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France – Partouche sues insurance company as GGR falls 86 per cent

By - 12 March 2021

Groupe Partouche has confirmed it has sued its former insurance company, which is contesting its claim for operating losses compensation following the ban on its casinos from hosting its clientele.

With all French casinos closed during the first quarter, Partouche saw its Q1 revenue, from November 2020 to January 2021, plummet by 85.8 per cent down to €24.9m

Abroad, the casinos of Ostend (Belgium) and Meyrin (Switzerland) also remained closed. The casino of Crans-Montana in Switzerland was able to welcome its customers for a short period between December 14 and 26 2020 inclusive, on reduced hours between 10 a.m. and 10 p.m. The Djerba casino in Tunisia remained open but with a curfew on its operating hours starting at 8 p.m. All revenue during the period came from foreign casinos and more particularly from Swiss online gaming, which started on November 16 2020, and Belgian online gaming and betting. Their overall GGR more than doubled to €24.3m, marking an increase of 132.3 per cent.

Overall, the turnover from the first quarter amounted to €23.5m, down 81.4 per cent. After levies, Net Gaming Revenue (NGR) decreased by 78.4 per cent to €22.3m. The non-gaming activity generated a turnover of €1.2m, down by 95 per cent thanks in particular to the opening of a few hotels housed in the group’s casinos and the Aquabella hotel in Aix-en-Provence.

After a first State Guaranteed Loan (PGE) of € 19.5 M granted by the Group’ partner banks in June 2020, these same banks have given their approval for a second PGE for an amount of €59.5m.

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