Profit at casino company rises 5.5%
Pretax profit at the
Dublin
casino business established by the late Richard Quirke last year increased by 5.5 per cent to €8.22 million.
Accounts filed by Dublin Pool and Juke Box Company Ltd show it enjoyed the profit increase as revenue dipped marginally from €12.96 million to €12.72 million in the 12 months to the end of June last.
Founding shareholder Mr Quirke died on October 5th last and a note with the accounts said Mr Quirke's 'contribution to the development and success of the business is immeasurable'.
The company has been renamed Carlton Entertainment business is today run by Mr Quirke's daughter Debbie Lawrence, and its flagship outlet is the Carlton Casino – formerly Dr Quirkey's Good Time Emporium on Dublin's O'Connell Street.
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The directors state the principal activity of the company 'is the provision of diverse entertainment offerings' at a number of venues in Dublin and the €8.22 million pretax profit last year includes a non-cash €3.99 million gain arising from the reversal of an asset impairment incurred before 2023.
The profit for 2024 was also boosted by a €979,992 revaluation of a freehold property.
The profits for 2024 and 2023 followed €17.79 million in cumulative losses over the preceding four years which coincided with the impact of Covid-19 which shut down the business from March 2020 to August 2021.
The losses also coincided with an alleged €2.56 million fraud perpetrated on the business that was first uncovered by Richard Quirke and another director in December 2020.
In response to the alleged fraud, the firm hired external forensic consultants and previous accounts filed revealed that 'this led to the identification of unpaid taxation and interest liabilities'.
The interest bill from the last number of years paid on overdue tax by the casino and arcade business now totals €2.74 million.
This followed €149,350 paid out last year in interest on overdue tax, which followed a fiscal 2023 total of €427,972 made up of interest of €136,221 and a €291,751 penalty on overdue tax.
In response to the alleged fraud, the company implemented an extensive and wide-ranging programme of governance and operational improvements.
Shareholder funds totalled €29.86 million at the end of last June, with most of the company's wealth concentrated in property with a book value of €28.7 million.
Cash funds increased from €4.75 million to €5.43 million.
Four directors served during the year and aggregate pay to directors increased from €902,367 to €993,039.
Numbers employed remained at 81 as staff costs totalled €5.26 million.
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