Shares in Cubus Lux slumped after the firm slipped out a nightmarish trading update on Christmas Eve. As well as announcing it has yet to prepare accounts to 30 September - caused by 'some confusion' arising following the summer float - the Croation casino operator also warned of significant losses for the year to December on very disappointing trading at its casinos. With the costs of flotation and maintaining its AIM status thrown in, investors are looking at woeful annual numbers. Directors insist they are 'considering a number of alternatives to restore profitability in 2005'. Cubus Lux raised £1.38m at 22.5p a share in the summer, and runs two casinos in the Istria Peninsula, which is known as the 'Croatian Tuscany'. The first casino, the Casino Las Vegas, is located at the Histria Hotel in Pula Croatia and the second, which opened later than hoped for in September, is sited at the Belvedere Hotel. The group's strategy at float was to spread casinos around Croatia, replacing the thud of mortar fire with the click of roulette balls in a fragmented Croatian gaming industry. The p&l for the half to June revealed pared losses of £80,000 (£133,000) on £168,000 (£220,000) sales. A pretty dire start to the AIM life of Cubus Lux. Investors should give this venture a wide berth with so many superior new issues on the scene. If already exposed, cash in your chips. Sell.