(Bloomberg) — BillionaireJohann Grafhas never had to fight on so many fronts at the same time.
The ordinary-mans gambling company, Novomatic, the 73-year-old Austrian butcher-turned-tycoon created four decades ago, is raking in smaller profits as the pandemic drives people away from slot machines in casinos from Las Vegas to Macau. His company is also battling allegations of corruption, its chief executive has left and it needs to refinance about 1 billion euros ($1.2 billion) in debt.
Not only is it in a delicate sector, but its also facing several challenges at once, saidAlois Woegerbauer, the head of 3 Banken-Generali Investment, a Linz, Austria-based firm managing 10 billion euros in holdings, including Novomatic bonds. Given the w…
Read the full article at: https://au.finance.yahoo.com/news/butcher-turned-gambling-billionaire-fights-040013782.html