DESPITE PORTUGAL’S current economic crisis and the fact that 2005 saw their profits take a slight fall, leading casino group, Solverde, has just announced its intention to invest 60 million euros in the Algarve and Chaves (north of Porto). The company also has projects planned in Brazil.
Solverde, a group that over the past 10 years has seen its national market share increase from 9.5 per cent to 14.5 per cent, achieving profits of 360 million euros, has set its future objective to attract more clients. The announcement was made by Joel Pais, managing director of the group’s Algarve casinos (Vilamoura, Monte Gordo and Hotel Algarve Casino). “We won’t stop investing and the proof of this is that, after a year in which we saw our profits suffer a slight drop, we have decided to remodel the group,” he said. Despite suffering a small fall in revenue, the three Algarve casinos still generated a 40 million euro profit in 2005.
Golf in Portimão
Defying the country’s economic crisis, Solverde is planning to diversify its business activities and build two golf courses, one of 18 holes and another of nine, as well as an academy with three practice holes, all of which will be located in Portimão. The project, which will be concluded by 2008, will cost 30 million euros.
In Chaves, an investment of the same value is planned, comprising a hotel-casino with four star accommodation (72 rooms and four suites). “It will be ready by 2008,” revealed Joel Pais. In the same area of the country, Solverde intends to create a health club, golf academy, tennis courts and a football pitch.
Outside of Portugal, Solverde plans to invest in a resort in Aquiraz, located in Ceará, Brazil.
During the results presentation, Solverde’s managing director also took the opportunity to take a swipe at the government, criticising it for not taking steps to regulate internet gaming companies, despite the group already presenting a proposal.
10th anniversary celebrations
To celebrate the group’s 10 years of activity in the Algarve, the region where a total of 116 million euros has already been invested, two special gala evenings are due to be held in the newly refurbished Salão Miralago at Vilamoura Casino.
Some of Portugal’s best known musical artists are due to perform together on stage for the first time ever tonight (February 3) and tomorrow night (February 4). Artists include Rui Veloso, Luís Represas, Pedro Abrunhosa and Xutos & Pontapés.
For further information visit www.solverde.pt or call Vilamoura Casino on 289 310 000.