Run of bad luck sees Quirke’s casino business record pre-tax loss of €483k

Businessman Richard Quirke’s amusement arcade and casino business endured a run of bad luck last year.

Declining sales and a Revenue probe contributed to the firm plunging into the red to record a pre-tax loss of €483,792.

New accounts filed by Dublin Pool and& Juke Box Ltd show sales fell by 34% while the firm incurred a one-off €803,486 cost as a result of a tax investigation.

A note attached to the accounts said the investigation incurred an additional Vat liability of €803,486, “a result of the application of incorrect value added tax rates to income earned in the current and previous years”.

“Revenue have completed their investigation and no other issues were identified as a result of their work.”

The new accounts show the pre-tax loss incurred in the 12 months to the end of June last year followed pre-tax profits of €2.2m in 2011.

The directors’ report blamed “the downturn in the economy” as the cause for the declining sales.

The future father-in-law of model Rosanna Davison, Mr Quirke is the businessman behind ambitious €480m plans for a major development, including a casino, at Two Mile Borris in Co Tipperary.

The new accounts for the firm that operates Dr Quirky’s Good Time Emporium on O’Connell St, Dublin, show the firm went into the red after its gross profit decreased by 47% or €3.23m from €6.8m to €3.5m.

The arcade features more than 400 slot machines in the casino area, where players can also play poker, roulette, and blackjack.

The accounts show the firm has a strong balance sheet with accumulated profits totalling €18.5m and shareholder funds totalling €27.3m. This included cash of €1.26m and financial assets of €6.89m.

Mr Quirke and Ann Quirke shared remuneration, including pension contributions last year of €208,168 — down sharply from the €413,003 received in 2011 and the €994,003 received in 2010.