Queenco Leisure International Limited (QLI) yesterday announced that it has agreed to acquire 50% of a Greek company from a consortium owned by third parties that has the rights to build and operate a luxury marina and leisure apartment complex next to the Casino Rodos, which is one of QLI’s main casinos. The new development on the Island of Rhodes should increase VIP customers and generate additional non-gaming revenue, as well as providing extra high quality accommodation.

The 50% shareholding is being acquired, subject to approval, for €5 million. Casino Rodos over the last year has experienced growth in visitor numbers. Marketing campaigns have attracted more customers from mainland Greece, the US, Turkey, Russia and China. For the six months to 30 June 2007 QLI saw an 18.1% rise in visitors and a 31.7% rise in gross gaming revenue to €16.4 million.

Dror Mizeretz, CEO of QLI, commented, “This is an excellent investment which will increase QLI’s presence on Rhodes and help to expand the number of potential casino customers by attracting additional visitors to the island and will upgrade the accommodation facilities of the Casino. We believe that this new development will generate excellent returns for our shareholders and should fulfil the commitments for the casino licence.”

QLI operates and manages two of Greece’s nine licensed casinos, Casino Palace in the centre of Bucharest and Casino Beograd in Belgrade. Club Hotel Casino Loutraki, around 80 kilometres from Athens, is believed by the company to be Greece’s leading casino by drop and win with almost one million visits each year. Casino Rodos has been ranked as one of the top ten casinos in Europe.

Currently the Company is at various stages of planning in a number of development projects in other strategically advantageous markets, including Romania, Bulgaria and Cambodia. Later this year QLI is opening a nightclub and slot machine hall in Prague, Czech Republic, which it hopes to turn into a full casino when the regulatory environment allows. (E-09.14.07)

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