Groupe Partouche announces has concluded an agreement to sell its minority stake in Palm Beach Cannes Côte d’Azur.
This sale will be finalised in July 2019 for a total amount of € 11.5m(securities and receivables).
Partouche stated: “This operation is part of the Group’s strategy to focus locally on the development of its new casino-hotel Cannes 3.14. The Group did not wish to participate in the significant investments to be made as part of the Palm Beach rehabilitation project, aimed at revitalising this part of the Croisette. Groupe Partouche wishes Palm Beach Cannes Côte d’Azur success in the realization of its projects.”