The operator of two lucrative Greek casinos, Club Hotel Loutraki and Rhodes Casino, is planning an LSE flotation to finance new projects and the expansion of its existing casinos. Queenco Leisure International (QLI) has entered an agreement to purchase Casino Palace in Bucharest, Romania and is part of a consortium that will operate the only licensed casino in Belgrade, Serbia. The company is also pursuing gaming investment projects in Central and Eastern Europe, including a nightclub and slot machine hall in Prague, Czech Republic.

Yigal Zilkha, with twenty years in the casino business, was a founder of Queenco Ltd in 1998 and is now chairman of QLI with a 56% stake in the company. Following the IPO he will continue to hold a majority stake. The offer is expected to consist mainly of primary equity with a small sale of shares of existing shareholders. The London branch of ING Bank N.V. is acting as sole bookrunner and global co-ordinator for the IPO.

QLI has been targeting emerging markets where there is a lack of high-quality casinos and there is good gaming regulation or soon will be. Expansion into Bulgaria and Cambodia is under consideration. The IPO is expected to raise around €150 million (US$201.7 million). In 2006 company gross revenue was up 15% to €172.6 million (US$232.1 million). (E-05.31.07)

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