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PERFORMANCE OF CASINO FIRMS: EMPIRICAL ANALYSIS OF SELECTED EU COUNTRIES Igor Stubelj University of Primorska, Faculty of Management, Cankarjeva 5, 6000 Koper, Slovenia Luka Jeraša Casino Portorož, Obala 75a, 6320 Portorož, Slovenia Mateja Jerman University of Primorska, Faculty of Management, Cankarjeva 5, 6000 Koper, Slovenia DOI: https://doi.org/10.31410/tmt.2019.541 4th International Thematic Monograph - Modern Management Tools and Economy of Tourism Sector in Present Era, Belgrade, 2019, Published by: Association of Economists and Managers of the Balkans in cooperation with the Faculty of Tourism and Hospitality, Ohrid, North Macedonia; ISSN 2683-5673, ISBN 978-86-80194-29-5; Editors: Vuk Bevanda, associate professor, Faculty of Social Sciences, Belgrade, Serbia; Snežana Štetić, full time professor, The College of Tourism, Belgrade, Serbia, Printed by: SKRIPTA International, Belgrade
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Abstract: The purpose of the paper is to analyse whether Slovene casino firms are successful in their business and whether their performance differs from their competitors. To this end, the authors performed an empirical analysis of Slovene, Croatian and Italian casino firms for the period 2013-2016. The results show that there is a significant difference in ROE ratio between Slovenia and Croatia. Croatian firms outperformed Slovenian casino firms. On the other hand, a significant difference in terms of ROE was not confirmed by the comparative analysis of Slovenian and Italian firms. A further in-depth analysis, which is grounded on DuPont scheme of financial ratios, shows additional significant differences between countries considered in the analysis. The results of the study indicate possibilities for future improvements of casinos’ performance. Keywords: gaming industry, casino firms, performance, performance analysis. REFERENCES Assaf, G. A., Knezevic Cvelbar L., & Pahor, M. (2013). Performance drivers in the casino industry: Evidence from Slovenia. International Journal of Hospitality Management, 32, 149-154. Bisnode. (2018). Financial data. Retrieved from http: https://www.bisnode.si/ Day-Yang, L., Ya-Chiang, W., Wen-Min, L., & Cheng-Hsien, L. (2017). The Matthew effect in the casino industry: A dynamic performance perspective. Journal of Hospitality and Tourism Management, 31, 28-35. Deng, Q., Gu, X., Law, R., & Lian, Z. (2020) (In Press). A comparative study for determinants of gaming performance in Macao and Las Vegas. Tourism Management, 77. Eadington, W. R. (2003). The spread of casinos and their role in tourism development. In Tourism Development (pp. 135-150). Routledge. Eadington, W.R. (2007). Gambling Policy in the European Union: Monopolies, Market Access, Economic Rents, and Competitive Pressures among Gaming Sectors in the Member States. Working Papers 07-005, University of Nevada, Reno, Department of Economics. 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