Wembley group ready to complete change

Wembley, the former owner of London’s Wembley stadium, today said it was on track to complete its transformation into a dog-racing and gaming company.

The London-based group, which owns and operates a string of dog tracks in the UK and the US, completed the sale of the Wembley Arena, Conference Centre and Exhibition Halls in August last year.

It also operates a gaming arcade at its US track in Lincoln Park, Rhode Island.

Besides the stadium sale, 2002 also saw Wembley dispose of corporate hospitality business Keith Prowse to its management and the sale of the group’s stake in Liverpool tourist attraction the Beatles Story and the Wembley ticketing operation.

Chairman Claes Hultman said: “The successfully completed disposal programme means that Wembley is now a single, focused business operating in three jurisdictions – Rhode Island, Colorado in the USA and the UK. Growth potential exists within each of these businesses.”

The group said today it was planning to expand its US gaming operation with another 1,300 gaming machines at the Rhode Island site and the installation of machines at its four sites in Colorado subject to approval in the state.

It added it was close to acquiring another existing greyhound track in the UK and had exchanged contracts on a long lease for a site in Liverpool where it hopes to add another track.

The group today posted a 9% increase in operating profits driven by growth in its gaming machine operation at Lincoln Park despite the effects of the weak US dollar which the company estimates cost it around £1.6m (€2.32m).