Shares digital

Queenco Leisure International (QLI) – Finals PTP: €52.9m (€41.2m) Divi: n/a (n/a)

The emerging markets casino developer is adding Cambodia to its destinations, hoping to pick up visiting trade from Thailand, where locals are banned from gambling. It will spend €70 million on building 500 beach-front rooms and a casino, conveniently near a new airport in Cambodia and 40 minutes by plane from Bangkok.

Around €25 million will be invested to double facilities in Romania. An entertainment centre opens this summer in Prague to include a casino by 2009. Queenco’s Casino Loutraki in Greece will be kitted out with more gaming machines.

The business has €76 million cash and has yet to use its assets as leverage for debt financing, but it may do soon to support further expansion. With a focus on large gaming developments, Queenco is an interesting business.

Shares says: The 28% rise in pre-tax profit is encouraging but be prepared for volatile share performance because of limited liquidity.

by: Dan Coatsworth