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Hilton gaming hit by race losses
The Hilton Group has announced mixed results for its hotel and betting businesses, with betting and e-gaming faring badly due to the loss of 98 races due to poor weather last year. Underlying profit for the year to 31 December 2000 was down 2.4 per cent to £276.7m with sales falling 8 per cent to £3.95bn with losses of £27m attributed to the telephone and internet betting businesses. However, the hotel business was a stronger performer with operating profits up 11 per cent to £268m on sales up 15 per cent. Revpar (revenue per available room) rose from £46.80 to £50.90 in the international market, and rose 10 per cent to £60.20 in the UK. Results were in line with forecasts and improved in the second half following a disappointing start to 2000 across the group. Chief executive, David Michels says 2000 was a year for change across the company in the 'people, product and delivery for the group.' Michels commented that the upturn towards the end of the year was delivered due to the changes, which 'bodes well for the future'. Hilton Group's share price gained 8p following the announcement.
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