Totalizator Sportowy gambling company notes sales decrease

APA - Austria Presse Agentur
26-04-2006, 17:26

Warsaw (Puls Biznesu) – Totalizator Sportowy (TS), the state-owned enterprise, and the monopoly in numeric games, has had no CEO for three months. Its sales dropped by 20 percent.

Warsaw (Puls Biznesu) – Totalizator Sportowy (TS), the state-owned enterprise, and the monopoly in numeric games, has had no CEO for three months. Its sales dropped by 20 percent.

 

TS is very important for the state – it pays above PLN 1 billion (EUR 257m) to the state budget each year. This year may be different. According to “Puls Biznesu” three independent sources, in the first quarter of 2006, sales fell by nearly 20 percent. The company pays 20 percent gambling tax, or PLN 400-500m annually. This year, it may be PLN 80-100m less. The Ministry of Education and Sports as well as the Ministry of National Heritage may also see their revenues dropping. Out of each PLN 1 paid by TS clients, PLN 0.2 is spent on sports and PLN 0.05 for culture. In 2005, these funds amounted to PLN 600m, including PLN 480m for sports and PLN 120m for culture. Smaller income may mean lower dividend which used to amount to PLN 150m.

 

Pawel Szalamacha, the deputy Minister of the Treasury responsible for TS, blames the former CEO – Miroslaw Roguski.

“He was fired due to worsening results. The company will have a professional management within a few week. The management will be able to revise the downward trend”, Pawel Szalamacha said.

The employees of TS believe, however, that the company’s results are burdened with political uncertainty present in the company since the elections.

 

(PLN 1 = EUR 0.257)

 

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Podpis: APA - Austria Presse Agentur

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