RIHI news:
March 09, 1999 09:57
WorldNet Casinos.com Delivers 22% Growth
LAS VEGAS--(BUSINESS WIRE)--March 9, 1999--
Wagering Increase Forecasts a $100+ million Year
Ranes International Holdings Inc. (OTC BB: RIHI) under a definitive agreement to merge with WorldNet Casinos, announces WorldNet Casinos wagering (handle) grew 22% from $7 million in January to over $8
million in February 1999. The increase was attributed to additional revenues generated from licensing and gaming operations. Operating profits as a percent of gross wagering remained constant at 15% for the month.
Management believes WorldNet Casinos will benefit from even more dramatic revenue growth over the next 12 months because of their recently announced partnership with SBG Global. On March 3, 1999,
WorldNet Casinos signed a strategic alliance with SBG Global, to license WorldNet Casinos' state-of-the-art Casino software packages as a Limited Partnership. SBG Global, one of the largest offshore sports betting operations in the world, selected WorldNet Casinos' software after a comprehensive review of all competitive casino gaming software packages.
WorldNet Casinos will net 40% of the "Net Win" of all processed transactions.
"We have revised our 1999 forecast upward to over $100 million, as we enter a phase of unusually rapid growth and profitability. This is exciting news for our stockholders.", commented President Kelly Arruda.
Forrester Research recently estimated that worldwide Internet commerce could reach as high as $3.2 trillion in 2003. The 1998 Casino & Gaming Business Market Research Handbook predicts that the Internet gaming market could reach $100 billion to $200 billion in annual revenues by 2005.
WorldNet Casino's competition within the Internet gaming industry includes: Players International Inc. (NASDAQ: PLAY), Mikohn Gaming Corp. (NASDAQ: MIKN), Riviera Holdings Corp. (AMEX: RIV), Alpha
Hospitality Group (NASDAQ: ALHY), JCC Holding Co. (AMEX: JAZ), and GLC Limited (NASDAQ: GLCCF).
WorldNet Casinos.com, a pioneer of Casino Games and services for the Internet, is the leader in developing Internet Casino games which are easy to access, exciting to play and safe and secure to use.
For additional information visit the web site www.worldnetcasinos.com, e-mail press@worldnetcasinos.com or call John Kirk, investor relations at 1-877-899-9950.
Note: Certain statements herein that are not historical are forward looking statements that involve risk and
uncertainties. Investors seeking more information about the company's business and relative risk factors
may wish to review the Company's periodic reports filed with the SEC including, but not limited to, its
most recent Annual Report on Form 10-K/SB and Quarterly Report on Form 10-QSB.
CONTACT: Ranes International Holdings Inc.
John Kirk, 877/899-9950
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