Casino sale likely to boost Coventry leisure complex
Posted by Gavin Smith on 30 Apr 2009 at 13:04
Bosses at a Coventry leisure destination have said the sale of a casino at the site shows the level of progress the whole complex is making.
Executives at the Ricoh Arena welcomed the decision of Rank Group to buy the Isle of Capri casino.
The company is spending about £1.6 million in opening a 'G Casino' brand venue, which will replace the American-owned Isle of Capri.
More than 100 jobs were saved by the deal, and operators of the Arena say it could improve net assets by 30 per cent year on year.
Run by Arena Coventry Ltd, the £113 million multi-purpose venue is home to Coventry City Football Club, although it is thought the team's games now only account for 22 per cent of company turnover.
Quoted by the Coventry Telegraph, Arena chairman David Allvey said: "“This deal with the Rank Group comes hot on the heels of the new, ground-breaking contract with Compass and really does underline the standing that the Ricoh Arena now has on a national and international stage.
“Arena Coventry and Coventry City Council have continually stated that the Ricoh would be a leading multi-purpose venue and, as we approach our fourth birthday, that objective is being delivered."
According to the paper's report, he also pointed out that the Arena was seeing growth at a time when the British economy was facing a slump. The Arena's profile is also said to be growing internationally.
Although football and other sports have been key to the operation, bosses have always stressed that the venue must succeed on all fronts.
Mr Allvey said: "We are the only cashless venue of this type in the UK and this summer we will cement our reputation as a major concert venue."
Local officials hope the Ricoh will regenerate the local area and add to the success of nearby retail projects.
According to the Coventry Telegraph, Mr Allvey also said work is progressing on a planned new hotel at the Arena site.
He added: "All this activity has helped regenerate what was waste ground just a decade ago, while at the same time given the city a huge boost in terms of image and profile.”
