Page 13 - Stakis C Case Study

using an existing licence a new casino in Glasgow. David
Michels said that:

"the casino operations provided the company with a
steady stream of operating profits and cash flow which

would be enhanced by the new acquisitions".

The company had also purchased a hotel in York and Sir
Lewis said:

"the combined decisions provided further evidence of the

Group's progress towards its strategic goals and
supported the company's policy of concentrating on its

core businesses of hotels and casinos within strict

financial criteria".

A Professionalised and Regularised Company

Late in 1992 Richard Cole-Hamilton (formerly Chief

Executive of Clydesdale Bank) joined the board. It was

rumoured that he was to be the next chairman, replacing
Sir Lewis Robertson. In January 1993 a spokesman for

company said:

"It (Sir Lewis's retiral) has not even been discussed by the

board.”