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Belgium – Partouche sells Casino Knokke to Napoleon Games

By - 21 November 2013

French-born operator Partouche has now sold Casino Knokke, the largest casino in Belgium, via its holding company Belcasinos, to online casino group Napoleon Games NV for € 16.5m.

Faced with potential action from its creditors, Partouche plans to sell more of its assets as it looks to recover €100 to €130m to soften its €230m debt.

In the year 2012, Knokke recorded gross gaming revenue of € 12.1m and contributed positively to the group’s consolidated EBITDA of € 0.9m. The website linked to www.jackpotparty.be License Class A + and the casino operated in partnership with WMS is not part of the transaction and will be transferred to another casino group.

It has also offloaded the former Casino San Roque in Spain for $2m and says it is close to announcing the sales of two French casinos at La Grande Motte for €4.5m and Vichy for € 3.3m.

Fabrice Pair, CEO of Groupe Partouche, said: “We will also look to sell hotels in Juan-les-Pins, Divonne and Lyon yet selling casinos remains very difficult in France as the market is already concentrated. Operators struggle to sell casinos in France for reasons of competition. Moreover, our competitors Barrier or Joa are also in debt and are not, at this time, in a position to buy.”

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