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Luminar bets on casino conversion
LIFE'S a casino and Luminar aims to prove it in Leeds when it converts the Majestyk nightclub into a gaming den. Forget clubs. Casinos are where it's at. Eric Barkas City Editor
And Luminar is ready to exploit the possibilities through its joint venture with Accor, the French hotels and casinos group.
Luminar is Britain's biggest nightclub operator. But times are hard. There's a slowdown in consumer spending growth and a glut of late-night entertainment venues.
Even business from students has dropped since tuition fees became means tested.
Luminar is wise to the fact that gaming deregulation will propel profits. Then it's up to the shareholders to decide.
Sources say the Majestyk will be a different type of casino. Dancing and singing will leaven the gambling bread.
All it needs is a sign-off from the local authority.
Planning permission has been passed. The next, crucial, step is the granting of a casino licence.
Luminar didn't do itself any good yesterday when it reported slipping sales at venues like Chicago Rock and Jumpin' Jaks.
Like for like sales fell 8.9 per cent at non-core unbranded clubs and 5.5 per cent at unbranded clubs the company wants to keep.
"The performance of the non-core estate was dreadful," said Altium Securities analyst Greg Feehely.
This sector is still a mix. Despite general decline, branded discos like Lava Ignite and Liquid are said to be profitable – bucking the trend by staging live concerts.
"While it's not brilliant, this always was a recovery programme," chief executive Steve Thomas said.
Irish bookmaker Paddy Power has appointed the founder and chief executive of the O'Brien's sandwich bar chain, Brody Sweeney, as a non-executive director with immediate effect.
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Thursday 24 May 2012
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