Sydney - Monday - June 2: (RWE Australian Business News) -...

Sydney - Monday - June 2: (RWE Australian Business News) -
National Leisure & Gaming Ltd (ASX:NLG) has revised its 2008 year
projected EBITDA to $6.0m, from $9.9m as advised on April 2.
Predominant reasons for the downgrade are:
* the cost of refinancing debt with regard to the current
senior debt facility;
* the further protraction in rolling out the capital works
program to New South Wales venues, which has caused the projected
increase in gaming revenue in FY08 to shift to FY09; and
* external factors influencing gaming and on-premise revenue
capture such as increased interest rates, higher petrol prices and a tax
excise increase to specific beverage items, all resulting in a
measurable contraction in household discretionary spending.
Referring to the announcement made on April 2, NLG today said it
was renewing its existing financing facilities with Bank of New Zealand
Australia, a business division of National Australia Bank Ltd (ASX:NAB),
which expires on June 30.

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Referring to announcements made on January 3 and March 14
regarding the IRIS claim, NLG today said it had settled the dispute with
IRIS Hotel Group Pty Ltd.
Pursuant to the deed of settlement, NLG elected to settle the
IRIS claim by payment to the IRIS group of $928,132.80 (inclusive of
interest and other associated costs up to the time of settlement).
Accordingly, NLG has been released from all claims made by the
IRIS group.
In addition, NLG has released the IRIS group from the
"non-compete" obligation agreed at the time the original sale
transaction was executed; as well as NLG's claims against IRIS.