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CR75-p71-business2:SJC-Casino Review 21/12/08 02:01 Page 1
Century Casinos, which be offered by the company in Australian operator Crown Limited has announced it
operates casinos in the US and May next year. TUI Cruises is has completed a major refinancing of its Syndicated
Europe, has signed an aimed at the German-speaking Debt Facility, raising about A$1.6bn (E805m) from
agreement with TUI Cruises market and is a joint venture
ten banks. The original agreement was due to
GmbH to run all the casinos on between TUI and Royal finds expire in August 2010 but the company now
ships the new cruise company Caribbean.
doesn’t need to go through the process again until
Century floats
will put into service in the next 2012. The company’s net debt is currently A$180m
casino operations
three years. The agreement (E90.5m) but it has reserved US$1.6bn (E1.2bn) for
starts with the first sailing to its acquisition of Cannery in the US.
Underlying business strong
despite downturn says Queenco
on the up
No casino operator can escape the fact that people are spending
less: the recession affects almost everybody. So while emerging
markets specialist Queenco is making less money than before, it
In its half-year results,
still has plenty of reserves of both capital and invention. Croatian casino, tourist
and leisure operator
opportunityknocking growth. We have continued little over five per cent to Cubus Lux saw its
QUEENCO LEISURE to invest in marketing activi- E19.3m with spend down turnover rise by nine per
ties across the group and our four per cent to E208. cent. The London-
Queenco Leisure Interna- largest casino, Loutraki, visits The Palace Casino in the quoted company
tional (QLI), which has inter- increased during the period.” Romanian capital Bucharest reported revenues of
ests in casino operations in Q3 revenues at Loutraki saw Q3 revenues down 22 £963,000 (E1.1m) with
Greece and in developing and Casino Beograd in Bel- per cent to E4.5m, visitors an operating profit of
markets particularly in grade were E42.5m, down down seven per cent to £967,000.
eastern Europe, has reported 14 per cent from last year, 25,000 and spend down 13 The gaming division,
a fall in revenues and profits even though Beograd has per cent to E189. That repre- which currently
for the three months up to only been open since Febru- sents a dramatically worsen- will go ahead and develop- The jewel in the crown of encompasses two small
the end of September 2008. ary. Visitor numbers were up ing trend given that over the ment has already started on
Queenco, Club Hotel Casino
casinos, one in the
Net revenues totalled by one per cent at 285,000 nine-month period, compara- Casino Constanta in a his-
Loutraki is retaining visitors
Histria hotel in Pula and
E33.5m, down nearly 15 per but spend-per-head was tive figures show revenues up toric Black Sea coast venue
but they are spending less
the other in another
cent on the corresponding down 14 per cent at E215. In by 22 per cent to E16.7m with in Romania. Having acquired hotel in Selce, the latter
period last year, while pre- the year to date, 872,000 spend up 35 per cent to E215. a 1sq km of land adjacent to invest in the casinos as well being seasonal, reported
tax profit dropped 48 per guests visited Loutraki and Queenco holds a 38.5 per the casino, it plans to build a as offering the potential to a small loss amounting
cent to E9.3m. Beograd, an increase of six cent interest in the joint luxury hotel for high rollers, take advantage of any oppor- to E30,000 due to lower
Uri Ben-Ari, the newly per cent on the first nine venture with Casinos Austria but the project is likely to be tunities should they arise.” visitor numbers but also
appointed CEO of Queenco, months of 2007. Revenues International that operates shelved for the time being. He concluded: “Our strat- refurbishment and start-
who took up his position over the first three quarters casinos Loutraki and Similarly, the company is egy for the near future is up costs.
only in September, said: were down nearly four per Beograd. The company owns examining the timeframe for focused on maintaining cus- Chairman Gerhard
“During the third quarter our cent to E133.8m with win 91.6 per cent stake in Casino its proposed beachfront tomer loyalty and preserving Huber said: “[At Pula]
customers continued to visit per visitor down nearly nine Rodos and 83.3 per cent in development in the strength of the financial as a consequence we
our casinos, though the per cent to E225. the Palace Casino. Sihanoukville, Cambodia. position.” have shifted our
trading environment has At Casino Rodos on The company’s principal “While the outlook for the emphasis and
changed dramatically since Rhodes quarterly revenues strategy is to grow its gaming industry remains investment from
last year and this is reflected were down nearly 15 per pipeline of new project tough - and we have no doubt holidaymakers towards
in the lower win per visitor, cent to E7.6m. Visitor developments. However, that the future holds further promoting the casino
contributing both to lower numbers were down five per given the poor economic challenges,” said Ben-Ari, “the locally and from early
revenue and EBITDA. Our cent to 55,000 and spend outlook, it is reviewing its group is supported by a September have started
primary focus is to maintain was down almost 11 per cent project list. A new nightclub strong balance sheet provid- to see improvements
customer loyalty, as this is to E194. Over the nine-month and gaming hall in Prague ing the necessary financial which will pursue over
key to the group’s long-term period they were down a scheduled to open in 2009 resources to operate and the coming months.”
Thunderbird to restructure after losses
tighteningbelts many, often immature markets all cial performance. However, in the
THUNDERBIRD RESORTS over the world, saw losses from its light of the current economic envi-
Guatemalan operation as it ronment, which in some cases has
Heavy costs related to applying for approaches its opening date, from negatively impacted our ability to
listing on NYSE Euronext, financing losses at a new hotel and golf course secure project financing…we have Hotel Histria in Pula, home
project development and increased in the Philippines, from a start-up in recently downsized our develop-
to the Cubus
pre-opening costs in Peru have Poland and as a result of increased ment organisation…and will focus
pushed casino developer and opera- competition in Panama. They were on projects that meet our strategic
tor Thunderbird Resorts heavily into partially offset by improved results and return-on-investment criteria
the red in both its Q3 and year-to- in gaming operations in the Philip- requiring less capital, such as slot
date figures. pines, Costa Rica and new slot par- parlours.”
Despite an increase of 24 per cent lours in Peru. The company will also be imple-
in quarterly revenues to US$44.5m $16.9m (E12.9m) respectively. Jack Mitchell, president and CEO, menting some fairly severe cost
(E34m) - up 35 per cent in the nine The company, which has resorts, said: “During the third quarter, our saving measures which will include
months to $124.2m (E94.9m), net hotels and casinos operating, existing operations continued to restructuring of the company and
losses totalled $9m (E6.9m) and opening and in development in produce solid property-level finan- cutbacks in travel and expenses.
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70 November 2008 • businessnews
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