Casinos Austria International reports USD 21M in profits

Casinos Austria International have completed a successful restructuring, which resulted with a high operating profit of €18.9 million for the first time in the past seven years.

The performance of the company has been significantly improved in the first half of 2016 and the earnings of almost €19 million are considerably better than the ones of €4.1 million recorded during the same period in 2015.

It should be noted that all operations by Casinos Austria International have been reporting positive operating results ever since 2014; the same thing is expected to happen for the 2016 business year as well.

Furthermore, Karl Stoss, director general at Casinos Austria, stated that the company was hoping this year to record the best figures since 2009. He announced that the operator would be working on improving the 2015 results and generating positive consolidated results.

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Stoss said that the company should strengthen and build on the solid position as well as further develop in cooperation with financial partners

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The director general didn’t fail to mention the successful restructuring as the main reason for the incredible numbers recorded during the first six months of the year. Also, he thanked the whole team for the “outstanding commitment and dedication.”

Aside from the positive results in general, Casinos Austria International noted a serious win in Hungary too. The company secured a successful licence renewal for the profitable Sopron casino, plus it brought on board a new partner. These moves resulted in a revaluation income of €15.2 million.

Casinos Austria International did note a slight decline in revenues from €67.5 million to €65.1 million, but this drop can be explained with the change in showing profits from the Casino Sopron in Hungary.

Namely, now the results are given in the “at equity” figures and for the one-time transaction the revenues were kept at the 2015 level.