Casino CEO says Venice municipality cannot sell its shareholding
Matthew Vella The Italian chief executive of Malta’s Casinò di Venezia has poured cold water over intentions by the Venice municipality to sell off its minority share to a Russian interest.
“The Venice mayor… cannot relinquish the shareholding in the Casinò Municpale di Venezia spa, because the municipality is a minority shareholder as laid down in a contract signed on 23 December 2005, binding it for the next ten years to 2015,” Fernando Orlando was reported saying.
Russian businessmen are reported to be in discussions with mayor Massimo Cacciari on a possible privatisation of the municipality’s casino on the Vittoriosa waterfront.
Italian reports say Cacciari is conducting negotiations privately with the Russian magnates on the city council’s 40% share in Vittoriosa Gaming Ltd. The other major shareholder in the company is BetLive Ltd.
The casino suffered €17 million in losses in the time it was fully owned by the city council between 2001 and 2005. In 2006, it sold 60% of the casino, with losses in 2008 curtailed to some €500,000.
The fate of the casino’s ownership is the subject of political debate, as to whether the Venice municipality should forgo its overseas investment. But the casino’s chief executive Orlandi says the Casinò di Venezia brand is “important to us and we intend keeping it.”
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