Des­mond’s Dublin casino still in the red

The Irish Times - Business - - BUSINESS NEWS - FIONA RED­DAN

The Sport­ing Em­po­rium, Der­mot Des­mond’s Dublin-based casino, is still op­er­at­ing in the red, largely due to start-up costs in­curred some 12 years ago.

The casino, lo­cated on Anne’s Lane just off Grafton Street, opened to great fan­fare in 2005, but it has yet to turn a cor­ner on its fi­nances. The casino of­fers live gam­ing in­clud­ing black­jack, roulette and poker, with mem­ber­ship start­ing at €25.

Ac­cord­ing to the com­pany’s most re­cent set of abridged ac­counts, it had in­curred “cu­mu­la­tive losses to date”, pre­dom­i­nantly due to costs in­curred in the “de­vel­op­ment and de­pre­ci­a­tion aris­ing on the fit-out of the premises”.

The com­pany had ac­cu­mu­lated losses of €3.5 mil­lion at the end of Oc­to­ber 2016. This was down from €3.6 mil­lion a year ear­lier.

Some €5.6 mil­lion was owed to cred­i­tors as of the end of the fi­nan­cial year, roughly the same level as in 2015. The com­pany con­tin­ues to “avail of and has ac­cess to” ad­di­tional fund­ing from Bot­tin (In­ter­na­tional) In­vest­ments Ltd, a Gi­bral­tar-based com­pany backed by Mr Des­mond, who holds ul­ti­mate con­trol of the busi­ness.

Ac­counts showt hat the com­pany had fixed as­sets of €19,121, down 53 per cent from €40,987 in 2015, and cur­rent as­sets of €2 mil­lion, up from €1.9 mil­l­lion a year ear­lier. Di­rec­tors re­ceived no re­mu­ner­a­tion dur­ing the year.

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.