Returns on Casino stock shrink

$35 pay out per share, and $143 million in revenues to the Treasury

The board of directors of Casino Du Liban has decided to pay out $35 per share in dividends for 2011. The dividends will be distributed in the coming two weeks. 

The casino’s board had distributed dividends at $155 per share in 2010, after a sharp growth in profits from 2009 levels (up by 69 percent). A Casino Du Liban share currently sells at around $540 in the over-the-counter market. The yield on each share is six percent. The price per share has increased by 42 percent since end-2009. 

Casino Du Liban’s board has also resolved to transfer to the Ministry of Finance $143 million in revenues for 2011. The Ministry of Finance receives 40 percent of the Casino’s annual revenues, according to a 30-year management contract.

The Casino transferred $140 million to the Treasury in 2010. 

Intra Investment Company controls 52 percent of Casino du Liban. The Ministry of Finance and the Central Bank hold 48 percent of Intra Investment Company, the rest of the stake is divided among Lebanese and Arab shareholders.

Lebanon-based Abela Group owns 17 percent of the Casino. Bank Audi Group holds a seven percent stake. The rest is held by individual investors.

Reported by Hanadi Chami