Wembley bets on gambling

Operating profits rose 22% at Wembley's UK greyhound tracks

Wembley - the company which used to own the famous stadium of the same name - has shown that going to the dogs can pay-off.

It has unveiled a 12.5% rise in pre-tax profits, helped by a strong performance from its UK greyhound racing interests.

Profits were also boosted by an increase in takings at its US gambling interests.

The company said its aim was now to become a leading gaming and track-based entertainment company.

On track

Pre-tax profits for the first six months of its business year were £16.2m, up from £14.4m a year earlier.

Wembley owns six greyhound tracks in the UK, and together they recorded a 22% rise in operating profits.

The main drive behind Wembley's profits rise though came from the US.

This included a large increase in revenue from video lottery terminals at the Lincoln Park greyhound track after the machines were moved into a better position at the site.

Shortlist

Wembley sold the famous Wembley stadium two years ago, but still owns the complex surrounding the stadium.

The 50-acre site includes the Wembley Arena and conference centre.

The company has put the site up for sale, and in a statement said a shortlist of bidders has been drawn up.

It also added that the conclusion of the UK government's review into the rebuilding of the stadium - due out later this year - should "help make the outcome clearer".

The sale is part of Wembley's new strategy.

"The Group is in the process of being transformed into a focused, gaming and track-based entertainment company," said Wembley's chairman Claes Hultman.