The Dublin-based casino, Sporting Emporium, controlled by Dermot Desmond, has an outstanding debt of €4.2 million to him, according to the latest financial reports. Situated off Grafton Street on St Anne’s Lane, the casino saw a minor profit of €39,417 over the course of the year, a decrease from its €146,689 profit in 2022, thereby reducing its overall losses to €2.6 million.
The company’s fixed assets were priced at €5.4 million, along with €1.8 million listed as current assets, which included €282,000 in cash and €1.5 million as debts owed by undisclosed debtors. The company is liable to creditors for an amount of €4.5 million, which was much higher (€7.5 million) in the past, but has been gradually reduced through continuous profits.
In contrast to the concerns expressed the previous year about the Covid-19 pandemic threatening the company’s survival, the 2023 accounts imply that it has overcome these challenges. The casino, opened by Mr Desmond in 2005, primarily serves to develop and rent properties and has principally accrued losses from development costs and depreciation resulting from outfitting the casino.
Bottin International Investments Limited, one of Mr Desmond’s main investment firms, remains a key supporter of the Sporting Emporium. The company’s accounts also confirm that Bottin International Investments Limited has provided assurances regarding a €4.2 million liability, which will not be called for a minimum of 12 months and is interest-free.
Dery Desmond, Mr Desmond’s son, who used to serve as a director of the Sporting Emporium along with Brian O’Sullivan since its inception, resigned in June of the previous year.
Carol Markey took over responsibilities in a Desmond-associated firm known as Zozimus Bar Limited that manages a neighbouring cocktail club to the casino, following the departure of previous management. The latest financial records for Zozimus reveal that in December 2023, the losses stood at €619,354, an increase from a loss of €581,649 in the preceding year. The company’s tangible assets were valued at €1.1 million. Its cash reserves amounted to €992,172, while liabilities rose to €1.7 million. An Isle of Man registered organisation, Zari Limited, holds the ownership of both The Sporting Emporium and Zozimus Bar Limited.