Thursday it
expected cost cuts introduced this quarter will help boost
next year's core earnings to 100 million euros ($126
million) without putting its growth at risk.
After reporting a 40 percent drop in third-quarter
earnings before interest, tax, depreciation and
amortisation (EBITDA), it said it expected a good final
quarter that would bring this year's EBITDA up to 65
million euros.
The group, which offers Internet-based sports betting,
poker and games, said it expects gross gaming revenues to
rise to 415 million euros this year and 430 million to 445
million euros next year.
The company had so far not given an explicit outlook
for 2008 but Chief Executive Norbert Teufelberger had said
on Aug. 21 that he felt comfortable with analysts'
forecasts of 76 million euros in 2008 EBITDA.
Bwin shares closed at 12.40 euros on Wednesday, having
lost 53 percent this year so far. They are trading at
around 10 times next year's estimated earnings, about twice
that of rivals such as Sportingbet, PartyGaming or 888.
PartyGaming said on Wednesday that gamblers were
cutting back on visits to its websites in the economic
downturn, but that it still expects to meet full-year
earnings forecasts.
($1=.7921 Euro)
(Reporting by Boris Groendahl; Editing by Mike Nesbit)
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