DERMOT DESMOND'S Dublin-based private members club, the Sporting Emporium, made a loss of about €1.7 million in 2007.

Accounts just filed for the company, which comprises a casino and Chronicle Bookmakers at premises close to Grafton Street, show that it had accumulated losses of just under €2.6 million at the end of October 2007.

This compared with losses of €858,908 at the end of its previous financial year. That left the company with a shareholders' deficit of just under €2.6 million. Its tangible fixed assets had a net book value of €1.7 million at the end of October 2007, compared with €3.3 million at the end of June 2006, the accounts show.

In its report to the directors, auditors Ernst Young said the excess of liabilities over assets meant that "there did exist" a financial situation that "may require the convening of an extraordinary general meeting of the company", under Irish law.

The Sporting Emporium was opened in 2005 by Mr Desmond amid a blaze of publicity. The wealthy financier was reported at the time to have spent €5.5 million on fitting out the facility.

The accounts just filed show that the private members club is paying an annual rent of €250,000 for the lease on its premises on Anne's Lane.

There are no details of how many members have paid the €25 joining fee since it opened.

The Sporting Emporium's immediate parent is listed as IIU Nominees Ltd, an investment group controlled by Mr Desmond.

The club, which opens until 6am each day, features eight blackjack/card tables, six roulette wheels, Punto Banco and Pai Gow tables and 14 traditional poker card tables.

Entrance to the club is controlled by a biometric system based on a member's fingerprints.

In July, Irish golfer Pádraig Harrington brought the Claret Jug to the club for a party to celebrate his second successive win in the Open championship.