Estoril-Sol, controlled by the family of late gaming mogul Stanley Ho, has secured a 15-year extension of the concession for its gaming businesses in Portugal, which includes Casino Lisboa and Casino Estoril.
Under a contract signed last week, Estoril’s gaming concession will last until 31 December 2037, the company said.
Last year, Estoril-Sol won the public tender for the concession, after Spain’s Bidluck was excluded, despite presenting a much higher financial offer, reportedly due to the Spanish company’s financial capacity and suitability.
Bidluck proposed to pay more than 86 million euros annually to Portugal, around 20 million above Estoril-Sol’s proposal.
According to the Portuguese Casino Association, the country’s 11 casinos saw their revenues skyrocket last year, after two years marked by travel restrictions and strict health rules.
In the first eight months of last year, income reached EUR 162.4 million, an increase of 147% compared to the same period in 2021.
Despite these signs of recovery, however, the business remains below pre-pandemic rates. In the same period of 2019, gaming rooms recorded gross revenues of EUR 209.8 million.