It controls two profitable casinos, and was listed for trading already 30 years ago and trades at an earnings multiple of 5.2 – this is Queenco, the under-the-radar company.
Queenco is a company that was registered for trading somewhere in 1993. The company focused on investing in casinos – with an extensive portfolio around the world. During the “Golden Age” of the company, the company’s casino activity was estimated at an aggregate value of approximately one billion dollars.
But with the expansion and all its challenges in terms of the required administrative inputs, the leverage and the economic crisis of 2008 – the company fell into a serious debt crisis. As part of it, the company had to withdraw from a number of casino projects around the world as well as sell joint control of the company.
After the Corona crisis, the company’s projects were further reduced and now the company owns a casino in Rhodes, which according to government regulation is the only casino allowed to operate on the island of Rhodes (a significant competitive advantage).
Alongside the activity in Cambodia, which was affected by a number of Cambodian regulations that reduced the number of foreign workers in the city, but at the same time opened a main road connecting the city to the capital of Cambodia, Phnom Penh, and to my understanding actually shortened the time to get to Sihanoukville from Phnom Penh by three quarters to about two hours.
