ELINTOUR (Hellenic Investments in Tourist Complexes S.A.), the company that operates the Poseidon Resort in Loutraki and is linked to Ireland’s Comer Group, is focused on increasing revenue and securing the liquidity needed to meet its obligations.
The company’s target of turnover of €8.5m in 2026, up about 28% year on year, comes as ELINTOUR has accumulated losses of €35m by the end of 2025, negative equity of €23m and total liabilities of €42.86m.
According to its 2025 financial statements, turnover fell to €6.63m, from €6.97m in 2024, a decline of 4.9%, while losses after tax widened to €2.50m from €1.95m. The fall in revenue was mainly due to food and beverage operations, where turnover declined to €1.78m from €2.06m. Room revenue came to €4.79m, compared with €4.85m.
EBITDA was about €464,000, down from €833,000 in 2024, while the result before interest and tax was a loss of €632,000. The financial result was also affected by finance costs, which rose 4.2% to €1.86m from €1.79m in the previous financial year.
At the end of 2025, ELINTOUR’s long-term liabilities stood at €26.57m, of which €26.34m related to loans, while short-term liabilities amounted to €16.29m and current assets were just €1.79m.
As a result, short-term liabilities exceeded current assets by €14.5m. Accumulated losses also increased to €35.04m from €32.54m in 2024.
The auditor’s observations
In the audit report, the auditor issued a qualified opinion and highlighted a material uncertainty related to the company’s ability to continue as a going concern.
The report records overdue liabilities to the state and social security organisations of €8.21m, for which surcharges and default interest of €1.65m have not been recognised in the accounts, as well as unrecorded depreciation of €709,000 and doubtful receivables of €320,000 that have not been impaired. The tax years 2020–2025 have also not been audited, and lawsuits brought by third parties remain pending without related provisions.
The auditor notes that the company’s negative net equity triggers the provisions of Article 119 of Law 4548/2018, which require a general meeting to be convened to decide on appropriate measures. The management, for its part, says it has drawn up a plan to address the circumstances and ensure the uninterrupted continuation of operations.
Comer Group and Loutraki Casino
ELINTOUR came under the control of Comer Group interests in 2022 through a transaction with the Argyrou family. The company now operates Poseidon Resort, which includes Wyndham Loutraki Poseidon Resort and Ramada Loutraki Poseidon Resort.
The Irish group, which was built up by brothers Luke and Brian Comer and operates internationally in the property sector, also has a significant investment presence in Loutraki Casino.
ELINTOUR’s financial figures do not include those of the casino joint venture.