Wembley, the dog track and casino operator, today reported a slight fall in operating profits in its full year results.

Operating profit slipped down to £35.3m in 2003, compared to £39.3m the year before.

Wembley claimed that the fall was mainly caused by the strengthening of sterling against the US dollar, to an average rate of £1 to $1.64 from £1 to $1.50 the year before.

However, the company’s pre-tax profits remained the same at £26.1m.

Claes Hultman, chair, reflected on what has been an eventful year for Wembley, in which it received a £275m takeover bid from MGM Mirage, but two of its executives were indicted following an investigation of illegal payments at its Lincoln Park facility at Rhode Island.

He said: “We have experienced a difficult 12 months, particularly as a result of the indictment in Rhode Island.

“The board now believes that the acquisition of Wembley by MGM Mirage at 750p per share is a good exit price for our shareholders.”

Hultman also revealed that business had started well in 2004. Average weekly revenue from its video lottery terminals at Lincoln Park were up 11 per cent for the first seven weeks, and a new record of $6.2m (£3.3m) was established during the public holidays over the New Year.

MGM Mirage is believed to want to acquire Wembley’s five UK greyhound racing stadiums to take advantage of the proposed changes to UK gaming regulation. Details: www.wempleyplc.com