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Revenues Of Silk Road Group's Casinos And Hotels Reached GEL 246 MLN In 2022

05.06.23 16:00

Silk Road Group's real estate management holding - SRG Real Estate published a financial report for 2022. According to the financial report, in 2022 the income of the group increased by 70% and reached GEL 246 million. At the same time, the profitability of the company improved dramatically and it increased from GEL 2.4 million to GEL 45.1 million.

"Over 63% of total revenues accounted for gambling business, while 34% - for hotels, and 3% was other revenues," the financial report notes.

In 2023, the group's main focus will be to diversify its revenues by entering the residential sector. For this purpose, two projects are being implemented in Adjara: "Silk Towers" in Batumi and "Botanico Mtsvane Kontskhi". The construction of Silktowers is planned to start in 2024. As for the "Botanico Mtsvane Kontskhi" complex, its construction began in the fall of 2020 and will be completed in the fall of 2023.

In terms of new investments, in 2023 the group started the renovation works of Hotel "Telegraph" on Rustaveli Avenue.

The group employs about 1,800 people in total, while the staff cost amounted to GEL 87 million in 2022.

Silk Road Group the following hotels: Silk Road Group the following hotels: Radisson Blu Iveria Hotel, Radisson Blu Hotel Batumi, Radisson Collection Hotel Tsinandali, Park Hotel Tsinandali, Casinos In Tbilisi and Batumi, Complex Republic.
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