This page contains a Flash digital edition of a book.
CR75-p71-business2:SJC-Casino Review 21/12/08 02:01 Page 1
internationalcasinoreview
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
Crown
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.
refinancing
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
Croatian
despite downturn says Queenco
operator
on the up
No casino operator can escape the fact that people are spending
localfocus
less: the recession affects almost everybody. So while emerging
CUBUS LUX
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.
www.CasinoReview-Online.com
EDITORIAL PRODUCTION SUBSCRIPTIONS Opinions expressed in this publication should not be regarded as the official
view of Gaming Business Media LLP and Amusement Trades Limited, except
Editor: Phil Martin Art Director: Neville Maw Subscriptions Executive:
where stated. Views, opinions and recommendations contained in this
Email: pm@sjc.co.uk Email: ks@sjc.co.uk Sarah Haworth publication are put forward for consideration only. No action should be taken in
Casino Review is the premier b2b publication for the Tel: +44 (0) 161 236 6669
Designer: Gina Lloyd
Email: shaworth@gbmedia.eu
reliance upon any such views, opinions or recommendations. Neither Gaming
international casino and gaming industry. With a combined
Deputy Editor: Hugh Sorrill
Business Media LLP nor Amusement Trades Limited nor contributors accept
Email: gl@sjc.co.uk
Tel: +44 (0) 1204 396 397
print and digital circulation in excess of 14,000 per month,
any responsibility for any loss occasioned to any person howsoever caused or
Email:hugh.sorrill@ntlworld.com
arising as a result of or in consequence of action taken or refrained from in
Casino Review has become the first choice read of casino Tel: +44 (0) 24 7667 8077
Ad Production: Dave Roderick,
Fax: +44 (0) 1204 392 748
Susanne Lowe
Web: www.casinoreview-online.com realiance on the contents of this publication.
operators, legislators and senior casino executives. Sign up for
your free digital version at www.casinoreview-online.com
Managing Editor: Ken Scott
Email: gdk@sjc.co.uk Publishers Notes for contributors
Tel: +44 (0) 1273 204817
Gaming Business Media LLP
The Editorial Board welcomes the submission of articles for consideration by
Email: ks@sjc.co.uk
Editorial & Production Office:
Scott & Jones Communications Ltd,
Bolton Technology Exchange
the editor with a view to publication. Articles submitted will not be returned and
accordingly contributors making submissions should retain copies. Submission
Published by: Owned by: Contributors: Alex Lee 50 Upper North Street,
33 Queensbrook of an article will be held to imply that the article contains original unpublished
ADVERTISING Brighton BN1 3FH, UK
Bolton BL1 4AY work which Gaming Business Media LLP and Amusement Trades Limited may
United Kingdom
lawfully publish. All submissions are made at the owner’s risk.
Advertisement Manager:
Tel: +44 (0) 1273 204 817
Andrea Murphy
Fax: +44 (0) 1273 204 827 Tel: +44 (0) 1204 396 397 © Amusement Trades Limited, 2007
Email: amurphy@gbmedia.eu
ISDN: +44 (0) 1273 724 529 Fax: +44 (0) 1204 392 748
All rights strictly reserved. No part of this publication may be reproduced,
stored in a retrieval system, or transmitted in any form or by any means
Tel: +44 (0) 1204 396 397 Printed by: Publisher: John Sullivan without the prior written permission is given, full acknowledgement of author,
Fax: +44 (0) 1204 392 748 Stephens & George Email: jsullivan@gbmedia.eu publisher and source must be given.
70 November 2008 • businessnews
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72
Produced with Yudu - www.yudu.com