Economic state of the Casino

On 19 January 2012, SLC-CGIL, FISASCAT-CISL and UILCOM published a press release about the Saint-Vincent Casino, in which they gave a negative evaluation of the results from 2011. This was an incorrect, biased and unfair version of the facts, which couldn’t have been anything but this, seeing as the trade union organisations are not in possession of the corporate figures for the company management. In any case, our predictions lead us to believe that a profit is possible, for the third time running. The economic state of the company as of 31 December 2011 is totally in line with the predictions.

The investments made for the realisation of the Evolution Room have lead to a radical inversion in income levels from the electronic games sector, which had been decreasing for years and which has now seen an increase in revenue of €4,6 million, about 11%, compared to 2009. The investment was made in record time and can therefore be considered highly productive.

In the last few years Casinos on both a European and an Italian level, have seen a sharp reduction in income with peaks at more even than 20%. In the context of this market, Saint-Vincent, thanks to the measures implemented in the Industrial Plan, was able, in 2009, to invert the trend of countinual decrease in entry figures and revenue which characterised the preceding years. In the two-year-period 2010-2011, there was a 1.1% increase in our Casino’s revenue, the only one in Italy to show an improvement, and as a result, a significant recovery of the market share.

The strong negative trends of past years can certainly not be attributed to the current management. Actually, without the full and effective implementation of the 2009-2011 Industrial Plan, the distressing decline would have continued.

Not only do those trade unions not understand the results achieved, they also publish misleading and clearly inaccurate figures. For example in the comparison of the entry figures for 2010 and 2011, the entry figures of residents of Valle d’Aosta have been considered separately for 2011 but not for 2010, resulting in an apparent decrease in entry figures which in realty doesn’t exist. The entry figures for Customers from outside Valle d’Aosta in 2010 are basically the same in 2011. Likewise, as already seen, the statement that the Casino’s income has decreased over the last two years is clearly wrong. We wonder where these figures come from.

The remarks regarding the marketing strategy are useless in that they can’t be confirmed by any of the activities implemented. The costs of hospitality and the management of VIP Customers are increasing. It’s not true that they have been curbed, as was insinuated. Indeed the market share of table games has increasd by 2%, and today Saint-Vincent finds itself making a play for Casinò di Venezia’s leadership. What’s more, the development plan which is already being implemented, includes various aspects, aimed specifically at elite customers. And each active sector of the new Resort will have to be operational for the success of the project, whose strategy will go ahead without any change of plan, as was falsely stated.

The company directors and management have always stated the company’s situation clearly, impartially and unequivacally. This can be seen simply from carefully reading the company balance with an expert eye.

Undoubtedly the serious situation that the Italian economy is experiencing means that the predictions are for a difficult 2012. The Casino’s income can only decrease. Furthermore, the rennovation work due to take place in 2012 will inevitably create some inconvenience for customers and a drop in business.

We can’t understand why the trade unions have made these uninformed claims in this press release, resulting in inaccuracy and improvisation, instead of engaging the company in a dialogue, which it has always been willing to do, and which is currently taking place with the company representatives of the trade unions regarding other issues.

It is clear that they are not interested in making a contribution in this difficult period, but that they are only interested in creating sterile and unrealistic controversey. This is also evident in their total lack of interest in the initiatives undertaken by our Regional Council, our Members of Parliament, Italian Casinos and Fedregioco on the issue of preventing money laundering. Initiatives aimed at preventing the extension to casinos of the limits on use of cash, which are already paralysing business, without any benefit as far as tackling tax evasion is concerned, but with negative effects in terms of the economy and employment. It is a selfish attitude given the enormous effort that the community of Valle d’Aosta is making in terms of investment so as to turn the region into a tourist attraction on an international scale. Likewise it is a selfish attitude given the efforts made to reabsorb into the company balance sheets the social security contributions connected to the salvage of the Grand Hotel Billia, which didin’t experience any interuption to its business despite the losses. We are talking about investments and commitments that the company is making with determination and with faith in all of the people involved, including the workers.

The company management feels fully the pressure of the serious responsibility of leading the company as best as possibile in a difficult economic climate, so as to ensure a stable future for the company. And at this time, instead of controversey, a responsible contribution from everyone would be hoped for.

The company has been challenged for not implementing an industrial plan. But had we not implemented the plan, that press release would never have been written. The three trade unions who signed the press release represent less than 20% of the Casino’s workforce.

CASINO DE LA VALLEE SPA