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Profit loss for casino provider

Casino equipment provider Shuffle Master lost money during the first-quarter of this financial year, it has been revealed.

For the period up to the end of January, the company lost $1.8 million, compared to the $2 million profit from the same period in 2007, according to Casino City Times.

Mark Yoseloff, chairman of Shuffle Master, said: "Although we succeeded in executing our strategic initiatives which drove increased recurring revenues and robust product penetration, we nonetheless experienced a modest loss in the quarter primarily due to higher expenses.

The loss occurred despite a small increase in revenue from $37.3 million to $37.9 million. Higher infrastructure costs and increased expenditure was blamed for the net earnings decrease.

Founded in 1992, Shuffle Master is one of the most famous makers of card shuffling equipment in the world.

The Las Vegas company is responsible for the iShoe, a three-card poker shuffler which increases security by reading the suits and numbers on each card that passes through it.