Switzerland – Casinò Locarno is now 100 per cent owned by Stadtcasino BadenBy Phil - 4 May 2023
The Stadtcasino Baden Group has now bought the remaining 19 per cent of the shares in Casinò Locarno SA from ACE Swiss Holding AG. With this acquisition, the group will become independent in Locarno and will open up new strategic opportunities.
With the sale of the remaining 19 per cent stake in Casinò Locarno SA, the ACE SWISS Group is pursuing its strategy of focusing entirely on the Mendrisio site in the terrestrial sector and, if a concession is granted, on the new site in St. Gallen. With this takeover, the Stadtcasino Baden Group will become independent in Locarno, and new strategic opportunities will open up for it.
Jürg Altorfer, Chairman of the Board of Directors of Stadtcasino Baden, is pleased that the talks have led to an agreement: “As in the first contract negotiations, the exchange between ACE and us was constructive. I am very pleased that we can now implement our vision for Ticino on our own.”
Birgit Wimmer, Chairwoman of the Board of Directors of ACE SWISS, emphasises: “We are delighted that the Stadtcasino Baden Group is pursuing a sustainable strategy for the Locarno location. With the sale of the minority stake, we can contribute to a consolidation of the shareholder structure and focus even more specifically on the 100 per cent stake in Mendrisio.”
Michael Böni, CEO of Stadtcasino Baden AG, announces that the agreement clears the way for the implementation of a ‘House of Entertainment’ concept in Locarno that is adapted to Ticino’s culture.
When the lease agreement was signed, it was already clear to the City of Locarno that it was striving for a long-term cooperation with the Stadtcasino Baden Group with regard to the new concession. Over the past 20 years, the ACE SWISS Group has shaped the Casinò Locarno and thus laid the foundation for a successful future.
The application for a new concession for the Casinò Locarno was submitted to the SFGB at the end of October 2022. The applications are currently being examined and then a recommendation is being made to the Federal Council. This committee will decide on the award of the concession by December 2023 at the latest.
“We have prepared and submitted a good application for the Casinò Locarno. We are optimistic that we will receive a new concession for another 20 years,” said Böni.