AFTER THE BOOM:POKER, THE mainstay of the Fitzwilliam Private Members' Club in Dublin, was in many ways the perfect sport for the booming economy; as more disposable income generated a greater appetite for risk, the popularity of taking a chance on the cards just grew and grew.
As recession bites, however, business is unsurprisingly harder to come by. David Hickson, managing director of the Fitzwilliam Club, has developed a dual strategy for dealing with the slowing economy: he is seeking cost savings wherever they can be found within the club, while also trying to be as imaginative as possible in attracting trade from new sources.
This has led him to look at the most basic of expenditures, such as mats in the hallway which can be cleaned by staff rather than by an external company, while developing grander strategies to get the punters in, such as poker lessons or poker leagues specifically for companies.
Six years in operation this year, Hickson says the club was on track to reach a new peak in the first eight months of 2008, before September came, when “it was like we jumped off a cliff”. Suddenly, the business, which also has facilities for games such as blackjack and roulette, was back to its 2006 figures.
The problem, says Hickson, was that while more customers than ever before were coming through the door, they were spending less per head, thus leading to higher costs for the club with no associated increased return. Something has had to give and limited staff cuts were the first port of call. After a workforce of 125 has been reduced to 110, however, there is very little more room for squeezing on the people front. With turnover and gross profits down about 30 per cent, pay cuts are being considered.
In general, Hickson is optimistic, particularly in light of the Government’s review of gambling laws which should, he believes, allow the firm to grow its business. Until then, he says, confidence will help to keep things going.
“If you think you’ll get through it, you’ll get through it,” he says.
Una McCaffrey
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