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France – Lucien Barrière offloads three casinos

By - 21 December 2015

Lucien Barrière has sold three casinos in Leucate, Briançon and Chamonix.

SFC (la Société Française de Casinos) has bought the casino in Chamonix outright but it has created a subdivision called ‘Société Franco-Belge Casinos’ with Belgian operator Circus Casino Group to co-own the other two properties. SFC will own 49 per cent of the capital of the newly created subsidiary with Circus owning 51 per cent.

The amount of the transaction, expected to be completed on January 31, was not disclosed. Until this deal, SFC has operated four casinos located in Gruissan (Aude), Châtel-Guyon (Puy de Dome), Port La Nouvelle (Aude) and Collioure (Pyrénées Orientales).

During their last year, the three casinos generated a net turnover of €6.5m with €2.15m being generated in Chamonix, €2.2m by Leucate and €2.15m by the Casino Briancon.

A spokesperson for SFC said: “This operation is fully in the French Casino Development Corporation’s strategy to establish itself as a key player in the casino market in France by refocusing on his heart craft, the gaming, helping to strengthen attractiveness of its institutions. The acquisition of Leucate casinos and Briançon will be funded 1/3 equity and 2/3 by bank loan taken via the holding company Société Franco-Belge Casinos. The acquisition of the Chamonix casino will be fully financed with the Group’s cash. The final assignment of the three institutions take place January 31, 2016. The transaction is thus subject to certain conditions precedent, including the approval of the Municipal Councils. The three entities will be consolidated in the accounts of French Society of Casinos from February 1 2016.”

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