Soon after closing Friday's edition, news arrived about Cirsa's readiness to sell its floating casinos in Buenos Aires. In fact previous news on a deal with Argentine leading gaming operator Casino Club, that would have seen Cirsa take a share of the new Rosario casino being built by the Argentineans in exchange for a share in the controversial casino ships, was scuppered when ‘El Confidencial’ reported that President Kirshner would not renew Cirsa's licences. There was then no reason for the deal between the company's president Manuel Lao and Cristobal Lopez, owner of Casino Club and bosom pal of Kirshner.

The 'exchange' deal would have been great for Cirsa and would have settled investors’ nerves, as the floating casinos generate about a third of the company's revenue. The Rosario casino is seen as a future big earner for Casino Club, and a friendly arrangement between two powerful operators would have been good for business all round. However, the Aces are no longer held by Cirsa, after the €500,000 fiasco in mid December when Lao was accused of trying to illegally take the money along with choice Xmas presents into Buenos Aires. Customs officials who found money and merchandise in Lao's private jet started the Spaniard's season off on a very bad foot indeed.

Somehow or other, news from Buenos Aires says that the 'illegal' import was just a 'misunderstanding', but more suspicious people will read anything into this. Last Friday's report on Cirsa's sale even put a price on the boats at €20 million, inclusive of employees’ severance pay. Soon after, Spanish daily 5 Dias reported that a Cirsa source strongly denied the Argentine rumours saying: "we have no intention of selling the ships", adding that there was also no chance of a part sale or merger with Lopez.

There are 3 casinos operating in the city of Buenos Aires: Cirsa's 2 ships and Casino Club's electronic casino at the Hipodromo Argentino race track in the plush Palermo district. The floating casinos may contribute a third of Cirsa's revenues at around US $800 million (2005 numbers), but the Palermo property should not be too far behind as it runs 1935 gaming devices plus 144 places on 9 electronic roulettes in a superb setting that has nothing to envy a Las Vegas casino. It has the added bonus of live armchair racing views, and is nestled in the middle of A1 Buenos Aires. (E-01.15.07)

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