Casino MD Quits As High-Rollers Hit Profits

The man who ran Stanley Leisure's 41 casinos has quit his job at the Liverpool-based gaming and leisure group. 

Paul Collis has resigned from the Stanley board of directors as well as from his job as managing director of the firm's gaming division. 

No reason was given by the company but, in a statement, Stanley said the parting had been by mutual consent with effect from August 17. 

"The board would like to thank him (Collis) for his valuable contribution to the evolution of the gaming division and wish him well in his future endeavours," said the statement. 

His job as managing director of the gaming division has been given to the company's finance director, Michael Riddy. 

Mr Collis, 51, joined the Stanley board four years ago after being managing director of the BSkyB's Sky Service Division. 

He replaced the previous head of Stanley's casino arm, Graham Gibson, who retired. 

Last year, Stanley chairman Lord Leonard Steinberg reported that turnover in the gaming division in 2002-03 rose 20% over the previous year from £150m to £180m, with the division's profits before tax rising 9%. 

But last month, the Stanley chairman reported that its 2003-04 profits had been hit by a series of huge wins by punters at its casinos. Group turnover in the year to May 2, 2004 broke the £1bn barrier, jumping 67% from £993m to £1.66bn. 

But the run of wins by "high rollers" at the London casinos punched a big hole in profits. 

Turnover in the gaming division to May 2004 was £177m, with pre-tax profits of £26m from its 41 casinos across the UK. 

Mr Riddy joined Stanley in 1998 as finance director, and in that role played a key part in the growth of the company's gaming operations. 

Stanley Leisure said that the landscape for the division was now set to change with the impending deregulation of the industry. Mr Riddy was, said the company, the ideal person to lead the company through an exciting stage in its future development. He trained at Coopers and Lybrand. 

Mr Riddy's previous job as finance director has been given to Colin Child, former finance director and chief operating officer of Fitness First.