Partouche finalises sale of former 3.14 Hotel to Chapitre Six hotel group
Groupe Partouche has finalised the sale agreement for one of its real estate assets located in Cannes, rue François Einesy to Chapitre Six hotel group.
This building, with a floor area of more than 5,000 m2, housed the 3.14 Hotel until 2016. The casino, which was operated on the ground floor, was moved to the Palm Beach in early December 2024.
Subject to operating income, the net proceeds of this sale should make it possible to increase the share of the dividend paid to minority shareholders in the coming years to a level at least equivalent to the total amount distributed over the last two years (i.e. €3.1m)
TPartouche made the announcement following the publication of its half-year results, where the positive momentum of activity was reflected in a Gross Gaming Revenue (GGR) increase of 4.2 per cent to €361.5m and a revenue increase of 5.7 per cent to €233.5m..
Casinos reached €30.8m, compared with €24.3m in the first half of 2024, up 26.7 per cent, notably driven by strong performance from the casino of Aix-en-Provence, up €1.9m following substantial work on its cost structure;
The casino of Annemasse was up €1.3m and whilst La Tour-de-Salvagny increased by €0.3m demonstrating the relevance of the recent improvements. Online gaming in Middelkerke, Belgium, which has been in operation since January 2024 was up €0.9m.
Conversely, the Royal Palm in Cannes was penalized by strongly seasonal activity with revenues falling €1.6m prior to the start of the summer period.
