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Casino Profits Rise After Spending Cuts5 August 2000LEBANON –Aug. 5, 2000 – As reported by the Lebanese Daily Star: "Casino du Liban increased its pre-tax profits to $5.2 million in the first half of the year despite the sharp economic recession and Israeli air raids on Lebanon earlier this year, a spokesman said on Friday. "`Part of the profits were attributed to the chairman's prudent policy of cutting unnecessary spending,' the spokesman said, referring to chairman Elie Ghorayeb. The results were better than the first half of 1999 and 1998, which showed pre-tax profits of $3.6 million and $1.6 million respectively. "The casino generated gross revenue of nearly $42 million in the first half of 2000, according the official, adding that the gross revenues in July alone rose by $200,000. "…The casino, which is partly owned by Intra Investment Company, reported a net profit of $16 million in 1999. The spokesman said that Ghorayeb managed to save millions of dollars this year by reviewing 12 contracts. "…The official said that Ghorayeb is pressing to amend the contract with Abela Development and Tourism Company and London Clubs, both of which are charging "high fees" in return for managing the gambling activities. "…Abela and London Clubs, which have a 10-year contract with the casino, collect between $6 and $7 million from the gross revenues of the casino each year. But Abela, which owns 15 percent of the casino, says that Ghorayeb still owes more than $5 million of revenues to London Clubs from last year…" |