LISBON: Sociedade de Turismo e Diversões de Macau (STDM) casinos in Portugal recorded losses of MOP18.5 million (1.74 million euros) during 2014. The group cited decreasing gaming revenue and increasing taxes as the reason.
In Portugal, STDM’s subsidiary Finansol – Sociedade de Controlo SGPS S.A. controls casinos in Estoril, Lisbon and Póvoa de Varzim via holding company Estoril Sol SGPS S.A. The latter company revealed to the Portuguese Securities Market Commission (CMVM) that from 2013 to 2014 the company’s losses increased 95 per cent from 889,120 euros to 1.74 million euros.
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Considering the three casinos operating in Portugal related to STDM only the casino in Lisbon managed to generate profits, totalling 8.9 million euros (MOP81.2 million). By contrast, Casino da Póvoa de Varzim, located near Oporto, recorded losses of 7.15 million euros (MOP65.2 million) while the casino in Estoril generated losses of 1.96 million euros (MOP18.8 million).
