Desmond’s Dublin casino still in the red
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.