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CR87-p76-business3:SJC-Casino Review 23/12/09 18:27 Page 1
Melco seeks note extension
Lawrence Ho’s Melco International Development is
seeking to extend the maturity date of HK$1.17bn
(E105m) convertible loan notes due in September
2010. The company does not want to have to find
alternative, expensive finance to repay the noteholder,
Great Respect Ltd: an extension would immediately
NEWS relieve its funding needs, the company said in a
statement. Great Respect is a Ho family trust company.
Lower revenues and
higher costs hit Queenco
While the poor
economies in its
major markets are
customers from
spending as they
used to, Queenco’s
Q3 to E50m, while net rev-
strategy is to keep
enues fell 17.8 per cent to
E35m. CHCL owns 90 per cent
their loyalty so that
Casino Beograd, which despite
when the recession
more visits saw a decline in
is over, they will be
GGR of 46 per cent to E2.2m.
At Casino Rodos, despite the
perfectly placed. historic strength of the period
given the tourist trade in the
loyaltycard summer, GGR fell 9.4 per cent
QUEENCO to E9.6m. The casino’s focus is
to continue to try and attract
One of the major shareholders high rollers through a wide
in Club Hotel Casino Loutraki, range of complementary serv-
Queenco Leisure International ices. In Bucharest, GGR gener-
(QLI), has reported net rev- ated by Casino Palace was
enues of E28.7m for the three down more than a third to
months to the end of Septem-
The gaming floor at
E3.1m in the quarter.
ber. That represents a 14 per
Loutraki is still attracting
“The gaming environ-
cent decline on the same a lot of visitors ment in Bucharest is com-
period last year, and combined petitive and as we approach
with an increase in costs of 29 elections in Romania, specu-
per cent to E25.9m, helped to extremely challenging over egy of investing to maintain made the running reporting facilities and complementary lation surrounding the
bring the company to profit the last 18 months. However, customer loyalty during the 27,000 more visits in the services have ensured that future of the country’s tax
for the period of just E1.9m, there have been signs that downturn will mean we are period. Palace Casino in Loutraki maintains its visit policy is creating uncer-
down two thirds on last year. market conditions are improv- well positioned to benefit from Bucharest maintained levels numbers at 850,020 for the tainty among our high-roller
In the year to date, net rev- ing. Both net revenues and the anticipated improvement at 25,000 while Casino Rodos year to date,” said Be’ery. “As in customers,” said Be’ery.
enues totalled E86.5m EBITDA were better in Q3 com- in the gaming environment.” saw a slight fall of 2,000. Club previous years this will exceed QLI’s parent company Y Z
(down 18 per cent), generat- pared to Q2 of 2009, while in The number of visitors at Hotel Casino Loutraki one million by the year end, Queenco announced in Sep-
ing a net profit of E5.1m 2008, the Q3 results were not the four casinos in which (CHCL) saw 6,000 fewer visi- reflecting the scale of the prop- tember that it was looking
(down 71 per cent). as strong as Q2, due to the Queenco has an interest actu- tors, but that represented a erty and its continuing appeal into a merger between it and
Ron Be’ery, executive chair- impact of the financial crisis. ally saw a combined net rise fall of just two per cent. amongst domestic customers.” its subsidiary. Both compa-
man of QLI, said: “The operat- Looking ahead, if this trend over in the third quarter, to “Our investment over the Gross gaming revenues at nies are currently investigat-
ing environment has been continues, we believe our strat- 427,000. Casino Beograd last two years in new gaming Loutraki fell 18.5 per cent in ing the proposal further.
Century expands Bally
Richard Haddrill,
CEO of Bally Technologies
company’s existing stock repur-
Canadian interests
chase scheme under which the
company has already bought back
Euro-American casino operator
Century Casinos has announced it
is to take over the Silver Dollar
Casino in Calgary through its acqui-
sition of the entire outstanding
common stock of Frank Sisson’s
Silver Dollar and of EGC Properties indicative of its real potential. It $66m (E46m) worth of common
Ltd for US$10.65m (E7.44m) cash. already owns and operates a
stock to date.
EGC and Silver Dollar have been casino in the Alberta - the Century Richard Haddrill, chief execu-
in bankruptcy protection since April Casino and Hotel in Edmonton. tive of Bally, said: “This new stock
2009 and in June a receiver was “We are excited about expand- repurchase plan reflects our
appointed to manage the assets. ing in Alberta by entering the concentratingwealth strong balance sheet and cash
The Silver Dollar is an 8,600sq m Calgary gaming market with the BALLY TECHNOLOGIES flows, and our confidence in our
casino on about seven acres of addition of the Silver Dollar to future prospects.”
land in Calgary, the largest city in Century’s portfolio of casino Reflecting the much-improved Bally has had an excellent three
the western Canadian province of hotels,” said co-CEOs Erwin Haitz- fortunes of the company, gaming or four years in which its research
Alberta. It houses more than 500 mann and Peter Hoetzinger. “Once machine and systems manufac- and development investment has
slot machines, 16 tables, 15 video we have made certain improve- turer Bally Technologies has generated a range of products that
lottery terminals, two restaurants, a ments at the property and refined approved a $100m (E70m) stock have achieved great success with
lounge, an auditorium, a conven- its market position, we believe the repurchase plan. players and operators. Its share
tion centre and a bowling alley. Silver Dollar has the potential to This new programme begins at price has risen from a low in March
The company said it believed the substantially contribute to our the start of January 2010 and this year of $12.91 to a level now
venue’s current performance is not overall performance.” replaces and extends the above $40 per share.
76 January 2010 • businessnews
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