Cubus Lux, incorporated in the United Kingdom and AIM listed since 2004, aims to become, according to Executive Chairman Dr Gerhard Huber, the premier Leisure and Tourism Company in Croatia. The company has one of the few licences to open an unlimited number of year-round casinos in Croatia but over it has taken steps to transform from a casino business into a complete leisure and tourism company. Cubus Lux operates two all year round casinos in the tourist resorts of Pula and Selce, and operates a 200+ berth marina on the island of Ugljan, just off the coast from Dalmatia’s capital Zadar.

Cubus Lux last year entered option agreements to acquire land on the Dalmatian coast known as the Olive Island Resort (OIR) on the island of Ugljan. According to Huber the first stage of funding for the Olive Island marina is near completion and the project should start to generate revenues by next March. The total cost of the development is expected to be around €120 million (US$176.3 million) with first phase funding of €75 million (US$110.2 million). The Chairman believes that the Dalmatian region will regain its former popularity with tourists.

OIR is under construction by two recently acquired subsidiaries, Duboko Plavetnilo – Ugljan Projektant d.o.o and Duboko Plavetnilo Hoteli d.o.o. Amenities will include swimming pools, tennis courts, marina, shops, bars, restaurants and a 4-star spa hotel. Since March this year Cubus Lux shares have also been traded on the Frankfurt Stock Exchange. The company’s annual results to 31 March 2008 showed pre-tax profits of £4.9 Million (US$9.1 million) and £2.9 million (US$5.4 million) additional equity raised on re-admission to AIM. Advanced sales in OIR stood at €15.2 million (US$22.3 million).

Gerhard Huber stated: “The ‘Olive Island’ transaction and projects have already transformed our balance sheet, to provide a strong foundation for the Company’s future development.“ Cubus Lux is investigating the possibilities of opening or acquiring casinos and marinas in other parts of Central Eastern Europe, including Montenegro where the company has put in a tender for a large project. (E-08.19.08)

© Copyright 2008 CasinoCompendium



>>> return to archives
>>> return to frontpage