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CR79-p54&55-business3&4:SJC-Casino Review 19/4/09 01:09 Page 2
RAY hits its mark
The state-owned quasi-monopoly casino and slot machine
operator in Finland, RAY, saw revenues rise by one per cent
to E659.5m in 2008, however, profits fell by the same
amount to E402.5m. Just over 91 per cent was generated
by slot machines either in licensed premises or in RAY’s
own street operations; 5.4 per cent was generated by
Grand Casino Helsinki. More than E400m will now be
available for social and health projects.
Queenco profits hit
by lower spending guests
With cash in the
There is also a complicated
bank and interests
share swap proposal on the
table between Casinos Austria
across Europe, and a part-owned subsidiary
Queenco Leisure
of QLI, Vasanta, which holds
International has
interests in CHL.
QLI is progressing with its
the resources to projects in the Czech Repub-
stave off the worst
lic and Romania, the former
nightclub and entertainment
effects of the
centre with slot machines in
Prague, the latter a redevelop-
The trend is for
ment of the iconic Casino Con-
stanta. It is re-examining the
visitors to spend feasibility of other projects
less, which inevitably
such as a casino in
has had an effect on
Sihanoukville, Cambodia and
two venues in Bulgaria.
the bottom line.
Club Hotel Casino Loutraki
Ben-Ari said: “We expect the
has saw more visitors
challenging trading condi-
spend less in 2008 tions will continue in 2009
and will…affect visitors’
bestinvest spending budgets. However,
QUEENCO LEISURE INTERNATIONAL Casino Rodos, of which per head rise more than 20 tural changes in the company: loss-making Casino Beograd we maintain the competitive
Queenco holds 91.6 per cent, per cent - or E35 - to E209. CHL has already agreed to buy for E42m and it is considering advantage of having very high
One of the major investors in saw 9.2 per cent lower GGR Uri Ben-Ari, who was its partner Casinos Austria’s a similar proposal in respect quality assets and a positive
Club Hotel Casino Loutraki of E35.7m and net revenues appointed as CEO of QLI in 51 per cent stake in the still of Grand Casino Brussels. balance sheet.”
(CHL), Queenco Leisure Inter- down 8.3 per cent to E25.4m. September 2008, said: “We are
national (QLI), saw revenues However, at Casino Palace in operating in a challenging and
and profits from its casino the Romanian capital complex environment affect-
interests in Greece and Bucharest, owned 83.3 per ing all areas of the economy,
eastern Europe in 2008 fall cent by QLI, the trend was including the gaming sector.
despite visitor numbers altogether more positive [We] began the year with
staying reasonably constant. with GGR and net revenues healthy growth but in the
The company’s gross rev- both up by more than 13 per second half, trading was
enues for the year were cent to E22.9m and E22.1m impacted by a slowdown in
E196.4m, down 4.5 per cent respectively. global spending. However, we
from 2007. By far the biggest Visitor numbers at Loutraki are encouraged by the fact
contributor was CHL, which were up by 41,000 to 1.16m. that our properties continued
includes revenues from However, in total the casino to draw customers in high
Casino Beograd in the Serbian won E25 per head less than in numbers despite the tough
capital, and in which QLI has a 2007. Some 8,000 fewer climate…The year ahead will
38.5 per cent interest: of gross guests at Rodos (in total undoubtedly be challenging
gaming revenues of E256.1m 169,000) also saw casino win but I believe that by focusing
(down seven per cent), it made down E9 to E212. Casino on our core skills, we can con-
net revenues of E174.2m Palace, despite welcoming tinue to develop the business.”
(down 7.4 per cent). 6,000 fewer guests, saw win There will be some struc-
Cost-cutting brings
rewards for GPI
tightship (E519,750) saved in produc- from $9.4m (E7.1m) in 2007.
GAMING PARTNERS INTERNATIONAL tion costs in the year, largely Importantly, it also has
by moving much of the man- two huge orders currently on
After a long and difficult ufacturing to its plant in its books: the huge City of
period of restructuring fol- Mexico. Even greater Dreams resort in Macau,
lowing acquisition, merger savings were made in other which is scheduled to open
and reverse takeovers, com- areas, including $1.8m in June this year, and
bined with a rush on its prod- (E1.4m) in general and Newport City in the Philip-
ucts from Macau that then administrative expenses. In pine capital Manila, also due
dropped off, Gaming Part- total GPI managed to cut to open in the summer. GPI is
ners International (GPI) almost $2.8m (E2.1m) out of in pole position for orders for
seems finally to have found its balance sheet - a timely the other casinos still under
firm footing. In 2008, the operation. construction in the region.
company generated rev- Net profit for the year rose, President and CEO Gérard
enues of $60.5m (E46m), up therefore, from $200,000 Charlier said: “We are
three per cent on 2007. (E152,000) in 2007 to $4.5m pleased with our…results for
Operating profit increased (E3.4m) in 2008. 2008, especially given the
by 13.7 per cent to $19.9m The company has also difficult economic environ-
(E15.1m) thanks to an increased its cash reserves, ment. Our continuing effort
aggressive cost cutting pro- pushing them up to $13.1m to reduce costs contributed
gramme that saw $684,000 (E9.9m) at the end of 2008 to these results.”
May 2009 • businessnews 55
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