Desmond invests €5.5m in new casino

Financier Dermot Desmond has invested €5.5 million in a new casino that intends to attract 10,000 members in its first year in operation.

Mr Desmond is backing a new Sporting Emporium close to Grafton Street in Dublin's city centre. It comprises a casino and a flagship shop for Chronicle Bookmakers, a leading on-course player in which Mr Desmond has a share along with its founder, Justin Carthy. Both operations are separate businesses and employ a total of 85 people.

Under the law, the casino will operate as a private members' club. However, its chief executive, Martin Moore, said yesterday that membership would be open to anyone over 21.

To join, applicants will have to produce a passport or driving licence, and allow themselves to be fingerprinted using biometric technology developed by another Desmond-backed venture, Daon.

Mr Desmond launched the business yesterday. Martin O'Neill, former manager of Celtic FC, in which Mr Desmond is the largest shareholder, and Eddie Jordan, former Formula 1 boss, accompanied him. However, Mr Moore said that Mr Desmond is the project's only investor.

The venture intends cashing in on the growing demand for poker tournaments. The law allows casino owners to operate the clubs, but not to act as bankers, as only members can gamble. Asked who would bankroll games like roulette and blackjack, where players are not playing each other directly, Mr Moore said it was "open to the investors to also become members" allowing them to bankroll games as individuals.