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Portugal – Revenues down but profits surge at Estoril Sol

By - 28 November 2013

The Estoril Sol group, the owner of Portugal’s largest casinos, has recorded a remarkable turnaround in 2013 so far, posting a profit of 1.258bn euros from January to September, a result 865 per cent higher than the figure for the same period in 2012.

However the results mask a continued drop in revenues at casinos across Portugal. In the first nine months of the year, gaming revenue from the three casinos in the group’s portfolio; Casino Lisboa, Casino Estoril and Casino de Povoa, fell by 4.3 per cent to €131.4m. The casino market as a whole has seen a 5.5 per cent drop in GGR to €206.6m.

The company stated: “The successive reductions in families’ disposable income recorded in recent years had already led, especially in the last financial year, to adjustments to in the cost structure of the group’s operational companies. However a slight improvement in operating results is quite significant when framed alongside the drop in revenues that has occurred in both the sector and the group.”

The group added that the adjustment enabled operating costs to be reduced by around €9m during the first nine months of the year, with a consequent improvement in operating results.

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