Portugal -Estoril-Sol sees revenue jumpBy Phil - 8 September 2016
Portugal’s leading casino operator Estoril-Sol, the Portuguese branch of the Stanley Ho’s Group has reported that the net results of the Estoril Sol Group rose by as much as 212.5 per cent in the first half of this year.
The company informed The Portuguese Securities Market Commission that in the first half of 2016 that the group showed positive net results of €2.5m an increase of 212.5 per cent compared to €800,000 which were recorded in the same period last year.
The statement went on to say that: “In the first half 2016 EBITDA of the Group increased by 7.9 per cent and amounted to €14.9m.”
The company stressed that “the growth trend of gambling revenue started in 2015 continued in the first half of 2016” and that “during the first six months of 2016 gross revenues of the Estoril Sol Group grew by 3.2 per cent and amounted to €90.9m.”
The Group also said that it had made investments amounting to €1m in the first six months of 2016 and operating costs had increased by 2.2 per cent. This investment, the company said, was carried out in order to improve the entertainment and leisure offer and restaurants in the casinos.
“In a concerted effort to (achieve) financial stability and less dependence on third parties, the Group has successively reduced its bank debt, and this reduction results in a significant reduction of the financial burden borne by the Group. At the end of June 2016 the bank liabilities of the Group amounted to €49.6m.”
Group Estoril controls three of the existing eleven casinos in Portugal the Estoril, Lisboa and Póvo and holds a 64 per cent share in the bricks and mortar casino market. The company has also recently expanded into Portugal’s online gaming sector. In July EstorilSolCasinos.pt went live and became the first licensed website to offer legal online casino in Portugal. The platform is the result of a joint venture with GAMING1 the online gaming expert and member of the Ardent Group.