Insight ITALIAN CASINOS this year may rise to €126m in 2013.”
The operator said it was not its ‘habit to compare ourselves to other casinos but with other casinos using only data that is favourable, it is appropriate to clarify.’
It highlighted that the decline in revenue in 2012 was now 16.3 per cent which it said ‘is the best result in the national casino sector.’
It said that without Casino di Venezia’s results the national market would have shrunk by nearly 19 per cent.
Added to this it claimed to be ‘by far the best performer in the field of traditional games,’ saying that it had an overall market share of 34.9 per cent which was split as a share of 35.3 per cent of the Italian table games market and 33.8 per cent of the casino slot market.
STAYING AFLOAT
A significant tax reduction by the local commune has postively impacted Casino di Venezia’s balance sheet
A large reduction in the amount of tax it has had to pay to the local commune has allowed Italian casino, Casino di Venezia, to close its 2012 finances with a healthy balance sheet.
With Gross Gaming Revenue of €123m, it is believed the level of taxation was somewhere in the region of €29m with the hope that a healthy balance sheet will make the operator, who runs two properties; Ca 'Vendramin Calergi, on the Grand Canal in the Cannaregio quarter, and Ca' Noghera by the airport, more attractive to private investors.
Director of Casino games Stefano Silvestri said that during the last seven months there had been a recovery of around ten per cent in the group’s takings, bringing the slots in line with what they were earning last year whilst the tables were now performing some 20 per cent above 2011’s figures, month on month.
Mr. Silvestri said: “The industry is in crisis and the economic situation added to the frenzied legislation being introduced by the government has made things difficult as every year new variables are introduced. Nevertheless, our data confirms the validity of our decision to invest primarily in the table gaming sector, producing a reduction in revenue of 6.5 per cent, compared to the national
average of minus 18 per cent. This gives us hope that we will be able to stabilise our average monthly collections to around the €10m mark with any new declines not as traumatic as those recorded in recent years.”
THE INDUSTRY IS
IN CRISIS AND THE FRENZIED
LEGISLATION INTRODUCED BY
THE GOVERNMENT HAS MADE THINGS DIFFICULT AS NEW VARIABLES ARE INTRODUCED.
CEO Vittorio Rava added: “By mid-month, KPMG should submit its feasibility study to the City regarding the sale of the company, which still has a 20 year concession to operate Ca 'Vendramin Calergi and Ca' Noghera. Casino di Venezia remains the healthiest of the four Italian casinos, all of which are in crisis and which together have lost 16.5 per cent in revenue from the previous year. Prospects for 2013 are still the best and it is expected that our revenue of €123m
VITTORIO RAVA, CEO, Casino di Venezia’s.
“In addition to the slowdown in the market, we had to
undergo numerous day of strikes by
staff, equating to 15 days in spring
which included the Easter holidays.
Such actions still continue with temporary
suspension from
work affecting even our end of year festivities.
Nevertheless, the decrease in
revenue of 16.35 per cent was the
smallest decrease of all the casinos on the national scene.”
Mr. Rava added: “In addition to the slowdown in the market, we had to undergo numerous day of strikes by staff, equating to 15 days in spring which included the Easter holidays. Such actions still continue with temporary suspension from work affecting even our end of year festivities. Nevertheless, the decrease in revenue of 16.35 per cent was the smallest decrease of all the casinos on the national scene. The income per head has remained essentially unchanged from the previous year, falling from €148 to €147 in 2012.”
The local council had agreed that it wants to privatise the casino in 2012. Reports in the Italian media have suggested that Lottomatica is in talks to acquire a significant share in the company that controls the Casino of Venice.
The four casinos combined generated Gross Gaming Revenue of €332m, down a further 18.8 per cent on 2011’s total of €409m.
Campione generated GGR of €90.7m, Saint-Vincent came in at €76.6m and finally the San Remo Casino reached €50.5m
The fall in GGR at Campione came in at 16.5 per cent whilst total visits at 664,391 were down 3.1 per cent. Carlo Pagan, CEO of the property looked for the positives though.
“Alongside a state of general decline in the traditional casino industry, the performance of our casino can be considered more than optimal,” concluded Mr. Rava. “In terms of our ability to cope with the crisis, the company has reached a record market share in terms of revenue and visitors.”
February 2013 PAGE 43
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