The Croation casino company Cubus Lux plc, listed on AIM since August 2004, has announced its results for the 15 months to 31 March 2007. Cubus Lux, the second largest casino operator in Croatia after the state owned Croatian Lottery, has casinos in Pula and Rabac. The company has one of the few licences to open an unlimited number of year-round casinos in Croatia but over the last year it has taken steps to transform from a casino business into a complete leisure and tourism company.

Describing this as a ‘three pillar strategy’ of casinos, marinas and other leisure opportunities such as hotels and golf courses, Executive Chairman Gerhard Huber says this sets the company on its way to achieving the goal of being the pre-eminent tourist and leisure business in Croatia.

He commented, “Cubus Lux d.o.o. owns a gaming concession in Croatia. During the period, the company operated three casinos in Pula, Medulin and Rabac. The operations are inspected and audited regularly by the Croatian Ministry of Finance, and all inspections to date have been satisfactorily completed. Management is continuing its objectives of enhancing profitability and, as a result, as of the end of the period, the company has expanded its Pula operation and closed the Medulin casino.”

Gerhard Huber continued, “We are in the process of transition from a casino operator into a leisure and development company in Croatia. As a first step in doing this we have entered into two option agreements to acquire certain development land known as the ‘Olive Island Resort’ on the Dalmatian coast of Croatia. I believe that this potential acquisition could be a milestone event for the company moving forward with our plan to transform the company from being solely a casino operator to being a company developing and managing leisure facilities in Croatia.”

Highlights of the reporting period are the achievement of pre tax profit of £160,000 (US$320,000) and raising £1,557,000 (US$3,114,000) for working capital and to fund future strategy. There has also been the successful development of the company’s casino junkets business. By consolidating casino operations and moving equipment from Medulin to the extended Pula operation, Cubus Lux is able to take advantage of the new budget airline routes from Ireland and the UK. (E-06.26.07)

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