Of Costa Ketsietzis
The application for the reorganization of Loutraki Casino is expected to be submitted at the end of January, as according to information, the agreement with private creditors and employees has been secured, while the negotiations with the State and EFKA are in the final stage.
According to information, the decision of the competent court is expected until September 2022, while the casino last week secured a new temporary order for protection from its creditors until the hearing of the resolution request.
In the meantime, however, Loutraki Casino, like all other casino companies in the country, is preparing for some more difficult months in terms of traffic and revenue, due to the coronavirus pandemic and the new measures imposed by the government a few days ago and possible new measures that may lead to the possible spread of the Omicron mutation.
Plans for the next day
The approval of the consolidation plan is considered crucial for the continuation of the operation of Loutraki Casino, whose debts reach 230 million euros after the catastrophic 2020 that ended with a 72% reduction in revenue.
A key point of the consolidation, according to administration sources, is the conversion of the casino consortium that operates the casino into EKAZ. In order to do this, however, the approval of the Municipality of Loutraki, which controls 16% of the consortium, must be secured.
If the consolidation of the company proceeds according to the provisions of the new Bankruptcy Code (4738/2020), the management of Club Hotel Loutraki aims to strengthen the tourist part of the company, utilizing the hotel unit, as today almost all the revenue comes from the Casino .
The business plan of the management of Club Hotel also envisages rationalization of costs, which means that there will be staff cuts, which, however, according to an executive, will be targeted at departments with a large number of staff. In this context, some form of voluntary exit is expected, in agreement with the employees.
The competition from Elliniko-Parnitha
In the coming years, the company that is under the control of Comer Group, will be called to face the increased competition from the new casino that will be created in Elliniko, but also from the Parnitha Casino that has started again in attempt to relocate him to the Northern Suburbs of Athens.
Market sources estimate that Loutraki Casino will appeal again to the Council of State (CoC) against the transfer of Parnitha Casino.
According to the same sources, the legal advisers of the Casino are waiting for the issuance of the relevant Presidential Decree to decide on their next moves.
– The subject of the days is the green light of the Auditor for the casino in Elliniko
– There are reclassifications in the casino market in Greece
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Source From: Capital
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