Kaiser’s casino has a sporting chance of moving into profit
Dermot Desmond: Total accumulated losses at the casino, which cost Desmond €5.5 million to kit out, now stand at just over €4 million
What are the odds that Dermot Desmond eventually heals the finances at the Sporting Emporium, his Dublin casino which recently filed its accounts?
In Irish investment circles, the Kaiser has about the closest thing you’ll find to to a golden touch. The accounts for Sporting Emporium, however, which opened to a fanfare in 2005, appear to show a company running a marathon instead of a sprint.
Total accumulated losses at the casino, which cost Desmond €5.5 million to kit out, now stand at just over €4 million. That’s a hefty hole to fill. But they have hovered at that level for several years, suggesting the premises is trading at about break-even. I doubt Desmond aspires towards break-even, though.
As the economy picks up and people start gambling again (after the mess caused by the shower in the banks with all their gambling) the Sporting Emporium should kick on and move into profit.
Incidentally, Desmond’s Glasgow Celtic were mightily unlucky this week in the Champions League against Milan. He should console himself with the fact that a recent BBC survey found that in the Scottish Premier League, Celtic topped the table in terms of prices for, well, pretty much everything.
It has the most expensive match tickets, programmes, season tickets. Even its pies are the most expensive. When it comes to a cup of tea, only Dundee United charges more.
Like I said, billionaires don’t do break even.