Pre-Close Period Update

Gaming VC Holdings S.A.
20 June 2005


20 June 2005
                    Gaming VC Holdings S.A. ('the Company')
                            Pre-Close Period Update

In advance of the Company entering the pre-interim close period, the Directors
of the Company wish to provide the following trading update for the first six
months of 2005.

The Directors are pleased to confirm that overall cash conversion during the
first half has remained strong, and available cash resources are sufficient to
pay the forecasted interim dividend of 21p per share.

First quarter daily average net revenues were ahead of expectations driven
primarily by the strong underlying performance of the existing business and the
launch of new slot machine games. However, during the second quarter, the
Company has experienced a weakening in revenues. As a result estimated half-year
revenues of Euro 21 Million are below target. The Directors believe that such
weakening in revenues is due to insufficient marketing, as the Directors took
time to conclude their marketing strategy and establish appropriate tracking
mechanisms to control marketing spend.

During the first half of 2005, the Directors have focused attention upon
reviewing and planning the marketing strategies appropriate to sustain and build
the business. Following the conclusion of this review, in mid-June the Company
initiated the first in a series of new marketing programs the benefits of which
have already impacted on the performance of the business, with daily revenues
increasing.

Several other large-scale marketing programs have been prepared and will be
launched over the coming weeks. In addition, the Company has developed a
detailed marketing strategy for the remainder of the year. The Directors will
keep this strategy and the impact of each specific marketing campaign under
constant review.

In addition to the efforts described above, the Company has made significant
progress in other areas, including the initial penetration of the Spanish casino
market, the acquisition and test deployment of peer-to-peer poker technology in
advance of full launch in July, the successful consummation of an affiliate
joint venture, and other strategic co-marketing efforts.

CEO Steve Barlow commented, 'Whilst we are disappointed to have fallen short of
some of our targets, we are encouraged by the success of our recent marketing
efforts and are confident that the strategy we have defined will allow us to
meet market expectations for the year.'

For further information contact:

Steve Barlow, CEO  020 7554 1400
Robert Willis, CFO 020 7554 1400
Ken Cronin/Robert Speed, Gavin Anderson & Company 020 7554 1400



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